Word: cardosos
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Former Brazilian President Fernando Henrique Cardoso warned against a one-size-fits-all approach to democracy in a speech at the JFK Jr. Forum last night...
...last year's election campaign helped push Brazil's currency, the real, down by more than 50% against the U.S. dollar. "The left in Brazil has learned the hard way," says Meirelles, referring to decades of populist economic catastrophes that were finally halted by Lula's predecessor, Fernando Henrique Cardoso. While the markets are now more cheerful about Lula, the PT's radical wing (more than a quarter of the party) seems devastated by his move to the center. They've groused especially loudly about Meirelles and Finance Minister Antonio Palocci, a physician who, as a PT mayor...
...former metalworker who lost a finger to a job accident, Lula at times seems uncomfortable with the notion that he's had to move Blair-ward to make himself electable. But even though Lula's high school education doesn't match the Ph.D. milieu of Cardoso and the ruling party's smug technocrats, he seems to be aware enough of one of the root causes of Brazil's (and Latin America's) new economic crisis. The free-market reforms relied too addictively on foreign capital, which in turn kept local interest rates inordinately high - and eventually snuffed out the very...
...because the PT's candidate has made it clear that his priority will his social agenda, particularly alleviating the burden of an unemployment rate that hovers close to 20 percent. Spiraling unemployment has been the downside of the free-market policies implemented by President Fernando Henrique Cardoso, and has swung voters more solidly behind the PT. It's an issue that Lula, a self-taught blue collar worker and trade unionist before becoming the beacon of the Brazilian Left, understands better than any of the other candidates - and certainly better than most international investors. "If international economists were always right...
...Though Wall Street's favorite sport right now is demonizing Lula - and his platform is, indeed, full of expensive, perhaps fiscally risky social programs - he insists that he's not out to wipe away the free-market reforms and fiscal discipline that won Brazil's current president, Fernando Henrique Cardoso, so much international acclaim...