President comments on global financial crisis

The transcript discusses the approval of a budget and highlights the warnings given by Russia about the potential crisis in the US financial system, which eventually led to a global crisis. It emphasizes the need for rational behavior in financial markets and the development of a new international financial system, which will take years but must begin immediately.

What was the outcome of the warnings given by Russia regarding the financial system?

How long does the speaker estimate it will take to form the new international financial system?