Countries With Emerging Economies Want More Control

Looks like our friendly neighbors want more control over our economy.

Brazil’s President Luiz Inacio Lula da Silva said there was acceptance the G7 group of elite nations was no longer capable of working alone.

“It is time for a pact between governments to build a new financial architecture for the world,” he said.

“This is a global crisis and it demands global solutions.”

He said nations must “avoid temptations to take unilateral measures,” and stressed that “new universal mechanisms are needed” that have to be worked out in concert.

“The crisis gives an opportunity for real changes,” he said, adding: “We cannot, we must not and don’t have the right to fail.”

It’s inevitable that the global economy is linked - as it has been for thousands of years.  That fact does not mean that we should cede economic policy decisions to people who are not accountable to the voters and who likely don’t have the best interests of America in mind.

Oh, and they want a hand out too.

China and the Gulf states have trillions of dollars in reserves that could help the IMF help smaller countries withstand the present turmoil.