Word: filho
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...Vice President, Café Filho took no part in policymaking. His only task was presiding over the Senate, and that was not enough to keep him busy. He traveled widely in Latin America, Europe and the Near East. When in Rio, he opened his office door three days a week to anybody who wanted to see him-a practice that he still keeps up, though his crowded schedule now allows only one such public audience a week (TIME, Nov. 8). In four years he received more than 40,000 callers...
...Wobbly Leg. President Café Filho is well aware that all his problems did not originate with the Vargas regime. Even before Vargas, Brazil had embarked on the slow, painful transition from an agricultural economy based on production for export to a diversified economy based on production for domestic use. The pattern of Brazil's economic past is a series of wonderful one-product export booms, invariably followed by abysmal busts. First came a 16th century boom in a red dyewood called pau-braza (literally, ember wood), which gave Brazil its name. In the 17th century Brazil became...
White Magic. Brazil's top men are convinced that the way out, the economic road to the wealth and eminence Brazilians envision for their nation, is industrialization. The postwar manufacturing boom is only a beginning. Before industrial growth can proceed much further, as Cafe Filho and his economic advisers see it, the administration will have to slow galloping inflation to a walk. Because of inflation, much of Brazil's short supply of investment capital runs into real-estate speculation, or takes flight into dollar hoards. Too little capital is available for what Cafe Filho's Finance Minister...
...Professor's Prospects. To harness runaway inflation, Café Filho tabbed as his Finance Minister one of the nation's top economists: urbane Eugenio Gudin, 68, professor at the University of Brazil. To Gudin's way of thinking, nationalism ranks with inflation as an obstacle to Brazil's healthy economic growth. But for the time being, the administration can do little about nationalism except refrain from encouraging it. The administration's common-sense policy on the Petrobras oil law is to let it stand until nationalistic sentiment subsides, and get as much foreign participation...
...slow inflation, Gudin called for cruzeiro-pinching by the government, curbs on bank credit and tax reform. The two preceding Finance Ministers also drew up disinflationary programs, but inflation kept right on. What makes Gudin's prospects sounder is that President Café Filho is backing him up. Getulio Vargas failed to back up his men, Horacio Lafer and Oswaldo Aranha. While Lafer was tightening credit, the Bank of Brazil was loosening it; while Aranha was trying to curb prices, Vargas decreed a 100% increase in minimum wages...