27.03.09

When the world economy recovers from the crisis depends on the economic policy of the United States, Moscow mayor Yury Luzhkov said at an annual session of the Moscow International Business Association on Wednesday.

"We realize the need for local measures but it should be understood how long these local measures should last. Everything depends, not on Russia, and not even on Europe," he said.

The U.S. is the main economic power in the world, Luzhkov said.

"There are 1,144 trillion dollars in circulation in the world today which is 10 times more than the gross domestic product of the whole world. We are speaking of an excess of papers which the United States issued in the past decades and that were diluted by the gold equivalent. It turns out that the state bears no responsibility and does not offer the gold equivalent for the dollar," he said.

"Playing with money replaced the real sector of the economy in the United States," Luzhkov said.

"The real sector constitutes 11% of the U.S. GDP with money and shares - the rest of it," he said.

All this resulted in a dangerous situation, he said.

"The world will overcome the crisis only when the United States stops playing with money and that will take a long time. We cannot expect this to end soon," he said.

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Source: Interfax