Word: cruzeiro
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Dates: during 1960-1969
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...Silva (TIME cover, April 21) organized the 1964 military coup that toppled Leftist Joao Goulart, Brazil needed even more than truth. Communists and corruption were everywhere. The cost of living was climbing at the fantastic annual rate of 144% in Goulart's last year, and the Brazilian cruzeiro was barely worth the paper it was printed...
Beset by war, the Vietnamese piaster fell 38.6%. That chronic invalid, the Brazilian cruzeiro, lost another 31.8% of its value in 1966, and thus would pay for only 2% of the goods and services it could command a decade...
...economy. On top of last year's 41% rise, the cost of living has shot up another 7.3% in the first two months of this year, making Brazil little more than one huge, hectic lottery. Just before leaving office, Castello Branco devalued the currency and issued a new cruzeiro worth 1,000 of the old ones. Even so, people still deal in hundreds of cruzeiros for the most simple needs. To beat Brazil's inflation, whose inexorable rise is caused by overloaded budgets and overworked money presses, many Brazilians rush to put their money into material possessions that...
...reasons for the foreigners' return start with Castello Branco. While he has slowed but by no means halted inflation (the cost of living is up 39.5% this year), he has demonstrated an encouragingly tough-minded intent that investors do not think will be reversed. The cruzeiro's exchange rate has been held at 2,200 to the dollar for more than a year, taxes are being collected more diligently, credit has been tightened, and the constant wage increases have been slowed. Moreover, his persuasive economics minister, Roberto Campos, has beat bushes abroad convincing hesitant investors that...
Tjurs doesn't mean to pay a single cruzeiro. The penniless son of immigrants from Russia, he quit school early, went to work at jobs ranging from driving hacks to guiding tours. About all he remembers of his formal education is that "I learned how to add and subtract and multiply." That apparently was enough. Today, at 65, Tjurs has gathered together Brazil's biggest hotel chain; among his six hotels are Rio's 220-room Excelsior Copacabana, Sao Paulo's 17-story Jaragua and the 420-room Nacionál in Brasilia. All of this...