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| Yes Mrs. Rousseff: you really are that stupid. |
From "The Economist" (article can be read in its entirety here).
"ALMOST exactly 20 years ago, in May 1993, Fernando Henrique Cardoso was named as Brazil’s 13th finance minister in as many years, a seemingly hopeless job in a country trapped in hyperinflation, debt and an anachronistic economic statism. Mr Cardoso’s Real Plan swiftly tamed inflation and took him to the presidency. There he laid the foundations for a new Brazil, of stability and liberal economic reform. This success was reinforced by his successor, Luiz Inácio Lula da Silva, a left-wing former union leader, whose government saw 30m Brazilians get out of poverty.
The trouble is that in Lula’s second term (2007-10) and especially under his chosen successor, Dilma Rousseff, the formula behind Brazil’s success has been slowly abandoned. The policy secret was simple: inflation targeting by a Central Bank operating with de facto independence; transparent public accounts; a rigorous fiscal target, which brought down the public debt; and a much more open attitude to foreign trade and private investment."
I am confused. Why is the Economist calling for Dilma to get rid of Mantega? It is a little odd to me that a magazine is calling for resignations....
ReplyDeleteAs I understand it the Economist considers Mantega inept. He is also seen as a hindrance to investment since his policy of forever meddling in the economy have produced, among other things, lack of confidence in business circles regarding the rules of the game.
ReplyDeleteIt may seem strange that a magazine should call for someone's resignation; but don't they endorse people as well? And if so isn't that the same thing (an opinion about who should and who should not be in charge of something).
Yes, I agree with what you are saying. But I find it strange that a magazine is stating such a bold opinion, venturing into politics. I understand endorsing, but to call for someone's resignation seems like a tall order for an economic magazine. Not that I disagree, just odd...
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