Let Us Talk

March 27, 2009

Blue-Eyed Whites to Blame for Bank Crisis

president-lula-brazil-and-gordon-brown-pm1  Brazil’s President Luiz Inacio Lula de Silva in the past has argued that poor and developing nations have been victims of mistakes made in richer countries, caused by irresponsibility or a lack of regulation in the world’s banking systems.

Appearing at a joint press conference with Prime Minister Gordon Brown just days ahead of the crucial G20 summit in London, he branded those he thought should be blamed for the world’s economic crisis in a less than articulate manner by saying, “It is a crisis caused and encouraged by the irrational behavior of white people with blue eyes, who before the crisis appeared to know everything, but are now showing that they know nothing.”

Later questioned by a reporter, President Lula expanded and further explained his theory by saying that it wasn’t native Indians, nor black, nor poor people that had created and spread the crisis throughout the world and that the world’s poor people should not be forced to pay for the global financial crisis. Quote, “As I do not know any black or indigenous bankers I can only say it is not possible for this part of mankind, which is victimized more than any other, to pay for the crisis.” 

President Lula is also calling for increased regulation of banks and is against protectionism saying, “I compare protectionism to a drug, why do people use drugs? Because they are in crisis and they think the drug will help them. But its effects pass quickly.”

Prime Minister Brown managed not to look uncomfortable but said that he preferred not to attribute blame to individuals.

I can agree that ‘those in charge’ acted like they knew everything and we now know that they knew nothing.  They were pretty much gambling on the highest level with money that wasn’t theirs to gamble with.  I believe that the powers that be demonstrated that they were narcissistic, connoisseurs of greed and financially gluttonous beyond belief but the whole white devil thing is inappropriate especially from a world leader.

Brazil which has historically been a struggling country has been a model of success in Latin America as of late. According to a recent article in Time, Brazil may well be one of 34 major economies that may come out of the global recession undamaged. Brazil’s state-run energy company, Petrobras, is set to expand operations, although at the moment its workers are striking over changes in their profit-sharing plan.

When unregulated capitalism was out of control in Brazil the government imposed financial regulations, while at the same time assisting corporations to promote job growth and distributed some of the wealth to help Brazil’s legions of poor rise from poverty to take their place amongst the middle class.

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