Brazil’s President Luiz Inácio Lula da Silva blamed the global economic crisis on “white people with blue eyes” and said it was wrong that black and indigenous people should pay for white people’s mistakes. Of course, this was a slap in the face of UK Prime Minister Gordon Brown, who was also in attendance at the press conference.

Mr Lula da Silva told reporters at a joint press conference in Brasilia: “This crisis was caused by the irrational behavior of white people with blue eyes, who before the crisis appeared to know everything and now demonstrate that they know nothing.” He added: “I do not know any black or indigenous bankers so I can only say [it is wrong] that this part of mankind which is victimized more than any other should pay for the crisis.” Source: Financial Times

Prime Minister Brown was visiting Brazil as part of a five-day tour of Europe, the US and South America in preparation for the G20 summit to take place in London next Thursday. He made a joint appeal with Mr Lula da Silva for the world’s biggest economies to provide $100 billion to boost global trade. We know that the G20 summit will have some drama of its own because I am pretty sure that there will be many protesters milling about since President Obama will be in attendance. I won’t dignify President Lula da Silva’s comments casting aspersions on white bankers, but he is right about one thing, there are just a few black and Latino bankers that I have seen as well.