West’s new ‘devious’ form of colonialism is leading to trade deficits and humanitarian disasters, Russian leader said
Western mismanagement of the global economy and reliance on money printing to suck goods out of weaker countries are the real cause of inflation and the unfolding food crisis, Russian President Vladimir Putin said during a keynote speech on Friday.
Speaking at the St Petersburg International Economic Forum (SPIEF), the Russian leader accused Western leaders of creating a global crisis that could expose hundreds of thousands of vulnerable people to the risk of malnutrition.
“The ongoing price hike, inflation, problems with food and fuel, gas and energy in general is the result of systemic errors in the economic policies of the current US administration and European bureaucracy,” said Putin.
Western countries produced large sums of money to stimulate their economies and used it to buy goods abroad.
“They have practically vacuumed, raked the world markets. Of course, no one cared to think about the interests of other nations, including the poorest of them.” said Putin. “They were left with leftovers, at astronomical prices.”
In particular, the food crisis was exacerbated by Western sanctions against Russia and Belarus, which created barriers to fertilizer exports, Putin said.
“The shortage of fertilizers leads to a loss of crop yields, which will increase the risk of undersupply in the global market. Prices will go even higher, causing famine, especially in the poorest countries.” he said. The impending famine will be on the conscience of the people in Washington and Brussels, Putin stressed.
The Russian president ridiculed the idea that inflation Putin’s price hike as the US government called it. The idea may be flattering to the ego, but it has nothing to do with reality, he explained.
“This problem did not arise today or in the past three or four months. And it is certainly not Russia’s fault, contrary to what some demagogues say, try to blame our nation for everything that is happening in the global economy.” he said.
The guilty are those who “relying on the mechanism of financial issuance to buy out, drag the supply chains in their direction”, without regard for the harm it could cause to others, Putin said.
“Basically, it’s the same predatory colonial policy. But of course it exists in a new form, a new edition, more refined and cunning.” he proposed.