Opinion: The Curmudgeon on Maxi-Devaluations

Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL - In early 1999, the Curmudgeon watched, aghast, as the dollar went from R$1.20 to R$2.10 in less than a week; in late 2002, the Curmudgeon watched, astonished, as the dollar went from just over R$2 to just below R$4; the Curmudgeon has now watched, approvingly, as the dollar rises from R$2.40 to R$ 3.25.

The Curmudgeon is not worried nowadays because he’s seen far worse before — between 1967 and 1994 he saw a total of twelve zeros fall off Brazilian banknotes. In . . .

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