blogging stocks, covering Davos, has an amazing quote:

An almost incomprehensible destruction of wealth has taken place. Stephen Schwarzman, Chairman of The Blackstone Group said that "40% of the world's wealth was destroyed in the last five quarters". Let me repeat that: "40% of the world's wealth has been destroyed in the last five quarters."

At a meeting in Davos, Switzerland, world leaders met to discuss the condition of the world. Putin of Russia said: "the existing financial system has failed." Growth was based on greed. One partner printed money and consumed wealth while the other manufactured cheap goods and saved money. These comments were swipes at the United States and China.

Uh, I believe much of that was fictional money to begin with...let's talk derivatives, hedge funds, housing bubbles....
Where is the real production economy, ya know wages and all of that real world rot?

Gets better. Who here really cares what a bunch of economic super rich and elites have to say in Davos Switzerland....
except when they are squabbling, running the blame game and the target is....the United States.

Playing the Blame Game:

Russia and China started it, using the opening speeches to lambast America for bingeing on debt. At least, the audience assumed it was America Wen Jiabao, the Chinese premier, was talking about when he alluded to “inappropriate macroeconomic policies of some economies", before launching into a tirade against “prolonged low savings and high consumption” and “excessive expansion of financial institutions in blind pursuit of profit and the lack of self-discipline among financial institutions and ratings agencies”.

Oh yeah China, we know the drill: fat, lazy, stupid Americans.... uh huh.

The New York Times article Russia and China Blame Capitalists has even more amusing comments from China and Russia:

The Chinese premier, Wen Jiabao, left little doubt that Beijing blamed the United States for the economic breakdown. “Inappropriate macroeconomic policies,” an “unsustainable model of development characterized by prolonged low savings and high consumption,” the “blind pursuit of profit” and “the failure of financial supervision” all contributed, he said.

Now this is positively absurd. China has methodically captured the United States manufacturing base, encouraged debt, encouraged corporations to relocate to China, has a complete strategy to now grab advanced research and development..

So who are the greedy bastards now? What did China expect when they try to suck out the entire United States middle class, take their jobs and industries?

Guess what China. You win...uh, you lose.