Believe Quote by Luiz Inacio Lula da Silva
“This is the first global crisis that doesn't start in poor countries and it was caused by the rich countries. So it's necessary to take advantage of this crisis - the financial system has to be regulated. It's necessary that the central banks in the world should control a little bit the banks' financing, because they cannot bypass a certain range of leverage. And I believe that there's no other - more any reason for a G-8 group or any other "G." I believe that we should guarantee that the G-20 should be now an important forum to discuss the major economic issues of the world.”
About This Quote
Source Speech: UN General Assembly, 2009
The quote argues that the current global crisis originates from wealthy nations and calls for stronger financial regulation and central bank oversight, especially via G‑20 discussions.
In simple terms: Rich nations caused the crisis; regulation needed.
Key Takeaway
Support G‑20 regulation.
Themes
economics
politics
global governance
financial regulation
inequality
Mood
concerned
urgent
Type
political
policy
When to use this quote
- Policy meetings
- banking reforms
- international summits
- economic planning
Key Concepts
Leverage limits
central bank control
G‑20 forum
financial oversight
wealth disparity
Questions to Reflect On
- How can regulation balance stability and growth?
- What role should the G‑20 play in crisis prevention?
A Different Perspective
Regulation may stifle market flexibility.
![“This crisis started probably due to the freedom they gave to the banks. First President [Ronald] Reagan and then President [Bill] Clinton. So, for [Barack] Obama it is extremely difficult to change now, to find a way to organize this banking system [differently].” quote by Costa-Gavras](https://sms4smile.com/quotes/img-quotes/135/costa-gavras-22487_banking_this-crisis-started-probably-due-to-the_284284.jpg)
