Word: goulart
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...obvious keys to attracting capital are economic good sense and political sanity. Without those, foreign capital will not flow in and domestic capital will flow out. When governments begin to welsh, devaluate and expropriate, capital flees. Such was the case with Indonesia under Sukarno and Brazil under Goulart. And merely printing money cannot create capital. All that that usually does is bring on inflation. When prices soar and money values decline, people usually put their money into goods instead of savings...
Faith in Patience. When Castello Branco and current President Arthur da Costa e 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...
Democracy is not flourishing in Brazil, but it is lucky even to be alive. Brazil's military men believe that they saved it in the nick of time in 1964 when they toppled leftist President Joao Goulart, who seemed to be moving toward a Communist-type dictatorship, and installed Army General Humberto Castello Branco as President. Elected to succeed Castello Branco by a Congress subservient to the military and controlled by the government's ARENA Party, Costa e Silva has promised to humanize the revolution launched by his austere and humorless predecessor-but he has also made...
...months remaining to him, Brazil's lame-duck President Humberto Castello Branco is restlessly pursuing his aim of completing the drastic remodeling of Brazil that he began after the army rebellion that overthrew Leftist President Joāo Goulart in April of 1964. During his drive to transform his country into a disciplined and modern society, Castello Branco has increasingly avoided Congress and simply started decreeing laws in what a top U.S. diplomat calls "an orgy of Calvinistic legislation." Calvinistic it may be, but it is a badly needed antidote for the orgy of inflationist and frequently pro-Communist...
Even so, Costa e Silva has little choice but to continue in Castello Branco's footsteps. Though out of office, Castello Branco will continue to command strong support within the Brazilian army. Just as he helped to overthrow Goulart, he could cause much trouble for Costa e Silva should the new government waver on the austere path he has set for Brazil...