Putin Says U.s. Is "parasite" On Global Economy

Feb 2007
Los Angeles
Russian Prime Minister Vladimir Putin accused the United States Monday of living beyond its means "like a parasite" on the global economy and said dollar dominance was a threat to the financial markets.

"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."

Opinion polls show Putin, still widely viewed as the country's paramount leader, retains near 70 percent approval.

But his United Russia party is trying to reverse a slide in popularity before December parliamentary polls, hoping to use a strong showing there to help Putin in the March 2012 presidential vote

Jul 2008
Anderson, IN
Hard to argue...and we are raping and pillaging the world for its oil and other natural resources, turning us into a military police for the international global corporations. How long are we going to be lied to before we refuse?


Forum Staff
Oct 2010
Funny how others, including Putin, see the situation and speak plainly about it, unlike the feckless politicians running our country who preach about debt ceilings, deficit reduction, and jobs, jobs, JOBS.

And the People eat it up, and fight amongst themselves.
May 2012
Somewhere Out There
Yes, the US Economy's debt is slowly taking its toll on the global economy. Perhaps the word "parasite" is too strong here, as of course the US does give some back, but the point here is that it takes more than it gives.

Putin was a little controversial and may have used such a strong metaphor to emphasize his point, but the truth is that given adequate regulation and tightly locked control of the US annual debt accumulation, the "parasite-ness" of the US would decrease and could even help stimulate the economy, given its powerful cash control.

What happens to the US affects all of us, directly and indirectly, whether we know it or not.
Jun 2012
Portland, Oregon, USA
Of course we are living above our means! Half of us take out more from the economy than we put in! We can't just hand out money willy-nilly to people who are too lazy to work!