Brazil demands sweeping global financial overhaul

Discussion in 'Economy' started by Neubarth, Nov 9, 2008.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    Brazil demands sweeping global financial overhaul
    Saturday November 8, 8:07 pm ET
    By Alan Clendenning, AP Business Writer


    Brazil's president demands global financial overhaul with strong input from emerging economies


    SAO PAULO, Brazil (AP) -- Brazil's president on Saturday demanded that major reforms of the international financial system include strong input from large emerging nations and said the collapse of modern banking structures is victimizing the world's poor.

    Those who have the least stand to lose the most from a credit crunch that has slammed businesses from Brazil to China, President Luiz Inacio Lula da Silva said at a meeting of finance ministers and central bank presidents from 20 of the world's wealthy and emerging economies ahead of a Nov. 15 summit in Washington.

    The Group of 20 nations must "formulate proposals for a substantial change of the world's financial architecture," Silva said. "This system collapsed like a house of cards that dragged down with it the dogmatic faith in the principles of nonintervention by the state in the economy."

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    What this underlies is the fact that the economic mess has had a strong impact in the developing emerging economic countries. What was a dream ain't there no mo'.

    They want their dream back and don't want it taken away in the future. Those that have strong capacity to sell products like the US (which is still the leading manufacturing country in the world} really do not need emerging countries telling us what to do.

    What to do about that?

    Speak in favor of the emerging countries, even give them a platform to pontificate on, but keep the power in the hands of the strongest countries. The powerful banking countries will not abdicate their power. Watch and see.
     
  2. Zoomie1980
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    Zoomie1980 Senior Member

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    The "Group of 20" is about like a group of 20 navies without a single Aircraft Carrier among the bunch.....
     

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