IBOV 176,220 ▲ 0.27% IPSA 10,928 ▲ 0.16% IPC MEX 66,743 ▲ 1.17% MERVAL 3,236,842 ▲ 0.05% COLCAP 2,300.76 ▼ 0.30% BVL PERÚ 56,428.20 ▲ 1.50% USD/BRL5.07▼ 1.23% USD/MXN17.43▼ 0.59% USD/CLP923.38▼ 1.02% USD/COP3,249▼ 0.41% USD/PEN3.39▼ 0.67% USD/ARS1,473▼ 0.67% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.34▲ 0.44% 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▼ 0.40% BRENT 84.76 ▲ 1.75% WTI 79.11 ▲ 1.24% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.33% GOLD 4,068 ▲ 1.77% SILVER 59.13 ▲ 2.60% SOY 1,193 ▼ 0.79% CORN 460.50 ▲ 5.20% WHEAT 646.25 ▲ 3.07% COFFEE 326.20 ▼ 4.45% SUGAR 14.89 ▲ 0.95% ORANGE JUICE 138.65 ▼ 2.74% COTTON 81.68 ▲ 2.32% COCOA 5,897 ▲ 3.53% BEEF 231.73 ▼ 1.28% CATTLE 349.50 ▼ 1.37% LITHIUM 71.42 ▲ 1.68% PETR4 40.83 ▲ 0.42% VALE3 74.07 ▲ 1.67% ITUB4 43.51 ▼ 0.02% BBDC4 18.59 ▼ 0.96% ABEV3 15.89 ▲ 0.38% BBAS3 20.50 ▲ 1.28% B3SA3 15.31 ▲ 1.26% WEGE3 44.25 ▼ 0.32% PRIO3 57.01 ▼ 0.33% SUZB3 41.14 ▼ 0.84% RENT3 40.31 ▲ 0.27% AZZA3 18.82 ▼ 2.08% CSAN3 3.89 ▼ 0.26% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.96 ▲ 0.51% PSSA3 54.11 ▲ 0.13% CVCB3 1.27 ▲ 1.60% POSI3 3.94 ▼ 1.25% SLCE3 13.71 ▼ 1.15% NATU3 8.50 ▼ 1.16% BRKM5 6.66 ▼ 4.03% RANI3 8.03 ▲ 1.01% CSNA3 5.20 ▼ 0.76% CMIN3 5.22 ▼ 4.22% USIM5 8.29 ▼ 1.07% GGBR4 23.14 ▲ 1.40% ENEV3 26.82 ▼ 0.22% CPFE3 47.02 ▲ 0.38% CMIG4 11.13 ▲ 0.54% EQTL3 40.48 ▲ 0.67% LREN3 14.12 ▼ 0.21% VIVT3 35.31 ▲ 1.67% RAIL3 14.14 ▲ 0.21% KLABIN 17.39 ▼ 0.51% RAIA DROGASIL 18.38 ▲ 0.99% RDOR3 35.60 ▲ 0.11% HAPV3 10.65 ▲ 1.82% FLRY3 16.31 ▲ 0.99% SMTO3 16.18 ▼ 1.16% UGPA3 30.25 ▼ 2.20% VBBR3 32.94 ▲ 0.55% BBSE3 40.15 ▼ 0.32% BPAC11 58.00 ▲ 0.83% CURY3 32.86 ▼ 0.79% AERI3 2.09 ▲ 0.48% VIVARA 23.26 ▲ 0.65% COMPASS 25.15 ▲ 1.53% VAMOS 3.04 ▲ 0.66% SANB11 27.34 ▼ 0.11% ASAI3 8.65 ▼ 0.69% SBSP3 30.29 ▼ 0.26% WALMEX 49.70 ▲ 0.10% GMEXICO 201.55 ▲ 3.05% FEMSA 233.42 ▲ 3.58% CEMEX 22.13 ▲ 1.61% GFNORTE 187.00 ▲ 2.71% BIMBO 56.60 ▲ 1.31% TELEVISA 9.49 ▼ 1.25% AMX 22.93 ▲ 1.51% GAP 387.40 ▼ 5.09% ASUR 278.42 ▼ 0.09% OMA 233.98 ▲ 0.28% KOF 182.20 ▲ 0.52% GRUMA 283.52 ▲ 0.76% KIMBER 38.46 ▲ 0.63% SQM-B 67,653 ▲ 0.66% COPEC 6,082 ▲ 0.41% BSANTANDER 78.74 ▲ 0.69% FALABELLA 5,887 ▼ 0.30% ENELAM 85.50 ▲ 1.54% CENCOSUD 2,060 ▲ 0.98% CMPC 1,081 ▲ 0.25% BANCO CHILE 188.45 ▲ 1.86% LATAM AIR 24.71 ▼ 0.76% YPF 77,400 ▲ 0.29% GGAL 8,025 ▼ 0.68% PAMPA 5,210 ▼ 0.29% TXAR 663.00 ▼ 0.23% ALUAR 960.00 ▼ 0.47% TGS 9,725 ▲ 1.62% CEPU 2,295 ▼ 1.03% MIRGOR 16,825 ▼ 1.03% COME 45.15 ▲ 0.83% LOMA NEGRA 3,565 ▲ 1.93% BYMA 306.00 ▼ 0.73% TELECOM ARG 4,263 ▲ 0.29% ECOPETROL 16.03 ▲ 0.94% BANCOLOMBIA 81.99 ▲ 1.95% GRUPO AVAL 4.92 ▲ 0.20% CREDICORP 391.18 ▲ 0.50% SOUTHERN COPPER 180.30 ▲ 3.31% BUENAVENTURA 30.75 ▲ 3.10% MERCADOLIBRE 1,873 ▲ 0.33% NUBANK 14.02 ▲ 2.52% XP 16.83 ▲ 2.81% PAGSEGURO 9.25 ▼ 0.38% STONE 11.23 ▲ 0.67% GLOBANT 31.84 ▼ 0.87% TECNOGLASS 43.41 ▲ 1.33% GAP AIRPORT 221.79 ▼ 4.72% ASUR 278.42 ▼ 0.09% OMA AIRPORT 107.34 ▲ 1.14% AMX ADR 26.23 ▲ 0.75% FEMSA ADR 133.96 ▲ 3.84% CEMEX ADR 12.70 ▲ 1.97% PETROBRAS ADR 17.98 ▲ 0.56% VALE ADR 14.56 ▲ 2.68% ITAU ADR 8.57 ▲ 1.14% SANTANDER BR 5.41 ▲ 1.03% AMBEV ADR 3.11 ▲ 1.63% CSN 1.04 ▲ 0.49% GERDAU 4.58 ▲ 1.89% LATAM ADR 53.50 ▲ 0.32% BTC 64,750 ▲ 4.03% ETH 1,873 ▲ 5.60% SOL 77.39 ▲ 3.38% XRP 1.11 ▲ 3.77% BNB 581.28 ▲ 2.58% ADA 0.17 ▲ 5.26% DOGE 0.07 ▲ 3.78% AVAX 6.65 ▲ 3.19% LINK 8.27 ▲ 5.06% DOT 0.86 ▲ 2.45% LTC 44.62 ▲ 2.60% BCH 238.04 ▲ 0.76% TRX 0.32 ▲ 0.26% XLM 0.18 ▲ 2.34% HBAR 0.07 ▲ 0.34% NEAR 2.04 ▲ 6.27% ATOM 1.55 ▲ 1.24% AAVE 100.10 ▲ 6.08% SELIC 14.25% EMBRAER 82.96 ▼ 0.06% EMBRAER ADR 65.47 ▲ 1.53% JBS 11.84 ▲ 0.34% JBS BDR 60.11 ▼ 0.82% MBRF3 15.99 ▲ 1.72% MBRFY 3.10 ▲ 1.64% INTER 5.67 ▲ 0.27% EGX 52,299 ▼ 0.59% USD/ZAR16.36▼ 0.69% 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/JPY162.12▼ 0.20% USD/CNY6.76▼ 0.31% 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▲ 0.47% GBP/USD1.34▲ 0.03% SPX 7,534 ▲ 0.25% DJI 52,367 ▼ 0.25% NDX 29,581 ▲ 1.08% RUT 2,966 ▲ 0.45% TSX 35,343 ▲ 0.26% VIX 16.64 ▼ 3.03% USD/CAD1.41▼ 0.68% US10Y 4.5870 ▼ 0.48% IBOV 176,220 ▲ 0.27% IPSA 10,928 ▲ 0.16% IPC MEX 66,743 ▲ 1.17% MERVAL 3,236,842 ▲ 0.05% COLCAP 2,300.76 ▼ 0.30% BVL PERÚ 56,428.20 ▲ 1.50% USD/BRL 5.07 ▼ 1.23% USD/MXN 17.43 ▼ 0.59% USD/CLP 923.38 ▼ 1.02% USD/COP 3,249 ▼ 0.41% USD/PEN 3.39 ▼ 0.67% USD/ARS 1,473 ▼ 0.67% 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 ▼ 0.40% BRENT 84.76 ▲ 1.75% WTI 79.11 ▲ 1.24% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.33% GOLD 4,068 ▲ 1.77% SILVER 59.13 ▲ 2.60% SOY 1,193 ▼ 0.79% CORN 460.50 ▲ 5.20% WHEAT 646.25 ▲ 3.07% COFFEE 326.20 ▼ 4.45% SUGAR 14.89 ▲ 0.95% ORANGE JUICE 138.65 ▼ 2.74% COTTON 81.68 ▲ 2.32% COCOA 5,897 ▲ 3.53% BEEF 231.73 ▼ 1.28% CATTLE 349.50 ▼ 1.37% LITHIUM 71.42 ▲ 1.68% PETR4 40.83 ▲ 0.42% VALE3 74.07 ▲ 1.67% ITUB4 43.51 ▼ 0.02% BBDC4 18.59 ▼ 0.96% ABEV3 15.89 ▲ 0.38% BBAS3 20.50 ▲ 1.28% B3SA3 15.31 ▲ 1.26% WEGE3 44.25 ▼ 0.32% PRIO3 57.01 ▼ 0.33% SUZB3 41.14 ▼ 0.84% RENT3 40.31 ▲ 0.27% AZZA3 18.82 ▼ 2.08% CSAN3 3.89 ▼ 0.26% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.96 ▲ 0.51% PSSA3 54.11 ▲ 0.13% CVCB3 1.27 ▲ 1.60% POSI3 3.94 ▼ 1.25% SLCE3 13.71 ▼ 1.15% NATU3 8.50 ▼ 1.16% BRKM5 6.66 ▼ 4.03% RANI3 8.03 ▲ 1.01% CSNA3 5.20 ▼ 0.76% CMIN3 5.22 ▼ 4.22% USIM5 8.29 ▼ 1.07% GGBR4 23.14 ▲ 1.40% ENEV3 26.82 ▼ 0.22% CPFE3 47.02 ▲ 0.38% CMIG4 11.13 ▲ 0.54% EQTL3 40.48 ▲ 0.67% LREN3 14.12 ▼ 0.21% VIVT3 35.31 ▲ 1.67% RAIL3 14.14 ▲ 0.21% KLABIN 17.39 ▼ 0.51% RAIA DROGASIL 18.38 ▲ 0.99% RDOR3 35.60 ▲ 0.11% HAPV3 10.65 ▲ 1.82% FLRY3 16.31 ▲ 0.99% SMTO3 16.18 ▼ 1.16% UGPA3 30.25 ▼ 2.20% VBBR3 32.94 ▲ 0.55% BBSE3 40.15 ▼ 0.32% BPAC11 58.00 ▲ 0.83% CURY3 32.86 ▼ 0.79% AERI3 2.09 ▲ 0.48% VIVARA 23.26 ▲ 0.65% COMPASS 25.15 ▲ 1.53% VAMOS 3.04 ▲ 0.66% SANB11 27.34 ▼ 0.11% ASAI3 8.65 ▼ 0.69% SBSP3 30.29 ▼ 0.26% WALMEX 49.70 ▲ 0.10% GMEXICO 201.55 ▲ 3.05% FEMSA 233.42 ▲ 3.58% CEMEX 22.13 ▲ 1.61% GFNORTE 187.00 ▲ 2.71% BIMBO 56.60 ▲ 1.31% TELEVISA 9.49 ▼ 1.25% AMX 22.93 ▲ 1.51% GAP 387.40 ▼ 5.09% ASUR 278.42 ▼ 0.09% OMA 233.98 ▲ 0.28% KOF 182.20 ▲ 0.52% GRUMA 283.52 ▲ 0.76% KIMBER 38.46 ▲ 0.63% SQM-B 67,653 ▲ 0.66% COPEC 6,082 ▲ 0.41% BSANTANDER 78.74 ▲ 0.69% FALABELLA 5,887 ▼ 0.30% ENELAM 85.50 ▲ 1.54% CENCOSUD 2,060 ▲ 0.98% CMPC 1,081 ▲ 0.25% BANCO CHILE 188.45 ▲ 1.86% LATAM AIR 24.71 ▼ 0.76% YPF 77,400 ▲ 0.29% GGAL 8,025 ▼ 0.68% PAMPA 5,210 ▼ 0.29% TXAR 663.00 ▼ 0.23% ALUAR 960.00 ▼ 0.47% TGS 9,725 ▲ 1.62% CEPU 2,295 ▼ 1.03% MIRGOR 16,825 ▼ 1.03% COME 45.15 ▲ 0.83% LOMA NEGRA 3,565 ▲ 1.93% BYMA 306.00 ▼ 0.73% TELECOM ARG 4,263 ▲ 0.29% ECOPETROL 16.03 ▲ 0.94% BANCOLOMBIA 81.99 ▲ 1.95% GRUPO AVAL 4.92 ▲ 0.20% CREDICORP 391.18 ▲ 0.50% SOUTHERN COPPER 180.30 ▲ 3.31% BUENAVENTURA 30.75 ▲ 3.10% MERCADOLIBRE 1,873 ▲ 0.33% NUBANK 14.02 ▲ 2.52% XP 16.83 ▲ 2.81% PAGSEGURO 9.25 ▼ 0.38% STONE 11.23 ▲ 0.67% GLOBANT 31.84 ▼ 0.87% TECNOGLASS 43.41 ▲ 1.33% GAP AIRPORT 221.79 ▼ 4.72% ASUR 278.42 ▼ 0.09% OMA AIRPORT 107.34 ▲ 1.14% AMX ADR 26.23 ▲ 0.75% FEMSA ADR 133.96 ▲ 3.84% CEMEX ADR 12.70 ▲ 1.97% PETROBRAS ADR 17.98 ▲ 0.56% VALE ADR 14.56 ▲ 2.68% ITAU ADR 8.57 ▲ 1.14% SANTANDER BR 5.41 ▲ 1.03% AMBEV ADR 3.11 ▲ 1.63% CSN 1.04 ▲ 0.49% GERDAU 4.58 ▲ 1.89% LATAM ADR 53.50 ▲ 0.32% BTC 64,750 ▲ 4.03% ETH 1,873 ▲ 5.60% SOL 77.39 ▲ 3.38% XRP 1.11 ▲ 3.77% BNB 581.28 ▲ 2.58% ADA 0.17 ▲ 5.26% DOGE 0.07 ▲ 3.78% AVAX 6.65 ▲ 3.19% LINK 8.27 ▲ 5.06% DOT 0.86 ▲ 2.45% LTC 44.62 ▲ 2.60% BCH 238.04 ▲ 0.76% TRX 0.32 ▲ 0.26% XLM 0.18 ▲ 2.34% HBAR 0.07 ▲ 0.34% NEAR 2.04 ▲ 6.27% ATOM 1.55 ▲ 1.24% AAVE 100.10 ▲ 6.08% SELIC 14.25% EMBRAER 82.96 ▼ 0.06% EMBRAER ADR 65.47 ▲ 1.53% JBS 11.84 ▲ 0.34% JBS BDR 60.11 ▼ 0.82% MBRF3 15.99 ▲ 1.72% MBRFY 3.10 ▲ 1.64% INTER 5.67 ▲ 0.27% EGX 52,299 ▼ 0.59% USD/ZAR 16.37 ▼ 0.52% 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 162.15 ▼ 0.17% USD/CNY 6.7592 ▼ 0.17% 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 1.1434 ▲ 0.41% GBP/USD 1.3388 ▲ 0.29% SPX 7,534 ▲ 0.25% DJI 52,367 ▼ 0.25% NDX 29,581 ▲ 1.08% RUT 2,966 ▲ 0.45% TSX 35,343 ▲ 0.26% VIX 16.64 ▼ 3.03% USD/CAD 1.4066 ▼ 0.61% US10Y 4.5870 ▼ 0.48%
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Tuesday, July 14, 2026

The Curmudgeon on Democratically (Un)Elected Presidents

By · July 5, 2011 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – The death last week of Itamar Franco, Brazil’s President from 1992 to 1994, has triggered a reminder of the late Gerald Ford, President of the USA from 1974 to 1977. They had much in common, starting with the fact that they both succeeded presidents who were forced from office in disgrace. In Ford’s case, it was Richard (“I am not a crook”) Nixon, and in Itamar’s case, Fernando (“Me neither”) Collor de Mello.

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There’s more in this vein. Both men owed their unexpected elevation to historical irregularities. In Ford’s case, he had been appointed Vice-President by Richard Nixon, after the elected Vice President, Spiro Agnew, had resigned in disgrace. In Itamar’s case, his predecessor as both Vice President and President, José Sarney, had wrongly usurped the presidency upon the death of Tancredo Neves, who had not taken office.

Both men assumed office during their respective countries’ worst economic crises in years. Ford’s administration was marked by both inflation and recession; Itamar’s by a continuation of the rampant inflation and recession that had signaled Sarney’s regime. Both men’s initial attempts to do something about it were ineffectual. Ford started the fatuous Whip Inflation Now (WIN) campaign and Itamar, running through Finance Ministers like water, forced VW to re-introduce the (old) Beetle many years after it had gone out of production.

Both were known for stumbling: Ford physically and verbally; Itamar politically, witness his appearance in a Rio Carnaval box owned by “bicheiros” (the numbers racketeers) while accompanied by a semi-undressed “model” named Lilian Ramos.

Ford had other, bigger problems, in the area of foreign relations. Although the Vietnam War had officially ended, the Fall of Saigon happened on his watch. US relations with Israel came to an all-time low, and Kissinger’s shuttle diplomacy was foundering. Itamar had no such problems, if only because no one was sure what Brazil’s foreign policy was.

The mention of Henry Kissinger is by way of being an introduction to the other main similarity—both Ford and Itamar have always been seen as being presidents who just couldn’t cut the mustard, who depended, in short, on their cabinet ministers to get anything important done. Domestically, Ford’s Chiefs of Staff were Donald Rumsfeld and Dick Cheney (remember them?).

Itamar, similarly, couldn’t get a handle on the economy, where inflation was still out of control after Sarney’s plan and Collor’s plan both drowned in floods of zeroes. He appointed three Economy Ministers, none of whom won his support for anything, until finally taking his leap of faith with Fernando Henrique Cardoso, and the Plano Real. This saved the economy, but doomed Itamar to a permanent lack of respect, for FHC won all the credit.

As a direct result of this seeming lack of mojo, both Ford and Itamar tried to run for president again, but were rejected by their own political parties, and then ceased to play any significant part in the national politics of each country.

—––
Michael Royster, aka THE CURMUDGEON first saw Rio forty-plus years ago, moved here thirty-plus years ago, still loves it, notwithstanding being a charter member of the most persecuted minority in (North) America today, the WASPs (google it!)(get over it!)

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