Word: kubitscheks
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...Kubitschek's prescription is largely designed to remedy Brazil's foreign-exchange shortage, which ranks with inflation as the nation's most serious economic malady. Even with imports curbed by government controls, Brazil runs up exchange deficits. The two main exports, coffee and cotton, are subject to price tremors. About half of Brazil's export earnings go for debt service, ocean freight, oil and wheat; what is left for machinery, raw materials and all other imports amounts to some $700 million a year-about $12 per Brazilian. The shortage of foreign exchange stunts economic growth...
Dizzy Spiral. Kubitschek expects his development program to help cure the inflation sickness by making more goods available. The puzzler here is how to finance the government's share of the program and at the same time slow down the currency presses. In the past few years, the government custom of printing new money to meet budget deficits has kept inflation spiraling dizzily. Retail prices have almost doubled within three years, rising faster than wages. Among Brazilian workers, the resulting sag in real wages has brought on a rancorous discontent...
...make much headway, Kubitschek & Co. will have to attract a lot of foreign capital to Brazil. Again and again during his preinauguration tour, Kubitschek stressed that his administration will welcome foreign investment. For the power and transportation sectors of the program, the administration will also need development loans from the U.S. Government. Urgently needed is U.S. aid in refunding Brazil's existing foreign debts so as to lessen the yearly bite. Just at inauguration time, the U.S. Export-Import Bank announced equipment loans totaling $55 million to Brazilian government-run enterprises ; obvious in the timing was Washington...
Racking Task. Piled atop his economic problems, President Kubitschek has a full share of political worries. Within the armed forces, the "preventive revolution" left resentments strong enough to be troublesome if the government stumbles. Vice President Goulart, powerless under the constitution to do anything more than preside over the Senate, is likely to go his own political way, looking ahead to the 1960 election. Kubitschek is still under suspicion, in Brazil and abroad, of having made some kind of election deal with the Reds; anything he does or says that relates to Communism will be examined for signs that...
...problem of political payoffs proved worrisome to Kubitschek even before his inauguration. In making up his Cabinet, he had to consider the claims of political allies and his need for strong congressional support. What emerged after many hours was a line-up that seemed somewhat oldish and politico-ridden for a new administration with a dynamic program. Snapped Rio's Correio da Manhã: "Faced with the choice between a great Cabinet and Congressional majority, Senhor Kubitschek chose the latter." In at least two key Cabinet posts, however, Kubitschek placed his first choices: as Finance Minister, shrewd Federal Deputy...