IBOV 167,874.64 ▼ 2.50% IPSA 11,128.56 ▼ 1.25% IPC MEX 65,564.76 ▼ 1.32% MERVAL 3,022,485 — 0.00% COLCAP 2,423.37 ▲ 2.14% BVL PERÚ 59,693.55 ▼ 1.60% USD/BRL5.17▲ 0.18% USD/MXN17.06▼ 0.22% USD/CLP910.27▼ 0.37% USD/COP3,129▼ 0.35% USD/PEN3.38▼ 0.10% USD/ARS1,491▼ 0.03% USD/UYU40.23▲ 1.15% USD/PYG5,925▲ 1.44% USD/BOB11.72▼ 0.08% USD/DOP58.15▲ 0.92% USD/CRC447.79▲ 1.32% USD/GTQ7.62▲ 2.13% USD/HNL26.78▲ 1.53% USD/NIO36.62▲ 0.69% USD/VES762.44▲ 0.29% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.71▲ 0.81% EUR/BRL5.96▲ 1.17% BRENT 88.78 ▼ 0.15% WTI 83.08 ▼ 0.14% IRON ORE 161.91 — — COPPER 6.69 ▲ 1.15% GOLD 4,473 ▲ 2.06% SILVER 66.53 ▲ 2.71% SOY 1,175 ▲ 2.35% CORN 465.25 ▲ 6.53% WHEAT 652.50 ▲ 3.53% COFFEE 319.30 ▼ 4.90% SUGAR 16.88 ▲ 0.90% ORANGE JUICE 139.00 ▼ 2.01% COTTON 84.71 ▲ 1.95% COCOA 5,754 ▲ 3.81% BEEF 226.25 ▼ 3.01% CATTLE 344.98 ▼ 1.65% LITHIUM 74.11 ▼ 0.84% PETR4 41.66 ▼ 1.35% VALE3 74.40 ▲ 0.68% ITUB4 39.00 ▼ 3.51% BBDC4 16.79 ▼ 2.27% ABEV3 15.01 ▼ 1.70% BBAS3 19.28 ▼ 3.74% B3SA3 14.29 ▼ 2.59% WEGE3 47.36 ▼ 0.57% PRIO3 59.25 ▼ 3.25% SUZB3 40.38 ▼ 2.20% RENT3 34.71 ▼ 4.38% AZZA3 16.32 ▼ 2.57% CSAN3 3.28 ▼ 4.93% RAIZ4 0.25 — 0.00% PCAR3 2.76 ▼ 2.82% GMAT3 3.69 ▲ 0.27% PSSA3 48.39 ▼ 2.64% CVCB3 1.37 ▼ 3.52% POSI3 3.28 ▼ 6.29% SLCE3 13.30 ▼ 0.52% NATU3 8.20 ▲ 1.49% BRKM5 5.64 ▼ 1.91% RANI3 7.90 ▼ 1.50% CSNA3 4.28 ▼ 4.04% CMIN3 5.57 ▲ 2.01% USIM5 6.62 ▼ 7.54% GGBR4 24.16 ▼ 4.32% ENEV3 24.55 ▼ 3.04% CPFE3 43.65 ▼ 1.69% CMIG4 10.40 ▼ 2.62% EQTL3 35.81 ▼ 2.61% LREN3 12.03 ▼ 0.74% VIVT3 30.14 ▼ 1.34% RAIL3 12.96 ▼ 1.97% KLABIN 17.55 ▼ 1.74% RAIA DROGASIL 18.28 ▼ 5.68% RDOR3 33.17 ▼ 2.36% HAPV3 9.79 ▼ 4.95% FLRY3 18.59 ▲ 0.93% SMTO3 15.01 ▲ 0.40% UGPA3 30.99 ▼ 0.03% VBBR3 33.23 ▼ 0.63% BBSE3 37.26 ▼ 2.54% BPAC11 50.13 ▼ 6.93% CURY3 31.50 ▼ 0.60% AERI3 2.26 ▼ 2.16% VIVARA 20.89 ▼ 3.47% COMPASS 21.73 ▼ 3.51% VAMOS 2.80 ▼ 3.78% SANB11 29.52 ▲ 0.92% ASAI3 8.08 ▲ 0.25% SBSP3 25.99 ▼ 2.11% WALMEX 48.56 ▲ 0.79% GMEXICO 221.95 ▼ 1.28% FEMSA 201.67 ▼ 1.95% CEMEX 19.16 ▼ 1.64% GFNORTE 191.56 ▼ 2.84% BIMBO 61.64 ▲ 0.08% TELEVISA 9.69 ▼ 2.81% AMX 19.99 ▼ 2.39% GAP 364.14 ▼ 1.66% ASUR 271.64 ▼ 1.09% OMA 232.53 ▲ 0.02% KOF 186.44 ▼ 0.09% GRUMA 251.62 ▼ 1.31% KIMBER 39.51 ▼ 1.96% SQM-B 65,860 ▼ 1.63% COPEC 6,030 ▼ 1.18% BSANTANDER 80.20 ▼ 1.96% FALABELLA 6,429 ▼ 0.16% ENELAM 87.00 ▼ 0.57% CENCOSUD 1,990 ▼ 2.93% CMPC 1,040 ▲ 0.42% BANCO CHILE 186.85 ▼ 1.53% LATAM AIR 24.35 ▼ 1.77% YPF 7,790 ▼ 3.41% GGAL 7,035 ▼ 4.42% PAMPA 5,080 ▼ 3.05% TXAR 765.50 ▲ 1.46% ALUAR 949.50 ▼ 0.21% TGS 8,885 ▼ 4.77% CEPU 2,117 ▼ 3.25% MIRGOR 1,670 ▼ 1.18% COME 41.23 ▼ 3.87% LOMA NEGRA 3,128 ▼ 4.21% BYMA 279.75 — 0.00% TELECOM ARG 4,263 ▼ 5.70% ECOPETROL 17.01 ▼ 0.23% BANCOLOMBIA 98.01 ▲ 7.15% GRUPO AVAL 5.26 ▼ 0.38% CREDICORP 377.21 ▼ 1.31% SOUTHERN COPPER 194.48 ▼ 2.81% BUENAVENTURA 34.84 ▲ 0.75% MERCADOLIBRE 1,940 ▲ 6.34% NUBANK 13.65 ▼ 1.52% XP 15.51 ▼ 4.26% PAGSEGURO 8.89 ▼ 2.09% STONE 9.96 ▼ 3.95% GLOBANT 38.99 ▲ 1.14% TECNOGLASS 42.77 ▲ 3.23% GAP AIRPORT 213.44 ▼ 1.26% ASUR 271.64 ▼ 1.09% OMA AIRPORT 108.40 ▼ 0.12% AMX ADR 23.41 ▼ 2.01% FEMSA ADR 118.13 ▼ 1.49% CEMEX ADR 11.19 ▼ 0.97% PETROBRAS ADR 17.93 ▼ 2.18% VALE ADR 14.32 ▼ 3.83% ITAU ADR 7.50 ▼ 4.82% SANTANDER BR 5.75 ▼ 0.26% AMBEV ADR 2.84 ▼ 3.40% CSN 0.87 ▼ 3.75% GERDAU 4.69 ▼ 5.54% LATAM ADR 53.05 ▼ 1.28% BTC 64,043 ▲ 0.77% ETH 1,907 ▲ 1.36% SOL 76.70 ▲ 0.66% XRP 1.02 ▼ 0.17% BNB 613.27 ▼ 0.52% ADA 0.19 ▼ 0.10% DOGE 0.07 — 0.00% AVAX 6.28 ▼ 0.53% LINK 8.84 ▲ 0.82% DOT 0.79 ▼ 0.04% LTC 45.42 ▼ 0.10% BCH 213.95 ▲ 0.15% TRX 0.34 ▲ 0.63% XLM 0.16 ▼ 0.50% HBAR 0.07 ▲ 0.30% NEAR 1.65 ▲ 2.19% ATOM 1.41 ▼ 1.67% AAVE 89.62 ▲ 1.57% SELIC 14.00% EMBRAER 92.48 ▼ 2.30% EMBRAER ADR 71.39 ▼ 3.27% JBS 13.02 ▼ 2.91% JBS BDR 67.03 ▼ 2.73% MBRF3 16.16 ▲ 1.38% MBRFY 3.06 — 0.00% INTER 5.20 ▼ 2.80% EGX 54,922 ▲ 0.17% USD/ZAR16.14▼ 0.41% USD/NGN 1,360 — 0.00% NIKKEI 67,524 ▲ 0.83% CSI300 4,691 ▲ 0.58% HSI 25,440 ▼ 0.83% NIFTY 24,436 ▼ 0.15% KOSPI 6,579 ▲ 3.68% JCI 6,374 ▲ 1.69% USD/JPY159.10▼ 0.11% USD/CNY6.73▼ 0.20% DAX 26,516 ▲ 0.47% CAC 8,705 ▼ 0.11% FTSE 10,847 ▲ 0.03% MIB 53,847 ▲ 0.26% IBEX 20,248 ▲ 0.17% STOXX 661.44 ▲ 0.14% EUR/USD1.15▲ 0.04% GBP/USD1.35▲ 0.12% SPX 7,728 ▼ 0.32% DJI 53,792 ▼ 0.34% NDX 29,525 ▼ 0.33% RUT 3,027 ▲ 0.32% TSX 36,476 ▲ 0.05% VIX 15.40 ▲ 0.79% USD/CAD1.39▲ 0.01% US10Y 4.6840 ▼ 0.32% IBOV 167,874.64 ▼ 2.50% IPSA 11,128.56 ▼ 1.25% IPC MEX 65,564.76 ▼ 1.32% MERVAL 3,022,485 — 0.00% COLCAP 2,423.37 ▲ 2.14% BVL PERÚ 59,693.55 ▼ 1.60% USD/BRL 5.17 ▲ 0.17% USD/MXN 17.05 ▼ 0.25% USD/CLP 913.38 ▼ 0.03% USD/COP 3,128 ▼ 0.38% USD/PEN 3.38 ▼ 0.07% USD/ARS 1,491 ▼ 0.03% USD/UYU 40.23 ▲ 1.15% USD/PYG 5,925 ▲ 1.44% USD/BOB 11.72 ▼ 0.08% USD/DOP 58.20 ▲ 1.00% USD/CRC 447.79 ▲ 1.32% USD/GTQ 7.62 ▲ 2.13% USD/HNL 26.78 ▲ 1.53% USD/NIO 36.62 ▲ 0.69% USD/VES 762.44 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.28 — 0.00% USD/TTD 6.71 ▲ 0.81% EUR/BRL 5.97 ▲ 1.31% BRENT 88.78 ▼ 0.15% WTI 83.08 ▼ 0.14% IRON ORE 161.91 — — COPPER 6.69 ▲ 1.15% GOLD 4,473 ▲ 2.06% SILVER 66.53 ▲ 2.71% SOY 1,175 ▲ 2.35% CORN 465.25 ▲ 6.53% WHEAT 652.50 ▲ 3.53% COFFEE 319.30 ▼ 4.90% SUGAR 16.88 ▲ 0.90% ORANGE JUICE 139.00 ▼ 2.01% COTTON 84.71 ▲ 1.95% COCOA 5,754 ▲ 3.81% BEEF 226.25 ▼ 3.01% CATTLE 344.98 ▼ 1.65% LITHIUM 74.11 ▼ 0.84% PETR4 41.66 ▼ 1.35% VALE3 74.40 ▲ 0.68% ITUB4 39.00 ▼ 3.51% BBDC4 16.79 ▼ 2.27% ABEV3 15.01 ▼ 1.70% BBAS3 19.28 ▼ 3.74% B3SA3 14.29 ▼ 2.59% WEGE3 47.36 ▼ 0.57% PRIO3 59.25 ▼ 3.25% SUZB3 40.38 ▼ 2.20% RENT3 34.71 ▼ 4.38% AZZA3 16.32 ▼ 2.57% CSAN3 3.28 ▼ 4.93% RAIZ4 0.25 — 0.00% PCAR3 2.76 ▼ 2.82% GMAT3 3.69 ▲ 0.27% PSSA3 48.39 ▼ 2.64% CVCB3 1.37 ▼ 3.52% POSI3 3.28 ▼ 6.29% SLCE3 13.30 ▼ 0.52% NATU3 8.20 ▲ 1.49% BRKM5 5.64 ▼ 1.91% RANI3 7.90 ▼ 1.50% CSNA3 4.28 ▼ 4.04% CMIN3 5.57 ▲ 2.01% USIM5 6.62 ▼ 7.54% GGBR4 24.16 ▼ 4.32% ENEV3 24.55 ▼ 3.04% CPFE3 43.65 ▼ 1.69% CMIG4 10.40 ▼ 2.62% EQTL3 35.81 ▼ 2.61% LREN3 12.03 ▼ 0.74% VIVT3 30.14 ▼ 1.34% RAIL3 12.96 ▼ 1.97% KLABIN 17.55 ▼ 1.74% RAIA DROGASIL 18.28 ▼ 5.68% RDOR3 33.17 ▼ 2.36% HAPV3 9.79 ▼ 4.95% FLRY3 18.59 ▲ 0.93% SMTO3 15.01 ▲ 0.40% UGPA3 30.99 ▼ 0.03% VBBR3 33.23 ▼ 0.63% BBSE3 37.26 ▼ 2.54% BPAC11 50.13 ▼ 6.93% CURY3 31.50 ▼ 0.60% AERI3 2.26 ▼ 2.16% VIVARA 20.89 ▼ 3.47% COMPASS 21.73 ▼ 3.51% VAMOS 2.80 ▼ 3.78% SANB11 29.52 ▲ 0.92% ASAI3 8.08 ▲ 0.25% SBSP3 25.99 ▼ 2.11% WALMEX 48.56 ▲ 0.79% GMEXICO 221.95 ▼ 1.28% FEMSA 201.67 ▼ 1.95% CEMEX 19.16 ▼ 1.64% GFNORTE 191.56 ▼ 2.84% BIMBO 61.64 ▲ 0.08% TELEVISA 9.69 ▼ 2.81% AMX 19.99 ▼ 2.39% GAP 364.14 ▼ 1.66% ASUR 271.64 ▼ 1.09% OMA 232.53 ▲ 0.02% KOF 186.44 ▼ 0.09% GRUMA 251.62 ▼ 1.31% KIMBER 39.51 ▼ 1.96% SQM-B 65,860 ▼ 1.63% COPEC 6,030 ▼ 1.18% BSANTANDER 80.20 ▼ 1.96% FALABELLA 6,429 ▼ 0.16% ENELAM 87.00 ▼ 0.57% CENCOSUD 1,990 ▼ 2.93% CMPC 1,040 ▲ 0.42% BANCO CHILE 186.85 ▼ 1.53% LATAM AIR 24.35 ▼ 1.77% YPF 7,790 ▼ 3.41% GGAL 7,035 ▼ 4.42% PAMPA 5,080 ▼ 3.05% TXAR 765.50 ▲ 1.46% ALUAR 949.50 ▼ 0.21% TGS 8,885 ▼ 4.77% CEPU 2,117 ▼ 3.25% MIRGOR 1,670 ▼ 1.18% COME 41.23 ▼ 3.87% LOMA NEGRA 3,128 ▼ 4.21% BYMA 279.75 — 0.00% TELECOM ARG 4,263 ▼ 5.70% ECOPETROL 17.01 ▼ 0.23% BANCOLOMBIA 98.01 ▲ 7.15% GRUPO AVAL 5.26 ▼ 0.38% CREDICORP 377.21 ▼ 1.31% SOUTHERN COPPER 194.48 ▼ 2.81% BUENAVENTURA 34.84 ▲ 0.75% MERCADOLIBRE 1,940 ▲ 6.34% NUBANK 13.65 ▼ 1.52% XP 15.51 ▼ 4.26% PAGSEGURO 8.89 ▼ 2.09% STONE 9.96 ▼ 3.95% GLOBANT 38.99 ▲ 1.14% TECNOGLASS 42.77 ▲ 3.23% GAP AIRPORT 213.44 ▼ 1.26% ASUR 271.64 ▼ 1.09% OMA AIRPORT 108.40 ▼ 0.12% AMX ADR 23.41 ▼ 2.01% FEMSA ADR 118.13 ▼ 1.49% CEMEX ADR 11.19 ▼ 0.97% PETROBRAS ADR 17.93 ▼ 2.18% VALE ADR 14.32 ▼ 3.83% ITAU ADR 7.50 ▼ 4.82% SANTANDER BR 5.75 ▼ 0.26% AMBEV ADR 2.84 ▼ 3.40% CSN 0.87 ▼ 3.75% GERDAU 4.69 ▼ 5.54% LATAM ADR 53.05 ▼ 1.28% BTC 64,043 ▲ 0.77% ETH 1,907 ▲ 1.36% SOL 76.70 ▲ 0.66% XRP 1.02 ▼ 0.17% BNB 613.27 ▼ 0.52% ADA 0.19 ▼ 0.10% DOGE 0.07 — 0.00% AVAX 6.28 ▼ 0.53% LINK 8.84 ▲ 0.82% DOT 0.79 ▼ 0.04% LTC 45.42 ▼ 0.10% BCH 213.95 ▲ 0.15% TRX 0.34 ▲ 0.63% XLM 0.16 ▼ 0.50% HBAR 0.07 ▲ 0.30% NEAR 1.65 ▲ 2.19% ATOM 1.41 ▼ 1.67% AAVE 89.62 ▲ 1.57% SELIC 14.00% EMBRAER 92.48 ▼ 2.30% EMBRAER ADR 71.39 ▼ 3.27% JBS 13.02 ▼ 2.91% JBS BDR 67.03 ▼ 2.73% MBRF3 16.16 ▲ 1.38% MBRFY 3.06 — 0.00% INTER 5.20 ▼ 2.80% EGX 54,922 ▲ 0.17% USD/ZAR 16.14 ▼ 0.40% USD/NGN 1,360 — 0.00% NIKKEI 67,524 ▲ 0.83% CSI300 4,691 ▲ 0.58% HSI 25,440 ▼ 0.83% NIFTY 24,436 ▼ 0.15% KOSPI 6,579 ▲ 3.68% JCI 6,374 ▲ 1.69% USD/JPY 159.11 ▼ 0.10% USD/CNY 6.7316 ▼ 0.07% DAX 26,516 ▲ 0.47% CAC 8,705 ▼ 0.11% FTSE 10,847 ▲ 0.03% MIB 53,847 ▲ 0.26% IBEX 20,248 ▲ 0.17% STOXX 661.44 ▲ 0.14% EUR/USD 1.1541 ▼ 0.04% GBP/USD 1.3522 ▲ 0.13% SPX 7,728 ▼ 0.32% DJI 53,792 ▼ 0.34% NDX 29,525 ▼ 0.33% RUT 3,027 ▲ 0.32% TSX 36,476 ▲ 0.05% VIX 15.40 ▲ 0.79% USD/CAD 1.3933 ▲ 0.06% US10Y 4.6840 ▼ 0.32%
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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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