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A bankrupt and discredited country: The Era of American Leadership Is Over
By Paul Craig Roberts (about the author) Page 2 of 2 page(s)
Putin showed that his economic understanding was superior to that of the Obama team when he said that creating more debt on top of the "hopeless debts," as Obama is doing, would "prolong the crisis."
With another swipe at America's failed economic leadership, Putin said it is time to get rid of virtual money, false financial reports, and dubious credit ratings. Putin proposed a new reserve currency system to "replace the obsolete unipolar world concept."
Putin said that a secure world requires cooperation which requires trust. He made it clear that the Americans have proven that they cannot be trusted.
This was a powerful message. It got a lot of applause.
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