Monday, July 21, 2008

Ode to our foreign debt.

Overspending caused debt which plummeted Brazil into two decades of high inflation and then hyperinflation. Such overspending was excused at the time by invoking a manifest destiny kind of future for Brazil coated with myths and symbols.
Brasilia is a perfect example being that such symbolism was used to propagate its construction.
Well since symbolism is no match for reality interest rates rose over the loans to build the city as on those to sustain so many other grandiose projects which for the most part did not yield results that overall benefitted the citizenry but did result in debt which crippled the citizenry.
At present the foreign debt of Brazil has been payed and what hinders the economy is the national debt. In other words the cash payed on interest rates over the money that the government borrows to sustain a huge bloated state.
Many of the beneficiaries of this situation live in the buildings below.

Speaking of myths this clip is actually pretty cool.

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