IBOV 169,029.02 ▼ 1.16% IPC MEX 69,182.39 ▼ 0.76% MERVAL 2,848,945 — — USD/BRL5.39▲ 0.75% USD/MXN18.83▲ 1.05% USD/CLP990.20▲ 0.24% USD/COP3,165▲ 0.50% USD/PEN3.46▲ 0.28% USD/ARS1,538▼ 0.24% USD/UYU40.10▲ 3.30% USD/PYG5,838▲ 3.76% USD/BOB12.05▲ 4.53% USD/DOP60.36▲ 0.43% USD/CRC451.45▲ 2.55% USD/GTQ7.64▲ 3.31% USD/HNL26.87▲ 0.27% USD/NIO36.62▼ 0.02% USD/VES886.67▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.79▲ 2.42% USD/TTD6.70▲ 2.01% EUR/BRL6.02▲ 1.09% BRENT 109.58 ▼ 5.38% WTI 100.12 ▼ 1.61% IRON ORE 161.91 — — COPPER 6.65 ▲ 2.24% GOLD 4,073 ▲ 0.85% SILVER 54.49 ▲ 0.70% SOY 1,250 ▲ 0.70% CORN 450.25 ▼ 1.04% WHEAT 614.75 ▼ 0.20% COFFEE 294.35 ▼ 2.19% SUGAR 19.26 ▲ 0.84% ORANGE JUICE 143.20 ▲ 5.45% COTTON 77.90 ▼ 1.47% COCOA 5,581 ▲ 1.66% BEEF 230.73 ▲ 0.33% CATTLE 346.40 ▼ 1.00% LITHIUM 62.43 ▲ 1.89% PETR4 53.31 ▼ 1.06% VALE3 62.88 ▼ 2.33% ITUB4 41.42 ▼ 0.67% BBDC4 15.69 ▼ 1.63% ABEV3 15.40 ▲ 0.20% BBAS3 17.59 ▲ 0.69% B3SA3 15.27 ▲ 1.33% WEGE3 45.78 ▲ 2.81% PRIO3 69.21 ▼ 2.71% SUZB3 47.14 ▼ 0.55% RENT3 31.14 ▼ 1.67% AZZA3 16.72 ▲ 1.15% CSAN3 2.69 ▼ 2.89% RAIZ4 0.34 — 0.00% PCAR3 2.22 ▼ 3.48% GMAT3 3.74 ▲ 2.19% PSSA3 47.75 ▼ 0.89% CVCB3 0.98 — 0.00% POSI3 3.56 ▼ 0.84% SLCE3 16.97 ▼ 2.75% NATU3 5.68 ▼ 3.89% BRKM5 3.80 ▲ 19.50% RANI3 7.34 ▼ 0.54% CSNA3 4.76 ▼ 4.99% IBOV 169,029.02 ▼ 1.16% IPC MEX 69,182.39 ▼ 0.76% MERVAL 2,848,945 — — USD/BRL 5.34 ▼ 1.32% USD/MXN 18.69 ▲ 0.62% USD/CLP 983.47 ▼ 0.57% USD/COP 3,149 ▲ 3.06% USD/PEN 3.45 ▲ 0.17% USD/ARS 1,537 ▼ 0.28% USD/UYU 40.21 ▲ 3.57% USD/PYG 5,803 ▲ 3.78% USD/BOB 11.97 ▲ 4.93% USD/DOP 60.54 ▲ 1.83% USD/CRC 451.24 ▲ 2.13% USD/GTQ 7.64 ▲ 3.23% USD/HNL 26.87 ▲ 3.37% USD/NIO 36.62 ▲ 2.81% USD/VES 885.08 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.69 ▲ 2.63% USD/TTD 6.71 ▲ 2.07% EUR/BRL 5.95 ▲ 7.53% BRENT 109.58 ▼ 5.38% WTI 100.12 ▼ 1.61% IRON ORE 161.91 — — COPPER 6.65 ▲ 2.24% GOLD 4,073 ▲ 0.85% SILVER 54.49 ▲ 0.70% SOY 1,250 ▲ 0.70% CORN 450.25 ▼ 1.04% WHEAT 614.75 ▼ 0.20% COFFEE 294.35 ▼ 2.19% SUGAR 19.26 ▲ 0.84% ORANGE JUICE 143.20 ▲ 5.45% COTTON 77.90 ▼ 1.47% COCOA 5,581 ▲ 1.66% BEEF 230.73 ▲ 0.33% CATTLE 346.40 ▼ 1.00% LITHIUM 62.43 ▲ 1.89% PETR4 53.31 ▼ 1.06% VALE3 62.88 ▼ 2.33% ITUB4 41.42 ▼ 0.67% BBDC4 15.69 ▼ 1.63% ABEV3 15.40 ▲ 0.20% BBAS3 17.59 ▲ 0.69% B3SA3 15.27 ▲ 1.33% WEGE3 45.78 ▲ 2.81% PRIO3 69.21 ▼ 2.71% SUZB3 47.14 ▼ 0.55% RENT3 31.14 ▼ 1.67% AZZA3 16.72 ▲ 1.15% CSAN3 2.69 ▼ 2.89% RAIZ4 0.34 — 0.00% PCAR3 2.22 ▼ 3.48% GMAT3 3.74 ▲ 2.19% PSSA3 47.75 ▼ 0.89% CVCB3 0.98 — 0.00% POSI3 3.56 ▼ 0.84% SLCE3 16.97 ▼ 2.75% NATU3 5.68 ▼ 3.89% BRKM5 3.80 ▲ 19.50% RANI3 7.34 ▼ 0.54% CSNA3 4.76 ▼ 4.99%
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Opinion: Brazil and Brexit and Bolsonaro

By · January 15, 2019 · 2 min read

Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – Today is crunch time for Brexit, as Prime Minister Theresa May tries to drum up support for her plan. She appears to be losing: many members of parliament (MP’s) theoretically allied with her government will vote against the plan.

Michael Royster, aka The Curmudgeon.
Michael Royster, aka The Curmudgeon.
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What strikes The Curmudgeon, however, is the vast difference between Theresa May’s approach to apostate MP’s and those made, in similar circumstances, by past Presidents of Brazil — especially Michel Temer, recently  a lame duck, now a duck in the water.

When facing opposition by members of his governmental party coalition to his legislative proposals, and even the possibility of his trial on criminal charges, Temer’s reaction was invariably to offer lucrative political and economic advantages to congressional members and their cronies.

Among the baubles dangled were positions in newly-created cabinet offices; second- and third-tier appointments to the management of government agencies and government-controlled companies (e.g. Petrobras); and priority in the payment of pork barrel “riders” tacked on to government appropriations bills by members of congress, directed towards their particular electoral base.

All of these actions are, of course, legal; however, they exemplify the historical “if you scratch my back I’ll scratch yours” predisposition of the Brazilian Congress. St. Francis of Assisi advised Christians that “give and you shall receive”; however, Brazilian politicians have twisted this phrase into “é dando que se recebe”, which really means its negative—“if you don’t give, you won’t get”.

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Theresa May, on the other hand, has not descended into this lugubrious swamp: she continues to make strictly political, economic and even philosophical arguments in order to sway the votes of MP’s. She has not offered cabinet positions; she has not offered positions on state agencies or state-owned companies. In short, she has not offered to scratch anyone’s back.

The Curmudgeon applauds Prime Minister May’s efforts, even though he believes Brexit will be a disaster, and he hopes that Brazil’s new President Bolsonaro will adhere to his campaign promises to end the corrupt back scratching, and will adopt only principled measures when trying to convince Congress to vote for his programs and projects.

That is a daunting task indeed.

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