IBOV 167,921.80 ▼ 0.75% IPC MEX 69,779.20 ▼ 0.01% MERVAL 2,848,945 — — USD/BRL5.44▼ 0.03% USD/MXN18.66▼ 0.69% USD/CLP981.92▼ 1.22% USD/COP3,224▼ 0.14% USD/PEN3.45▼ 0.25% USD/ARS1,542▲ 0.42% USD/UYU40.19▲ 3.14% USD/PYG5,965▲ 5.19% USD/BOB12.07▲ 3.75% USD/DOP60.16▼ 0.43% USD/CRC449.70▼ 0.39% USD/GTQ7.64▼ 0.01% USD/HNL26.88▲ 0.49% USD/NIO36.62— 0.00% USD/VES887.35▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.99— 0.00% USD/TTD6.70▼ 0.09% EUR/BRL6.10▲ 1.43% BRENT 109.58 ▼ 5.38% WTI 100.12 ▼ 1.61% IRON ORE 161.91 — — COPPER 6.65 ▲ 2.24% GOLD 4,073 ▲ 0.85% SILVER 54.49 ▲ 0.70% SOY 1,250 ▲ 0.70% CORN 450.25 ▼ 1.04% WHEAT 614.75 ▼ 0.20% COFFEE 294.35 ▼ 2.19% SUGAR 19.26 ▲ 0.84% ORANGE JUICE 143.20 ▲ 5.45% COTTON 77.90 ▼ 1.47% COCOA 5,581 ▲ 1.66% BEEF 230.73 ▲ 0.33% CATTLE 346.40 ▼ 1.00% LITHIUM 62.43 ▲ 1.89% PETR4 53.31 ▼ 1.06% VALE3 62.88 ▼ 2.33% ITUB4 41.42 ▼ 0.67% BBDC4 15.69 ▼ 1.63% ABEV3 15.40 ▲ 0.20% BBAS3 17.59 ▲ 0.69% B3SA3 15.27 ▲ 1.33% WEGE3 45.78 ▲ 2.81% PRIO3 69.21 ▼ 2.71% SUZB3 47.14 ▼ 0.55% RENT3 31.14 ▼ 1.67% AZZA3 16.72 ▲ 1.15% CSAN3 2.69 ▼ 2.89% RAIZ4 0.34 — 0.00% PCAR3 2.22 ▼ 3.48% GMAT3 3.74 ▲ 2.19% PSSA3 47.75 ▼ 0.89% CVCB3 0.98 — 0.00% POSI3 3.56 ▼ 0.84% SLCE3 16.97 ▼ 2.75% NATU3 5.68 ▼ 3.89% BRKM5 3.80 ▲ 19.50% RANI3 7.34 ▼ 0.54% CSNA3 4.76 ▼ 4.99% IBOV 167,921.80 ▼ 0.75% IPC MEX 69,779.20 ▼ 0.01% MERVAL 2,848,945 — — USD/BRL 5.34 ▼ 1.32% USD/MXN 18.69 ▲ 0.62% USD/CLP 983.47 ▼ 0.57% USD/COP 3,149 ▲ 3.06% USD/PEN 3.45 ▲ 0.17% USD/ARS 1,537 ▼ 0.28% USD/UYU 40.21 ▲ 3.57% USD/PYG 5,803 ▲ 3.78% USD/BOB 11.97 ▲ 4.93% USD/DOP 60.54 ▲ 1.83% USD/CRC 451.24 ▲ 2.13% USD/GTQ 7.64 ▲ 3.23% USD/HNL 26.87 ▲ 3.37% USD/NIO 36.62 ▲ 2.81% USD/VES 885.08 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.69 ▲ 2.63% USD/TTD 6.71 ▲ 2.07% EUR/BRL 5.95 ▲ 7.53% BRENT 109.58 ▼ 5.38% WTI 100.12 ▼ 1.61% IRON ORE 161.91 — — COPPER 6.65 ▲ 2.24% GOLD 4,073 ▲ 0.85% SILVER 54.49 ▲ 0.70% SOY 1,250 ▲ 0.70% CORN 450.25 ▼ 1.04% WHEAT 614.75 ▼ 0.20% COFFEE 294.35 ▼ 2.19% SUGAR 19.26 ▲ 0.84% ORANGE JUICE 143.20 ▲ 5.45% COTTON 77.90 ▼ 1.47% COCOA 5,581 ▲ 1.66% BEEF 230.73 ▲ 0.33% CATTLE 346.40 ▼ 1.00% LITHIUM 62.43 ▲ 1.89% PETR4 53.31 ▼ 1.06% VALE3 62.88 ▼ 2.33% ITUB4 41.42 ▼ 0.67% BBDC4 15.69 ▼ 1.63% ABEV3 15.40 ▲ 0.20% BBAS3 17.59 ▲ 0.69% B3SA3 15.27 ▲ 1.33% WEGE3 45.78 ▲ 2.81% PRIO3 69.21 ▼ 2.71% SUZB3 47.14 ▼ 0.55% RENT3 31.14 ▼ 1.67% AZZA3 16.72 ▲ 1.15% CSAN3 2.69 ▼ 2.89% RAIZ4 0.34 — 0.00% PCAR3 2.22 ▼ 3.48% GMAT3 3.74 ▲ 2.19% PSSA3 47.75 ▼ 0.89% CVCB3 0.98 — 0.00% POSI3 3.56 ▼ 0.84% SLCE3 16.97 ▼ 2.75% NATU3 5.68 ▼ 3.89% BRKM5 3.80 ▲ 19.50% RANI3 7.34 ▼ 0.54% CSNA3 4.76 ▼ 4.99%
since 2009
Monday, November 2, 2026

Crypto World

The geostrategic consequences of Lula da Silva’s re-election in Brazil aren’t as clear-cut as some might think

By · October 31, 2022 · 6 min read

(Opinion) Lula da Silva and Bolsonaro are striking exceptions to the oversimplification of contemporary leaders in the New Cold War, either being unipolar liberal-globalists or multipolar conservative-sovereigntists since the first can be described as a multipolar liberal-globalist while the second was a unipolar conservative-sovereigntist.

This is an admittedly imperfect assessment but one which nevertheless serves to make an important point: each leader has significant idiosyncrasies that complicate analyses of their foreign policy.

Read also: Check out our coverage on the new multipolar world order

Free daily brief — no card needed
Get every Crypto story in one morning email
We build you a personalized brief around the topics you follow — free for 7 days. Love it? Your first month after that is US$1.

The return of Luiz Inácio Lula da Silva (popularly known as Lula) to the Brazilian presidency after Sunday’s run-off election is being interpreted by many as a victory for the world’s multipolar forces.

Luiz Inácio Lula da Silva.
Luiz Inácio Lula da Silva.
RT
Ask Rio Times
17 years of Latin America reporting, on demand.
Open the full Ask Rio Times →

This assessment is based on Lula da Silva’s independent foreign policy during his previous two terms in office, which triggered the US into orchestrating “Operation Car Wash” against him and his successor as part of that declining unipolar hegemon’s Hybrid War on Brazil.

His eventual replacement with Jair Bolsonaro was interpreted as a defeat for the world’s multipolar forces, ergo why his re-election is seen as a victory.

The LatAm Brief

One email, every weekday morning. What moved in Latin American markets, politics and expat life.

Yesterday’s subject line: “Texas claims nine Rio Grande islands as state land”

Free. We send a confirmation link first — nothing arrives until you click it. Unsubscribe with one click in any edition. If you stop opening us for 30 days we stop sending by ourselves, as we assume the interest is no longer there. See our privacy policy. We never share your email.

The reality is that everything is a bit more complicated than the oversimplification above, which admittedly appeared valid until recently.

Bolsonaro was indeed only able to get elected because he emerged as a so-called “dark horse” candidate after the US’ Hybrid War on Brazil discredited the existing political class and thus made his country’s people hungry for a Trump-like change.

It’s also true that he’s ideologically aligned with the former US leader, especially regarding his vehemently pro-Israeli sympathies and conservative domestic outlook, but that’s where their similarities end.

Upon entering office, Bolsonaro failed to fulfill his anti-Chinese campaign pledges and defied the US demands that Brazil complies with its anti-Russian sanctions following the latest phase of the Ukrainian Conflict that began on Feb. 24.

Evidently, this “dark horse” wouldn’t let any US president ride him.

On the contrary, Bolsonaro continued to push ahead with policies he and his team were convinced advanced Brazil’s objective national interests as they understood them to be.

While differing from Lula da Silva on sensitive issues like Venezuela, he aligned with him on others like Russia.

This surprising foreign policy outcome led to five intriguing observations.

First, despite Bolsonaro’s rise to power being orchestrated by the US, he ultimately wasn’t its pawn.

Second, the commonality of interests that he shared with his patron was more the result of his ideological outlook occasionally aligning with that country’s policies than anything else.

Third, the basis of that selfsame outlook was his sincere belief in sovereignty as he understood it to be.

Fourth, this was responsible for some foreign policy rifts with the US.

And finally, Bolsonaro thus had his own brand of multipolarity.

As for da Silva, there’s no doubt that he too is also a vehement believer in multipolarity, albeit as understood from his own ideological perspective.

Where he differs from Bolsonaro is that the former is more liberal-globalist while the latter is much more conservative-sovereigntist.

To explain, the ideological dimension of the New Cold War can be simplified as the struggle between unipolar liberal globalists (ULGs) and multipolar conservative-sovereignists (MCS).

Each of their three associated characteristics was briefly touched upon here, which will now be summarized.

ULGs are unipolar regarding the world system they want to uphold; liberal regarding the socio-cultural values they want to propagate throughout their countries; and globalist because they believe that the rest of the world should adopt their models.

Meanwhile, MCS is multipolar regarding the world system they want to build; conservative regarding the socio-cultural values they want to defend within their countries; and sovereigntist because they don’t believe that everyone else has to adopt their models.

Lula da Silva and Bolsonaro are striking exceptions to these simplifications since the first can be described as a multipolar liberal-globalist while the second was a unipolar conservative-sovereigntist.

This is an admittedly imperfect assessment but one which nevertheless serves to make an important point.

Each leader has significant idiosyncrasies that complicate analyses of their foreign policy and thus explain why they’re striving to balance the US-led West’s Golden Billion and the jointly BRICS- and SCO-led Global South of which Brazil is a part.

Beginning with Bolsonaro, who served during the most crucial stage of the New Cold War thus far, he’s regarded as sympathizing with the spirit of the US’ unipolar leadership but still wanted to defend his country’s traditional socio-cultural values from the Democrats’ attempts to erode them, to which end he sought to strengthen certain aspects of Brazil’s domestic sovereignty.

Da Silva, meanwhile, is more openly sympathetic to multipolarity than Bolsonaro is but shares the US’ ruling Democrat elites’ hyper-liberal views.

He’s also very friendly with the globalist World Economic Forum, which Bolsonaro despised.

This insight very strongly suggests that Lula da Silva’s foreign policy will indeed be as balanced as he signaled back in May.

On the one hand, he’ll almost certainly continue the BRICS-friendly course that he initially pioneered and which Bolsonaro continued to his credit, but the returning leader will probably also improve Brazil’s relations with the Golden Billion due to their similar hyper-liberal ideologies.

That would be a pragmatic geostrategic outcome in principle similar in a sense to what India’s successfully managed to do, but the domestic consequences might end up further sharping domestic divisions.

It, of course, remains to be seen how this scenario unfolds in practice, but da Silva is a diehard ideologue who fervently believes in his views and is thus extremely passionate about implementing them.

He’s also just tasted historical justice after returning to the presidency following his scandalous ouster by the US due to that declining unipolar hegemon’s Hybrid War on Brazil that was orchestrated as punishment for his independent foreign policy.

These factors complicate predictions about his policies since part of him might want to oppose the US out of principle while another part curiously finds himself aligned with it.

The multipolar part of Lula’s admittedly oversimplified geostrategic identity places him on the opposite side of the US in the New Cold War, while the liberal-globalist one puts him firmly in that declining unipolar hegemon’s camp.

By contrast, the unipolar part of Bolsonaro’s similarly oversimplified geostrategic identity led to predictions that he’ll always side with the US no matter what, but the conservative-sovereigntist one resulted in his defying that hegemon’s demands on sensitive foreign policy issues connected to China and especially Russia.

This insight suggests that the more domestically focused aspects of these leaders’ worldviews, their liberal-globalist, and conservative-sovereigntist ones, respectively, might ultimately be more influential than their preferred model of International Relations.

That paradoxical observation might thus lead to some surprising policies by Lula da Silva similar in spirit to the ones associated with Bolsonaro’s time in office, albeit potentially with different geostrategic outcomes.

For these reasons, it’s premature to confidently predict this returning leader’s foreign policy in the tense New Cold War context that he finds himself.

Join us on Telegram: t.me/theriotimes

Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error

Read More from The Rio Times

Brazil runoff date: Sunday, October 25, poll closing times and when results start · Brazil runoff polls: Flávio 51%, Lula 49% · Kalshi and Polymarket odds

Rotate for Best Experience

This report is optimized for landscape viewing. Rotate your phone for the full experience.