Despite the recent problems in the global financial markets Brazilian President Luis Inacio Lula da Silva is not worried:"We live at a most peculiar moment now, (and) our economy does not depend so much on the trade with the United States, even though they are still very important to us," Lula said, adding that Brazil's foreign exchange reserves reach 207 billion U.S. dollars.
In remarks made yesterday, Lula also criticized Wall Street firms who had previously spent “decades giving opinions to Brazil” and treating Latin American countries as if “we were the super-miserable.”
What do you think of his viewpoint on the economy?
Image- petroleumworld.com
Sources- The Latin Americanist, Bloomberg, Xinhua
He's absolutely right. The majority of US advisors have always treated Latin American economies as if they were immature and foolish if they engaged in any state protections or regulations. They should have been monitoring the US economy instead, which as Bernard Henri-Levy said a couple of days ago, is as much of a basket case as Argentina's at the end of 2001 and throughout much of 2002!
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