(MENAFN) The underlying reason of the inflation and growing food crisis, according to Russian President Vladimir Putin, is Western mismanagement of the global economy and dependence on money-printing to suck out products from weaker nations.
Speaking at the Saint Petersburg International Economic Forum (SPIEF), Russian President Vladimir Putin accused Western leaders of fostering a worldwide crisis that might put hundreds of thousands of people at danger of hunger.
“The ongoing price hike, inflation, problems with food and fuel, gas and energy in general is the result of systemic mistakes in the economic policy of the current US administration and the European bureaucracy,” Putin asserted.
Western nations created vast amounts of money to bolster their economy and spent it on foreign products.
“They pretty much vacuumed, raked away the global markets. Naturally, nobody cared to think about the interest of other nations, including the poorest of them,” Putin added. “Those were left with scraps, at astronomical prices.”
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