Putin: Americans Are Living 'Like A Parasite' With Big Deficits, Debt

Take my advice, I know about money

The Russian President had some strong words for the United States when he spoke from a summer camp in Lake Seliger, Russia. Americans are “like a parasite” on the global economy he declared. Strong words from a man who has become a billionaire, and Europe’s richest man, thanks to skimming money while in “public service.” From Reuters:

“They are living beyond their means and shifting a part of the weight of their problems to the world economy,” Putin told the pro-Kremlin youth group Nashi while touring its lakeside summer camp some five hours drive north of Moscow.

“They are living like parasites off the global economy and their monopoly of the dollar,” Putin said at the open-air meeting with admiring young Russians in what looked like early campaigning before parliamentary and presidential polls.

US President Barack Obama earlier announced a last-ditch deal to cut about $2.4 trillion from the U.S. deficit over a decade, avoid a crushing debt default and stave off the risk that the nation’s AAA credit rating would be downgraded.

The deal initially soothed anxieties and led Russian stocks to jump to three-month highs, but jitters remained over the possibility of a credit downgrade. “Thank god,” Putin said, “that they had enough common sense and responsibility to make a balanced decision.”

But Putin, who has often criticized the United States’ foreign exchange policy, noted that Russia holds a large amount of U.S. bonds and treasuries.

“If over there (in America) there is a systemic malfunction, this will affect everyone,” Putin told the young Russians.

“Countries like Russia and China hold a significant part of their reserves in American securities … There should be other reserve currencies.”

The full story from Reuters is here.

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