IBOV 176,231 ▲ 0.28% IPSA 10,928 ▲ 0.16% IPC MEX 66,841 ▲ 1.32% MERVAL 3,265,384 ▲ 0.93% COLCAP 2,299.44 ▼ 0.36% BVL PERÚ 56,428.20 ▲ 2.28% USD/BRL5.07▼ 1.33% USD/MXN17.39▼ 0.79% USD/CLP923.81▼ 0.97% USD/COP3,252▼ 0.33% USD/PEN3.39▼ 0.56% USD/ARS1,475▼ 0.54% 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▼ 0.29% BRENT 84.09 ▲ 0.95% WTI 78.50 ▲ 0.46% IRON ORE 161.91 — — COPPER 6.43 ▲ 3.11% GOLD 4,096 ▲ 2.46% SILVER 59.70 ▲ 3.58% SOY 1,190 ▼ 1.02% CORN 459.00 ▲ 4.85% WHEAT 639.50 ▲ 1.99% COFFEE 345.10 ▲ 1.08% SUGAR 14.83 ▲ 0.54% ORANGE JUICE 137.80 ▼ 3.33% COTTON 81.07 ▲ 1.55% COCOA 5,687 ▼ 0.16% BEEF 228.18 ▼ 2.79% CATTLE 349.63 ▼ 1.33% LITHIUM 71.74 ▲ 2.13% PETR4 40.38 ▼ 0.69% VALE3 74.14 ▲ 1.77% ITUB4 43.71 ▲ 0.44% BBDC4 18.75 ▼ 0.11% ABEV3 15.93 ▲ 0.63% BBAS3 20.51 ▲ 1.33% B3SA3 15.33 ▲ 1.39% WEGE3 44.37 ▼ 0.05% PRIO3 56.46 ▼ 1.29% SUZB3 40.98 ▼ 1.23% RENT3 40.19 ▼ 0.02% AZZA3 18.95 ▼ 1.40% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.48 ▼ 4.25% GMAT3 3.94 — 0.00% PSSA3 54.08 ▲ 0.07% CVCB3 1.29 ▲ 3.20% POSI3 3.95 ▼ 1.00% SLCE3 13.74 ▼ 0.94% NATU3 8.46 ▼ 1.63% BRKM5 6.72 ▼ 3.17% RANI3 8.00 ▲ 0.63% CSNA3 5.18 ▼ 1.15% CMIN3 5.32 ▼ 2.39% USIM5 8.29 ▼ 1.07% GGBR4 23.11 ▲ 1.27% ENEV3 26.87 ▼ 0.04% CPFE3 47.00 ▲ 0.34% CMIG4 11.10 ▲ 0.27% EQTL3 40.78 ▲ 1.42% LREN3 14.17 ▲ 0.14% VIVT3 35.22 ▲ 1.41% RAIL3 14.06 ▼ 0.35% KLABIN 17.36 ▼ 0.69% RAIA DROGASIL 18.54 ▲ 1.87% RDOR3 35.83 ▲ 0.76% HAPV3 10.68 ▲ 2.10% FLRY3 16.19 ▲ 0.25% SMTO3 16.37 — 0.00% UGPA3 29.68 ▼ 4.04% VBBR3 32.76 — 0.00% BBSE3 40.23 ▼ 0.12% BPAC11 58.27 ▲ 1.30% CURY3 32.70 ▼ 1.27% AERI3 2.08 — 0.00% VIVARA 23.27 ▲ 0.69% COMPASS 25.08 ▲ 1.25% VAMOS 3.02 — 0.00% SANB11 27.55 ▲ 0.66% ASAI3 8.62 ▼ 1.03% SBSP3 30.39 ▲ 0.07% WALMEX 49.75 ▲ 0.20% GMEXICO 203.43 ▲ 4.01% FEMSA 231.50 ▲ 2.72% CEMEX 22.55 ▲ 3.54% GFNORTE 186.19 ▲ 2.26% BIMBO 56.30 ▲ 0.77% TELEVISA 9.61 — 0.00% AMX 22.86 ▲ 1.20% GAP 387.82 ▼ 4.99% ASUR 278.33 ▼ 0.12% OMA 234.31 ▲ 0.42% KOF 181.66 ▼ 0.01% GRUMA 280.44 ▼ 0.33% KIMBER 38.34 ▲ 0.31% SQM-B 67,616 ▲ 0.60% COPEC 6,021 ▼ 0.61% BSANTANDER 79.00 ▲ 1.02% FALABELLA 5,922 ▲ 0.29% ENELAM 84.79 ▲ 0.70% CENCOSUD 2,055 ▲ 0.71% CMPC 1,070 ▼ 0.74% BANCO CHILE 188.50 ▲ 1.89% LATAM AIR 24.52 ▼ 1.53% YPF 78,275 ▲ 1.43% GGAL 8,215 ▲ 1.67% PAMPA 5,230 ▲ 0.10% TXAR 663.00 ▼ 0.23% ALUAR 961.50 ▼ 0.31% TGS 9,655 ▲ 0.89% CEPU 2,315 ▼ 0.17% MIRGOR 17,000 — 0.00% COME 45.64 ▲ 1.92% LOMA NEGRA 3,545 ▲ 1.36% BYMA 308.00 ▼ 0.08% TELECOM ARG 4,265 ▲ 0.35% ECOPETROL 15.75 ▼ 0.82% BANCOLOMBIA 82.29 ▲ 2.33% GRUPO AVAL 4.92 ▲ 0.20% CREDICORP 394.07 ▲ 1.25% SOUTHERN COPPER 182.66 ▲ 4.66% BUENAVENTURA 31.05 ▲ 4.12% MERCADOLIBRE 1,878 ▲ 0.59% NUBANK 14.11 ▲ 3.18% XP 16.63 ▲ 1.56% PAGSEGURO 9.27 ▼ 0.16% STONE 11.24 ▲ 0.76% GLOBANT 31.53 ▼ 1.84% TECNOGLASS 43.19 ▲ 0.81% GAP AIRPORT 221.50 ▼ 4.84% ASUR 278.33 ▼ 0.12% OMA AIRPORT 107.69 ▲ 1.47% AMX ADR 26.22 ▲ 0.73% FEMSA ADR 133.17 ▲ 3.22% CEMEX ADR 12.96 ▲ 4.06% PETROBRAS ADR 17.85 ▼ 0.20% VALE ADR 14.60 ▲ 2.93% ITAU ADR 8.61 ▲ 1.59% SANTANDER BR 5.45 ▲ 1.87% AMBEV ADR 3.11 ▲ 1.63% CSN 1.02 ▼ 0.96% GERDAU 4.56 ▲ 1.56% LATAM ADR 53.49 ▲ 0.29% BTC 64,160 ▲ 3.09% ETH 1,877 ▲ 5.83% SOL 77.24 ▲ 3.18% XRP 1.10 ▲ 3.42% BNB 580.80 ▲ 2.50% ADA 0.16 ▲ 4.50% DOGE 0.07 ▲ 3.51% AVAX 6.63 ▲ 2.88% LINK 8.32 ▲ 5.71% DOT 0.85 ▲ 1.85% LTC 44.52 ▲ 2.37% BCH 238.75 ▲ 1.06% TRX 0.33 ▲ 0.44% XLM 0.18 ▲ 2.01% HBAR 0.07 ▲ 0.75% NEAR 2.04 ▲ 6.27% ATOM 1.56 ▲ 1.50% AAVE 99.45 ▲ 5.39% SELIC 14.25% EMBRAER 83.05 ▲ 0.05% EMBRAER ADR 65.50 ▲ 1.58% JBS 11.74 ▼ 0.51% JBS BDR 59.45 ▼ 1.91% MBRF3 15.87 ▲ 0.95% MBRFY 3.07 ▲ 0.66% INTER 5.80 ▲ 2.57% EGX 52,299 ▼ 0.59% USD/ZAR16.33▼ 0.90% USD/NGN1,381▲ 0.07% NIKKEI 67,744 ▲ 0.74% CSI300 4,797 ▲ 2.15% HSI 24,341 ▲ 0.52% NIFTY 24,052 ▼ 0.66% KOSPI 6,857 ▲ 0.73% JCI 6,040 ▲ 0.03% USD/JPY161.93▼ 0.32% USD/CNY6.76▼ 0.33% DAX 25,136 ▲ 0.09% CAC 8,361 ▼ 0.04% FTSE 10,522 ▲ 0.23% MIB 52,897 ▲ 0.17% IBEX 19,363 ▲ 0.14% STOXX 641.66 ▲ 0.10% EUR/USD1.15▲ 0.61% GBP/USD1.34▲ 0.16% SPX 7,545 ▲ 0.40% DJI 52,513 ▲ 0.03% NDX 29,579 ▲ 1.07% RUT 2,965 ▲ 0.41% TSX 35,392 ▲ 0.40% VIX 16.48 ▼ 3.96% USD/CAD1.40▼ 0.76% US10Y 4.5710 ▼ 0.82% IBOV 176,231 ▲ 0.28% IPSA 10,928 ▲ 0.16% IPC MEX 66,841 ▲ 1.32% MERVAL 3,265,384 ▲ 0.93% COLCAP 2,299.44 ▼ 0.36% BVL PERÚ 56,428.20 ▲ 2.28% USD/BRL 5.07 ▼ 1.33% USD/MXN 17.39 ▼ 0.79% USD/CLP 923.81 ▼ 0.97% USD/COP 3,252 ▼ 0.33% USD/PEN 3.39 ▼ 0.56% USD/ARS 1,477 ▼ 0.40% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.31 ▲ 0.39% 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 ▼ 0.29% BRENT 84.09 ▲ 0.95% WTI 78.50 ▲ 0.46% IRON ORE 161.91 — — COPPER 6.43 ▲ 3.11% GOLD 4,096 ▲ 2.46% SILVER 59.70 ▲ 3.58% SOY 1,190 ▼ 1.02% CORN 459.00 ▲ 4.85% WHEAT 639.50 ▲ 1.99% COFFEE 345.10 ▲ 1.08% SUGAR 14.83 ▲ 0.54% ORANGE JUICE 137.80 ▼ 3.33% COTTON 81.07 ▲ 1.55% COCOA 5,687 ▼ 0.16% BEEF 228.18 ▼ 2.79% CATTLE 349.63 ▼ 1.33% LITHIUM 71.74 ▲ 2.13% PETR4 40.38 ▼ 0.69% VALE3 74.14 ▲ 1.77% ITUB4 43.71 ▲ 0.44% BBDC4 18.75 ▼ 0.11% ABEV3 15.93 ▲ 0.63% BBAS3 20.51 ▲ 1.33% B3SA3 15.33 ▲ 1.39% WEGE3 44.37 ▼ 0.05% PRIO3 56.46 ▼ 1.29% SUZB3 40.98 ▼ 1.23% RENT3 40.19 ▼ 0.02% AZZA3 18.95 ▼ 1.40% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.48 ▼ 4.25% GMAT3 3.94 — 0.00% PSSA3 54.08 ▲ 0.07% CVCB3 1.29 ▲ 3.20% POSI3 3.95 ▼ 1.00% SLCE3 13.74 ▼ 0.94% NATU3 8.46 ▼ 1.63% BRKM5 6.72 ▼ 3.17% RANI3 8.00 ▲ 0.63% CSNA3 5.18 ▼ 1.15% CMIN3 5.32 ▼ 2.39% USIM5 8.29 ▼ 1.07% GGBR4 23.11 ▲ 1.27% ENEV3 26.87 ▼ 0.04% CPFE3 47.00 ▲ 0.34% CMIG4 11.10 ▲ 0.27% EQTL3 40.78 ▲ 1.42% LREN3 14.17 ▲ 0.14% VIVT3 35.22 ▲ 1.41% RAIL3 14.06 ▼ 0.35% KLABIN 17.36 ▼ 0.69% RAIA DROGASIL 18.54 ▲ 1.87% RDOR3 35.83 ▲ 0.76% HAPV3 10.68 ▲ 2.10% FLRY3 16.19 ▲ 0.25% SMTO3 16.37 — 0.00% UGPA3 29.68 ▼ 4.04% VBBR3 32.76 — 0.00% BBSE3 40.23 ▼ 0.12% BPAC11 58.27 ▲ 1.30% CURY3 32.70 ▼ 1.27% AERI3 2.08 — 0.00% VIVARA 23.27 ▲ 0.69% COMPASS 25.08 ▲ 1.25% VAMOS 3.02 — 0.00% SANB11 27.55 ▲ 0.66% ASAI3 8.62 ▼ 1.03% SBSP3 30.39 ▲ 0.07% WALMEX 49.75 ▲ 0.20% GMEXICO 203.43 ▲ 4.01% FEMSA 231.50 ▲ 2.72% CEMEX 22.55 ▲ 3.54% GFNORTE 186.19 ▲ 2.26% BIMBO 56.30 ▲ 0.77% TELEVISA 9.61 — 0.00% AMX 22.86 ▲ 1.20% GAP 387.82 ▼ 4.99% ASUR 278.33 ▼ 0.12% OMA 234.31 ▲ 0.42% KOF 181.66 ▼ 0.01% GRUMA 280.44 ▼ 0.33% KIMBER 38.34 ▲ 0.31% SQM-B 67,616 ▲ 0.60% COPEC 6,021 ▼ 0.61% BSANTANDER 79.00 ▲ 1.02% FALABELLA 5,922 ▲ 0.29% ENELAM 84.79 ▲ 0.70% CENCOSUD 2,055 ▲ 0.71% CMPC 1,070 ▼ 0.74% BANCO CHILE 188.50 ▲ 1.89% LATAM AIR 24.52 ▼ 1.53% YPF 78,275 ▲ 1.43% GGAL 8,215 ▲ 1.67% PAMPA 5,230 ▲ 0.10% TXAR 663.00 ▼ 0.23% ALUAR 961.50 ▼ 0.31% TGS 9,655 ▲ 0.89% CEPU 2,315 ▼ 0.17% MIRGOR 17,000 — 0.00% COME 45.64 ▲ 1.92% LOMA NEGRA 3,545 ▲ 1.36% BYMA 308.00 ▼ 0.08% TELECOM ARG 4,265 ▲ 0.35% ECOPETROL 15.75 ▼ 0.82% BANCOLOMBIA 82.29 ▲ 2.33% GRUPO AVAL 4.92 ▲ 0.20% CREDICORP 394.07 ▲ 1.25% SOUTHERN COPPER 182.66 ▲ 4.66% BUENAVENTURA 31.05 ▲ 4.12% MERCADOLIBRE 1,878 ▲ 0.59% NUBANK 14.11 ▲ 3.18% XP 16.63 ▲ 1.56% PAGSEGURO 9.27 ▼ 0.16% STONE 11.24 ▲ 0.76% GLOBANT 31.53 ▼ 1.84% TECNOGLASS 43.19 ▲ 0.81% GAP AIRPORT 221.50 ▼ 4.84% ASUR 278.33 ▼ 0.12% OMA AIRPORT 107.69 ▲ 1.47% AMX ADR 26.22 ▲ 0.73% FEMSA ADR 133.17 ▲ 3.22% CEMEX ADR 12.96 ▲ 4.06% PETROBRAS ADR 17.85 ▼ 0.20% VALE ADR 14.60 ▲ 2.93% ITAU ADR 8.61 ▲ 1.59% SANTANDER BR 5.45 ▲ 1.87% AMBEV ADR 3.11 ▲ 1.63% CSN 1.02 ▼ 0.96% GERDAU 4.56 ▲ 1.56% LATAM ADR 53.49 ▲ 0.29% BTC 64,160 ▲ 3.09% ETH 1,877 ▲ 5.83% SOL 77.24 ▲ 3.18% XRP 1.10 ▲ 3.42% BNB 580.80 ▲ 2.50% ADA 0.16 ▲ 4.50% DOGE 0.07 ▲ 3.51% AVAX 6.63 ▲ 2.88% LINK 8.32 ▲ 5.71% DOT 0.85 ▲ 1.85% LTC 44.52 ▲ 2.37% BCH 238.75 ▲ 1.06% TRX 0.33 ▲ 0.44% XLM 0.18 ▲ 2.01% HBAR 0.07 ▲ 0.75% NEAR 2.04 ▲ 6.27% ATOM 1.56 ▲ 1.50% AAVE 99.45 ▲ 5.39% SELIC 14.25% EMBRAER 83.05 ▲ 0.05% EMBRAER ADR 65.50 ▲ 1.58% JBS 11.74 ▼ 0.51% JBS BDR 59.45 ▼ 1.91% MBRF3 15.87 ▲ 0.95% MBRFY 3.07 ▲ 0.66% INTER 5.80 ▲ 2.57% EGX 52,299 ▼ 0.59% USD/ZAR 16.33 ▼ 0.78% USD/NGN 1,381 ▲ 0.20% NIKKEI 67,744 ▲ 0.74% CSI300 4,797 ▲ 2.15% HSI 24,341 ▲ 0.52% NIFTY 24,052 ▼ 0.66% KOSPI 6,857 ▲ 0.73% JCI 6,040 ▲ 0.03% USD/JPY 161.97 ▼ 0.29% USD/CNY 6.7695 ▼ 0.02% DAX 25,136 ▲ 0.09% CAC 8,361 ▼ 0.04% FTSE 10,522 ▲ 0.23% MIB 52,897 ▲ 0.17% IBEX 19,363 ▲ 0.14% STOXX 641.66 ▲ 0.10% EUR/USD 1.1448 ▲ 0.54% GBP/USD 1.3407 ▲ 0.43% SPX 7,545 ▲ 0.40% DJI 52,513 ▲ 0.03% NDX 29,579 ▲ 1.07% RUT 2,965 ▲ 0.41% TSX 35,392 ▲ 0.40% VIX 16.48 ▼ 3.96% USD/CAD 1.4056 ▼ 0.69% US10Y 4.5710 ▼ 0.82%
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Opinion: Freedom: A Tale of Three Kings

By · June 16, 2015 · 2 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – The first “king” is Roberto Carlos, a star of Brazilian music for at least fifty years, long known as “o Rei”. Some years ago, an unauthorized biography of “the King” was published with material that displeased the king, who went to court and obtained an injunction against the book prohibiting its circulation. He did not allege it was libelous, he simply said it violated his right to privacy.

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The STF decided last week, unanimously, that freedom of the press is so important a feature of the Brazilian Constitution, that it trumped Brazil’s Civil Code. Public figures cannot prevent publication of unauthorized biographies, because that amounts to prior censorship and prior censorship is no longer permissible in Brazil.

The second “king” is Martin Luther King. 51 years ago, the U.S. Supreme Court decided, unanimously, that public figures could not use libel laws to inhibit freedom of speech. The Times had published an advertisement seeking funds for Martin Luther King, which contained accusations that Alabama officials had brought trumped up charges against Mr. King. Alabama sued the Times for libel, and won a lower court decision.

All nine SCOTUS Justices held that freedom of the press is so important a feature of the U.S. Constitution that it trumped Alabama’s libel laws. The technical decision was that libel could only be found in a case of “actual malice” but the true impact was to protect the press from censorship by authorities.

The third “king” was John of England, generally recognized as one of the worst kings ever. On June 15, 1215, his nobles forced him to sign the Magna Carta, where even his royal actions were subject to the laws issued by Parliament — a concept now known as the Rule of Law, quite justly celebrated around the world, or at least in those few countries where the law still rules.

The earlier “king” decisions are still in effect, 51 and 800 years on; the Curmudgeon hopes the STF “king” decision will remain in effect equally as long.

The Curmudgeon will emit more Smidgens opportunely, without mixed royal metaphors.

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