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Global organisations have failed: Brazilian President

Global organisations have failed: Brazilian President article image

Brazilian President Luiz Inacio Lula da Silva has criticised the lack of governance around the global economic crisis shown by international organisations such as the International Monetary Fund and the World Bank. "During crises in the 1980s and '90s, the IMF and World Bank, they had ready made solutions for poor countries. Now when a crisis happens in the US, Japan and in Europe, neither the IMF nor the World Bank have any proposals to solve the crisis," he said. "They knew how to interfere in the poor states of Africa and Latin America. The same gentlemen who knew everything some time ago now don't know anything." Lula da Silva also took issue with the way financial speculation came to control the global economy. "We cannot live with a financial system that speculates paper on top of paper, without generating one single job, without manufacturing one screw, one footwear or one necktie," he said. "As the leader of a developing country, I hope that a new international order that rewards production and not speculation will emerge from the crisis."

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