IBOV 167,299.65 ▼ 0.11% IPSA 10,928.06 ▼ 0.50% IPC MEX 65,383.27 ▼ 0.57% MERVAL 3,000,505 ▲ 0.03% COLCAP 2,428.48 ▼ 0.08% BVL PERÚ 58,814.75 ▼ 0.79% USD/BRL5.19▲ 0.18% USD/MXN17.03▼ 0.15% USD/CLP913.40▼ 0.16% USD/COP3,115▼ 0.64% USD/PEN3.37▲ 0.27% USD/ARS1,492▼ 0.07% USD/UYU40.34▲ 1.54% USD/PYG5,935▲ 1.63% USD/BOB11.58▼ 1.01% USD/DOP58.19▲ 0.15% USD/CRC446.85▲ 1.29% USD/GTQ7.62▲ 2.28% USD/HNL26.79▲ 0.47% USD/NIO36.62▲ 0.75% USD/VES764.94▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.70▲ 0.84% EUR/BRL5.98▲ 0.24% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73% BRKM5 5.64 — 0.00% RANI3 7.96 ▲ 0.76% CSNA3 4.30 ▲ 0.47% CMIN3 5.60 ▲ 0.54% USIM5 6.56 ▼ 0.91% GGBR4 24.69 ▲ 2.19% ENEV3 24.21 ▼ 1.38% CPFE3 43.24 ▼ 0.94% CMIG4 10.37 ▼ 0.29% EQTL3 35.56 ▼ 0.70% LREN3 11.87 ▼ 1.33% VIVT3 29.97 ▼ 0.56% RAIL3 13.00 ▲ 0.31% KLABIN 17.69 ▲ 0.80% RAIA DROGASIL 18.00 ▼ 1.53% RDOR3 32.41 ▼ 2.29% HAPV3 9.60 ▼ 1.94% FLRY3 18.24 ▲ 0.28% SMTO3 14.76 ▼ 1.67% UGPA3 30.87 ▼ 0.39% VBBR3 33.54 ▲ 0.93% BBSE3 37.39 ▲ 0.35% BPAC11 50.28 ▲ 0.30% CURY3 31.15 ▼ 1.11% AERI3 2.17 ▼ 3.98% VIVARA 21.12 ▲ 1.10% COMPASS 21.95 ▲ 1.01% VAMOS 2.85 ▲ 1.79% SANB11 29.49 ▼ 0.10% ASAI3 8.04 ▼ 0.50% SBSP3 26.21 ▲ 0.85% WALMEX 48.07 ▼ 0.62% GMEXICO 223.28 ▲ 0.35% FEMSA 201.19 ▼ 0.24% CEMEX 19.32 ▲ 0.89% GFNORTE 193.98 ▲ 1.18% BIMBO 60.98 ▼ 0.96% TELEVISA 9.71 ▲ 0.21% AMX 19.80 ▼ 0.95% GAP 366.23 ▲ 0.43% ASUR 275.04 ▲ 1.25% OMA 233.50 ▲ 0.62% KOF 188.04 ▲ 0.86% GRUMA 252.90 ▲ 0.11% KIMBER 39.74 ▲ 0.43% SQM-B 65,305 ▼ 0.84% COPEC 5,964 ▼ 1.09% BSANTANDER 78.37 ▼ 2.28% FALABELLA 6,334 ▼ 1.48% ENELAM 87.09 ▲ 0.10% CENCOSUD 1,946 ▼ 2.19% CMPC 1,020 ▼ 1.96% BANCO CHILE 184.96 ▼ 1.01% LATAM AIR 24.08 ▼ 1.11% YPF 7,810 ▲ 0.26% GGAL 6,980 ▼ 0.78% PAMPA 5,115 ▲ 0.69% TXAR 747.50 ▼ 2.35% ALUAR 938.00 ▼ 1.21% TGS 8,870 ▼ 0.17% CEPU 2,156 ▲ 1.84% MIRGOR 1,650 ▼ 1.20% COME 40.93 ▼ 0.73% LOMA NEGRA 3,130 ▲ 0.08% BYMA 275.00 ▼ 1.70% TELECOM ARG 4,233 ▼ 0.70% ECOPETROL 16.92 ▼ 0.53% BANCOLOMBIA 95.87 ▼ 2.18% GRUPO AVAL 5.40 ▲ 2.66% CREDICORP 375.17 ▼ 0.49% SOUTHERN COPPER 193.97 ▼ 0.26% BUENAVENTURA 34.45 ▼ 1.02% MERCADOLIBRE 1,870 ▼ 3.59% NUBANK 13.53 ▼ 0.92% XP 15.55 ▲ 0.26% PAGSEGURO 8.71 ▼ 2.08% STONE 9.95 ▼ 0.07% GLOBANT 38.10 ▼ 2.26% TECNOGLASS 42.30 ▼ 1.10% GAP AIRPORT 214.74 ▲ 0.54% ASUR 275.04 ▲ 1.25% OMA AIRPORT 109.26 ▲ 0.79% AMX ADR 23.38 ▼ 0.23% FEMSA ADR 117.91 ▼ 0.27% CEMEX ADR 11.29 ▲ 0.85% PETROBRAS ADR 17.92 ▼ 0.08% VALE ADR 14.49 ▲ 1.19% ITAU ADR 7.46 ▼ 0.53% SANTANDER BR 5.76 ▲ 0.09% AMBEV ADR 2.85 ▲ 0.18% CSN 0.86 ▼ 0.51% GERDAU 4.82 ▲ 2.67% LATAM ADR 52.62 ▼ 0.74% BTC 63,384 ▼ 0.26% ETH 1,886 ▲ 0.26% SOL 75.89 ▼ 0.40% XRP 1.01 ▼ 1.15% BNB 609.60 ▼ 1.12% ADA 0.18 ▼ 1.98% DOGE 0.07 ▼ 1.56% AVAX 6.38 ▲ 1.04% LINK 8.77 ▼ 0.06% DOT 0.78 ▼ 0.75% LTC 45.08 ▼ 0.85% BCH 213.85 ▲ 0.10% TRX 0.34 ▲ 0.28% XLM 0.16 ▼ 1.33% HBAR 0.07 ▼ 0.53% NEAR 1.65 ▲ 2.42% ATOM 1.40 ▼ 2.36% AAVE 89.06 ▲ 0.93% SELIC 14.00% EMBRAER 96.21 ▲ 4.03% EMBRAER ADR 74.72 ▲ 4.66% JBS 13.28 ▲ 1.96% JBS BDR 68.31 ▲ 1.91% MBRF3 16.79 ▲ 3.90% MBRFY 3.21 ▲ 8.08% INTER 5.10 ▼ 1.95% EGX 55,040 ▲ 0.38% USD/ZAR16.20▲ 0.28% USD/NGN1,358▼ 0.31% 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/JPY159.50▲ 0.05% USD/CNY6.73▼ 0.16% DAX 26,331 ▼ 0.23% CAC 8,675 ▼ 0.46% FTSE 10,833 ▼ 0.10% MIB 53,699 ▼ 0.01% IBEX 20,204 ▼ 0.05% STOXX 659.48 ▼ 0.16% EUR/USD1.15▲ 0.06% GBP/USD1.35▼ 0.19% SPX 7,751 ▲ 0.29% DJI 53,810 ▲ 0.03% NDX 29,799 ▲ 0.93% RUT 3,041 ▲ 0.46% TSX 36,619 ▲ 0.39% VIX 14.60 ▼ 4.45% USD/CAD1.39▼ 0.06% US10Y 4.6760 ▼ 0.17% IBOV 167,299.65 ▼ 0.11% IPSA 10,928.06 ▼ 0.50% IPC MEX 65,383.27 ▼ 0.57% MERVAL 3,000,505 ▲ 0.03% COLCAP 2,428.48 ▼ 0.08% BVL PERÚ 58,814.75 ▼ 0.79% USD/BRL 5.16 ▲ 0.01% USD/MXN 17.06 ▼ 0.24% USD/CLP 913.98 ▲ 0.04% USD/COP 3,140 ▲ 0.03% USD/PEN 3.36 ▼ 0.66% USD/ARS 1,493 ▲ 0.10% USD/UYU 40.27 ▲ 1.24% USD/PYG 5,939 ▲ 1.68% USD/BOB 11.64 ▼ 0.76% USD/DOP 58.34 ▲ 1.25% USD/CRC 445.92 ▲ 0.89% USD/GTQ 7.62 ▲ 2.21% USD/HNL 26.79 ▲ 1.57% 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 6.70 ▲ 0.61% EUR/BRL 5.95 ▲ 1.01% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73% BRKM5 5.64 — 0.00% RANI3 7.96 ▲ 0.76% CSNA3 4.30 ▲ 0.47% CMIN3 5.60 ▲ 0.54% USIM5 6.56 ▼ 0.91% GGBR4 24.69 ▲ 2.19% ENEV3 24.21 ▼ 1.38% CPFE3 43.24 ▼ 0.94% CMIG4 10.37 ▼ 0.29% EQTL3 35.56 ▼ 0.70% LREN3 11.87 ▼ 1.33% VIVT3 29.97 ▼ 0.56% RAIL3 13.00 ▲ 0.31% KLABIN 17.69 ▲ 0.80% RAIA DROGASIL 18.00 ▼ 1.53% RDOR3 32.41 ▼ 2.29% HAPV3 9.60 ▼ 1.94% FLRY3 18.24 ▲ 0.28% SMTO3 14.76 ▼ 1.67% UGPA3 30.87 ▼ 0.39% VBBR3 33.54 ▲ 0.93% BBSE3 37.39 ▲ 0.35% BPAC11 50.28 ▲ 0.30% CURY3 31.15 ▼ 1.11% AERI3 2.17 ▼ 3.98% VIVARA 21.12 ▲ 1.10% COMPASS 21.95 ▲ 1.01% VAMOS 2.85 ▲ 1.79% SANB11 29.49 ▼ 0.10% ASAI3 8.04 ▼ 0.50% SBSP3 26.21 ▲ 0.85% WALMEX 48.07 ▼ 0.62% GMEXICO 223.28 ▲ 0.35% FEMSA 201.19 ▼ 0.24% CEMEX 19.32 ▲ 0.89% GFNORTE 193.98 ▲ 1.18% BIMBO 60.98 ▼ 0.96% TELEVISA 9.71 ▲ 0.21% AMX 19.80 ▼ 0.95% GAP 366.23 ▲ 0.43% ASUR 275.04 ▲ 1.25% OMA 233.50 ▲ 0.62% KOF 188.04 ▲ 0.86% GRUMA 252.90 ▲ 0.11% KIMBER 39.74 ▲ 0.43% SQM-B 65,305 ▼ 0.84% COPEC 5,964 ▼ 1.09% BSANTANDER 78.37 ▼ 2.28% FALABELLA 6,334 ▼ 1.48% ENELAM 87.09 ▲ 0.10% CENCOSUD 1,946 ▼ 2.19% CMPC 1,020 ▼ 1.96% BANCO CHILE 184.96 ▼ 1.01% LATAM AIR 24.08 ▼ 1.11% YPF 7,810 ▲ 0.26% GGAL 6,980 ▼ 0.78% PAMPA 5,115 ▲ 0.69% TXAR 747.50 ▼ 2.35% ALUAR 938.00 ▼ 1.21% TGS 8,870 ▼ 0.17% CEPU 2,156 ▲ 1.84% MIRGOR 1,650 ▼ 1.20% COME 40.93 ▼ 0.73% LOMA NEGRA 3,130 ▲ 0.08% BYMA 275.00 ▼ 1.70% TELECOM ARG 4,233 ▼ 0.70% ECOPETROL 16.92 ▼ 0.53% BANCOLOMBIA 95.87 ▼ 2.18% GRUPO AVAL 5.40 ▲ 2.66% CREDICORP 375.17 ▼ 0.49% SOUTHERN COPPER 193.97 ▼ 0.26% BUENAVENTURA 34.45 ▼ 1.02% MERCADOLIBRE 1,870 ▼ 3.59% NUBANK 13.53 ▼ 0.92% XP 15.55 ▲ 0.26% PAGSEGURO 8.71 ▼ 2.08% STONE 9.95 ▼ 0.07% GLOBANT 38.10 ▼ 2.26% TECNOGLASS 42.30 ▼ 1.10% GAP AIRPORT 214.74 ▲ 0.54% ASUR 275.04 ▲ 1.25% OMA AIRPORT 109.26 ▲ 0.79% AMX ADR 23.38 ▼ 0.23% FEMSA ADR 117.91 ▼ 0.27% CEMEX ADR 11.29 ▲ 0.85% PETROBRAS ADR 17.92 ▼ 0.08% VALE ADR 14.49 ▲ 1.19% ITAU ADR 7.46 ▼ 0.53% SANTANDER BR 5.76 ▲ 0.09% AMBEV ADR 2.85 ▲ 0.18% CSN 0.86 ▼ 0.51% GERDAU 4.82 ▲ 2.67% LATAM ADR 52.62 ▼ 0.74% BTC 63,384 ▼ 0.26% ETH 1,886 ▲ 0.26% SOL 75.89 ▼ 0.40% XRP 1.01 ▼ 1.15% BNB 609.60 ▼ 1.12% ADA 0.18 ▼ 1.98% DOGE 0.07 ▼ 1.56% AVAX 6.38 ▲ 1.04% LINK 8.77 ▼ 0.06% DOT 0.78 ▼ 0.75% LTC 45.08 ▼ 0.85% BCH 213.85 ▲ 0.10% TRX 0.34 ▲ 0.28% XLM 0.16 ▼ 1.33% HBAR 0.07 ▼ 0.53% NEAR 1.65 ▲ 2.42% ATOM 1.40 ▼ 2.36% AAVE 89.06 ▲ 0.93% SELIC 14.00% EMBRAER 96.21 ▲ 4.03% EMBRAER ADR 74.72 ▲ 4.66% JBS 13.28 ▲ 1.96% JBS BDR 68.31 ▲ 1.91% MBRF3 16.79 ▲ 3.90% MBRFY 3.21 ▲ 8.08% INTER 5.10 ▼ 1.95% EGX 55,040 ▲ 0.38% USD/ZAR 16.16 ▼ 0.28% USD/NGN 1,359 ▼ 0.08% 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 159.54 ▲ 0.17% USD/CNY 6.7330 ▼ 0.05% DAX 26,331 ▼ 0.23% CAC 8,675 ▼ 0.46% FTSE 10,833 ▼ 0.10% MIB 53,699 ▼ 0.01% IBEX 20,204 ▼ 0.05% STOXX 659.48 ▼ 0.16% EUR/USD 1.1523 ▼ 0.20% GBP/USD 1.3491 ▼ 0.10% SPX 7,751 ▲ 0.29% DJI 53,810 ▲ 0.03% NDX 29,799 ▲ 0.93% RUT 3,041 ▲ 0.46% TSX 36,619 ▲ 0.39% VIX 14.60 ▼ 4.45% USD/CAD 1.3945 ▲ 0.15% US10Y 4.6760 ▼ 0.17%
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Thursday, August 13, 2026

Opinion: Brazil’s Lula, a Legendary Myth

By · October 31, 2018 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – Jair Bolsonaro, a/k/a “o Mito” has been elected President of Brazil. He had over sixty percent majority support in all regions of Brazil except its Northeast, where PT’s candidate Fernando Haddad won practically everywhere.

Michael Royster, aka The Curmudgeon.
Michael Royster, aka The Curmudgeon.
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As the Curmudgeon has pointed out, “mito” can be properly rendered, in English, as either “legend” or “myth”. Simply put, heroes become legends, failed heroes become myths. The jury is out on how posterity will view Mr. Bolsonaro after his term in office.

In this column the Curmudgeon submits there was, and is, an actual, existing legend in Brazilian politics, one whose hubris has caused him to become a myth — former President Lula.

Lula’s campaign slogan in 2002, when he ran for President for the fourth time, was “Agora é Lula!” which we may translate into “It’s Time for Lula!” This catch phrase was designed to distinguish the ultimately successful 21st Century Lula from the historically unsuccessful candidate in three 20th Century elections.

Politically and economically, two principal features distinguished the 2002 Lula from the former Lula: (a) he divorced himself and PT from the radical labor union movement; and (2) he recognized that the Plano Real, long opposed by PT, had finally succeeded in removing the scourge of inflation from Brazil.

In his campaign, Lula moved from the strident political left to the moderate center-left, in order to be elected. After election, he expanded social policies begun by his center-right predecessor Fernando Henrique Cardoso.

His policies worked wonders, particularly in Brazil’s Northeast, where he was raised before his family moved to São Paulo. He easily won re-election, and “retired” in 2010 with a legendary approval rating of eighty percent. During his two terms in office, tens of millions of Brazilians entered the money economy, creating a previously unknown lower middle class.

So great was Lula’s popularity that he was able to elect as President his right-hand woman, Dilma Rousseff. Everyone in Brazil, doubtless including Dilma herself, assumed she would serve only one term before graciously retiring, allowing Lula to return to power in 2014.

And then hubris raised its head. Dilma became enamored of office, believing she should continue in office. Lula thought he could remain as her puppet master. Both were wrong, and were duly punished.

Nemesis was the Greek goddess who enacted retribution upon those who succumbed to hubris. Lula’s nemesis was the systemic corruption he had introduced and overseen, which was unmasked by the Mensalão and Lava Jato investigations.

When the investigations bore fruit and many of Lula’s former collaborators were shown to be criminals, buying votes and enriching themselves, Lula’s hubris not only caused him to deny any knowledge of or complicity in their schemes, but also induced him to accept a seafront apartment and a country house.

Lula’s hubris caused him to question the motives of prosecutors and judges, and to attempt to overcome legal judgments with political arguments—to him, the end of bringing millions out of poverty justified the illegal means used to do so.

Even after having been incarcerated, Lula’s hubris told him that he would be free to run for office (and would win!) or that he could anoint yet another successor (who would win!).

He was wrong once again. The Brazilian people, by a 55/45 percent margin, rejected Lula and PT and their crooked cronies. Nemesis was stronger than hubris. The former legend became a myth.

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