Enrique Meirelles

This politics strong characterized by a strong fiscal control and reduction of the relation debt externa/PIB and incentives the exportations resulting in a entesouramento of international reserves to be used in periods of crisis, a time that the dynamics of the crises in these countries obeyed a logic very explained well by the diagram below presented by the President of the Brazilian Central White, Mr. Francisco Meirelles for the Brazilian case below. Source: Bacen/Enrique Meirelles This process of entesouramento played much liquidity in the market of headings of the countries central offices and created speculative bubbles. The most famous American real estate bubble that resulted in the Bank in addition Lehman Brothers in September of 2008. When if it analyzes the main world-wide reserves, the emergent countries show its prominence. Inside of this panorama it can be deduced that the crisis of September of 2008 has sufficiently concrete real bases. Of a side, the strong world-wide growth cannot be supported for the strangulation of offers of ' ' tradables' ' energy and foods, a time that the growth of these prices reduced the available income for the accomplishment of the carried through inversions and for the purchase of the produced amounts, that is, a typical crisis of on accumulation of the capitalist system. It is not for less than dficits in the rocking of payments aggravated for the Wars of the Afeganisto and Iraq and the growth of American the private debt north has as that almost countable correspondence the increment of the reserves of the emergent countries in the period.

The monetary politics and fiscal expansionista after September of 2008 of the countries central offices decided the problem conjuncturally, but not in structural way. The structural exit will be the magnifying of the capacity of supply of foods and energy in global scale. In this direction, the increase of the price of the oil and its maintenance in high platforms will contribute to extend the incentive to the biocombustvel and other power plants.