Word: goulart
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After Leftist Joao Goulart was deposed last March, Brazil's new government declared all-out war on three items that had become Goulart's trademark: Communism, corruption and inflation. By last week President Humberto Castello Branco and his revolutionaries had dealt forcibly with the first two. Inflation is proving far more difficult. Nowhere in Latin America is inflation so deeply and strongly rooted -until it has become as much a part of Brazil as carnival and the inky cafè-zinho Brazilians sip at corner coffee bars...
...Oliveira Campos, 57, onetime Ambassador to the U.S. and a brilliant economist, has eliminated $200 million a year worth of subsidies for wheat, oil and newsprint, has raised taxes and tightened collections. One of his first moves was to end the 75% to 100% salary increases of the Goulart days; he set up credit bureaus to expand farm production and lower food prices. To encourage more investment, the government is also liberalizing profit-remittance laws. This month the Brazilian Congress finally set aside $188 million to purchase the assets of American & Foreign Power Co., part of which were expropriated under...
...inland capital of Brasiília, a vast network of roads, thriving new steel and auto industries, all at a cost of giddy inflation and staggering debt. His successor, Jânio Quadros, recognized the dangers, but quit after seven months, leaving the economy at the mercy of Goulart. In a 31-month spending spree, Goulart literally papered the country with money, tripling the amount of currency and raising the cost of living 340%. When the military finally toppled Goulart, the cost of living was on its way to a 144% increase...
...revolutionary government last week gave up its power to purge-just as President Humberto Castello Branco had promised it would. The bristles in Castello Branco's broom were two articles in the sweeping Institutional Act decreed by the revolutionaries after they deposed leftist President João Goulart last April. Under Article 10, which was in effect for two months, the government could revoke for ten years the political rights of anyone judged guilty of subversion or corruption; under Article 7, lasting six months, it could fire or retire any government employee judged guilty of similar offenses...
...heard and acted upon behind closed doors by a panel of officers and civilians, who then presented their recommendations to President Castello Branco for approval. When it expired four months ago, 378 Brazilians, including three ex-Presidents (Juscelino Kubitschek, Jânio Quadros and the deposed João Goulart) had been stripped of their rights to vote, hold elective office or government jobs. With Goulart, it was academic, since he had fled to exile in Uruguay, but it ended, at least temporarily, the careers of Kubitschek and Quadros. Article 7 didn't use such star-chamber techniques...