IBOV 172,812.43 ▼ 0.32% IPSA 10,957.23 ▲ 0.55% IPC MEX 66,125.27 ▼ 0.74% MERVAL 3,281,489 ▲ 1.79% COLCAP 2,309.56 ▲ 0.49% BVL PERÚ 56,620.35 — — USD/BRL5.07▼ 0.38% USD/MXN17.40▼ 0.19% USD/CLP934.02▼ 0.05% USD/COP3,229▼ 1.23% USD/PEN3.39▲ 0.10% USD/ARS1,477▼ 0.34% USD/UYU40.11▲ 1.23% USD/PYG6,045▲ 1.76% USD/BOB10.80▲ 2.69% USD/DOP58.02▲ 0.31% USD/CRC446.12▲ 1.15% USD/GTQ7.62▲ 2.33% USD/HNL26.74▲ 1.61% USD/NIO36.62▲ 0.84% USD/VES735.39▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD156.98▲ 0.21% USD/TTD6.73▲ 1.11% EUR/BRL5.78▼ 1.20% BRENT 91.18 ▲ 2.20% WTI 84.36 ▲ 1.36% IRON ORE 161.91 — — COPPER 6.54 ▲ 3.79% GOLD 4,076 ▲ 1.64% SILVER 59.12 ▲ 4.07% SOY 1,224 ▼ 0.20% CORN 475.75 ▲ 5.84% WHEAT 677.25 ▲ 0.48% COFFEE 323.00 ▼ 3.41% SUGAR 14.90 ▲ 0.54% ORANGE JUICE 146.55 ▼ 0.58% COTTON 80.03 ▲ 3.44% COCOA 5,606 ▲ 1.56% BEEF 222.93 ▼ 1.59% CATTLE 345.08 ▼ 1.97% LITHIUM 69.20 ▲ 3.41% PETR4 41.58 ▲ 1.05% VALE3 72.41 ▲ 0.67% ITUB4 42.49 ▲ 0.45% BBDC4 18.52 ▲ 0.60% ABEV3 15.85 ▲ 0.38% BBAS3 20.68 ▲ 2.53% B3SA3 15.13 ▼ 0.85% WEGE3 42.66 ▼ 1.09% PRIO3 58.76 ▲ 1.85% SUZB3 41.68 ▼ 0.50% RENT3 36.66 ▼ 2.21% AZZA3 17.81 ▼ 1.98% CSAN3 3.77 ▼ 1.31% RAIZ4 0.28 ▲ 3.70% PCAR3 2.73 ▲ 5.00% GMAT3 3.82 ▼ 0.78% PSSA3 53.28 ▼ 1.70% CVCB3 1.14 ▲ 5.56% POSI3 3.75 ▲ 1.35% SLCE3 13.61 ▲ 0.29% NATU3 8.78 ▲ 1.74% BRKM5 5.86 ▼ 1.35% RANI3 7.89 ▼ 1.25% CSNA3 5.11 ▲ 0.79% CMIN3 5.47 ▲ 1.48% USIM5 8.43 ▲ 3.31% GGBR4 23.69 ▲ 0.30% ENEV3 25.37 ▼ 1.09% CPFE3 46.39 ▲ 0.15% CMIG4 11.03 ▲ 0.09% EQTL3 38.60 ▼ 1.76% LREN3 13.19 ▼ 0.90% VIVT3 35.52 ▼ 0.42% RAIL3 13.25 ▼ 2.36% KLABIN 17.45 ▼ 0.17% RAIA DROGASIL 18.45 ▼ 1.28% RDOR3 33.39 ▼ 5.81% HAPV3 11.36 ▼ 1.65% FLRY3 16.43 ▼ 0.79% SMTO3 15.43 ▲ 0.13% UGPA3 31.53 ▼ 0.54% VBBR3 33.50 ▼ 1.79% BBSE3 41.09 ▲ 0.10% BPAC11 55.65 ▼ 0.34% CURY3 29.60 ▼ 1.95% AERI3 2.05 ▼ 0.97% VIVARA 21.38 ▼ 2.64% COMPASS 24.36 ▼ 0.98% VAMOS 3.11 ▲ 0.65% SANB11 27.32 ▲ 1.15% ASAI3 8.18 ▲ 0.49% SBSP3 28.57 ▼ 1.41% WALMEX 49.25 ▼ 0.26% GMEXICO 206.25 ▲ 2.70% FEMSA 227.15 ▲ 0.08% CEMEX 21.97 ▲ 0.41% GFNORTE 184.81 ▲ 2.67% BIMBO 59.16 ▼ 0.57% TELEVISA 9.81 ▲ 1.03% AMX 22.63 ▼ 0.48% GAP 377.93 ▼ 0.07% ASUR 272.70 ▼ 0.61% OMA 224.92 ▼ 0.67% KOF 181.21 ▲ 0.22% GRUMA 283.66 ▼ 1.37% KIMBER 38.25 ▼ 0.36% SQM-B 64,684 ▲ 2.48% COPEC 6,379 ▲ 2.89% BSANTANDER 78.90 ▲ 3.69% FALABELLA 5,894 ▲ 0.32% ENELAM 84.86 ▲ 0.89% CENCOSUD 2,016 ▲ 1.06% CMPC 1,095 ▲ 2.70% BANCO CHILE 190.14 ▲ 1.96% LATAM AIR 24.52 ▲ 0.45% YPF 80,275 ▲ 1.36% GGAL 7,995 ▲ 1.91% PAMPA 5,430 ▲ 3.04% TXAR 665.50 ▼ 0.75% ALUAR 967.00 ▲ 0.78% TGS 9,700 ▲ 2.11% CEPU 2,352 ▲ 2.75% MIRGOR 16,750 ▼ 2.19% COME 43.16 ▲ 0.49% LOMA NEGRA 3,645 ▲ 2.03% BYMA 293.75 — 0.00% TELECOM ARG 4,230 ▲ 2.05% ECOPETROL 16.38 ▲ 2.18% BANCOLOMBIA 83.19 ▲ 2.93% GRUPO AVAL 5.00 ▲ 1.01% CREDICORP 394.67 ▲ 2.02% SOUTHERN COPPER 185.97 ▲ 6.23% BUENAVENTURA 31.18 ▲ 3.73% MERCADOLIBRE 1,816 ▼ 0.89% NUBANK 14.31 ▲ 2.25% XP 16.78 ▼ 0.15% PAGSEGURO 9.57 ▲ 2.96% STONE 11.28 ▲ 1.39% GLOBANT 31.92 ▼ 1.15% TECNOGLASS 45.99 ▼ 0.27% GAP AIRPORT 217.01 ▼ 0.05% ASUR 272.70 ▼ 0.61% OMA AIRPORT 103.61 ▼ 0.38% AMX ADR 26.03 ▼ 0.27% FEMSA ADR 130.59 ▲ 0.44% CEMEX ADR 12.66 ▲ 1.36% PETROBRAS ADR 18.45 ▲ 1.40% VALE ADR 14.25 ▲ 1.03% ITAU ADR 8.37 ▲ 0.54% SANTANDER BR 5.41 ▲ 0.74% AMBEV ADR 3.11 ▲ 0.81% CSN 1.02 ▲ 0.50% GERDAU 4.70 ▲ 0.43% LATAM ADR 52.18 ▲ 0.85% BTC 66,394 ▲ 1.78% ETH 1,923 ▲ 0.98% SOL 77.87 ▲ 0.10% XRP 1.15 ▲ 3.38% BNB 573.12 ▲ 0.42% ADA 0.17 ▲ 1.95% DOGE 0.07 ▲ 1.46% AVAX 6.62 ▲ 0.67% LINK 8.65 ▲ 0.73% DOT 0.85 ▲ 3.01% LTC 47.50 ▲ 0.34% BCH 225.22 ▲ 2.42% TRX 0.33 ▲ 0.57% XLM 0.19 ▲ 1.85% HBAR 0.07 ▲ 2.54% NEAR 1.93 ▼ 2.51% ATOM 1.49 ▼ 0.40% AAVE 95.70 ▲ 6.60% SELIC 14.25% EMBRAER 83.37 ▲ 0.10% EMBRAER ADR 65.92 ▼ 0.02% JBS 11.85 ▼ 1.50% JBS BDR 59.91 ▼ 1.45% MBRF3 15.16 ▲ 4.41% MBRFY 2.95 ▲ 1.37% INTER 5.58 ▼ 0.71% EGX 53,990 ▲ 1.63% USD/ZAR16.44▼ 0.55% USD/NGN1,376▼ 0.27% NIKKEI 66,232 ▲ 3.26% CSI300 4,739 ▲ 3.06% HSI 25,132 ▼ 0.04% NIFTY 24,188 ▼ 0.21% KOSPI 6,748 ▲ 3.56% JCI 6,340 ▲ 1.74% USD/JPY163.01▲ 0.31% USD/CNY6.76▼ 0.17% DAX 25,011 ▲ 0.66% CAC 8,363 ▲ 0.28% FTSE 10,586 ▲ 0.58% MIB 52,285 ▲ 0.81% IBEX 19,380 ▲ 0.90% STOXX 643.19 ▲ 0.56% EUR/USD1.14▼ 0.03% GBP/USD1.34▼ 0.46% SPX 7,512 ▲ 0.93% DJI 52,350 ▲ 0.99% NDX 29,164 ▲ 1.96% RUT 2,979 ▲ 1.25% TSX 35,332 ▲ 1.06% VIX 17.11 ▼ 8.26% USD/CAD1.41▲ 0.22% US10Y 4.6300 ▲ 0.70% IBOV 172,812.43 ▼ 0.32% IPSA 10,957.23 ▲ 0.55% IPC MEX 66,125.27 ▼ 0.74% MERVAL 3,281,489 ▲ 1.79% COLCAP 2,309.56 ▲ 0.49% BVL PERÚ 56,620.35 — — USD/BRL 5.07 ▼ 0.38% USD/MXN 17.40 ▼ 0.19% USD/CLP 934.02 ▼ 0.05% USD/COP 3,229 ▼ 1.23% USD/PEN 3.39 ▲ 0.10% USD/ARS 1,477 ▼ 0.34% USD/UYU 40.11 ▲ 1.23% USD/PYG 6,045 ▲ 1.76% USD/BOB 10.80 ▲ 2.69% USD/DOP 58.02 ▲ 0.31% USD/CRC 446.12 ▲ 1.15% USD/GTQ 7.62 ▲ 2.33% USD/HNL 26.74 ▲ 1.61% USD/NIO 36.62 ▲ 0.84% USD/VES 735.39 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 156.98 ▲ 0.21% USD/TTD 6.73 ▲ 1.11% EUR/BRL 5.78 ▼ 1.20% BRENT 91.18 ▲ 2.20% WTI 84.36 ▲ 1.36% IRON ORE 161.91 — — COPPER 6.54 ▲ 3.79% GOLD 4,076 ▲ 1.64% SILVER 59.12 ▲ 4.07% SOY 1,224 ▼ 0.20% CORN 475.75 ▲ 5.84% WHEAT 677.25 ▲ 0.48% COFFEE 323.00 ▼ 3.41% SUGAR 14.90 ▲ 0.54% ORANGE JUICE 146.55 ▼ 0.58% COTTON 80.03 ▲ 3.44% COCOA 5,606 ▲ 1.56% BEEF 222.93 ▼ 1.59% CATTLE 345.08 ▼ 1.97% LITHIUM 69.20 ▲ 3.41% PETR4 41.58 ▲ 1.05% VALE3 72.41 ▲ 0.67% ITUB4 42.49 ▲ 0.45% BBDC4 18.52 ▲ 0.60% ABEV3 15.85 ▲ 0.38% BBAS3 20.68 ▲ 2.53% B3SA3 15.13 ▼ 0.85% WEGE3 42.66 ▼ 1.09% PRIO3 58.76 ▲ 1.85% SUZB3 41.68 ▼ 0.50% RENT3 36.66 ▼ 2.21% AZZA3 17.81 ▼ 1.98% CSAN3 3.77 ▼ 1.31% RAIZ4 0.28 ▲ 3.70% PCAR3 2.73 ▲ 5.00% GMAT3 3.82 ▼ 0.78% PSSA3 53.28 ▼ 1.70% CVCB3 1.14 ▲ 5.56% POSI3 3.75 ▲ 1.35% SLCE3 13.61 ▲ 0.29% NATU3 8.78 ▲ 1.74% BRKM5 5.86 ▼ 1.35% RANI3 7.89 ▼ 1.25% CSNA3 5.11 ▲ 0.79% CMIN3 5.47 ▲ 1.48% USIM5 8.43 ▲ 3.31% GGBR4 23.69 ▲ 0.30% ENEV3 25.37 ▼ 1.09% CPFE3 46.39 ▲ 0.15% CMIG4 11.03 ▲ 0.09% EQTL3 38.60 ▼ 1.76% LREN3 13.19 ▼ 0.90% VIVT3 35.52 ▼ 0.42% RAIL3 13.25 ▼ 2.36% KLABIN 17.45 ▼ 0.17% RAIA DROGASIL 18.45 ▼ 1.28% RDOR3 33.39 ▼ 5.81% HAPV3 11.36 ▼ 1.65% FLRY3 16.43 ▼ 0.79% SMTO3 15.43 ▲ 0.13% UGPA3 31.53 ▼ 0.54% VBBR3 33.50 ▼ 1.79% BBSE3 41.09 ▲ 0.10% BPAC11 55.65 ▼ 0.34% CURY3 29.60 ▼ 1.95% AERI3 2.05 ▼ 0.97% VIVARA 21.38 ▼ 2.64% COMPASS 24.36 ▼ 0.98% VAMOS 3.11 ▲ 0.65% SANB11 27.32 ▲ 1.15% ASAI3 8.18 ▲ 0.49% SBSP3 28.57 ▼ 1.41% WALMEX 49.25 ▼ 0.26% GMEXICO 206.25 ▲ 2.70% FEMSA 227.15 ▲ 0.08% CEMEX 21.97 ▲ 0.41% GFNORTE 184.81 ▲ 2.67% BIMBO 59.16 ▼ 0.57% TELEVISA 9.81 ▲ 1.03% AMX 22.63 ▼ 0.48% GAP 377.93 ▼ 0.07% ASUR 272.70 ▼ 0.61% OMA 224.92 ▼ 0.67% KOF 181.21 ▲ 0.22% GRUMA 283.66 ▼ 1.37% KIMBER 38.25 ▼ 0.36% SQM-B 64,684 ▲ 2.48% COPEC 6,379 ▲ 2.89% BSANTANDER 78.90 ▲ 3.69% FALABELLA 5,894 ▲ 0.32% ENELAM 84.86 ▲ 0.89% CENCOSUD 2,016 ▲ 1.06% CMPC 1,095 ▲ 2.70% BANCO CHILE 190.14 ▲ 1.96% LATAM AIR 24.52 ▲ 0.45% YPF 80,275 ▲ 1.36% GGAL 7,995 ▲ 1.91% PAMPA 5,430 ▲ 3.04% TXAR 665.50 ▼ 0.75% ALUAR 967.00 ▲ 0.78% TGS 9,700 ▲ 2.11% CEPU 2,352 ▲ 2.75% MIRGOR 16,750 ▼ 2.19% COME 43.16 ▲ 0.49% LOMA NEGRA 3,645 ▲ 2.03% BYMA 293.75 — 0.00% TELECOM ARG 4,230 ▲ 2.05% ECOPETROL 16.38 ▲ 2.18% BANCOLOMBIA 83.19 ▲ 2.93% GRUPO AVAL 5.00 ▲ 1.01% CREDICORP 394.67 ▲ 2.02% SOUTHERN COPPER 185.97 ▲ 6.23% BUENAVENTURA 31.18 ▲ 3.73% MERCADOLIBRE 1,816 ▼ 0.89% NUBANK 14.31 ▲ 2.25% XP 16.78 ▼ 0.15% PAGSEGURO 9.57 ▲ 2.96% STONE 11.28 ▲ 1.39% GLOBANT 31.92 ▼ 1.15% TECNOGLASS 45.99 ▼ 0.27% GAP AIRPORT 217.01 ▼ 0.05% ASUR 272.70 ▼ 0.61% OMA AIRPORT 103.61 ▼ 0.38% AMX ADR 26.03 ▼ 0.27% FEMSA ADR 130.59 ▲ 0.44% CEMEX ADR 12.66 ▲ 1.36% PETROBRAS ADR 18.45 ▲ 1.40% VALE ADR 14.25 ▲ 1.03% ITAU ADR 8.37 ▲ 0.54% SANTANDER BR 5.41 ▲ 0.74% AMBEV ADR 3.11 ▲ 0.81% CSN 1.02 ▲ 0.50% GERDAU 4.70 ▲ 0.43% LATAM ADR 52.18 ▲ 0.85% BTC 66,394 ▲ 1.78% ETH 1,923 ▲ 0.98% SOL 77.87 ▲ 0.10% XRP 1.15 ▲ 3.38% BNB 573.12 ▲ 0.42% ADA 0.17 ▲ 1.95% DOGE 0.07 ▲ 1.46% AVAX 6.62 ▲ 0.67% LINK 8.65 ▲ 0.73% DOT 0.85 ▲ 3.01% LTC 47.50 ▲ 0.34% BCH 225.22 ▲ 2.42% TRX 0.33 ▲ 0.57% XLM 0.19 ▲ 1.85% HBAR 0.07 ▲ 2.54% NEAR 1.93 ▼ 2.51% ATOM 1.49 ▼ 0.40% AAVE 95.70 ▲ 6.60% SELIC 14.25% EMBRAER 83.37 ▲ 0.10% EMBRAER ADR 65.92 ▼ 0.02% JBS 11.85 ▼ 1.50% JBS BDR 59.91 ▼ 1.45% MBRF3 15.16 ▲ 4.41% MBRFY 2.95 ▲ 1.37% INTER 5.58 ▼ 0.71% EGX 53,990 ▲ 1.63% USD/ZAR 16.45 ▼ 0.30% USD/NGN 1,376 ▲ 0.02% NIKKEI 66,232 ▲ 3.26% CSI300 4,739 ▲ 3.06% HSI 25,132 ▼ 0.04% NIFTY 24,188 ▼ 0.21% KOSPI 6,748 ▲ 3.56% JCI 6,340 ▲ 1.74% USD/JPY 163.00 ▲ 0.33% USD/CNY 6.7554 ▼ 0.03% DAX 25,011 ▲ 0.66% CAC 8,363 ▲ 0.28% FTSE 10,586 ▲ 0.58% MIB 52,285 ▲ 0.81% IBEX 19,380 ▲ 0.90% STOXX 643.19 ▲ 0.56% EUR/USD 1.1412 ▼ 0.02% GBP/USD 1.3384 ▼ 0.31% SPX 7,512 ▲ 0.93% DJI 52,350 ▲ 0.99% NDX 29,164 ▲ 1.96% RUT 2,979 ▲ 1.25% TSX 35,332 ▲ 1.06% VIX 17.11 ▼ 8.26% USD/CAD 1.4097 ▲ 0.13% US10Y 4.6300 ▲ 0.70%
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Opinion: Brazil’s Power Vacuum

By · November 16, 2015 · 2 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – Aristotle is said to have coined the phrase “Nature abhors a vacuum”. Down the years, political scientists have denatured the phrase to define “power vacuum” as a situation where people have lost control of something and no one has replaced them.

The Curmudgeon, aka Michael Royster.
The Curmudgeon, aka Michael Royster.
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Dilma has clearly lost control of Brazil’s government, and as yet no one has replaced her; however, there is no shortage of politicians who abhor the vacuum and seek to step into it as her successor.

Back in August, when pressure was mounting on Dilma to resign, Vice President Temer obliquely declared himself a candidate to fill the void by saying the country needed someone to bring it together. That trial balloon was aided by the movement to impeach Dilma, which hasn’t gathered momentum.

PSDB, defeated candidate Aécio’s party, filed a lawsuit with the TSE seeking to declare the Dilma/Temer ticket, ex post facto, ineligible to take office because of election campaign irregularities. That would result in new elections being called within 90 days, which Aécio fully expected to win. But TSE is sitting on the suit and doing nothing.

Cunha, the President of the Chamber of Deputies, then made his attempt, by declaring himself in opposition to Dilma and trying to create his own legislative agenda while torpedoing Dilma’s programs. Unfortunately for him, investigators have found his offshore fortune so his chances look slim.

Former President Lula has now made a bold attempt to reimpose himself on Brazil. For starters, he wants Dilma to replace Finance Minister Levy with his puppet banker Henrique Meirelles. Moreover, Lula has staked out a position critical of Dilma’s austerity program.

Dilma resists: she won’t resign; she has put Temer out to Vice Presidential pasture; impeachment efforts languish while Cunha twists in the wind. But Lula’s latest ploy may yet work, because he’ll let Dilma continue in office while he pulls the puppet strings.

In the meantime, the “horror vacui” continues while the ethical horrorshow that is Brazilian politics grows more abhorrent daily.

The Curmudgeon lives in hope but still writes dismal Smidgens.

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