Brazil calls for new economic order
Brazil: Brazilian President Luiz Inacio Lula da Silva nixed
the current financial global system and summoned to build a new world
economic order that has people as its center.
“We all here, leaders, businesspeople, men of the financial system,
should confess that the world made a big mistake when it relied on the
virtual economy. It’s not fair that someone gets billions of dollars and
produces nothing, barely exchanging papers,” sustained the Brazilian
When opening the fourth Latin American chapter of the World Economic
Forum, Lula defended the creation of a new world economic order and
indicated that the statization of banks to bail them out of difficulties
should not be prevented due to an ideological concept.
But he added, “we want globalization with ethics which puts persons
first. The answers should be socially just to fight poverty.” Lula also
advocated to control the movement of capital, financial speculation and
the fight against tax havens, while supporting a reform of the global
financial institutions, that is, the International Monetary Fund (IMF)
and the World Bank.
In that sense, Brazilian President said the IMFshould be a
multilateral entity with democratic rules of participation, in which no
nation is considered superior to another because of a larger
Lula also criticized protectionism, which he termed as disastrous for
humanity and world economic development and sentenced that while that
policy alleviates in the short term, it launches its victims to a rapid
The head of State said about the IMF that the irony after being a
debtor to that entity, now Brazil will lend money to that institution.
Rio de Janeiro, Prensa Latina