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Thursday, November 11, 2010

Brazil's Lula Says World Headed For 'Bankruptcy'

Brazil's Lula Says World Headed For 'Bankruptcy' Unless Rich Nations Act

SEOUL (AFP)--Brazilian President Luiz Inacio Lula da Silva said Thursday the world economy was headed for "bankruptcy" unless rich nations raise consumer demand rather than relying on exports to power recovery.

"If they don't consume, and they just bet on exports, the world will go into bankruptcy," he told reporters as leaders at the Group of 20 industrial and developing nations headed into a two-day summit in the South Korean capital.


Tommy Crangle said...

Mitch, I wonder when I hear talk of creating jobs and growing the economy by increasing our comsumption. Is a job a real job when the job does not need to be done? Doesn't GDP have to be produced for a job to be a (sustainable) job? How can increased comsumption grow the economy when the comsumption exceeds our need? Hope you are doing well, my friend.

Tommy Crangle

Sofia Britts said...
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