Word: brazile
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...that once accounted for a third of world output "are in depression or recession, and we're still counting"; Japan, the world's second biggest economy, "is still going down--it looks like a drop of 2% this year"; in Latin America, Venezuela and Colombia are in recession and Brazil is "in a very dicey situation," saddled with an overvalued currency. Argentina also "is at risk because a chunk of its exports goes to Brazil." Even Canada is "slowing down because of Asia"--and Canada and Latin America together account for more than 40% of U.S. exports...
...mayor of a working-class town near Rio de Janeiro. The Globo TV network revealed last month that he has manipulated the system so cleverly that he earns $22,000 a month--twice the salary of the country's President--while teachers earn as little as $70 a month. Brazil was able to finance that kind of waste when foreign capital was pouring in. But now, with the global financial crisis sucking hundreds of millions of dollars out of Brazil each day, the Joy Train, whose payrolls burn up a surreal 70% of all public revenue, threatens to pull...
...their constitution in 1997 to allow President Fernando Henrique Cardoso to seek a second term in last Sunday's election. Cardoso, 67, a left-wing academic turned free marketer, has stamped out hyperinflation and given many of his 165 million countrymen their first real faith in democracy, capitalism and Brazil's titanic potential. Another four years, they hoped, would complete the dream. But now they'll need Cardoso's leadership just to stop the country's sudden nightmare of recession, unemployment and staggering deficits...
...Brazil must endure a painful cure, including possible tax increases and spending cuts. Its success or failure will decide not only the well-being of the world's ninth-largest economy--and the preservation of the strong, dollar-pegged currency, the real--but also possibly the fate of the global system of free trade and investment...
Financial leaders in Washington and on Wall Street regard Cardoso as their best hope to preserve the credibility of the capitalist discipline they've sold to emerging markets during the past decade, a discipline now crumbling from Moscow to Malaysia. "They're seeing Brazil's struggle as a crucial stand for the orthodox model," says Emily Alejos, vice president for emerging markets at BEA Associates investment firm in New York City. And because it is the linchpin of the dynamic South American market, Alejos adds, "letting Brazil succumb to the global contagion would mean Argentina, Chile and other Latin American...