Putin warns of financial crisis the world ‘has not yet seen’

[First77]

The global economy is facing a threat of a spiraling protectionist measures that can lead to a devastating crisis, Vladimir Putin warned. Nations must find a way to prevent this and establish rules on how the economy should work.
The Russian president spoke out against the growing trend of using unilateral restrictions to achieve economic advantage, as he addressed guests of the St. Petersburg International Economic Forum (SPIEF) on Friday.

“The system of multilateral cooperation, which took years to build, is no longer allowed to evolve. It is being broken in a very crude way. Breaking the rules is becoming the new rule,” he said. “The ability to impose sanctions arbitrarily and with no control fosters a temptation to use such restrictive tools again and again, right and left, in every case, regardless of political loyalty, talks about solidarity, past agreements and long cooperation,” he said.

https://www.rt.com/business

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[BTMgoMoon]

This is true, but everyone knows but doesn't know how to change. What I am worried about now is that the financial crisis that led to the Third World War may be very cruel. This is not impossible.

[shinharu10282016]

There are alot of what they call unforeseen events that happened already. You can look at how Kim Jong Un met his 'friend' US President Trump in the last months. We don't even know 'what the two are talking about'. It may either mean anything right now, but mostly it can mean anything that will decide what the world and their countries will run its path. For now, we have to worry about how these people will affect the economy.

[wantjokull]

This was supposed to happen because all the nations are based on the very weak trust that they put on one another. However the trust factor will come later in the time when one will need another.

Right now the crisis might be because of the depleting resources around the globe which are hampering the intentional trades directly and indirectly depending upon whether the specific nation is involved in the trade or not.

This is just one of the prime reasons for the crisis because if nation has take big loans from eh economic superpower then it may happen that due to insufficiencies of the other nation the repayment may not happen and thus may get economic stress on one another.

This topic is too wide and can not be discussed fully here, thats my take on it.

[netto7]

everything can happen right now.

we need to prepare if anything going bad.

stay tune.

[First77]

everything can happen right now.we need to prepare if anything going bad. stay tune.

Some $40,000,000,000,000 is invested in Gold worldwide. As they say "money is a measure of success"

[Hydrogen]

“The system of multilateral cooperation, which took years to build, is no longer allowed to evolve. It is being broken in a very crude way. Breaking the rules is becoming the new rule,” he said. “The ability to impose sanctions arbitrarily and with no control fosters a temptation to use such restrictive tools again and again, right and left, in every case, regardless of political loyalty, talks about solidarity, past agreements and long cooperation,” he said.

One interesting point here is sanctions mainly being imposed against nations which geographically border china. Sanctions against both north korea and russia made both countries more dependent upon china. This in turn gave china leverage in trade & negotiations with both countries fueling china's economic growth.

So while sanctions on the surface may appear designed to punish north korea and russia, the true end game may be forcing both to become more dependent upon china, to fuel china's economy. There is a substantial and widespread precedent for this scenario being possible with china typically being shown massive favortism by media, banks and global policies around the world which benefit china at the expense of american and european economies.

That's a good point Putin made about global "cooperation" being largely replaced with "isolationism" or "protectionism". People may be losing their capacity to cooperate and coordinate which could be a significant negative trend over the long term as workers fail to cooperate in unionizing and citizens fail to cooperate to support the right economic or financial policies and so on.

[Gozie51]

In my eyes, the solution is to help the underdeveloped counties to be financially independent rather than running to the developed countries for financial aid because the scarcity usually starts from the needy. So instead of waiting for when those crisis would come, help should be extended even now.

But what we have is further exploitation of the needy, carrying away of their natural resources in the name of bilateral trade and trying to assist.

[davis196]

Vladimir Putin talking against protectionsim?This makes me laugh.
Russia has a protestionist trading policy since the USSR collapse.They just export oil,gas,guns,grain and precious metals and always had a very restricted import,due to the high import tariffs.
I guess that the US sanctions still have a negative impact over Russia.

[netto7]

everything can happen right now.we need to prepare if anything going bad. stay tune.

Some $40,000,000,000,000 is invested in Gold worldwide. As they say "money is a measure of success"

no need  compare to gold  crypto market cap very little in the world less than value of apple company

[stompix]

Vladimir Putin talking against protectionsim?This makes me laugh.
Russia has a protestionist trading policy since the USSR collapse.They just export oil,gas,guns,grain and precious metals and always had a very restricted import,due to the high import tariffs.
I guess that the US sanctions still have a negative impact over Russia.

Russian leaders need to come out and start declaring a lot of bs to try and paint a bleak picture of the whole world so Russians will keep quiet about their 2% VAT increase and the retirement age which is just one year above the average life expectancy of males in their country.

It's typical URSS propaganda, "Yes we're dying of hunger but you know what? The westerners are also thirsty!".

A failed country with enormous manpower resources and land which is at central Africa level is talking about failures. Common!!

And the short link to the article is pretty funny:
rt.~/business/427767-putin-world-trade-peace
The guy that banned cheese but not caviar imports is talking about trade and peace.

[StacksCity]

It would be a new experience to see BTC standing besides gold and silver during the next financial crisis.

[tdrinker]

What he says is the truth but it will never change, people always put their own first. World leaders are no different. I'm sure they're well aware that their actions are only in their own best interests and not of those of the global economy and that if everyone acted accordingly then everyone could be better off. The problem is that from a game theory point of view; if one economy does not put its own interests first the they will be exploited by other countries.

[GregH37]

The global economy is facing a threat of a spiraling protectionist measures that can lead to a devastating crisis, Vladimir Putin warned. Nations must find a way to prevent this and establish rules on how the economy should work.
The Russian president spoke out against the growing trend of using unilateral restrictions to achieve economic advantage, as he addressed guests of the St. Petersburg International Economic Forum (SPIEF) on Friday.

“The system of multilateral cooperation, which took years to build, is no longer allowed to evolve. It is being broken in a very crude way. Breaking the rules is becoming the new rule,” he said. “The ability to impose sanctions arbitrarily and with no control fosters a temptation to use such restrictive tools again and again, right and left, in every case, regardless of political loyalty, talks about solidarity, past agreements and long cooperation,” he said.

https://www.rt.com/business

That has to happen one day or another. The big corporations are always working to make more and more profit, if they do not make profit than shareholders start to look for another CEO and that's why the CEO always tries to keep his job by making more profits, there are finite amount of money in the world so sometimes some CEO makes more profit which results with others not making that much profit even lose money compared to previous year, that's why the ones that didn't make money start to be more ruthless in order to profit and push the limits of law to the gray area. There is no way we can stop this right now, world will come to a place where there is just poor people and companies who are trying to make profit. Eventually the system will crack, it can't continue like this forever.

[sorrysteve1]

there are finite amount of money in the world

Are you sure about that? Seems to be that there's an infinite amount of money in the world. Once we transition towards a cashless society we won't even need trees to print more money.

[wxa7115]

This is true, but everyone knows but doesn't know how to change. What I am worried about now is that the financial crisis that led to the Third World War may be very cruel. This is not impossible.

That is what worries me as well, there have been financial crisis in the past and despite all the problems they caused eventually the world recovered but before the previous world wars there were also huge economic crisis and what worries me is that if some politicians begin to try to blame what it is happening in their countries because of their influence of other countries we will see a military escalation that could bring another world war, that may seem unlikely to many but that was the same that the majority thought of the possibility of war in their times and just look at what happened.

So it is better to be on guard and keep following how the events unfold and prepare for the worst just in case.

[The Sceptical Chymist]

What I am worried about now is that the financial crisis that led to the Third World War may be very cruel. This is not impossible.

I hope I'm not still around when that happens.  WW3 will probably be the end of most of the population.

That's a good point Putin made about global "cooperation" being largely replaced with "isolationism" or "protectionism". People may be losing their capacity to cooperate and coordinate which could be a significant negative trend over the long term as workers fail to cooperate in unionizing and citizens fail to cooperate to support the right economic or financial policies and so on.

Interesting point, though I don't know exactly how true that is.  I'm pretty ignorant of global politics and economics in general, but the sense I'm getting from what little I read is pretty much what you wrote here.  I'm not a big fan of China, as they've out-competed the US in manufacturing and tend to view counterfeiting goods as no problem whatsoever.  I wouldn't like to see that country get even more power.

[hatshepsut93]

One interesting point here is sanctions mainly being imposed against nations which geographically border china. Sanctions against both north korea and russia made both countries more dependent upon china. This in turn gave china leverage in trade & negotiations with both countries fueling china's economic growth.

Sounds like a conspiracy theory. There already is a simple explanation  - North Korea is playing with nukes and was sanctioned for decades for all the atrocities that they commit domestically, Russia is being sanctioned over its war against Ukraine. It's not like the west has conspired with China to sanction some innocent countries to throw them into the hands of China.

Also, North Korea lives off China's money, so there's no economic benefit here for the Chinese, they are using NK as a political and military tool, plus they don't want it to collaps because it would mean millions of refugees.

[Ranly123]

The global economy is facing a threat of a spiraling protectionist measures that can lead to a devastating crisis, Vladimir Putin warned. Nations must find a way to prevent this and establish rules on how the economy should work.
The Russian president spoke out against the growing trend of using unilateral restrictions to achieve economic advantage, as he addressed guests of the St. Petersburg International Economic Forum (SPIEF) on Friday.

“The system of multilateral cooperation, which took years to build, is no longer allowed to evolve. It is being broken in a very crude way. Breaking the rules is becoming the new rule,” he said. “The ability to impose sanctions arbitrarily and with no control fosters a temptation to use such restrictive tools again and again, right and left, in every case, regardless of political loyalty, talks about solidarity, past agreements and long cooperation,” he said.

https://www.rt.com/business

If this financial crisis will be started, shall it also start a global famine? I guess what Putin wants to say to the nation is to find ways to avoid the crisis he is talking and not the financial war against nation's.

[FreeAirdrops]

Bitcoin was created in the wake of the 2008 financial crisis... so does that mean that people will flock to cryptocurrency if there's another one?