IBOV 176,183 ▲ 0.25% IPSA 10,928 ▲ 0.16% IPC MEX 66,655 ▲ 1.03% MERVAL 3,237,027 ▲ 0.05% COLCAP 2,296.67 ▼ 0.48% BVL PERÚ 56,428.20 ▲ 1.50% USD/BRL5.08▼ 1.21% USD/MXN17.43▼ 0.57% USD/CLP924.08▼ 0.95% USD/COP3,247▼ 0.48% USD/PEN3.39▼ 0.69% 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/JMD156.98▲ 0.25% USD/TTD6.75▲ 1.19% EUR/BRL5.80▼ 0.43% BRENT 84.69 ▲ 1.67% WTI 79.08 ▲ 1.20% IRON ORE 161.91 — — COPPER 6.37 ▲ 2.23% GOLD 4,068 ▲ 1.77% SILVER 59.06 ▲ 2.47% SOY 1,192 ▼ 0.87% CORN 460.25 ▲ 5.14% WHEAT 644.00 ▲ 2.71% COFFEE 325.70 ▼ 4.60% SUGAR 14.90 ▲ 1.02% ORANGE JUICE 138.45 ▼ 2.88% COTTON 81.68 ▲ 2.32% COCOA 5,918 ▲ 3.90% BEEF 231.80 ▼ 1.25% CATTLE 349.23 ▼ 1.45% LITHIUM 71.38 ▲ 1.62% PETR4 40.74 ▲ 0.20% VALE3 74.09 ▲ 1.70% ITUB4 43.50 ▼ 0.05% BBDC4 18.57 ▼ 1.07% ABEV3 15.88 ▲ 0.32% BBAS3 20.52 ▲ 1.38% B3SA3 15.31 ▲ 1.26% WEGE3 44.22 ▼ 0.38% PRIO3 57.05 ▼ 0.26% SUZB3 41.18 ▼ 0.75% RENT3 40.35 ▲ 0.37% AZZA3 18.79 ▼ 2.24% CSAN3 3.89 ▼ 0.26% RAIZ4 0.32 ▼ 3.03% PCAR3 2.48 ▼ 4.25% GMAT3 3.96 ▲ 0.51% PSSA3 54.27 ▲ 0.43% CVCB3 1.28 ▲ 2.40% POSI3 3.94 ▼ 1.25% SLCE3 13.75 ▼ 0.87% NATU3 8.52 ▼ 0.93% BRKM5 6.66 ▼ 4.03% RANI3 8.02 ▲ 0.88% CSNA3 5.15 ▼ 1.72% CMIN3 5.21 ▼ 4.40% USIM5 8.31 ▼ 0.84% GGBR4 23.13 ▲ 1.36% ENEV3 26.77 ▼ 0.41% CPFE3 47.18 ▲ 0.73% CMIG4 11.12 ▲ 0.45% EQTL3 40.55 ▲ 0.85% LREN3 14.13 ▼ 0.14% VIVT3 35.40 ▲ 1.93% RAIL3 14.14 ▲ 0.21% KLABIN 17.36 ▼ 0.69% RAIA DROGASIL 18.38 ▲ 0.99% RDOR3 35.57 ▲ 0.03% HAPV3 10.66 ▲ 1.91% FLRY3 16.31 ▲ 0.99% SMTO3 16.17 ▼ 1.22% UGPA3 30.10 ▼ 2.68% VBBR3 32.90 ▲ 0.43% BBSE3 40.19 ▼ 0.22% BPAC11 58.00 ▲ 0.83% CURY3 32.78 ▼ 1.03% AERI3 2.08 — 0.00% VIVARA 23.33 ▲ 0.95% COMPASS 25.13 ▲ 1.45% VAMOS 3.04 ▲ 0.66% SANB11 27.40 ▲ 0.11% ASAI3 8.65 ▼ 0.69% SBSP3 30.34 ▼ 0.10% WALMEX 49.62 ▼ 0.06% GMEXICO 200.17 ▲ 2.34% FEMSA 234.01 ▲ 3.84% CEMEX 22.19 ▲ 1.88% GFNORTE 186.81 ▲ 2.60% BIMBO 56.50 ▲ 1.13% TELEVISA 9.53 ▼ 0.83% AMX 22.88 ▲ 1.28% GAP 387.70 ▼ 5.02% ASUR 278.60 ▼ 0.02% OMA 234.11 ▲ 0.34% KOF 182.50 ▲ 0.68% GRUMA 283.10 ▲ 0.61% KIMBER 38.38 ▲ 0.42% SQM-B 67,569 ▲ 0.53% COPEC 6,080 ▲ 0.37% BSANTANDER 78.66 ▲ 0.59% FALABELLA 5,912 ▲ 0.11% ENELAM 85.50 ▲ 1.54% CENCOSUD 2,057 ▲ 0.83% CMPC 1,081 ▲ 0.25% BANCO CHILE 188.30 ▲ 1.78% LATAM AIR 24.71 ▼ 0.76% YPF 77,350 ▲ 0.23% GGAL 8,025 ▼ 0.68% PAMPA 5,205 ▼ 0.38% TXAR 662.00 ▼ 0.38% ALUAR 959.50 ▼ 0.52% TGS 9,670 ▲ 1.04% CEPU 2,311 ▼ 0.35% MIRGOR 16,800 ▼ 1.18% COME 45.23 ▲ 1.00% LOMA NEGRA 3,568 ▲ 2.00% BYMA 304.25 ▼ 1.30% TELECOM ARG 4,265 ▲ 0.35% ECOPETROL 16.04 ▲ 0.98% BANCOLOMBIA 81.64 ▲ 1.52% GRUPO AVAL 4.92 ▲ 0.20% CREDICORP 391.39 ▲ 0.56% SOUTHERN COPPER 179.84 ▲ 3.04% BUENAVENTURA 30.76 ▲ 3.14% MERCADOLIBRE 1,875 ▲ 0.40% NUBANK 13.98 ▲ 2.23% XP 16.83 ▲ 2.78% PAGSEGURO 9.24 ▼ 0.43% STONE 11.23 ▲ 0.72% GLOBANT 31.72 ▼ 1.26% TECNOGLASS 43.25 ▲ 0.96% GAP AIRPORT 222.02 ▼ 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SILVER 59.06 ▲ 2.47% SOY 1,192 ▼ 0.87% CORN 460.25 ▲ 5.14% WHEAT 644.00 ▲ 2.71% COFFEE 325.70 ▼ 4.60% SUGAR 14.90 ▲ 1.02% ORANGE JUICE 138.45 ▼ 2.88% COTTON 81.68 ▲ 2.32% COCOA 5,918 ▲ 3.90% BEEF 231.80 ▼ 1.25% CATTLE 349.23 ▼ 1.45% LITHIUM 71.38 ▲ 1.62% PETR4 40.74 ▲ 0.20% VALE3 74.09 ▲ 1.70% ITUB4 43.50 ▼ 0.05% BBDC4 18.57 ▼ 1.07% ABEV3 15.88 ▲ 0.32% BBAS3 20.52 ▲ 1.38% B3SA3 15.31 ▲ 1.26% WEGE3 44.22 ▼ 0.38% PRIO3 57.05 ▼ 0.26% SUZB3 41.18 ▼ 0.75% RENT3 40.35 ▲ 0.37% AZZA3 18.79 ▼ 2.24% CSAN3 3.89 ▼ 0.26% RAIZ4 0.32 ▼ 3.03% PCAR3 2.48 ▼ 4.25% GMAT3 3.96 ▲ 0.51% PSSA3 54.27 ▲ 0.43% CVCB3 1.28 ▲ 2.40% POSI3 3.94 ▼ 1.25% SLCE3 13.75 ▼ 0.87% NATU3 8.52 ▼ 0.93% BRKM5 6.66 ▼ 4.03% RANI3 8.02 ▲ 0.88% CSNA3 5.15 ▼ 1.72% CMIN3 5.21 ▼ 4.40% USIM5 8.31 ▼ 0.84% GGBR4 23.13 ▲ 1.36% ENEV3 26.77 ▼ 0.41% CPFE3 47.18 ▲ 0.73% CMIG4 11.12 ▲ 0.45% EQTL3 40.55 ▲ 0.85% LREN3 14.13 ▼ 0.14% VIVT3 35.40 ▲ 1.93% RAIL3 14.14 ▲ 0.21% KLABIN 17.36 ▼ 0.69% RAIA DROGASIL 18.38 ▲ 0.99% RDOR3 35.57 ▲ 0.03% HAPV3 10.66 ▲ 1.91% FLRY3 16.31 ▲ 0.99% SMTO3 16.17 ▼ 1.22% UGPA3 30.10 ▼ 2.68% VBBR3 32.90 ▲ 0.43% BBSE3 40.19 ▼ 0.22% BPAC11 58.00 ▲ 0.83% CURY3 32.78 ▼ 1.03% AERI3 2.08 — 0.00% VIVARA 23.33 ▲ 0.95% COMPASS 25.13 ▲ 1.45% VAMOS 3.04 ▲ 0.66% SANB11 27.40 ▲ 0.11% ASAI3 8.65 ▼ 0.69% SBSP3 30.34 ▼ 0.10% WALMEX 49.62 ▼ 0.06% GMEXICO 200.17 ▲ 2.34% FEMSA 234.01 ▲ 3.84% CEMEX 22.19 ▲ 1.88% GFNORTE 186.81 ▲ 2.60% BIMBO 56.50 ▲ 1.13% TELEVISA 9.53 ▼ 0.83% AMX 22.88 ▲ 1.28% GAP 387.70 ▼ 5.02% ASUR 278.60 ▼ 0.02% OMA 234.11 ▲ 0.34% KOF 182.50 ▲ 0.68% GRUMA 283.10 ▲ 0.61% KIMBER 38.38 ▲ 0.42% SQM-B 67,569 ▲ 0.53% COPEC 6,080 ▲ 0.37% BSANTANDER 78.66 ▲ 0.59% FALABELLA 5,912 ▲ 0.11% ENELAM 85.50 ▲ 1.54% CENCOSUD 2,057 ▲ 0.83% CMPC 1,081 ▲ 0.25% BANCO CHILE 188.30 ▲ 1.78% LATAM AIR 24.71 ▼ 0.76% YPF 77,350 ▲ 0.23% GGAL 8,025 ▼ 0.68% PAMPA 5,205 ▼ 0.38% TXAR 662.00 ▼ 0.38% ALUAR 959.50 ▼ 0.52% TGS 9,670 ▲ 1.04% CEPU 2,311 ▼ 0.35% MIRGOR 16,800 ▼ 1.18% COME 45.23 ▲ 1.00% LOMA NEGRA 3,568 ▲ 2.00% BYMA 304.25 ▼ 1.30% TELECOM ARG 4,265 ▲ 0.35% ECOPETROL 16.04 ▲ 0.98% BANCOLOMBIA 81.64 ▲ 1.52% GRUPO AVAL 4.92 ▲ 0.20% CREDICORP 391.39 ▲ 0.56% SOUTHERN COPPER 179.84 ▲ 3.04% BUENAVENTURA 30.76 ▲ 3.14% MERCADOLIBRE 1,875 ▲ 0.40% NUBANK 13.98 ▲ 2.23% XP 16.83 ▲ 2.78% PAGSEGURO 9.24 ▼ 0.43% STONE 11.23 ▲ 0.72% GLOBANT 31.72 ▼ 1.26% TECNOGLASS 43.25 ▲ 0.96% GAP AIRPORT 222.02 ▼ 4.62% ASUR 278.60 ▼ 0.02% OMA AIRPORT 107.29 ▲ 1.09% AMX ADR 26.20 ▲ 0.65% FEMSA ADR 134.20 ▲ 4.02% CEMEX ADR 12.76 ▲ 2.45% PETROBRAS ADR 17.95 ▲ 0.36% VALE ADR 14.58 ▲ 2.79% ITAU ADR 8.57 ▲ 1.18% SANTANDER BR 5.41 ▲ 1.03% AMBEV ADR 3.10 ▲ 1.31% CSN 1.02 ▼ 0.97% GERDAU 4.58 ▲ 2.00% LATAM ADR 53.76 ▲ 0.80% BTC 64,564 ▲ 3.74% ETH 1,867 ▲ 5.26% SOL 77.01 ▲ 2.87% XRP 1.10 ▲ 3.31% BNB 580.00 ▲ 2.36% ADA 0.16 ▲ 4.31% DOGE 0.07 ▲ 3.42% AVAX 6.64 ▲ 3.04% LINK 8.24 ▲ 4.60% DOT 0.85 ▲ 1.85% LTC 44.44 ▲ 2.19% BCH 236.62 ▲ 0.16% TRX 0.33 ▲ 0.33% XLM 0.18 ▲ 1.96% HBAR 0.07 ▲ 0.42% NEAR 2.03 ▲ 5.96% ATOM 1.56 ▲ 1.30% AAVE 99.60 ▲ 5.55% 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The Curmudgeon on Outrage

By · April 10, 2012 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – It’s been a good week for outrage, in Brazil and abroad. A Brazilian higher court held that two defendants could not be convicted of the rape of two 12-year old girls who were prostitutes. Outrageous! On Maundy Thursday, the Pope issued a roundhouse condemnation of women as priests. Outrageous! Günter Grass decried nuclear Israel as the gravest threat to peace in the Middle East. Outrageous!

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In the Curmudgeon’s view, what has deserved more outrage than those is President Dilma’s abject caving into the industrial complex of Brazil.

Dilma’s government has, during the past two weeks, invented a number of tax and financial incentives to encourage big business in Brazil to continue to gouge the Brazilian consumer with unconscionably high prices. The government has ruled that in international bids, government companies must order domestic goods, even if they’re quite a bit more expensive.

The government has ordered BNDES to open its coffers even more widely, so as to finance dubious projects such as the transposition of the São Francisco River, which has already cost twice the original budget but is less than ten percent complete. It has reduced excise tax for those industries which are manifestly non-competitive with producers from abroad, such as white goods and textiles.

The wealthy sugar mill owners continue to reap huge government incentives for planting sugar, while treating their employees as feudal serfs. Government-financed construction projects for hydro-electric dams continue apace, and strikes by the workers there are treated by the government as if they were breaches of national security.

It’s almost enough to turn the Curmudgeon into an eco-geek. Every single one of these measures that benefit the local oligarchy has refused to consider that it is these very industrial projects and programs which most contribute to pollution.

Textiles, white goods and other favored industries are anything but eco-friendly. Not a penny goes to wind or solar power projects, only to gasoline and ethanol. The new law on forestry will permit ever increasing encroachments on the savannahs and the forests by agribusiness, and will amnesty those who violated the tougher terms of the former legislation.

Where’s Dilma now? As this is written, she’s off on a jaunt to the U.S. to preside over the signing of some pompously named educational program for future scientists, which will enable a few more lucky Brazilian students to study at Harvard and MIT.

She has agreed to stop by and say hello to Pres. Obama; while it’s a “formal” visit, it’s not a “state” visit. Needless to say, she’s accompanied by the usual suspects, i.e. a coterie of important Brazilian businessmen, all looking to do deals in the United States.

Word is, Dilma’s going to ask Obama to attend this conference Lula dreamed up, called “Rio +20”, which will, supposedly, treat of “sustainable” development, but will accomplish exactly nothing. Obama won’t attend, of course, because “it’s an election year.” That’s the same reason that was given for not making this a “state” visit; at least the diplomats are consistent.

A better reason for Obama not to attend is because he knows that Brazil, under President Dilma, has given up entirely on “sustainable” development. The government only wants jobs, lots of jobs, lots of public spending going to Brazilian industry, no matter how much it pollutes or deforests or exploits its workers.

And that’s an outrage.


———
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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