Skip to main content

View Diary: [UPDATE - MORE PHOTOS] 200,000 Rise Up in Brazil - "The People Have Awakened" (333 comments)

Comment Preferences

  •  Ah yeah, leftists in power. (7+ / 0-)

    Before Lula, the first of those "leftists," was to be allowed to attain the Presidency of Brazil, he was obliged to cut deals with the banksters.  This is fundamentally what made, and makes, Brazil different from Venezuela (besides the oil, which is why Venezuela can get away with progressive policy). Anderson:

    To restore investor confidence, Lula installed an unblinkingly orthodox economic team at the Central Bank and Ministry of Finance, which hiked interest rates yet further and cut public investment, to achieve a primary fiscal surplus higher even than the figure the IMF had demanded. For citizens, prices and unemployment rose as growth fell by 50 per cent. But what was bitter medicine for militants was nectar to bond-holders: the spectre of default was banished. Growth resumed in 2004 as exports recovered. Even so the public debt continued to rise, and interest rates were hoisted once more. Adherents of the previous regime, who had smarted under Lula’s criticisms of Cardoso, pointed triumphantly to the continuities between the two. For the Partido dos Trabalhadores there was little to boast about.
    And it's WE who know nothing of Brazil!

    "It's not my fault reality is marxist." - Che Guevara

    by Cassiodorus on Tue Jun 18, 2013 at 09:43:39 AM PDT

    [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site