By Daily Crux Editor Justin Brill:

You know the U.S. has lost its way when Russia begins to look like the more capitalist economy.

Russia's prime minister, Vladimir Putin, said today that the government must begin to remove itself from the economy and allow private industry to pull the country out of recession. In a speech before a banking forum in Moscow, the prime minister said Russia will undergo a new round of privatizations and is focused on attracting private investors.

"We understand how deceptive blind faith in an omnipotent state is, how illusory are the hopes that total intervention in economic life might fix everything and put everything in its place," Putin said. "To the extent that the situation stabilizes, that the effects of the crisis are overcome, we plan to consistently and purposefully reduce state intervention in the economy."

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