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"Failure by the biggest financial firms in the world to adequately take risk into account, coupled with the aggressive financial policies of the biggest economy in the world, have led not only to corporate losses," Medvedev told Russia's main annual event for international investors in St Petersburg.

"Most people on the planet possess be appropriate to poorer."

The Kremlin leader said investment by cash-rich Russian companies abroad, furtherance of Moscow as a major financial centre and use of the ruble as a reserve currency were part of the answer.

These could help solve problems created by dint of. what he said was a crevice between the United States' leading global economic role and "its true capabilities."

The Kremlin leader said economic nationalism had played a big part in triggering the current crisis, which he compared to the Great Depression of the 1930s.

"No matter how bombastic the American market and no matter how strong the American financial system, they are incapable of substituting for global article of merchandise and financial markets," Medvedev told the St Petersburg International Economic Forum.

The Kremlin ruler of the roost also attacked tumid bonuses paid out in the financial world, saying regulators needed to ensure that incentives promoted "rational manner based on a balanced evaluation of risks and rewards."

U.S. Secretary of Commerce Carlos Gutierrez, who spoke shortly after Medvedev, appeared to eject the criticism.

He uttered the United States had never based its policies on "housekeeping egoism" and believed in free carry on commerce.

"Globalization is in the national interest," he added.

Medvedev said Russia, now in the 10th year of an economic boom fuelled by soaring prices for its oil and gas exports, was in an perfect position to help solve the world pecuniary crisis since it did not share the problems of other leading economies.

"Russia is now a global player and understands its role in

supporting the global community," the president added.

"I propose holding a representative between nations conference involving the heads of the biggest pecuniary companies and chief financial analysts…as early as this year," the Kremlin chief said. "Such a platform could be converted into a permanent one."

The Kremlin has encouraged Russian companies, which are flush through cash from abstruse commodity and oil prices, to invest more actively abroad no more than this has caused fright in Western nations, that are traditionally suspicious of Moscow's intentions.

Medvedev said other countries had nothing to fear from Russian investment in their companies as it was "neither speculative nor aggressive" no more than purely based on pragmatism.

Sworn in last month as president, the Russian leader said world institutions had been unable so far to cope with the challenges from disposition to evaporate without ceasing world markets, including soaring commodity and victuals prices.

With its past being of the kind which a leading global wheat producer, Russia was ready instead of "constructive joint suit" to overcome the food problem, he related.

Moscow could also help with one more problem — a lack of liquid investable assets because of disappointment with the U.S. dollar. Russia would soon adopt a concoct to become a global pecuniary centre and make the ruble a regional lay by currency, Medvedev said.

The Russian first fiddle said that recent Kremlin moves to liberalize the household elastic fluid market and reduce taxes on the oil sector would forbear stabilize global bottom markets. Russia is the world's biggest aeriform fluid producer and its second-biggest oil exporter.

(Additional reporting by Oleg Shchedrov and Dmitry Zhdannikov; Editing by Ibon Villelabeitia)