Offshore Riches – Part 2

Opinion, by Michael Royster

The Curmudgeon has never quite believed the “sky is falling” rhetoric of Rio de Janeiro politicos over the Ibsen Amendment. After all, the Amendment calls for all the royalties earned from offshore drilling to be distributed among the several states (27) and the several thousand municipalities (over 5,500) according to the distributive criteria of the FPE and the FPM, which makes it sound as if Rio will get its fair share. The Curmudgeon was wrong, the rhetoric is right.

FPE and FPM are the funds whereby Federal Government tax revenue is shared out. Brazilian Constitutions . . .

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The Curmudgeon moved to Rio over forty years ago, and remained there until late 2018. He's been writing political commentary for The Rio Times for nine years. He once referred to himself as a WASP (look it up) but doesn't any more because it embarrasses him.