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Chinese Premier Blames England For Credit Crisis

02.02.2009 - West caused economic crisis, says visiting Chinese premier in fresh embarrassment for Brown

Chinese Premier Wen Jiabao, while on a visit to London, blamed England for the financial crisis. While standing next to Gordon Brown, the Chines PM implied England's liability by claiming that the main cause for the crisis "was those nations which had racked up dual trade and fiscal deficits."

Mr. Jiabao's words, which we couldn't agree with more, echoed those of newly-appointed Shadow Chancellor Kenneth Clarke, who also attacked Brown. "We have gone in for a mad bubble," he said, adding, "Gordon took pride in the fact that he had created an extraordinary bubble, based on the fact that the City of London was so unregulated." It was this lack of regulation that failed to build a "balanced economy."

And now England looks to world to dig them out of their ditch. Brown said he and Mr. Wen shared a "determination that we can work together to solve the global economic problems."

Brown is desperate to get his hands on a chunk of the 400bn fiscal stimulus announced by the Beijing authorities in November. He said, "I look forward to seeing further progress, with new contracts being signed and new opportunities emerging for our businesses, especially in key sectors where greater collaboration can increase two-way trade."

He added: "The strength of the relationship between China and Britain will be a pivotal force in helping us through the downturn and a powerful driving force behind our future growth and prosperity."

By solely mentioning England's prosperity, it sounds to us like Brown is planning to use China purely for his own benefit. We wouldn't lend England a dollar, much less millions. Proceed with caution, China.

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