IBOV 176,641 ▲ 0.51% IPSA 11,024 ▲ 1.05% IPC MEX 66,514 ▲ 0.82% MERVAL 3,229,324 ▼ 0.18% COLCAP 2,298.73 ▼ 0.39% BVL PERÚ 56,428.20 ▲ 1.32% USD/BRL5.07▼ 1.23% USD/MXN17.41▼ 0.67% USD/CLP925.95▼ 0.75% USD/COP3,249▼ 0.42% USD/PEN3.41▼ 0.05% USD/ARS1,470▼ 0.88% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.20▲ 0.20% 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/BRL5.79▼ 0.44% BRENT 85.67 ▲ 2.85% WTI 80.03 ▲ 2.42% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.29% GOLD 4,057 ▲ 1.50% SILVER 59.04 ▲ 2.43% SOY 1,197 ▼ 0.46% CORN 460.75 ▲ 5.25% WHEAT 645.75 ▲ 2.99% COFFEE 327.00 ▼ 4.22% SUGAR 14.92 ▲ 1.15% ORANGE JUICE 140.90 ▼ 1.16% COTTON 81.68 ▲ 2.32% COCOA 5,936 ▲ 4.21% BEEF 231.58 ▼ 1.34% CATTLE 349.63 ▼ 1.33% LITHIUM 71.58 ▲ 1.91% PETR4 40.66 — 0.00% VALE3 74.01 ▲ 1.59% ITUB4 43.63 ▲ 0.25% BBDC4 18.63 ▼ 0.75% ABEV3 15.81 ▼ 0.13% BBAS3 20.59 ▲ 1.73% B3SA3 15.33 ▲ 1.39% WEGE3 44.20 ▼ 0.43% PRIO3 57.57 ▲ 0.65% SUZB3 41.11 ▼ 0.92% RENT3 40.54 ▲ 0.85% AZZA3 18.85 ▼ 1.93% CSAN3 3.89 ▼ 0.26% RAIZ4 0.31 ▼ 6.06% PCAR3 2.45 ▼ 5.41% GMAT3 3.96 ▲ 0.51% PSSA3 54.29 ▲ 0.46% CVCB3 1.38 ▲ 10.40% POSI3 3.99 — 0.00% SLCE3 13.81 ▼ 0.43% NATU3 8.55 ▼ 0.58% BRKM5 6.83 ▼ 1.59% RANI3 8.01 ▲ 0.75% CSNA3 5.20 ▼ 0.76% CMIN3 5.10 ▼ 6.42% USIM5 8.23 ▼ 1.79% GGBR4 23.32 ▲ 2.19% ENEV3 27.17 ▲ 1.08% CPFE3 47.20 ▲ 0.77% CMIG4 11.20 ▲ 1.17% EQTL3 40.95 ▲ 1.84% LREN3 14.29 ▲ 0.99% VIVT3 35.52 ▲ 2.27% RAIL3 14.13 ▲ 0.14% KLABIN 17.32 ▼ 0.92% RAIA DROGASIL 18.60 ▲ 2.20% RDOR3 36.05 ▲ 1.38% HAPV3 11.19 ▲ 6.98% FLRY3 16.41 ▲ 1.61% SMTO3 16.12 ▼ 1.53% UGPA3 30.11 ▼ 2.65% VBBR3 33.30 ▲ 1.65% BBSE3 40.39 ▲ 0.27% BPAC11 57.95 ▲ 0.75% CURY3 33.59 ▲ 1.42% AERI3 2.07 ▼ 0.48% VIVARA 23.43 ▲ 1.38% COMPASS 25.20 ▲ 1.74% VAMOS 3.15 ▲ 4.30% SANB11 27.34 ▼ 0.11% ASAI3 8.66 ▼ 0.57% SBSP3 30.34 ▼ 0.10% WALMEX 49.32 ▼ 0.66% GMEXICO 199.61 ▲ 2.06% FEMSA 232.52 ▲ 3.18% CEMEX 22.24 ▲ 2.11% GFNORTE 186.00 ▲ 2.16% BIMBO 56.55 ▲ 1.22% TELEVISA 9.49 ▼ 1.25% AMX 22.83 ▲ 1.06% GAP 394.05 ▼ 3.46% ASUR 275.61 ▼ 1.09% OMA 235.49 ▲ 0.93% KOF 180.00 ▼ 0.92% GRUMA 280.31 ▼ 0.38% KIMBER 38.53 ▲ 0.81% SQM-B 67,900 ▲ 1.03% COPEC 6,210 ▲ 2.52% BSANTANDER 78.64 ▲ 0.56% FALABELLA 5,875 ▼ 0.51% ENELAM 85.75 ▲ 1.84% CENCOSUD 2,040 — 0.00% CMPC 1,103 ▲ 2.32% BANCO CHILE 189.50 ▲ 2.43% LATAM AIR 24.90 — 0.00% YPF 77,775 ▲ 0.78% GGAL 7,910 ▼ 2.10% PAMPA 5,230 ▲ 0.10% TXAR 662.00 ▼ 0.38% ALUAR 949.00 ▼ 1.61% TGS 9,710 ▲ 1.46% CEPU 2,327 ▲ 0.35% MIRGOR 16,750 ▼ 1.47% COME 45.75 ▲ 2.17% LOMA NEGRA 3,533 ▲ 1.00% BYMA 301.00 ▼ 2.35% TELECOM ARG 4,333 ▲ 1.94% ECOPETROL 16.16 ▲ 1.76% BANCOLOMBIA 82.10 ▲ 2.09% GRUPO AVAL 4.95 ▲ 0.81% CREDICORP 392.24 ▲ 0.78% SOUTHERN COPPER 182.38 ▲ 4.50% BUENAVENTURA 31.03 ▲ 4.06% MERCADOLIBRE 1,874 ▲ 0.35% NUBANK 13.99 ▲ 2.34% XP 16.87 ▲ 3.05% PAGSEGURO 9.28 — 0.00% STONE 11.30 ▲ 1.35% GLOBANT 30.92 ▼ 3.74% TECNOGLASS 44.19 ▲ 3.15% GAP AIRPORT 225.95 ▼ 2.93% ASUR 275.61 ▼ 1.09% OMA AIRPORT 107.64 ▲ 1.42% AMX ADR 26.18 ▲ 0.58% FEMSA ADR 133.17 ▲ 3.22% CEMEX ADR 12.80 ▲ 2.81% PETROBRAS ADR 17.92 ▲ 0.22% VALE ADR 14.59 ▲ 2.89% ITAU ADR 8.55 ▲ 0.94% SANTANDER BR 5.40 ▲ 0.84% AMBEV ADR 3.09 ▲ 0.98% CSN 1.04 ▲ 0.49% GERDAU 4.61 ▲ 2.67% LATAM ADR 53.51 ▲ 0.34% BTC 64,668 ▲ 3.90% ETH 1,869 ▲ 5.38% SOL 77.50 ▲ 3.52% XRP 1.10 ▲ 3.67% BNB 580.00 ▲ 2.36% ADA 0.16 ▲ 4.24% DOGE 0.07 ▲ 2.95% AVAX 6.66 ▲ 3.35% LINK 8.31 ▲ 5.59% DOT 0.86 ▲ 2.57% LTC 45.01 ▲ 3.50% BCH 234.36 ▼ 0.79% TRX 0.33 ▲ 0.53% XLM 0.18 ▲ 1.81% HBAR 0.07 ▲ 1.06% NEAR 2.01 ▲ 4.81% ATOM 1.55 ▲ 1.24% AAVE 98.73 ▲ 4.63% SELIC 14.25% EMBRAER 82.49 ▼ 0.63% EMBRAER ADR 64.91 ▲ 0.67% JBS 11.83 ▲ 0.25% JBS BDR 59.75 ▼ 1.42% MBRF3 16.09 ▲ 2.35% MBRFY 3.14 ▲ 2.95% INTER 5.70 ▲ 0.89% EGX 52,299 ▼ 0.59% USD/ZAR16.36▼ 0.68% USD/NGN 1,381 — 0.00% NIKKEI 67,919 ▲ 0.26% CSI300 4,797 ▲ 2.15% HSI 24,341 — 0.00% NIFTY 24,052 ▼ 0.66% KOSPI 7,230 ▲ 5.44% JCI 6,040 ▲ 0.03% USD/JPY162.09▼ 0.22% USD/CNY 6.7624 — 0.00% DAX 25,147 ▲ 0.13% CAC 8,367 ▲ 0.03% FTSE 10,529 ▲ 0.30% MIB 52,863 ▲ 0.10% IBEX 19,357 ▲ 0.11% STOXX 642.10 ▲ 0.17% EUR/USD1.14▲ 0.48% GBP/USD1.34▲ 0.10% SPX 7,544 ▲ 0.38% DJI 52,508 ▲ 0.02% NDX 29,586 ▲ 1.10% RUT 2,965 ▲ 0.39% TSX 35,321 ▲ 0.19% VIX 16.50 ▼ 3.85% USD/CAD1.40▼ 0.76% US10Y 4.5850 ▼ 0.52% IBOV 176,641 ▲ 0.51% IPSA 11,024 ▲ 1.05% IPC MEX 66,514 ▲ 0.82% MERVAL 3,229,324 ▼ 0.18% COLCAP 2,298.73 ▼ 0.39% BVL PERÚ 56,428.20 ▲ 1.32% USD/BRL 5.07 ▼ 1.23% USD/MXN 17.41 ▼ 0.67% USD/CLP 925.95 ▼ 0.75% USD/COP 3,249 ▼ 0.42% USD/PEN 3.41 ▼ 0.05% USD/ARS 1,470 ▼ 0.88% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.20 ▲ 0.20% 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 5.79 ▼ 0.44% BRENT 85.67 ▲ 2.85% WTI 80.03 ▲ 2.42% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.29% GOLD 4,057 ▲ 1.50% SILVER 59.04 ▲ 2.43% SOY 1,197 ▼ 0.46% CORN 460.75 ▲ 5.25% WHEAT 645.75 ▲ 2.99% COFFEE 327.00 ▼ 4.22% SUGAR 14.92 ▲ 1.15% ORANGE JUICE 140.90 ▼ 1.16% COTTON 81.68 ▲ 2.32% COCOA 5,936 ▲ 4.21% BEEF 231.58 ▼ 1.34% CATTLE 349.63 ▼ 1.33% LITHIUM 71.58 ▲ 1.91% PETR4 40.66 — 0.00% VALE3 74.01 ▲ 1.59% ITUB4 43.63 ▲ 0.25% BBDC4 18.63 ▼ 0.75% ABEV3 15.81 ▼ 0.13% BBAS3 20.59 ▲ 1.73% B3SA3 15.33 ▲ 1.39% WEGE3 44.20 ▼ 0.43% PRIO3 57.57 ▲ 0.65% SUZB3 41.11 ▼ 0.92% RENT3 40.54 ▲ 0.85% AZZA3 18.85 ▼ 1.93% CSAN3 3.89 ▼ 0.26% RAIZ4 0.31 ▼ 6.06% PCAR3 2.45 ▼ 5.41% GMAT3 3.96 ▲ 0.51% PSSA3 54.29 ▲ 0.46% CVCB3 1.38 ▲ 10.40% POSI3 3.99 — 0.00% SLCE3 13.81 ▼ 0.43% NATU3 8.55 ▼ 0.58% BRKM5 6.83 ▼ 1.59% RANI3 8.01 ▲ 0.75% CSNA3 5.20 ▼ 0.76% CMIN3 5.10 ▼ 6.42% USIM5 8.23 ▼ 1.79% GGBR4 23.32 ▲ 2.19% ENEV3 27.17 ▲ 1.08% CPFE3 47.20 ▲ 0.77% CMIG4 11.20 ▲ 1.17% EQTL3 40.95 ▲ 1.84% LREN3 14.29 ▲ 0.99% VIVT3 35.52 ▲ 2.27% RAIL3 14.13 ▲ 0.14% KLABIN 17.32 ▼ 0.92% RAIA DROGASIL 18.60 ▲ 2.20% RDOR3 36.05 ▲ 1.38% HAPV3 11.19 ▲ 6.98% FLRY3 16.41 ▲ 1.61% SMTO3 16.12 ▼ 1.53% UGPA3 30.11 ▼ 2.65% VBBR3 33.30 ▲ 1.65% BBSE3 40.39 ▲ 0.27% BPAC11 57.95 ▲ 0.75% CURY3 33.59 ▲ 1.42% AERI3 2.07 ▼ 0.48% VIVARA 23.43 ▲ 1.38% COMPASS 25.20 ▲ 1.74% VAMOS 3.15 ▲ 4.30% SANB11 27.34 ▼ 0.11% ASAI3 8.66 ▼ 0.57% SBSP3 30.34 ▼ 0.10% WALMEX 49.32 ▼ 0.66% GMEXICO 199.61 ▲ 2.06% FEMSA 232.52 ▲ 3.18% CEMEX 22.24 ▲ 2.11% GFNORTE 186.00 ▲ 2.16% BIMBO 56.55 ▲ 1.22% TELEVISA 9.49 ▼ 1.25% AMX 22.83 ▲ 1.06% GAP 394.05 ▼ 3.46% ASUR 275.61 ▼ 1.09% OMA 235.49 ▲ 0.93% KOF 180.00 ▼ 0.92% GRUMA 280.31 ▼ 0.38% KIMBER 38.53 ▲ 0.81% SQM-B 67,900 ▲ 1.03% COPEC 6,210 ▲ 2.52% BSANTANDER 78.64 ▲ 0.56% FALABELLA 5,875 ▼ 0.51% ENELAM 85.75 ▲ 1.84% CENCOSUD 2,040 — 0.00% CMPC 1,103 ▲ 2.32% BANCO CHILE 189.50 ▲ 2.43% LATAM AIR 24.90 — 0.00% YPF 77,775 ▲ 0.78% GGAL 7,910 ▼ 2.10% PAMPA 5,230 ▲ 0.10% TXAR 662.00 ▼ 0.38% ALUAR 949.00 ▼ 1.61% TGS 9,710 ▲ 1.46% CEPU 2,327 ▲ 0.35% MIRGOR 16,750 ▼ 1.47% COME 45.75 ▲ 2.17% LOMA NEGRA 3,533 ▲ 1.00% BYMA 301.00 ▼ 2.35% TELECOM ARG 4,333 ▲ 1.94% ECOPETROL 16.16 ▲ 1.76% BANCOLOMBIA 82.10 ▲ 2.09% GRUPO AVAL 4.95 ▲ 0.81% CREDICORP 392.24 ▲ 0.78% SOUTHERN COPPER 182.38 ▲ 4.50% BUENAVENTURA 31.03 ▲ 4.06% MERCADOLIBRE 1,874 ▲ 0.35% NUBANK 13.99 ▲ 2.34% XP 16.87 ▲ 3.05% PAGSEGURO 9.28 — 0.00% STONE 11.30 ▲ 1.35% GLOBANT 30.92 ▼ 3.74% TECNOGLASS 44.19 ▲ 3.15% GAP AIRPORT 225.95 ▼ 2.93% ASUR 275.61 ▼ 1.09% OMA AIRPORT 107.64 ▲ 1.42% AMX ADR 26.18 ▲ 0.58% FEMSA ADR 133.17 ▲ 3.22% CEMEX ADR 12.80 ▲ 2.81% PETROBRAS ADR 17.92 ▲ 0.22% VALE ADR 14.59 ▲ 2.89% ITAU ADR 8.55 ▲ 0.94% SANTANDER BR 5.40 ▲ 0.84% AMBEV ADR 3.09 ▲ 0.98% CSN 1.04 ▲ 0.49% GERDAU 4.61 ▲ 2.67% LATAM ADR 53.51 ▲ 0.34% BTC 64,668 ▲ 3.90% ETH 1,869 ▲ 5.38% SOL 77.50 ▲ 3.52% XRP 1.10 ▲ 3.67% BNB 580.00 ▲ 2.36% ADA 0.16 ▲ 4.24% DOGE 0.07 ▲ 2.95% AVAX 6.66 ▲ 3.35% LINK 8.31 ▲ 5.59% DOT 0.86 ▲ 2.57% LTC 45.01 ▲ 3.50% BCH 234.36 ▼ 0.79% TRX 0.33 ▲ 0.53% XLM 0.18 ▲ 1.81% HBAR 0.07 ▲ 1.06% NEAR 2.01 ▲ 4.81% ATOM 1.55 ▲ 1.24% AAVE 98.73 ▲ 4.63% SELIC 14.25% EMBRAER 82.49 ▼ 0.63% EMBRAER ADR 64.91 ▲ 0.67% JBS 11.83 ▲ 0.25% JBS BDR 59.75 ▼ 1.42% MBRF3 16.09 ▲ 2.35% MBRFY 3.14 ▲ 2.95% INTER 5.70 ▲ 0.89% EGX 52,299 ▼ 0.59% USD/ZAR 16.35 ▲ 0.06% USD/NGN 1,381 — 0.00% NIKKEI 67,919 ▲ 0.26% CSI300 4,797 ▲ 2.15% HSI 24,341 — 0.00% NIFTY 24,052 ▼ 0.66% KOSPI 7,230 ▲ 5.44% JCI 6,040 ▲ 0.03% USD/JPY 162.05 ▼ 0.09% USD/CNY 6.7624 — 0.00% DAX 25,147 ▲ 0.13% CAC 8,367 ▲ 0.03% FTSE 10,529 ▲ 0.30% MIB 52,863 ▲ 0.10% IBEX 19,357 ▲ 0.11% STOXX 642.10 ▲ 0.17% EUR/USD 1.1439 ▲ 0.12% GBP/USD 1.3402 ▲ 0.11% SPX 7,544 ▲ 0.38% DJI 52,508 ▲ 0.02% NDX 29,586 ▲ 1.10% RUT 2,965 ▲ 0.39% TSX 35,321 ▲ 0.19% VIX 16.50 ▼ 3.85% USD/CAD 1.4048 ▼ 0.09% US10Y 4.5850 ▼ 0.52%
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Opinion: Who Were Those Guys? a Smidgen

By · December 14, 2014 · 2 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – Yesterday, December 13th, was the 46th anniversary of the promulgation by the Brazilian military of AI-5. A is for “Ato” and I is for “Institucional”. AI-5 was the Act that Instituted the worst years of the military dictatorship. All basic constitutional guarantees were suspended, including freedom of speech, freedom of assembly, and habeas corpus.

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The Executive Branch could (and did) assume full legislative powers, and its actions were not subject to Judicial scrutiny. The Executive Branch could (and did) determine that legislators be banned from serving for up to ten years. The Ministry of Justice could (and did) confine people to their homes, prohibit them from going certain places and keep them under constant surveillance, without a court order.

A popular joke after the promulgation of AI-5 was that a presidential delegation from Bolivia came on a state visit to Brazil; one member of the delegation was Bolivia’s Minister of the Navy. The Brazilians laughed so the Bolivians replied: “What’s so funny? You have a Ministry of ‘Justice’.”

The Curmudgeon recalls the date because it is intimately related to the question of torture. In 1968, several legislators had openly stated that the military would become a safe house for torturers — and they were dead right. [The accusers were summarily booted out of Congress by the military.]

One problem for Brazil today is that there are large numbers of military personnel who believe that torture was justified, that what they did was right. Worse yet, there are civilians who, seeing widespread graft and corruption among civilian politicians, call for the return of military rule, which was supposedly uncorruptible.

In fact, during the ten years that AI-5 lasted, both corruption and torture thrived in Brazil. The military had absolute power; as Lord Acton knew, absolute power corrupts absolutely.

The Curmudgeon will emit more Smidgens opportunely.

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