IBOV 177,512.41 ▼ 0.27% IPSA 11,014.88 ▼ 0.02% IPC MEX 66,935.53 ▼ 0.58% MERVAL 3,287,637 ▼ 0.11% COLCAP 2,382.69 ▼ 0.39% BVL PERÚ 57,378.30 — — USD/BRL5.09▲ 0.25% USD/MXN17.33▲ 0.09% USD/CLP924.54▼ 0.70% USD/COP3,229▲ 0.83% USD/PEN3.39▲ 0.09% USD/ARS1,494▲ 0.57% USD/UYU40.27▲ 0.17% USD/PYG5,936▲ 0.08% USD/BOB12.07▼ 0.25% USD/DOP58.00▲ 0.02% USD/CRC448.42— 0.00% USD/GTQ7.62▼ 0.08% USD/HNL26.78▲ 0.07% USD/NIO 36.62 — 0.00% USD/VES746.91▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD156.98▼ 0.13% USD/TTD6.74▲ 0.40% EUR/BRL5.86▼ 0.08% BRENT 83.72 ▼ 7.10% WTI 80.40 ▼ 5.04% IRON ORE 161.91 — — COPPER 6.54 ▲ 1.55% GOLD 4,093 ▲ 1.08% SILVER 58.09 ▲ 0.86% SOY 1,192 ▲ 1.73% CORN 473.00 ▲ 7.32% WHEAT 651.50 ▲ 1.92% COFFEE 321.15 ▼ 3.30% SUGAR 15.01 ▲ 2.39% ORANGE JUICE 159.20 ▲ 2.74% COTTON 81.39 ▲ 1.11% COCOA 5,903 ▲ 9.38% BEEF 227.03 ▼ 2.04% CATTLE 343.00 ▼ 1.44% LITHIUM 69.24 ▲ 0.03% PETR4 42.87 ▼ 1.27% VALE3 74.44 ▼ 2.41% ITUB4 42.98 ▲ 0.25% BBDC4 18.52 ▲ 0.59% ABEV3 15.76 ▼ 1.44% BBAS3 21.29 ▼ 0.28% B3SA3 15.62 ▼ 0.70% WEGE3 48.35 ▲ 2.44% PRIO3 58.98 ▼ 3.07% SUZB3 43.41 ▲ 0.21% RENT3 37.99 ▲ 1.01% AZZA3 16.08 ▼ 2.07% CSAN3 4.10 ▲ 0.74% RAIZ4 0.25 ▼ 3.85% PCAR3 2.70 ▲ 4.25% GMAT3 3.98 ▼ 1.24% PSSA3 54.43 ▼ 0.49% CVCB3 1.41 ▲ 7.63% POSI3 3.52 ▼ 0.85% SLCE3 13.45 ▲ 0.52% NATU3 8.46 ▲ 0.95% BRKM5 5.90 ▼ 1.17% RANI3 8.43 ▲ 3.95% CSNA3 4.57 ▼ 5.58% CMIN3 5.70 ▼ 0.18% USIM5 7.56 ▲ 2.72% GGBR4 25.34 ▲ 1.44% ENEV3 26.78 ▲ 1.79% CPFE3 45.92 ▼ 0.48% CMIG4 11.18 ▼ 1.41% EQTL3 38.77 ▲ 0.28% LREN3 13.80 ▲ 1.47% VIVT3 32.39 ▼ 0.74% RAIL3 14.17 ▼ 1.87% KLABIN 18.30 ▲ 0.27% RAIA DROGASIL 18.48 — 0.00% RDOR3 34.00 ▼ 1.85% HAPV3 11.83 ▲ 4.88% FLRY3 17.28 ▲ 0.82% SMTO3 14.35 ▼ 1.17% UGPA3 33.01 ▼ 0.12% VBBR3 36.25 ▲ 0.55% BBSE3 41.59 ▲ 0.80% BPAC11 57.22 ▲ 0.74% CURY3 31.37 ▲ 4.25% AERI3 2.15 — 0.00% VIVARA 22.72 ▲ 2.43% COMPASS 24.86 ▲ 0.08% VAMOS 3.27 ▼ 2.10% SANB11 28.91 ▲ 1.01% ASAI3 8.46 ▼ 0.47% SBSP3 27.28 ▼ 1.52% WALMEX 49.86 ▼ 0.78% GMEXICO 212.82 ▲ 2.46% FEMSA 217.50 ▼ 1.78% CEMEX 20.61 ▲ 0.49% GFNORTE 198.72 ▼ 0.93% BIMBO 61.35 ▼ 0.98% TELEVISA 9.69 ▼ 1.22% AMX 21.60 ▼ 2.13% GAP 376.32 ▼ 0.06% ASUR 276.41 ▲ 0.29% OMA 230.66 ▼ 0.29% KOF 185.65 ▼ 0.86% GRUMA 263.81 ▲ 2.16% KIMBER 40.15 ▼ 0.12% SQM-B 61,800 ▼ 1.44% COPEC 6,275 ▼ 1.18% BSANTANDER 80.12 ▼ 1.07% FALABELLA 6,325 ▲ 1.75% ENELAM 87.49 ▼ 0.57% CENCOSUD 1,958 ▲ 0.16% CMPC 1,066 ▲ 1.00% BANCO CHILE 191.41 ▼ 1.19% LATAM AIR 25.22 ▲ 1.94% YPF 8,135 ▼ 1.87% GGAL 7,995 ▲ 1.44% PAMPA 5,515 ▼ 0.72% TXAR 655.00 ▼ 0.68% ALUAR 967.50 ▼ 1.02% TGS 9,870 ▼ 1.79% CEPU 2,387 ▼ 0.38% MIRGOR 1,655 ▼ 89.88% COME 43.38 ▼ 1.48% LOMA NEGRA 3,565 ▼ 1.52% BYMA 293.25 ▼ 0.76% TELECOM ARG 4,395 ▼ 0.28% ECOPETROL 16.57 ▼ 1.19% BANCOLOMBIA 90.99 ▼ 1.65% GRUPO AVAL 5.20 ▼ 1.52% CREDICORP 397.56 ▼ 0.75% SOUTHERN COPPER 185.92 ▲ 1.76% BUENAVENTURA 30.31 ▲ 0.10% MERCADOLIBRE 1,891 ▲ 0.69% NUBANK 14.51 ▲ 1.26% XP 17.08 ▲ 0.09% PAGSEGURO 9.69 ▲ 0.47% STONE 11.32 ▼ 0.53% GLOBANT 37.37 ▲ 2.09% TECNOGLASS 46.36 ▲ 6.72% GAP AIRPORT 217.35 — 0.00% ASUR 276.41 ▲ 0.29% OMA AIRPORT 106.40 ▼ 0.47% AMX ADR 24.85 ▼ 1.97% FEMSA ADR 125.40 ▼ 2.02% CEMEX ADR 11.87 ▲ 0.38% PETROBRAS ADR 19.04 ▼ 1.88% VALE ADR 14.59 ▼ 3.15% ITAU ADR 8.46 — 0.00% SANTANDER BR 5.72 ▲ 0.88% AMBEV ADR 3.05 ▼ 1.93% CSN 0.92 ▼ 7.00% GERDAU 5.00 ▲ 0.71% LATAM ADR 54.59 ▲ 3.47% BTC 63,794 ▲ 0.49% ETH 1,867 ▼ 0.82% SOL 73.92 ▲ 0.64% XRP 1.08 ▼ 0.38% BNB 590.64 ▲ 0.52% ADA 0.19 ▲ 2.72% DOGE 0.07 ▼ 0.54% AVAX 6.54 ▼ 0.02% LINK 8.23 ▼ 1.70% DOT 0.83 ▲ 3.79% LTC 44.14 ▼ 1.11% BCH 214.06 ▲ 0.72% TRX 0.33 ▲ 0.71% XLM 0.17 ▼ 1.32% HBAR 0.07 ▲ 0.90% NEAR 1.75 ▲ 1.83% ATOM 1.34 ▲ 6.18% AAVE 93.08 ▲ 1.17% SELIC 14.25% EMBRAER 90.60 ▲ 4.27% EMBRAER ADR 71.25 ▲ 4.27% JBS 13.84 ▼ 1.32% JBS BDR 70.23 ▼ 0.66% MBRF3 17.75 ▲ 1.20% MBRFY 3.42 ▼ 0.58% INTER 5.62 ▲ 0.36% EGX 54,094 ▼ 0.35% USD/ZAR16.53▼ 0.12% USD/NGN1,361▲ 0.07% NIKKEI 63,755 ▼ 0.94% CSI300 4,543 ▼ 0.98% HSI 26,009 ▲ 0.48% NIFTY 24,774 ▲ 1.60% KOSPI 6,257 ▼ 5.12% JCI 6,234 ▼ 0.03% USD/JPY156.84▼ 0.39% USD/CNY6.74▼ 0.12% DAX 26,001 ▲ 1.45% CAC 8,614 ▲ 1.22% FTSE 10,858 ▼ 0.10% MIB 52,872 ▲ 1.34% IBEX 19,983 ▲ 1.01% STOXX 652.09 ▲ 0.45% EUR/USD1.15▼ 0.25% GBP/USD1.34▼ 0.43% SPX 7,601 ▲ 1.49% DJI 53,128 ▲ 1.22% NDX 28,773 ▲ 1.76% RUT 2,980 ▲ 1.67% TSX 35,226 ▼ 0.79% VIX 15.73 ▼ 1.63% USD/CAD1.40▲ 0.25% US10Y 4.6820 ▼ 1.33% IBOV 177,512.41 ▼ 0.27% IPSA 11,014.88 ▼ 0.02% IPC MEX 66,935.53 ▼ 0.58% MERVAL 3,287,637 ▼ 0.11% COLCAP 2,382.69 ▼ 0.39% BVL PERÚ 57,378.30 — — USD/BRL 5.09 ▲ 0.25% USD/MXN 17.33 ▲ 0.09% USD/CLP 924.54 ▼ 0.70% USD/COP 3,229 ▲ 0.83% USD/PEN 3.39 ▲ 0.09% USD/ARS 1,494 ▲ 0.57% USD/UYU 40.27 ▲ 0.17% USD/PYG 5,936 ▲ 0.08% USD/BOB 12.07 ▼ 0.25% USD/DOP 58.00 ▲ 0.02% USD/CRC 448.42 ▲ 0.00% USD/GTQ 7.62 ▼ 0.08% USD/HNL 26.78 ▲ 0.07% USD/NIO 36.62 — 0.00% USD/VES 746.91 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 156.98 ▲ 0.24% USD/TTD 6.74 ▲ 1.26% EUR/BRL 5.86 ▼ 0.08% BRENT 83.72 ▼ 7.10% WTI 80.40 ▼ 5.04% IRON ORE 161.91 — — COPPER 6.54 ▲ 1.55% GOLD 4,093 ▲ 1.08% SILVER 58.09 ▲ 0.86% SOY 1,192 ▲ 1.73% CORN 473.00 ▲ 7.32% WHEAT 651.50 ▲ 1.92% COFFEE 321.15 ▼ 3.30% SUGAR 15.01 ▲ 2.39% ORANGE JUICE 159.20 ▲ 2.74% COTTON 81.39 ▲ 1.11% COCOA 5,903 ▲ 9.38% BEEF 227.03 ▼ 2.04% CATTLE 343.00 ▼ 1.44% LITHIUM 69.24 ▲ 0.03% PETR4 42.87 ▼ 1.27% VALE3 74.44 ▼ 2.41% ITUB4 42.98 ▲ 0.25% BBDC4 18.52 ▲ 0.59% ABEV3 15.76 ▼ 1.44% BBAS3 21.29 ▼ 0.28% B3SA3 15.62 ▼ 0.70% WEGE3 48.35 ▲ 2.44% PRIO3 58.98 ▼ 3.07% SUZB3 43.41 ▲ 0.21% RENT3 37.99 ▲ 1.01% AZZA3 16.08 ▼ 2.07% CSAN3 4.10 ▲ 0.74% RAIZ4 0.25 ▼ 3.85% PCAR3 2.70 ▲ 4.25% GMAT3 3.98 ▼ 1.24% PSSA3 54.43 ▼ 0.49% CVCB3 1.41 ▲ 7.63% POSI3 3.52 ▼ 0.85% SLCE3 13.45 ▲ 0.52% NATU3 8.46 ▲ 0.95% BRKM5 5.90 ▼ 1.17% RANI3 8.43 ▲ 3.95% CSNA3 4.57 ▼ 5.58% CMIN3 5.70 ▼ 0.18% USIM5 7.56 ▲ 2.72% GGBR4 25.34 ▲ 1.44% ENEV3 26.78 ▲ 1.79% CPFE3 45.92 ▼ 0.48% CMIG4 11.18 ▼ 1.41% EQTL3 38.77 ▲ 0.28% LREN3 13.80 ▲ 1.47% VIVT3 32.39 ▼ 0.74% RAIL3 14.17 ▼ 1.87% KLABIN 18.30 ▲ 0.27% RAIA DROGASIL 18.48 — 0.00% RDOR3 34.00 ▼ 1.85% HAPV3 11.83 ▲ 4.88% FLRY3 17.28 ▲ 0.82% SMTO3 14.35 ▼ 1.17% UGPA3 33.01 ▼ 0.12% VBBR3 36.25 ▲ 0.55% BBSE3 41.59 ▲ 0.80% BPAC11 57.22 ▲ 0.74% CURY3 31.37 ▲ 4.25% AERI3 2.15 — 0.00% VIVARA 22.72 ▲ 2.43% COMPASS 24.86 ▲ 0.08% VAMOS 3.27 ▼ 2.10% SANB11 28.91 ▲ 1.01% ASAI3 8.46 ▼ 0.47% SBSP3 27.28 ▼ 1.52% WALMEX 49.86 ▼ 0.78% GMEXICO 212.82 ▲ 2.46% FEMSA 217.50 ▼ 1.78% CEMEX 20.61 ▲ 0.49% GFNORTE 198.72 ▼ 0.93% BIMBO 61.35 ▼ 0.98% TELEVISA 9.69 ▼ 1.22% AMX 21.60 ▼ 2.13% GAP 376.32 ▼ 0.06% ASUR 276.41 ▲ 0.29% OMA 230.66 ▼ 0.29% KOF 185.65 ▼ 0.86% GRUMA 263.81 ▲ 2.16% KIMBER 40.15 ▼ 0.12% SQM-B 61,800 ▼ 1.44% COPEC 6,275 ▼ 1.18% BSANTANDER 80.12 ▼ 1.07% FALABELLA 6,325 ▲ 1.75% ENELAM 87.49 ▼ 0.57% CENCOSUD 1,958 ▲ 0.16% CMPC 1,066 ▲ 1.00% BANCO CHILE 191.41 ▼ 1.19% LATAM AIR 25.22 ▲ 1.94% YPF 8,135 ▼ 1.87% GGAL 7,995 ▲ 1.44% PAMPA 5,515 ▼ 0.72% TXAR 655.00 ▼ 0.68% ALUAR 967.50 ▼ 1.02% TGS 9,870 ▼ 1.79% CEPU 2,387 ▼ 0.38% MIRGOR 1,655 ▼ 89.88% COME 43.38 ▼ 1.48% LOMA NEGRA 3,565 ▼ 1.52% BYMA 293.25 ▼ 0.76% TELECOM ARG 4,395 ▼ 0.28% ECOPETROL 16.57 ▼ 1.19% BANCOLOMBIA 90.99 ▼ 1.65% GRUPO AVAL 5.20 ▼ 1.52% CREDICORP 397.56 ▼ 0.75% SOUTHERN COPPER 185.92 ▲ 1.76% BUENAVENTURA 30.31 ▲ 0.10% MERCADOLIBRE 1,891 ▲ 0.69% NUBANK 14.51 ▲ 1.26% XP 17.08 ▲ 0.09% PAGSEGURO 9.69 ▲ 0.47% STONE 11.32 ▼ 0.53% GLOBANT 37.37 ▲ 2.09% TECNOGLASS 46.36 ▲ 6.72% GAP AIRPORT 217.35 — 0.00% ASUR 276.41 ▲ 0.29% OMA AIRPORT 106.40 ▼ 0.47% AMX ADR 24.85 ▼ 1.97% FEMSA ADR 125.40 ▼ 2.02% CEMEX ADR 11.87 ▲ 0.38% PETROBRAS ADR 19.04 ▼ 1.88% VALE ADR 14.59 ▼ 3.15% ITAU ADR 8.46 — 0.00% SANTANDER BR 5.72 ▲ 0.88% AMBEV ADR 3.05 ▼ 1.93% CSN 0.92 ▼ 7.00% GERDAU 5.00 ▲ 0.71% LATAM ADR 54.59 ▲ 3.47% BTC 63,794 ▲ 0.49% ETH 1,867 ▼ 0.82% SOL 73.92 ▲ 0.64% XRP 1.08 ▼ 0.38% BNB 590.64 ▲ 0.52% ADA 0.19 ▲ 2.72% DOGE 0.07 ▼ 0.54% AVAX 6.54 ▼ 0.02% LINK 8.23 ▼ 1.70% DOT 0.83 ▲ 3.79% LTC 44.14 ▼ 1.11% BCH 214.06 ▲ 0.72% TRX 0.33 ▲ 0.71% XLM 0.17 ▼ 1.32% HBAR 0.07 ▲ 0.90% NEAR 1.75 ▲ 1.83% ATOM 1.34 ▲ 6.18% AAVE 93.08 ▲ 1.17% SELIC 14.25% EMBRAER 90.60 ▲ 4.27% EMBRAER ADR 71.25 ▲ 4.27% JBS 13.84 ▼ 1.32% JBS BDR 70.23 ▼ 0.66% MBRF3 17.75 ▲ 1.20% MBRFY 3.42 ▼ 0.58% INTER 5.62 ▲ 0.36% EGX 54,094 ▼ 0.35% USD/ZAR 16.54 ▼ 0.04% USD/NGN 1,361 ▼ 0.23% NIKKEI 63,755 ▼ 0.94% CSI300 4,543 ▼ 0.98% HSI 26,009 ▲ 0.48% NIFTY 24,774 ▲ 1.60% KOSPI 6,257 ▼ 5.12% JCI 6,234 ▼ 0.03% USD/JPY 156.86 ▼ 0.34% USD/CNY 6.7434 ▼ 0.02% DAX 26,001 ▲ 1.45% CAC 8,614 ▲ 1.22% FTSE 10,858 ▼ 0.10% MIB 52,872 ▲ 1.34% IBEX 19,983 ▲ 1.01% STOXX 652.09 ▲ 0.45% EUR/USD 1.1513 ▼ 0.12% GBP/USD 1.3429 ▼ 0.43% SPX 7,601 ▲ 1.49% DJI 53,128 ▲ 1.22% NDX 28,773 ▲ 1.76% RUT 2,980 ▲ 1.67% TSX 35,226 ▼ 0.79% VIX 15.73 ▼ 1.63% USD/CAD 1.4045 ▲ 0.20% US10Y 4.6820 ▼ 1.33%
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Opinion: Brazil’s Bolsonaro and The (Not Very) Magic Mountain

By · January 25, 2019 · 3 min read

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Opinion by Michael Royster

RIO DE JANEIRO, BRAZIL – A century ago, Davos was the setting for Thomas Mann’s novel “The Magic Mountain”: it featured a cloister peopled with wealthy patients seeking a cure for tuberculosis. Today, Davos features a cloister peopled with wealthy “patients” seeking a cure for the world’s ills, or a pulpit for self-promotion.

Michael Royster, aka The Curmudgeon.
Michael Royster, aka The Curmudgeon.
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At Davos this week, Brazil’s President Bolsonaro made a perfunctory speech, using only six minutes of his allotted half hour. He limited his talk to non-committal platitudes from his election campaign—he’s going to eliminate corruption, ideology, bureaucracy–no details were offered.

The day after his speech, Bolsonaro surprised the Davos organizers and the press by abruptly cancelling a press conference less than an hour before it was to start. His justification was to blame the mainstream media (MSM).

Bolsonaro has never taken kindly to MSM, and he particularly dislikes Globo, which rules the Brazilian media roost in print and broadcasting. While there are other important players in Brazilian media, none can match Globo for the breadth of its influence throughout the country.

International MSM had been uniformly dismissive of Bolsonaro before his election, highlighting his history of racist, sexist and homophobic remarks. After his election, they have continued to portray him as a right-wing populist with a marked tendency towards militarist illiberalism, classifying him alongside Russia’s Putin and Turkey’s Erdoğan.

Given all this, the press conference at Davos was sure to ask Bolsonaro some embarrassingly hard-edged questions about his proposed programs. After almost one month in office, Bolsonaro has systematically declined to offer any details on anything.

It was clearly not a fear of questions about details, however, that caused Bolsonaro to cancel the press conference. Rather, it was the media feeding frenzy engulfing his son Flávio, a newly elected Senator and close adviser to his father.

Globo and other MSM have unearthed evidence that Flávio (a) has long associated with notorious “militia” gangsters controlling Rio’s favelas; and (b) has been part of a kickback scheme in Rio’s corrupt state legislative assembly.

Father and son both claim that the MSM are engaged in a witch-hunt designed to discredit President Bolsonaro’s administration. Flávio denies everything. His father says he believes him, but that if Flávio did something illegal, he should suffer the legal consequences.

Bolsonaro’s unvarying response to any questions about his son is to say they are irrelevant to what he will do as President. Most pundits agree that the MSM press at the aborted conference would have focused exclusively on Flávio, rather than on issues involving his administration.

To Bolsonaro’s mind, the press conference would have been a waste of everyone’s time; hence it was better to cancel.

The Curmudgeon disagrees — his failure to face the press, hostile though it may be, has guaranteed that President Bolsonaro’s trip up the Magic Mountain received negative reviews.

[As a historical footnote to the witch-hunt claim, many Brazilian political observers believe that in 1990 an all-powerful and pervasive Globo orchestrated the Presidential election in favor of Fernando Collor; moreover, when it tired of Collor just two years later, it orchestrated his removal by impeachment. Bolsonaro supporters fear Globo is hoping for a repeat performance: they might just be right.]

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