IBOV 176,181 ▲ 0.25% IPSA 10,928 ▲ 0.16% IPC MEX 66,667 ▲ 1.05% MERVAL 3,237,975 ▲ 0.08% COLCAP 2,298.82 ▼ 0.38% BVL PERÚ 56,428.20 ▲ 1.62% USD/BRL5.08▼ 1.20% USD/MXN17.42▼ 0.62% USD/CLP923.08▼ 1.05% USD/COP3,254▼ 0.25% USD/PEN3.39▼ 0.64% USD/ARS1,473▼ 0.71% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.31▲ 0.39% USD/CRC448.93▲ 1.31% USD/GTQ7.62▲ 2.07% USD/HNL26.73▲ 1.38% USD/NIO36.62▲ 0.63% USD/VES722.19▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.59▲ 0.64% USD/TTD6.75▲ 1.19% EUR/BRL5.80▼ 0.34% BRENT 84.91 ▲ 1.93% WTI 79.19 ▲ 1.34% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.41% GOLD 4,068 ▲ 1.77% SILVER 59.15 ▲ 2.62% SOY 1,192 ▼ 0.83% CORN 459.75 ▲ 5.03% WHEAT 645.75 ▲ 2.99% COFFEE 325.60 ▼ 4.63% SUGAR 14.87 ▲ 0.81% ORANGE JUICE 139.55 ▼ 2.10% COTTON 81.68 ▲ 2.32% COCOA 5,888 ▲ 3.37% BEEF 231.80 ▼ 1.25% CATTLE 349.58 ▼ 1.35% LITHIUM 71.43 ▲ 1.69% PETR4 40.78 ▲ 0.30% VALE3 74.06 ▲ 1.66% ITUB4 43.51 ▼ 0.02% BBDC4 18.61 ▼ 0.85% ABEV3 15.89 ▲ 0.38% BBAS3 20.48 ▲ 1.19% B3SA3 15.32 ▲ 1.32% WEGE3 44.23 ▼ 0.36% PRIO3 56.91 ▼ 0.51% SUZB3 41.11 ▼ 0.92% RENT3 40.35 ▲ 0.37% AZZA3 18.84 ▼ 1.98% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.48 ▼ 4.25% GMAT3 3.95 ▲ 0.25% PSSA3 54.09 ▲ 0.09% CVCB3 1.27 ▲ 1.60% POSI3 3.94 ▼ 1.25% SLCE3 13.68 ▼ 1.37% NATU3 8.51 ▼ 1.05% BRKM5 6.67 ▼ 3.89% RANI3 8.01 ▲ 0.75% CSNA3 5.13 ▼ 2.10% CMIN3 5.23 ▼ 4.04% USIM5 8.24 ▼ 1.67% GGBR4 23.10 ▲ 1.23% ENEV3 26.85 ▼ 0.11% CPFE3 47.01 ▲ 0.36% CMIG4 11.12 ▲ 0.45% EQTL3 40.61 ▲ 0.99% LREN3 14.12 ▼ 0.21% VIVT3 35.15 ▲ 1.21% RAIL3 14.13 ▲ 0.14% KLABIN 17.37 ▼ 0.63% RAIA DROGASIL 18.39 ▲ 1.04% RDOR3 35.58 ▲ 0.06% HAPV3 10.64 ▲ 1.72% FLRY3 16.28 ▲ 0.81% SMTO3 16.10 ▼ 1.65% UGPA3 30.19 ▼ 2.39% VBBR3 32.88 ▲ 0.37% BBSE3 40.17 ▼ 0.27% BPAC11 58.00 ▲ 0.83% CURY3 32.79 ▼ 1.00% AERI3 2.09 ▲ 0.48% VIVARA 23.25 ▲ 0.61% COMPASS 25.15 ▲ 1.53% VAMOS 3.05 ▲ 0.99% SANB11 27.34 ▼ 0.11% ASAI3 8.65 ▼ 0.69% SBSP3 30.31 ▼ 0.20% WALMEX 49.55 ▼ 0.20% GMEXICO 201.85 ▲ 3.20% FEMSA 233.38 ▲ 3.56% CEMEX 22.14 ▲ 1.65% GFNORTE 186.38 ▲ 2.37% BIMBO 56.14 ▲ 0.48% TELEVISA 9.47 ▼ 1.46% AMX 22.86 ▲ 1.20% GAP 387.96 ▼ 4.96% ASUR 277.78 ▼ 0.32% OMA 234.24 ▲ 0.39% KOF 182.19 ▲ 0.28% GRUMA 282.73 ▲ 0.48% KIMBER 38.42 ▲ 0.52% SQM-B 67,731 ▲ 0.77% COPEC 6,070 ▲ 0.21% BSANTANDER 78.76 ▲ 0.72% FALABELLA 5,904 ▼ 0.03% ENELAM 85.35 ▲ 1.37% CENCOSUD 2,063 ▲ 1.13% CMPC 1,083 ▲ 0.46% BANCO CHILE 188.50 ▲ 1.89% LATAM AIR 24.57 ▼ 1.33% YPF 77,250 ▲ 0.10% GGAL 8,055 ▼ 0.31% PAMPA 5,210 ▼ 0.29% TXAR 665.00 ▲ 0.08% ALUAR 961.00 ▼ 0.36% TGS 9,690 ▲ 1.25% CEPU 2,301 ▼ 0.78% MIRGOR 16,800 ▼ 1.18% COME 45.14 ▲ 0.80% LOMA NEGRA 3,535 ▲ 1.07% BYMA 306.50 ▼ 0.57% TELECOM ARG 4,248 ▼ 0.06% ECOPETROL 15.97 ▲ 0.54% BANCOLOMBIA 81.73 ▲ 1.63% GRUPO AVAL 4.92 ▲ 0.20% CREDICORP 391.19 ▲ 0.50% SOUTHERN COPPER 180.12 ▲ 3.20% BUENAVENTURA 30.96 ▲ 3.82% MERCADOLIBRE 1,872 ▲ 0.24% NUBANK 13.99 ▲ 2.34% XP 16.79 ▲ 2.54% PAGSEGURO 9.25 ▼ 0.32% STONE 11.22 ▲ 0.63% GLOBANT 31.82 ▼ 0.95% TECNOGLASS 43.52 ▲ 1.59% GAP AIRPORT 221.77 ▼ 4.73% ASUR 277.78 ▼ 0.32% OMA AIRPORT 107.42 ▲ 1.22% AMX ADR 26.16 ▲ 0.50% FEMSA ADR 134.00 ▲ 3.87% CEMEX ADR 12.73 ▲ 2.25% PETROBRAS ADR 17.98 ▲ 0.56% VALE ADR 14.55 ▲ 2.58% ITAU ADR 8.56 ▲ 1.00% SANTANDER BR 5.40 ▲ 0.93% AMBEV ADR 3.10 ▲ 1.31% CSN 1.02 ▼ 1.46% GERDAU 4.57 ▲ 1.67% LATAM ADR 53.35 ▲ 0.03% BTC 64,834 ▲ 4.17% ETH 1,874 ▲ 5.69% SOL 77.52 ▲ 3.55% XRP 1.11 ▲ 3.92% BNB 582.12 ▲ 2.73% ADA 0.17 ▲ 5.58% DOGE 0.07 ▲ 4.31% AVAX 6.67 ▲ 3.50% LINK 8.30 ▲ 5.46% DOT 0.86 ▲ 2.57% LTC 44.77 ▲ 2.95% BCH 239.52 ▲ 1.39% TRX 0.32 ▲ 0.25% XLM 0.19 ▲ 2.60% HBAR 0.07 ▲ 0.70% NEAR 2.04 ▲ 6.12% ATOM 1.56 ▲ 1.30% AAVE 100.11 ▲ 6.09% SELIC 14.25% EMBRAER 82.89 ▼ 0.14% EMBRAER ADR 65.34 ▲ 1.33% JBS 11.87 ▲ 0.55% JBS BDR 60.20 ▼ 0.68% MBRF3 15.96 ▲ 1.53% MBRFY 3.10 ▲ 1.64% INTER 5.67 ▲ 0.33% IBOV 176,181 ▲ 0.25% IPSA 10,928 ▲ 0.16% IPC MEX 66,667 ▲ 1.05% MERVAL 3,237,975 ▲ 0.08% COLCAP 2,298.82 ▼ 0.38% BVL PERÚ 56,428.20 ▲ 1.62% USD/BRL 5.08 ▼ 1.19% USD/MXN 17.43 ▼ 0.59% USD/CLP 923.15 ▼ 1.05% USD/COP 3,251 ▼ 0.35% USD/PEN 3.39 ▼ 0.65% USD/ARS 1,473 ▼ 0.71% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.34 ▲ 0.44% USD/CRC 448.93 ▲ 1.31% USD/GTQ 7.62 ▲ 2.07% USD/HNL 26.73 ▲ 1.38% USD/NIO 36.62 ▲ 0.63% USD/VES 722.19 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.59 ▲ 0.64% USD/TTD 6.75 ▲ 1.19% EUR/BRL 5.80 ▼ 0.34% BRENT 84.91 ▲ 1.93% WTI 79.19 ▲ 1.34% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.41% GOLD 4,068 ▲ 1.77% SILVER 59.15 ▲ 2.62% SOY 1,192 ▼ 0.83% CORN 459.75 ▲ 5.03% WHEAT 645.75 ▲ 2.99% COFFEE 325.60 ▼ 4.63% SUGAR 14.87 ▲ 0.81% ORANGE JUICE 139.55 ▼ 2.10% COTTON 81.68 ▲ 2.32% COCOA 5,888 ▲ 3.37% BEEF 231.80 ▼ 1.25% CATTLE 349.58 ▼ 1.35% LITHIUM 71.43 ▲ 1.69% PETR4 40.78 ▲ 0.30% VALE3 74.06 ▲ 1.66% ITUB4 43.51 ▼ 0.02% BBDC4 18.61 ▼ 0.85% ABEV3 15.89 ▲ 0.38% BBAS3 20.48 ▲ 1.19% B3SA3 15.32 ▲ 1.32% WEGE3 44.23 ▼ 0.36% PRIO3 56.91 ▼ 0.51% SUZB3 41.11 ▼ 0.92% RENT3 40.35 ▲ 0.37% AZZA3 18.84 ▼ 1.98% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.48 ▼ 4.25% GMAT3 3.95 ▲ 0.25% PSSA3 54.09 ▲ 0.09% CVCB3 1.27 ▲ 1.60% POSI3 3.94 ▼ 1.25% SLCE3 13.68 ▼ 1.37% NATU3 8.51 ▼ 1.05% BRKM5 6.67 ▼ 3.89% RANI3 8.01 ▲ 0.75% CSNA3 5.13 ▼ 2.10% CMIN3 5.23 ▼ 4.04% USIM5 8.24 ▼ 1.67% GGBR4 23.10 ▲ 1.23% ENEV3 26.85 ▼ 0.11% CPFE3 47.01 ▲ 0.36% CMIG4 11.12 ▲ 0.45% EQTL3 40.61 ▲ 0.99% LREN3 14.12 ▼ 0.21% VIVT3 35.15 ▲ 1.21% RAIL3 14.13 ▲ 0.14% KLABIN 17.37 ▼ 0.63% RAIA DROGASIL 18.39 ▲ 1.04% RDOR3 35.58 ▲ 0.06% HAPV3 10.64 ▲ 1.72% FLRY3 16.28 ▲ 0.81% SMTO3 16.10 ▼ 1.65% UGPA3 30.19 ▼ 2.39% VBBR3 32.88 ▲ 0.37% BBSE3 40.17 ▼ 0.27% BPAC11 58.00 ▲ 0.83% CURY3 32.79 ▼ 1.00% AERI3 2.09 ▲ 0.48% VIVARA 23.25 ▲ 0.61% COMPASS 25.15 ▲ 1.53% VAMOS 3.05 ▲ 0.99% SANB11 27.34 ▼ 0.11% ASAI3 8.65 ▼ 0.69% SBSP3 30.31 ▼ 0.20% WALMEX 49.55 ▼ 0.20% GMEXICO 201.85 ▲ 3.20% FEMSA 233.38 ▲ 3.56% CEMEX 22.14 ▲ 1.65% GFNORTE 186.38 ▲ 2.37% BIMBO 56.14 ▲ 0.48% TELEVISA 9.47 ▼ 1.46% AMX 22.86 ▲ 1.20% GAP 387.96 ▼ 4.96% ASUR 277.78 ▼ 0.32% OMA 234.24 ▲ 0.39% KOF 182.19 ▲ 0.28% GRUMA 282.73 ▲ 0.48% KIMBER 38.42 ▲ 0.52% SQM-B 67,731 ▲ 0.77% COPEC 6,070 ▲ 0.21% BSANTANDER 78.76 ▲ 0.72% FALABELLA 5,904 ▼ 0.03% ENELAM 85.35 ▲ 1.37% CENCOSUD 2,063 ▲ 1.13% CMPC 1,083 ▲ 0.46% BANCO CHILE 188.50 ▲ 1.89% LATAM AIR 24.57 ▼ 1.33% YPF 77,250 ▲ 0.10% GGAL 8,055 ▼ 0.31% PAMPA 5,210 ▼ 0.29% TXAR 665.00 ▲ 0.08% ALUAR 961.00 ▼ 0.36% TGS 9,690 ▲ 1.25% CEPU 2,301 ▼ 0.78% MIRGOR 16,800 ▼ 1.18% COME 45.14 ▲ 0.80% LOMA NEGRA 3,535 ▲ 1.07% BYMA 306.50 ▼ 0.57% TELECOM ARG 4,248 ▼ 0.06% ECOPETROL 15.97 ▲ 0.54% BANCOLOMBIA 81.73 ▲ 1.63% GRUPO AVAL 4.92 ▲ 0.20% CREDICORP 391.19 ▲ 0.50% SOUTHERN COPPER 180.12 ▲ 3.20% BUENAVENTURA 30.96 ▲ 3.82% MERCADOLIBRE 1,872 ▲ 0.24% NUBANK 13.99 ▲ 2.34% XP 16.79 ▲ 2.54% PAGSEGURO 9.25 ▼ 0.32% STONE 11.22 ▲ 0.63% GLOBANT 31.82 ▼ 0.95% TECNOGLASS 43.52 ▲ 1.59% GAP AIRPORT 221.77 ▼ 4.73% ASUR 277.78 ▼ 0.32% OMA AIRPORT 107.42 ▲ 1.22% AMX ADR 26.16 ▲ 0.50% FEMSA ADR 134.00 ▲ 3.87% CEMEX ADR 12.73 ▲ 2.25% PETROBRAS ADR 17.98 ▲ 0.56% VALE ADR 14.55 ▲ 2.58% ITAU ADR 8.56 ▲ 1.00% SANTANDER BR 5.40 ▲ 0.93% AMBEV ADR 3.10 ▲ 1.31% CSN 1.02 ▼ 1.46% GERDAU 4.57 ▲ 1.67% LATAM ADR 53.35 ▲ 0.03% BTC 64,834 ▲ 4.17% ETH 1,874 ▲ 5.69% SOL 77.52 ▲ 3.55% XRP 1.11 ▲ 3.92% BNB 582.12 ▲ 2.73% ADA 0.17 ▲ 5.58% DOGE 0.07 ▲ 4.31% AVAX 6.67 ▲ 3.50% LINK 8.30 ▲ 5.46% DOT 0.86 ▲ 2.57% LTC 44.77 ▲ 2.95% BCH 239.52 ▲ 1.39% TRX 0.32 ▲ 0.25% XLM 0.19 ▲ 2.60% HBAR 0.07 ▲ 0.70% NEAR 2.04 ▲ 6.12% ATOM 1.56 ▲ 1.30% AAVE 100.11 ▲ 6.09% SELIC 14.25% EMBRAER 82.89 ▼ 0.14% EMBRAER ADR 65.34 ▲ 1.33% JBS 11.87 ▲ 0.55% JBS BDR 60.20 ▼ 0.68% MBRF3 15.96 ▲ 1.53% MBRFY 3.10 ▲ 1.64% INTER 5.67 ▲ 0.33%
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Opinion: Brazil’s Presidential Election – the Center Cannot Hold

By · October 2, 2018 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – The first round in the presidential election will occur this Sunday, October 7th. All thirteen official candidates are still out on the hustings, but eleven of those thirteen know their battle has been lost — they will not make it to the second round on October 28th.

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There are only two candidates with realistic hopes of joining in the winner-takes-all sweepstakes.

Unsurprisingly, these are the only two candidates with a solid “base” of enthusiasts who support them, unwaveringly and uncritically. Perhaps surprisingly, these two also have the largest percentages of voters saying “Anybody but him!

Both have made their appeal to the political extremes of their supporting base. Each throws (figurative) red meat to his slavering sympathizers—one side calls it freshly cut, the other calls it carrion.

The center did not hold — stretching our metaphor, the center was vegan, and died of inanition, defined by Merriam Webster as “the absence or loss of social, moral, or intellectual vitality or vigor.”

The Brazilian political center has, over the past decade, been steadily biodegrading itself into a slough of corrupt office-holders, who care nothing about voters or the country, but only about themselves, their immediate families, and their cohorts.

Back in 2013, millions of Brazilian protesters rallied to the cry of “You don’t represent us!” In the five years that followed, replete with political upheavals (e.g. impeachment, Lava-Jato scandals and the military occupation of Rio de Janeiro), no one in the center ever seemed to get the memorandum.

Reforms aplenty were proposed, but did not prosper. Political reform, tax reform, social security reform: all died aborning, notwithstanding their importance to Brazil’s future. Labor law reform did happen; however, most of the country’s working population dislikes it.

Jair Bolsonaro has been sitting in Brasilia as a federal congressman for 27 years, but portrays himself as an outsider! He’s right: he was never part of any center-right coalitions because of his far-right fringe position.

Fernando Haddad, after serving as Lula’s Minister of Education for seven years, was the mayor of São Paulo from 2012 to 2016, but portrays himself as an outsider! He, too, is right: he lost his bid for re-election in 2016 and has been invisible ever since.

Both have selected outsiders as their vice-presidential running mates. Bolsonaro, enamored of military solutions to problems, chose an outspoken retired major general with no political pedigree. Haddad opted for a young state deputy who, like him, lost bids to become mayor of a large city.

Both candidates have recently called for new constitutional conventions. Both claim (correctly) that the 1988 constitution is superannuated at age thirty, after having suffered 99 surgical interventions (okay, amendments), none of which cured the underlying institutional disease.

The Curmudgeon has, in past columns, diagnosed the problem — the 1988 Constitution instituted a parliamentary system of government but disguised it as presidential.  Using fair means and foul, the Brazilian political center flourished under what Prof. Sérgio Abranches dubbed “coalition presidentialism” some 25 years ago. Sadly, the inherent birth defect has made its end ineluctable.

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