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 executive.

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 contribution.

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 depression.

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