Putin for the US Treasury: Russia gives USA a lesson in economic management
Unlike the United States of America, Russia's debt as a percentage of
GDP is decreasing while America's is increasing, Russia is selling
sovereign debt on the world market while the US sells to the Federal
Reserve, Russia is deregulating while the USA is creating agencies.
The US-based researcher and writer, Terrence Aym*, in his article
"Russia poised to teach US leaders another economic lesson", claims that
while Russia is streamlining its economy and expanding, the USA
continues to "foray into the minefield of unfounded debt obligations and
massive deficits resulting in an expansion of the federal bureaucracy
by historic numbers".
The report produced by Terrence Aym compares Russia with the USA and
concludes that Russia can teach Washington a thing or two. For instance,
while Russia's debt as a percentage of GDP is decreasing, America's is
increasing, Russia is selling sovereign debt on the world market while
the US sells to the Federal Reserve, Russia is deregulating while the
USA is creating agencies. Moreover, Russia is cutting back on the public
sector, reducing the public sector workforce by 174,000 as bureaucracy
is slashed by 5 per cent in 2010 and 20 per cent by 2013.
The USA, on the other hand, is set to create some 50 to 150 new agencies and offices.
Meanwhile, the report points out, Vladimir Putin is cutting red tape,
removing obstacles to the setting up of businesses, deregulating and in
the author's opinion, setting Russia on a course similar to the
Reaganism of the 1980s, quoting the Russian Prime Minister as stating
that "The institution of oversight and control has lost its value", and
"For every kilo of meat produced by a farmer there are several kilos of
paperwork to be collected".
"Meanwhile," claims the author, "the US trudges onwards towards an
economic doomsday and beefs up its command and control structure while
preparing to micromanage the economy".
In a final comparison between the two countries, the report concludes
that whereas Russia emerges from its recession, the USA is walking
headlong towards higher unemployment, a full-blown depression...and sits
on a financial black hole of two trillion dollars. As a closing remark,
a suggestion:
The real solution, perhaps, should be "hiring Putin away from Russia
for any amount of money he wants and placing him in charge of the United
States Treasury".
* Terrence Aym, article in: http://www.helium.com/items/1974162-russia-poised-to-teach-us-leaders-another-economic-lesson
Timofei Belov
Pravda.Ru