[Debate] Brazil's Criticism Of Weak Dollar Garners Support At Summit

[Riaz K Tayob]

Of course, nothing must be done to the rand...

Brazil's Criticism Of Weak Dollar Garners Support At Summit 
<http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=BwXDwBDyF1n9%2FmHgHTM0I5zFU0ZSL%2F57>
Luciana Magalhaes. Dow Jones. April 16, 2012

CARTAGENA, Colombia (Dow Jones)--A top official from Brazil said Sunday 
the country's criticism of the weak U.S. dollar's ill effects on Latin 
America was well-received by other nations in the region during a 
weekend summit of western-hemisphere leaders.

The 33-nation Summit of the Americas in the seaside city of Cartagena 
included U.S. President Barack Obama, who listened Saturday as Brazil 
President Dilma Rousseff--sharing a stage with him--criticized the U.S. 
and other developed nations for what she called lax monetary policies. 
She said the U.S. prints money in excess to make up for its overspending 
habits, which then weakens the dollar against Brazil's real and other 
currencies in the region.

Aloizio Mercadante, Brazil's minister of science, technology and 
innovation, said Rousseff's tough talk went over well.

"Her alert [about the harm caused by the weak dollar] received support 
from many other countries," Mercadente told reporters in Cartagena prior 
to his return to Brazil.

The currencies of Brazil, Colombia and several other countries in the 
region have appreciated dramatically against the dollar in recent years. 
This has brought benefits, such as making imported television sets and 
automobiles much more affordable. But it's also made it very difficult 
for Latin America's manufacturing and export sector to succeed in global 
markets, as their products become too expensive to compete.

During the summit, Brazil's Rousseff also spoke out on other issues that 
were at odds with the U.S. government's position. She said, for example, 
Cuba needs to be fully supported as it transitions away from hardline 
Communism and begins to create somewhat-more liberalized markets.

Cuba wasn't invited to the summit at the insistence of the U.S. 
government, which said only democratic nations with free elections can 
attend such conferences.

The summit ended without a joint declaration by the 33 nations, as 
consensus couldn't be reached on key issues, including Communist Cuba's 
possible participation in future summits, and how to best combat drug 
trafficking and its related violence.

"There were difficulties in coming to a consensus," said Brazilian 
Foreign Minister Antonio Patriota, who was also in Cartagena. "This 
reflects the current times, in which relationships among member nations 
in the region are evolving and maturing."

-By Luciana Magalhaes, Dow Jones Newswires; +5511 3544-7072; 
luciana.magalhaes at dowjones.com
_______________________________
-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://lists.fahamu.org/pipermail/debate-list/attachments/20120416/5bdcc972/attachment-0001.htm