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THE era of US global economic dominance is over and the world now needs a new and "more just" financial system, Russian President Dmitry Medvedev said today.
"The time of domination by one economy and one currency has been consigned to the past once and for all," Mr Medvedev said in an address to a Russian-German development forum, with German Chancellor Angela Merkel at his side.
"We must work together towards building a new and more just financial-economic system in the world based on the principles of multipolarity, supremacy of the law and taking account of mutual interests." The current crisis proved that even with its vast economic resources the United States was not in a position to play the role of "mega-regulator" and that a new system based on collective management was needed, he said.
The bottom line is this, the United States lost over a Trillion dollars on Monday and we flinched, but we didn't go down. Can any other market in the world make that claim?