October 3. 2008

Russia's Dmitri Medvedev

The Russian government has pronounced the 2008 U.S. economic crisis as the end of America’s dominance in the world, due to the terrible financial hit the nation has sustained.

America's George Bush and Russia's Vladimir Putin

While other nations in the international community agree, President George Bush is in denial at what his corruption has done to America. The U.S. economy is in a very poor state.

His presidency shall be remembered as the definitive one that created this drastic change in America's international financial standing in the world.

The numbers are in and they are not pretty. I really don’t understand what Bush was thinking when he did this madness that has caused so many people to suffer, due to deteriorating financial conditions.

Moscow Says U.S. Leadership Era Is Ending

MOSCOW — Perhaps inevitably for a country often lectured by the United States about its own economy, Russia is using the occasion of the American financial crisis to do some lecturing of its own.

President Dmitri A. Medvedev has blamed what he called financial “egoism” for the crisis and said it should be taken as a sign that America’s global economic leadership was drawing to a close. Along with some European leaders, Mr. Medvedev has called for greater multilateralism in financial regulation, echoing a Russian position on international relations generally.

“The times when one economy and one country dominated are gone for good,” he said Thursday at St. Petersburg State University during the eighth annual Petersburger Dialog, a forum devoted to developing relations with Germany. After the American banking collapses, he said, the world does not want America as a “megaregulator.”

Chancellor Angela Merkel of Germany, in Russia for the forum, said Germany, too, would “always support a multilateral approach” to market regulation.

http://www.nytimes.com