IBOV 177,284 ▼ 0.61% IPSA 10,421 ▼ 0.58% IPC MEX 67,977 ▼ 1.78% MERVAL 2,707,869 ▼ 1.44% COLCAP 2,118 ▼ 0.22% BVL PERÚ 19,767 ▲ 0.37% USD/BRL 5.05 ▼ 0.01% USD/MXN 17.33 ▲ 0.10% USD/CLP 908.88 ▲ 1.38% USD/COP 3,791 ▲ 0.09% USD/PEN 3.43 ▼ 0.01% USD/ARS 1,395 — 0.00% USD/UYU 40.07 ▲ 1.92% USD/PYG 6,066 ▲ 1.03% USD/BOB 6.86 ▲ 1.77% USD/DOP 59.15 ▼ 0.50% USD/CRC 451.24 ▲ 1.96% USD/GTQ 7.62 ▲ 2.19% USD/HNL 26.61 ▲ 0.36% USD/NIO 36.62 ▲ 0.26% USD/VES 513.89 ▼ 0.66% USD/PAB 1.00 ▲ 2.16% USD/BZD 2.00 ▲ 1.59% USD/JMD 157.28 ▲ 0.43% USD/TTD 6.74 ▲ 1.22% EUR/BRL 5.89 ▲ 0.19% BRENT 109.26 ▲ 3.35% WTI 101.02 ▼ 0.15% IRON ORE 161.91 — — COPPER 6.30 ▼ 4.15% GOLD 4,562 ▼ 2.48% SILVER 77.55 ▼ 8.67% SOY 1,177 ▲ 0.21% CORN 455.75 ▲ 0.94% WHEAT 635.75 ▼ 1.74% COFFEE 258.75 ▼ 12.12% SUGAR 14.78 ▼ 1.40% ORANGE JUICE 170.05 ▼ 6.21% COTTON 80.33 ▼ 4.30% COCOA 4,109 ▼ 1.91% BEEF 247.93 ▼ 1.65% CATTLE 361.45 ▼ 1.67% LITHIUM 84.08 ▼ 3.30% PETR4 45.47 ▲ 1.04% VALE3 83.50 ▲ 0.76% ITUB4 39.70 ▼ 1.73% BBDC4 17.69 ▼ 0.84% ABEV3 15.69 ▼ 0.51% BBAS3 20.70 ▼ 0.29% B3SA3 16.70 ▼ 1.36% WEGE3 43.13 ▼ 1.35% PRIO3 68.80 ▲ 2.24% SUZB3 41.70 ▼ 2.16% RENT3 42.98 ▼ 2.18% AZZA3 19.05 ▲ 1.06% CSAN3 4.41 ▼ 5.16% RAIZ4 0.45 ▲ 2.27% PCAR3 2.26 ▼ 1.74% GMAT3 4.34 ▲ 1.17% PSSA3 47.92 ▼ 1.60% CVCB3 1.81 ▼ 4.23% POSI3 3.88 ▼ 2.27% SLCE3 17.19 ▼ 0.87% NATU3 9.94 ▲ 1.53% BRKM5 12.21 ▲ 0.49% RANI3 7.85 ▼ 0.25% CSNA3 6.42 ▼ 3.75% CMIN3 4.72 ▼ 1.05% USIM5 9.12 ▼ 7.79% GGBR4 23.34 ▼ 1.02% ENEV3 25.06 ▼ 3.43% NEOE3 33.80 — 0.00% CPFE3 44.52 ▼ 1.53% CMIG4 11.27 ▼ 0.09% EQTL3 38.59 ▼ 0.54% LREN3 13.55 ▼ 1.24% VIVT3 35.52 ▼ 0.20% RAIL3 14.97 ▼ 1.96% KLABIN 16.43 ▼ 2.55% RAIA DROGASIL 19.59 ▼ 0.25% RDOR3 34.84 ▲ 0.26% HAPV3 12.45 ▼ 6.11% FLRY3 15.60 ▼ 2.26% SMTO3 18.25 ▼ 0.82% UGPA3 29.13 ▼ 1.42% VBBR3 33.12 ▼ 0.81% BBSE3 34.12 ▼ 1.04% BPAC11 54.50 ▼ 1.61% CURY3 30.37 ▼ 0.75% AERI3 2.42 ▼ 0.41% VIVARA 22.94 ▼ 0.26% COMPASS 25.90 ▼ 1.89% VAMOS 3.41 ▼ 2.29% SANB11 26.92 ▼ 0.81% ASAI3 8.50 ▼ 1.05% SBSP3 29.03 ▼ 1.66% WALMEX 54.82 ▲ 0.53% GMEXICO 202.10 ▼ 4.45% FEMSA 210.39 ▼ 0.01% CEMEX 21.82 ▼ 3.71% GFNORTE 184.04 ▼ 0.98% BIMBO 59.19 ▲ 0.27% TELEVISA 9.94 ▲ 1.43% AMX 23.13 ▼ 1.11% GAP 413.32 ▼ 1.41% ASUR 296.14 ▼ 1.66% OMA 222.96 ▼ 0.70% KOF 180.84 ▼ 0.13% GRUMA 298.23 ▲ 0.12% KIMBER 38.28 ▼ 0.55% SQM-B 76,590 ▼ 2.06% COPEC 6,145 ▼ 0.08% BSANTANDER 68.99 ▼ 0.16% FALABELLA 5,500 ▲ 1.08% ENELAM 75.75 ▼ 0.89% CENCOSUD 2,060 ▼ 3.06% CMPC 1,055 ▼ 0.94% BANCO CHILE 163.70 ▲ 0.13% LATAM AIR 21.54 ▼ 2.53% YPF 65,000 ▼ 0.46% GGAL 6,060 ▼ 2.02% PAMPA 4,720 ▼ 0.26% TXAR 615.00 ▲ 0.49% ALUAR 940.50 ▼ 0.42% TGS 8,750 ▼ 0.62% CEPU 2,049 ▼ 3.17% MIRGOR 17,225 ▼ 3.23% COME 42.52 ▼ 1.51% LOMA NEGRA 3,105 ▼ 1.82% BYMA 272.25 ▼ 2.77% TELECOM ARG 3,505 ▼ 4.24% ECOPETROL 13.11 ▼ 0.87% BANCOLOMBIA 63.16 ▼ 1.83% GRUPO AVAL 4.01 ▼ 5.20% CREDICORP 316.31 ▼ 3.47% SOUTHERN COPPER 176.78 ▼ 6.22% BUENAVENTURA 34.29 ▼ 7.70% MERCADOLIBRE 1,547 ▼ 3.77% NUBANK 12.19 ▼ 5.72% XP 17.47 ▼ 0.74% PAGSEGURO 8.86 ▼ 1.66% STONE 9.61 ▼ 0.93% GLOBANT 38.87 ▲ 14.06% TECNOGLASS 38.61 ▼ 5.90% GAP AIRPORT 238.45 ▼ 2.15% ASUR 296.14 ▼ 1.66% OMA AIRPORT 102.84 ▼ 1.57% AMX ADR 26.59 ▼ 1.85% FEMSA ADR 121.38 ▼ 0.70% CEMEX ADR 12.56 ▼ 4.60% PETROBRAS ADR 19.93 ▲ 0.76% VALE ADR 16.32 ▼ 1.57% ITAU ADR 7.84 ▼ 3.21% SANTANDER BR 5.34 ▼ 2.11% AMBEV ADR 3.07 — 0.00% CSN 1.26 ▼ 6.67% GERDAU 4.61 ▼ 2.12% LATAM ADR 46.91 ▼ 4.79% BTC 77,921 ▼ 1.45% ETH 2,177 ▼ 2.10% SOL 86.23 ▼ 3.33% XRP 1.41 ▼ 1.66% BNB 652.64 ▼ 2.90% ADA 0.25 ▼ 2.83% DOGE 0.11 ▼ 4.33% AVAX 9.28 ▼ 2.69% LINK 9.63 ▼ 4.32% DOT 1.26 ▼ 3.98% LTC 56.02 ▼ 2.56% BCH 415.05 ▼ 2.69% TRX 0.35 ▼ 0.24% XLM 0.15 ▼ 2.01% HBAR 0.09 ▼ 2.18% NEAR 1.49 ▼ 3.74% ATOM 1.99 ▲ 3.22% AAVE 89.18 ▼ 3.95% SELIC 14.50% EMBRAER 71.25 ▼ 1.76% EMBRAER ADR 55.76 ▼ 5.04% JBS 13.48 ▼ 3.58% JBS BDR 68.50 ▼ 1.72% MBRF3 17.42 — 0.00% MBRFY 3.43 ▼ 2.83% INTER 5.85 ▼ 3.47% EGX 53,155 ▼ 0.49% USD/ZAR 16.68 ▲ 1.37% USD/NGN 1,367 ▼ 0.04% NIKKEI 61,409 ▼ 1.99% CSI300 4,860 ▼ 1.12% HSI 25,963 ▼ 1.62% NIFTY 23,644 ▼ 0.19% KOSPI 7,493 ▼ 6.12% JCI 6,723 ▼ 1.98% USD/JPY 158.73 ▲ 0.24% USD/CNY 6.8087 ▲ 0.36% DAX 23,951 ▼ 2.07% CAC 7,953 ▼ 1.60% FTSE 10,195 ▼ 1.71% MIB 49,116 ▼ 1.87% IBEX 17,623 ▼ 1.05% STOXX 606.92 ▼ 1.48% EUR/USD 1.1631 ▼ 0.34% GBP/USD 1.3324 ▼ 0.58% SPX 7,409 ▼ 1.24% DJI 49,526 ▼ 1.07% NDX 29,125 ▼ 1.54% RUT 2,793 ▼ 2.44% TSX 33,833 ▼ 1.27% VIX 18.43 ▲ 6.78% USD/CAD 1.3749 ▲ 0.24% US10Y 4.5950 ▲ 3.00% IBOV 177,284 ▼ 0.61% IPSA 10,421 ▼ 0.58% IPC MEX 67,977 ▼ 1.78% MERVAL 2,707,869 ▼ 1.44% COLCAP 2,118 ▼ 0.22% BVL PERÚ 19,767 ▲ 0.37% USD/BRL 5.05 ▼ 0.01% USD/MXN 17.33 ▲ 0.10% USD/CLP 908.88 ▲ 1.38% USD/COP 3,791 ▲ 0.09% USD/PEN 3.43 ▼ 0.01% USD/ARS 1,395 — 0.00% USD/UYU 40.07 ▲ 1.92% USD/PYG 6,066 ▲ 1.03% USD/BOB 6.86 ▲ 1.77% USD/DOP 59.15 ▼ 0.50% USD/CRC 451.24 ▲ 1.96% USD/GTQ 7.62 ▲ 2.19% USD/HNL 26.61 ▲ 0.36% USD/NIO 36.62 ▲ 0.26% USD/VES 513.89 ▼ 0.66% USD/PAB 1.00 ▲ 2.16% USD/BZD 2.00 ▲ 1.59% USD/JMD 157.28 ▲ 0.43% USD/TTD 6.74 ▲ 1.22% EUR/BRL 5.89 ▲ 0.19% BRENT 109.26 ▲ 3.35% WTI 101.02 ▼ 0.15% IRON ORE 161.91 — — COPPER 6.30 ▼ 4.15% GOLD 4,562 ▼ 2.48% SILVER 77.55 ▼ 8.67% SOY 1,177 ▲ 0.21% CORN 455.75 ▲ 0.94% WHEAT 635.75 ▼ 1.74% COFFEE 258.75 ▼ 12.12% SUGAR 14.78 ▼ 1.40% ORANGE JUICE 170.05 ▼ 6.21% COTTON 80.33 ▼ 4.30% COCOA 4,109 ▼ 1.91% BEEF 247.93 ▼ 1.65% CATTLE 361.45 ▼ 1.67% LITHIUM 84.08 ▼ 3.30% PETR4 45.47 ▲ 1.04% VALE3 83.50 ▲ 0.76% ITUB4 39.70 ▼ 1.73% BBDC4 17.69 ▼ 0.84% ABEV3 15.69 ▼ 0.51% BBAS3 20.70 ▼ 0.29% B3SA3 16.70 ▼ 1.36% WEGE3 43.13 ▼ 1.35% PRIO3 68.80 ▲ 2.24% SUZB3 41.70 ▼ 2.16% RENT3 42.98 ▼ 2.18% AZZA3 19.05 ▲ 1.06% CSAN3 4.41 ▼ 5.16% RAIZ4 0.45 ▲ 2.27% PCAR3 2.26 ▼ 1.74% GMAT3 4.34 ▲ 1.17% PSSA3 47.92 ▼ 1.60% CVCB3 1.81 ▼ 4.23% POSI3 3.88 ▼ 2.27% SLCE3 17.19 ▼ 0.87% NATU3 9.94 ▲ 1.53% BRKM5 12.21 ▲ 0.49% RANI3 7.85 ▼ 0.25% CSNA3 6.42 ▼ 3.75% CMIN3 4.72 ▼ 1.05% USIM5 9.12 ▼ 7.79% GGBR4 23.34 ▼ 1.02% ENEV3 25.06 ▼ 3.43% NEOE3 33.80 — 0.00% CPFE3 44.52 ▼ 1.53% CMIG4 11.27 ▼ 0.09% EQTL3 38.59 ▼ 0.54% LREN3 13.55 ▼ 1.24% VIVT3 35.52 ▼ 0.20% RAIL3 14.97 ▼ 1.96% KLABIN 16.43 ▼ 2.55% RAIA DROGASIL 19.59 ▼ 0.25% RDOR3 34.84 ▲ 0.26% HAPV3 12.45 ▼ 6.11% FLRY3 15.60 ▼ 2.26% SMTO3 18.25 ▼ 0.82% UGPA3 29.13 ▼ 1.42% VBBR3 33.12 ▼ 0.81% BBSE3 34.12 ▼ 1.04% BPAC11 54.50 ▼ 1.61% CURY3 30.37 ▼ 0.75% AERI3 2.42 ▼ 0.41% VIVARA 22.94 ▼ 0.26% COMPASS 25.90 ▼ 1.89% VAMOS 3.41 ▼ 2.29% SANB11 26.92 ▼ 0.81% ASAI3 8.50 ▼ 1.05% SBSP3 29.03 ▼ 1.66% WALMEX 54.82 ▲ 0.53% GMEXICO 202.10 ▼ 4.45% FEMSA 210.39 ▼ 0.01% CEMEX 21.82 ▼ 3.71% GFNORTE 184.04 ▼ 0.98% BIMBO 59.19 ▲ 0.27% TELEVISA 9.94 ▲ 1.43% AMX 23.13 ▼ 1.11% GAP 413.32 ▼ 1.41% ASUR 296.14 ▼ 1.66% OMA 222.96 ▼ 0.70% KOF 180.84 ▼ 0.13% GRUMA 298.23 ▲ 0.12% KIMBER 38.28 ▼ 0.55% SQM-B 76,590 ▼ 2.06% COPEC 6,145 ▼ 0.08% BSANTANDER 68.99 ▼ 0.16% FALABELLA 5,500 ▲ 1.08% ENELAM 75.75 ▼ 0.89% CENCOSUD 2,060 ▼ 3.06% CMPC 1,055 ▼ 0.94% BANCO CHILE 163.70 ▲ 0.13% LATAM AIR 21.54 ▼ 2.53% YPF 65,000 ▼ 0.46% GGAL 6,060 ▼ 2.02% PAMPA 4,720 ▼ 0.26% TXAR 615.00 ▲ 0.49% ALUAR 940.50 ▼ 0.42% TGS 8,750 ▼ 0.62% CEPU 2,049 ▼ 3.17% MIRGOR 17,225 ▼ 3.23% COME 42.52 ▼ 1.51% LOMA NEGRA 3,105 ▼ 1.82% BYMA 272.25 ▼ 2.77% TELECOM ARG 3,505 ▼ 4.24% ECOPETROL 13.11 ▼ 0.87% BANCOLOMBIA 63.16 ▼ 1.83% GRUPO AVAL 4.01 ▼ 5.20% CREDICORP 316.31 ▼ 3.47% SOUTHERN COPPER 176.78 ▼ 6.22% BUENAVENTURA 34.29 ▼ 7.70% MERCADOLIBRE 1,547 ▼ 3.77% NUBANK 12.19 ▼ 5.72% XP 17.47 ▼ 0.74% PAGSEGURO 8.86 ▼ 1.66% STONE 9.61 ▼ 0.93% GLOBANT 38.87 ▲ 14.06% TECNOGLASS 38.61 ▼ 5.90% GAP AIRPORT 238.45 ▼ 2.15% ASUR 296.14 ▼ 1.66% OMA AIRPORT 102.84 ▼ 1.57% AMX ADR 26.59 ▼ 1.85% FEMSA ADR 121.38 ▼ 0.70% CEMEX ADR 12.56 ▼ 4.60% PETROBRAS ADR 19.93 ▲ 0.76% VALE ADR 16.32 ▼ 1.57% ITAU ADR 7.84 ▼ 3.21% SANTANDER BR 5.34 ▼ 2.11% AMBEV ADR 3.07 — 0.00% CSN 1.26 ▼ 6.67% GERDAU 4.61 ▼ 2.12% LATAM ADR 46.91 ▼ 4.79% BTC 77,921 ▼ 1.45% ETH 2,177 ▼ 2.10% SOL 86.23 ▼ 3.33% XRP 1.41 ▼ 1.66% BNB 652.64 ▼ 2.90% ADA 0.25 ▼ 2.83% DOGE 0.11 ▼ 4.33% AVAX 9.28 ▼ 2.69% LINK 9.63 ▼ 4.32% DOT 1.26 ▼ 3.98% LTC 56.02 ▼ 2.56% BCH 415.05 ▼ 2.69% TRX 0.35 ▼ 0.24% XLM 0.15 ▼ 2.01% HBAR 0.09 ▼ 2.18% NEAR 1.49 ▼ 3.74% ATOM 1.99 ▲ 3.22% AAVE 89.18 ▼ 3.95% SELIC 14.50% EMBRAER 71.25 ▼ 1.76% EMBRAER ADR 55.76 ▼ 5.04% JBS 13.48 ▼ 3.58% JBS BDR 68.50 ▼ 1.72% MBRF3 17.42 — 0.00% MBRFY 3.43 ▼ 2.83% INTER 5.85 ▼ 3.47% EGX 53,155 ▼ 0.49% USD/ZAR 16.68 ▲ 1.37% USD/NGN 1,367 ▼ 0.04% NIKKEI 61,409 ▼ 1.99% CSI300 4,860 ▼ 1.12% HSI 25,963 ▼ 1.62% NIFTY 23,644 ▼ 0.19% KOSPI 7,493 ▼ 6.12% JCI 6,723 ▼ 1.98% USD/JPY 158.73 ▲ 0.24% USD/CNY 6.8087 ▲ 0.36% DAX 23,951 ▼ 2.07% CAC 7,953 ▼ 1.60% FTSE 10,195 ▼ 1.71% MIB 49,116 ▼ 1.87% IBEX 17,623 ▼ 1.05% STOXX 606.92 ▼ 1.48% EUR/USD 1.1631 ▼ 0.34% GBP/USD 1.3324 ▼ 0.58% SPX 7,409 ▼ 1.24% DJI 49,526 ▼ 1.07% NDX 29,125 ▼ 1.54% RUT 2,793 ▼ 2.44% TSX 33,833 ▼ 1.27% VIX 18.43 ▲ 6.78% USD/CAD 1.3749 ▲ 0.24% US10Y 4.5950 ▲ 3.00%
since 2009
Saturday, May 16, 2026

Opinion: Could Brazil Become Another Venezuela?

By · October 16, 2018 · 3 min read

Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – One of the rallying cries of the supporters of presidential candidate Jair Bolsonaro is that, if Brazil once again falls into the hands of Lula and Workers’ Party PT, who ruled the country from 2002 till 2013, Brazil will become “another Venezuela”.

Michael Royster, aka The Curmudgeon.
Michael Royster, aka The Curmudgeon.

That is rubbish.

In fact, the Curmudgeon believes that the danger of Brazil becoming another Venezuela is significantly greater if Bolsonaro and his ilk take power.

The threat that Brazil would become another Cuba has always been the principal justification used by the Brazilian military and their supporters for the coup carried out (with American backing) in March 1964, that resulted in 21 years of heavy-handed autocratic rule.

But Brazil was not Cuba, nor was it ever likely to become Cuba. The Cuban economy was totally dominated by the sugar cane industry, which was dominated by foreign (largely American) owners. But only a small part of Brazil has ever been dominated by the sugar cane industry, and its owners have for centuries been Brazilian.

Even if Brazil’s sugar cane zone had “fallen” to Castro’s version of communism, any rebellion would have been quickly and decisively crushed by the Brazilian government. Separatist movements have regularly cropped up in several of Brazil’s regions; not one has ever been unsuccessful.

Turning to Venezuela, we ask: What should Brazilian voters fear about Venezuela?

One obvious candidate is runaway inflation, which ruins people’s lives. Hyperinflation existed in Brazil for almost a decade after the end of military rule. Fortunately, in 1994, inflation was conquered by the Plano Real’s economic policies. Those successful policies, previously denounced by Lula and PT, were nevertheless expressly continued by Lula after 2002 when he and PT came into power.

There is no reason to suspect a new PT administration would be any different. Yes, spending on public projects increased during Dilma’s presidency, but hyperinflation never occurred, because the memory of that lost decade still frightens most Brazilians.

The other fear is that Venezuela calls itself “socialist” (whatever that means). But the vast majority of Brazilians are not socialists, they are capitalists. Lula himself was a labor leader, and labor unions are a distinctive feature of capitalist countries—they’re not permitted in Cuba or Venezuela. Why assume Lula would do away with them now, when they constitute his principal power base?

In the Curmudgeon’s view, the one thing Brazilians should fear most about Venezuela is that both Chávez and Maduro have always relied heavily upon the military to ensure their rule. The Venezuelan military control every aspect of government. Military vehicles patrol the streets; the military represses all demonstrations against the government; military families are afforded special protections from inflation.

Chávez, when elected, was a retired Army officer. Bolsonaro is a retired Army officer, as is his vice-presidential running mate. Bolsonaro is on record defending the military dictatorship and its oppressive actions, including torture.

In short, it is not inconceivable that Bolsonaro, if elected and facing widespread opposition to his governmental programs or proposals, would turn to the military for support, just as Venezuela has done for the past 20 years.

That is the Curmudgeon’s worst fear, because he lived in Brazil during the worst years of the Brazilian dictatorship (1968-1970) and he knows the evil it did.

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