Brazilian President Lula da Silva said that emerging market nations like Brazil must have a strong say in developing strict international rules for financial institutions which will help control the anarchy hitting the world economy.

Brazil and other developing countries "need to learn from this crisis to construct a new world economic order" Lula da Silva said in a speech to Brazilian and US trade investment forum attended by US Commerce Secretary Carlos Gutierrez.

Lula da Silva demanded tighter regulations for high risk investments in rich nations that he and many other leaders of developing market nations blame for eroding their economies after they spent decades adopting US backed reforms.

New rules are crucial to "control the anarchy that is hitting the world economy" said the Brazilian president, laying out harsh criticism for bankers who made risky bets on mortgage-backed securities that went bad.

"What happened is that some people acted like they were teenagers with failing grades on their report cards, wanting to hide them from their parents" he underlined.

Central banks around the planet must adopt new rules, and governments must make sure financial institutions comply or are punished to prevent another debacle like the US born crisis, said Lula da Silva.