Word: brazilianizing
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...Worth raising a glass to, right? But all last week's election in Brazil got from Wall Street was a Bronx cheer. The Brazilian currency, the real, continued a slide that, apart from a brief rally after an International Monetary Fund (IMF) rescue package last August, has gone on all year. In the markets, interest rates on Brazilian bonds (a proxy for the extent to which Wall Street regards investment in Brazil as a risk) are running more than 20 percentage points above comparable U.S. securities...
...happens, the man who coined the term Washington Consensus, John Williamson of the Institute for International Economics in Washington, is a longtime expert on the Brazilian economy. When I spoke with him last week, Williamson sounded a lot more relaxed about the prospect of a Lula government than Wall Street seems to be. After years of failure, says Williamson, the Workers' Party is now electable precisely because its policies have "converged on the middle ground." Whatever its program may have been in the past, the party now seems ready to accept the strictures of the IMF and U.S. Treasury, including...
...Mexican presidency of Vicente Fox, a right-winger, was so important in 2000, and that's why it will be worth cheering if Brazil chooses a man of the left later this month. "Brazil has changed," Lula told Time. "I am the result of the political evolution of Brazilian society...
...positive side, Pentecostalism seems to have a significant impact on economic development and culture. In South America, Pentecostals are known for being responsible and trustworthy hard workers, and many employers now purposefully seek to hire them. Brazilian Pentecostal women say their modest clothing and mores has brought them more respect, and husbands who convert often stop their alcoholism and physical abuse. In China, faith gives millions of Pentecostals a new hope under their repressive government. In South Africa and the United Kingdom, church leaders have created a program called Alpha that is helping to reduce both crime and divorce...
...Lula would not have "made it to where he is if he were a retard, as so many still try to portray him," writes Nahum Sirotsky, a veteran Brazilian journalist and former aide to Brazilian ambassadors in the United States and Israel. Which is a way of saying that the PT man understands the reality of international capital flows. Any domestic program that results in a default or an onerous restructuring of the debt will put him in an extremely difficult position to pursue the progressive policies on which he has campaigned...