Now It’s Our Turn to Tell the Gringos What to Do, Says Lula on Economic Crisis

LulaLuiz Inácio Lula da Silva, Brazil’s former president, blasted the US and Europe for their lack of political initiative to face the economic crisis and suggested they adopt a strategy similar to Brazil’s. 

American and European leaders “should know that a politician should have character, I think they are lacking political initiative. They don’t only have to make economic decisions, but political as well,” the former Brazilian president said.

Lula encouraged consumption to avoid a recession after the 2008 global economic crisis. “We have an extraordinary local market, people are avid to shop,” Lula said.

The ex chief of state indicated he thinks the same way as his successor Dilma Rousseff who is also inviting Brazilians to continue spending and not be fearful of the European and American crisis.

The former Brazilian president also blasted as “wrong” that U.S. and Europe are more interested in giving handouts to save their banks than adopting the necessary political decisions to address the current crisis.

He reiterated that the emerging countries must propose global solutions in the G20 forum where Latin America is represented by Argentina, Brazil and Mexico, and insisted that developed countries should listen and look at Latam recent experience.

“This is our turn and we must help them (EU and US) solve their problems. Because when Brazil, Paraguay and Bolivia were in trouble a group of ‘gringos’ landed every time to tell us what to do,” he concluded, so “now it’s our turn for them to listen to us”.


Japan agency R&I has just upgraded Brazil’s credit rating from BBB- to BBB, the second notch in investment grade level, with stable outlook.
In its report, the Japanese agency highlighted the creation of a robust domestic market due to a rising middle-income households; lower downside risks to the local economy during the external environment turmoil and maintenance of fiscal commitment by the new administration and active management of the monetary policy by the Central Bank.

The Japanese credit rating agency also pointed out to the quick growth recovery from 2008’s international crisis, with a significant GDP growth of 7.5% in 2010 and a perspective of convergence to its potential growth (4%) in 2012.

On the other hand, the agency also pointed out some challenges that Brazil needs to overcome in order to achieve further improvements in its creditworthiness.

Among those are the need to raise domestic savings rate to allow the increase in investments and the maintenance of the efforts to mitigate inflationary pressures.

R&I also points out that next year there could be strong pressure for salaries’ increase from government employees and similarly with pensions which will coincide with the expansion of outlays linked to infrastructure investment for the 2014 World Cup.

However the credit rating agency estimates chances of a significant deterioration of fiscal discipline are reduced.

It is worth to mention that this upgrade occurred during another period of turbulence in external financial markets, which “demonstrates the soundness of Brazilian policy management,” indicates the Brazilian Treasury.

The Brazilian Treasury also recalls that last 20 June Moody’s rating agency upgraded Brazil’s sovereign debt from Baa3 to Baa2 and two months earlier Fitch had done something similar upgrading it from BBB- to BBB.



  • Show Comments (8)

  • Juan

    Brazil Teaching the “West”
    Many North Americans (they call themselves AMERICANS) and some Europeans seem to have a difficult time accepting that theur time is GONE.
    France, the U.K., even the USA, they are not the powers they used to be. Indebted, with no new ideas and just getting old and desperate.
    Too bad. They hate it when someone points at all their faults

  • Leo Bone

    Eat shit and shit gold..
    The problem is like Mr Morley said, arrogant Americans who think they still control the world, all it takes is one fu*k up for a whole nation to be obliviated. Surprisingly enough, the US has fuc*ked up 1 too many times and now they have burned through each of their 9 lives. Time to move over Dis-United States…

    Interesting fact: The top 400 households in the US controls over 90% of the money circulating the country. Tell me how your equal opportunity country is different from the Brazilian society again? Haha! Thats what I thought…

    Before you start opening your goat mouth, know what you’re saying. Your hate words just makes you look mad and angry, as if you just lost everything you worked your whole life for! Does that sound familiar? It does if you’re an American citizen! Now stop acting like you’re so much better than Brazilians! The world knows better…

    Another fun fact: Americans take more anti-depressants than any other nation in the world.. Sad but true, I wonder why!

    Get a clue you rigid Americans and narrow-minded Europeans!

    Leo Bone

  • Americano

    David Morley
    [quote]In short, brazilians may have not had the same access to the basic educational benefits as us citizens for all of these years,but they also seem to be free of the loud,foul mouthed,overly patriotic idiots who go on and on about things they can’t begin to even understand like “usa superpower.” [/quote]

    Hey Einstein, if you are going to push your self loathing tripe on this forum, please do it correctly:

    In short, (correction)-> Brazilians may have not had the same access to the basic educational benefits as (correction)-> we citizens for all of these years,but they also seem to be free of the loud,foul mouthed,overly patriotic idiots who go on and on about things they can’t begin to even understand like “usa superpower.”

    I’ve meet quite a few loud mouthed Brazilians whom go on and on about things they can not even begin to understand.

    Go lead from behind and eat some dust.

  • David Morley

    usa superpower is ignorant
    As a citizen of the usa,I would like to offer an apology for the amazing ignorance and stupidity being displayed in the comments left by “usa superpower.”
    The problem is that our country’s education system is controlled and run by the same people who deliver massive amounts of patriotic propaganda to the minds of our bored citizens through the hours they sit in front of their television sets.
    Instead of educating the american people about the world in an attempt to make them better and more educated members of an informed society,the usa education system was designed and is controlled by the most powerful people in the country specifically to turn them into looking “inward”… see the rest of the world is inferior to them. This is an attempt to make sure that americans continue to be ripped off and be controlled by the people who own the society.
    In short, brazilians may have not had the same access to the basic educational benefits as us citizens for all of these years,but they also seem to be free of the loud,foul mouthed,overly patriotic idiots who go on and on about things they can’t begin to even understand like “usa superpower.”

  • usa superpower

    here we go again ..more shit coming from these morons in south america
    this lula is a fucking punk and a joke in the world …he,s going to tell the worlds sole superpower what??… how,s this lula!! take your illegal brazilian nationals in the usa and europe and call them home to brazil immediately because the us and england are about to deport these criminal parasites the fuck out of their shut the fuck up you little blowhard tin pot piece of shit …where,s the 3 billion us dollars that the usa gave you brazilian liars to help you extract your deep sea oil fields that you claim to have ???.. brazil is a third world dump light years behind the west …go fuck chavez ,rouseff (the ex-convict marxist wannabee)morales,and castro are a joke in the world …the russians and chinese are going to rob and pilfer your people cause your anti-amercanism has blinded you …

  • BM

    BB Rating
    Brazilians at some point will figure out all the hoopla about it’s economy is based solely on foreigners coming in and buying Brazil natural resouces as rock bottom prices. Not to mention Rio real Estate. Brazil sold it’s soul to China. China doing what it does best will rape Brazil with it cheap products like they did to the USA. China did not build the Port of north of Rio de Janeiro because it benefits Berazil.

  • BM

    Looking Glass
    Lula is looking at Brazil through the wrong end of the Looking Glass. Corruption is so deep into Brazilian culture, and lack of transparency Brazil does not have a chance to be a world player. Nothing is on the horizen tio change this. Buying Submarines, and dressing up at G 20 meetings does not add up to a world player.

  • luigi vercotti

    Brazil’s Letterman
    Only a Brazilian would use the term “character” in the same sentence with “politician.” This f-ing idiot (Lula) things Brasil is going to lecture the world? Did he notice that last week when the US markets farted the Bovespa took a shit? What a joke. Wannabe world players. LMFAO

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