You know it’s bad when Russia is sending out warnings not to let the government get involved excessively with the economy. Clearly Russia has played this game – and, as everyone does, they lost. Naturally, it’ll fall on deaf ears. But thanks Putin.
via Putin: Hey, Let’s Stop Being Socialists. « Pink Elephant Pundit.
Seriously. Putin says this:
“This is why I would first like to mention specific measures which should be avoided and which will not be implemented by Russia.
Excessive intervention in economic activity and blind faith in the state’s omnipotence is another possible mistake.
The concentration of surplus assets in the hands of the state is a negative aspect of anti-crisis measures in virtually every nation.
In the 20th century, the Soviet Union made the state’s role absolute. In the long run, this made the Soviet economy totally uncompetitive. This lesson cost us dearly. I am sure nobody wants to see it repeated.” (source)
Dude. how bad is it when the former-KGB, now Prime Minister of Russia stands up and says, “Yo! Been there! Done that! Not a good thing, and we aren’t going back!”