Thursday, March 1, 2012

Rousseff Strongly Criticizes U.S, Europe, Japan for $4.7T Fiscal Tsunami: Brazil To Fight Easy Money With Its Own Weapons

Brazil's President Rousseff today strongly criticized the actions of countries in crisis for generating excess liquidity in the global market. Without mentioning any specific country, the president said that "we care about these fiscal tsunami."

"They pour U.S. $ 4.7 trillion, it's very adverse, very wicked, for the rest of the countries, especially those in growth that are emerging. They compensate fiscal rigidity with utterly inconsequential monetary policy in what it produces on world markets,"

The president warned that one must understand "that we have to create other tools to fight the processes that are triggered by U.S. $ 4.7T today." "Only yesterday was a trillion euros. Japan is also doing the same monetary policy". The criticism was made at the launching ceremony of the "National Commitment to Improvement of Working Conditions in the Construction Industry".

The president made it clear the concern with the actions being taken by developed countries in crisis to overcome their problems. She explained that the Brazilian government is ready to defend national industry from predatory competition from foreign competitors. "We will be defending the industry, the methods of preventing the crisis from developed countries involving the cannibalization of markets in emerging countries,".

The President stressed, though, you want to promote economic growth in Brazil, with the development of a mass market, but also with the distribution of wealth and protection of social rights. "We want the mass market to grow. That the country to grow, but we want social rights, social protections, rights of the elderly.

She was very critical countries are abdicating that social safety net as a way to circumvent the effects of the current crisis.

"It is obvious that countries that do not have or do not need this protection, and then reduce this protection, throw in the trash historic achievements. But they are accountable to their people,". She then highlighted that Brazil will not give of social protections. "I mean that we are at another stage. We are not wasteful. We get the best possible quality of public spending. Let's get with the workers, entrepreneurs,".

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