IBOV 176,131 ▲ 0.22% IPSA 10,928 ▲ 0.16% IPC MEX 66,704 ▲ 1.11% MERVAL 3,236,862 ▲ 0.05% COLCAP 2,300.88 ▼ 0.29% BVL PERÚ 56,428.20 ▲ 2.18% USD/BRL5.08▼ 1.13% USD/MXN17.43▼ 0.56% USD/CLP924.93▼ 0.85% USD/COP3,250▼ 0.40% USD/PEN3.39▼ 0.64% USD/ARS1,473▼ 0.71% 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▼ 0.31% BRENT 85.34 ▲ 2.45% WTI 79.51 ▲ 1.75% IRON ORE 161.91 — — COPPER 6.39 ▲ 2.44% GOLD 4,071 ▲ 1.84% SILVER 59.15 ▲ 2.63% SOY 1,192 ▼ 0.85% CORN 460.00 ▲ 5.08% WHEAT 644.00 ▲ 2.71% COFFEE 340.20 ▼ 0.35% SUGAR 14.91 ▲ 1.08% ORANGE JUICE 139.50 ▼ 2.14% COTTON 81.68 ▲ 2.32% COCOA 5,833 ▲ 2.41% BEEF 231.75 ▼ 1.27% CATTLE 348.83 ▼ 1.56% LITHIUM 71.38 ▲ 1.62% PETR4 40.65 ▼ 0.02% VALE3 74.00 ▲ 1.58% ITUB4 43.47 ▼ 0.11% BBDC4 18.60 ▼ 0.91% ABEV3 15.87 ▲ 0.25% BBAS3 20.44 ▲ 0.99% B3SA3 15.33 ▲ 1.39% WEGE3 44.22 ▼ 0.38% PRIO3 57.04 ▼ 0.28% SUZB3 40.98 ▼ 1.23% RENT3 40.35 ▲ 0.37% AZZA3 18.90 ▼ 1.66% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.96 ▲ 0.51% PSSA3 54.09 ▲ 0.09% CVCB3 1.27 ▲ 1.60% POSI3 3.95 ▼ 1.00% SLCE3 13.69 ▼ 1.30% NATU3 8.50 ▼ 1.16% BRKM5 6.66 ▼ 4.03% RANI3 8.01 ▲ 0.75% CSNA3 5.12 ▼ 2.29% CMIN3 5.27 ▼ 3.30% USIM5 8.23 ▼ 1.79% GGBR4 23.08 ▲ 1.14% ENEV3 26.95 ▲ 0.26% CPFE3 47.03 ▲ 0.41% CMIG4 11.10 ▲ 0.27% EQTL3 40.89 ▲ 1.69% LREN3 14.14 ▼ 0.07% VIVT3 35.22 ▲ 1.41% RAIL3 14.11 — 0.00% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.39 ▲ 1.04% RDOR3 35.67 ▲ 0.31% HAPV3 10.64 ▲ 1.72% FLRY3 16.24 ▲ 0.56% SMTO3 16.14 ▼ 1.41% UGPA3 29.90 ▼ 3.33% VBBR3 33.00 ▲ 0.73% BBSE3 40.25 ▼ 0.07% BPAC11 58.10 ▲ 1.01% CURY3 32.79 ▼ 1.00% AERI3 2.09 ▲ 0.48% VIVARA 23.24 ▲ 0.56% COMPASS 25.15 ▲ 1.53% VAMOS 3.05 ▲ 0.99% SANB11 27.30 ▼ 0.26% ASAI3 8.67 ▼ 0.46% SBSP3 30.31 ▼ 0.20% WALMEX 49.64 ▼ 0.02% GMEXICO 201.86 ▲ 3.21% FEMSA 233.00 ▲ 3.39% CEMEX 22.20 ▲ 1.93% GFNORTE 186.98 ▲ 2.70% BIMBO 56.30 ▲ 0.77% TELEVISA 9.46 ▼ 1.56% AMX 22.87 ▲ 1.24% GAP 386.45 ▼ 5.33% ASUR 276.97 ▼ 0.61% OMA 234.22 ▲ 0.39% KOF 181.49 ▼ 0.10% GRUMA 282.67 ▲ 0.46% KIMBER 38.44 ▲ 0.58% SQM-B 67,585 ▲ 0.56% COPEC 6,074 ▲ 0.28% BSANTANDER 78.98 ▲ 1.00% FALABELLA 5,911 ▲ 0.10% ENELAM 84.80 ▲ 0.71% CENCOSUD 2,060 ▲ 0.98% CMPC 1,087 ▲ 0.84% BANCO CHILE 188.63 ▲ 1.96% LATAM AIR 24.60 ▼ 1.20% YPF 77,100 ▼ 0.10% GGAL 8,065 ▼ 0.19% PAMPA 5,225 — 0.00% TXAR 665.00 ▲ 0.08% ALUAR 960.00 ▼ 0.47% TGS 9,700 ▲ 1.36% CEPU 2,309 ▼ 0.43% MIRGOR 16,825 ▼ 1.03% COME 45.30 ▲ 1.16% LOMA NEGRA 3,538 ▲ 1.14% BYMA 305.50 ▼ 0.89% TELECOM ARG 4,260 ▲ 0.24% ECOPETROL 15.89 ▲ 0.08% BANCOLOMBIA 81.90 ▲ 1.84% GRUPO AVAL 4.90 ▼ 0.20% CREDICORP 390.89 ▲ 0.43% SOUTHERN COPPER 180.31 ▲ 3.31% BUENAVENTURA 30.90 ▲ 3.61% MERCADOLIBRE 1,871 ▲ 0.22% NUBANK 13.92 ▲ 1.80% XP 16.66 ▲ 1.74% PAGSEGURO 9.18 ▼ 1.13% STONE 11.15 ▼ 0.04% GLOBANT 31.65 ▼ 1.48% TECNOGLASS 43.53 ▲ 1.61% GAP AIRPORT 222.50 ▼ 4.41% ASUR 276.97 ▼ 0.61% OMA AIRPORT 107.71 ▲ 1.49% AMX ADR 26.17 ▲ 0.54% FEMSA ADR 133.88 ▲ 3.77% CEMEX ADR 12.73 ▲ 2.25% PETROBRAS ADR 17.96 ▲ 0.45% VALE ADR 14.54 ▲ 2.50% ITAU ADR 8.56 ▲ 1.00% SANTANDER BR 5.39 ▲ 0.75% AMBEV ADR 3.11 ▲ 1.47% CSN 1.01 ▼ 1.94% GERDAU 4.56 ▲ 1.56% LATAM ADR 53.25 ▼ 0.16% BTC 64,698 ▲ 3.95% ETH 1,871 ▲ 5.52% SOL 77.26 ▲ 3.20% XRP 1.11 ▲ 3.72% BNB 582.66 ▲ 2.83% ADA 0.17 ▲ 5.70% DOGE 0.08 ▲ 4.59% AVAX 6.67 ▲ 3.50% LINK 8.27 ▲ 5.01% DOT 0.86 ▲ 2.45% LTC 44.74 ▲ 2.88% BCH 238.73 ▲ 1.06% TRX 0.33 ▲ 0.30% XLM 0.18 ▲ 2.26% HBAR 0.07 ▲ 0.60% NEAR 2.03 ▲ 5.96% ATOM 1.55 ▲ 1.24% AAVE 99.92 ▲ 5.89% SELIC 14.25% EMBRAER 82.76 ▼ 0.30% EMBRAER ADR 65.32 ▲ 1.30% JBS 11.88 ▲ 0.64% JBS BDR 60.23 ▼ 0.63% MBRF3 15.99 ▲ 1.72% MBRFY 3.10 ▲ 1.64% INTER 5.65 — 0.00% EGX 52,299 ▼ 0.59% USD/ZAR16.37▼ 0.62% 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/JPY162.15▼ 0.18% 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SILVER 59.15 ▲ 2.63% SOY 1,192 ▼ 0.85% CORN 460.00 ▲ 5.08% WHEAT 644.00 ▲ 2.71% COFFEE 340.20 ▼ 0.35% SUGAR 14.91 ▲ 1.08% ORANGE JUICE 139.50 ▼ 2.14% COTTON 81.68 ▲ 2.32% COCOA 5,833 ▲ 2.41% BEEF 231.75 ▼ 1.27% CATTLE 348.83 ▼ 1.56% LITHIUM 71.38 ▲ 1.62% PETR4 40.65 ▼ 0.02% VALE3 74.00 ▲ 1.58% ITUB4 43.47 ▼ 0.11% BBDC4 18.60 ▼ 0.91% ABEV3 15.87 ▲ 0.25% BBAS3 20.44 ▲ 0.99% B3SA3 15.33 ▲ 1.39% WEGE3 44.22 ▼ 0.38% PRIO3 57.04 ▼ 0.28% SUZB3 40.98 ▼ 1.23% RENT3 40.35 ▲ 0.37% AZZA3 18.90 ▼ 1.66% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.96 ▲ 0.51% PSSA3 54.09 ▲ 0.09% CVCB3 1.27 ▲ 1.60% POSI3 3.95 ▼ 1.00% SLCE3 13.69 ▼ 1.30% NATU3 8.50 ▼ 1.16% BRKM5 6.66 ▼ 4.03% RANI3 8.01 ▲ 0.75% CSNA3 5.12 ▼ 2.29% CMIN3 5.27 ▼ 3.30% USIM5 8.23 ▼ 1.79% GGBR4 23.08 ▲ 1.14% ENEV3 26.95 ▲ 0.26% CPFE3 47.03 ▲ 0.41% CMIG4 11.10 ▲ 0.27% EQTL3 40.89 ▲ 1.69% LREN3 14.14 ▼ 0.07% VIVT3 35.22 ▲ 1.41% RAIL3 14.11 — 0.00% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.39 ▲ 1.04% RDOR3 35.67 ▲ 0.31% HAPV3 10.64 ▲ 1.72% FLRY3 16.24 ▲ 0.56% SMTO3 16.14 ▼ 1.41% UGPA3 29.90 ▼ 3.33% VBBR3 33.00 ▲ 0.73% BBSE3 40.25 ▼ 0.07% BPAC11 58.10 ▲ 1.01% CURY3 32.79 ▼ 1.00% AERI3 2.09 ▲ 0.48% VIVARA 23.24 ▲ 0.56% COMPASS 25.15 ▲ 1.53% VAMOS 3.05 ▲ 0.99% SANB11 27.30 ▼ 0.26% ASAI3 8.67 ▼ 0.46% SBSP3 30.31 ▼ 0.20% WALMEX 49.64 ▼ 0.02% GMEXICO 201.86 ▲ 3.21% FEMSA 233.00 ▲ 3.39% CEMEX 22.20 ▲ 1.93% GFNORTE 186.98 ▲ 2.70% BIMBO 56.30 ▲ 0.77% TELEVISA 9.46 ▼ 1.56% AMX 22.87 ▲ 1.24% GAP 386.45 ▼ 5.33% ASUR 276.97 ▼ 0.61% OMA 234.22 ▲ 0.39% KOF 181.49 ▼ 0.10% GRUMA 282.67 ▲ 0.46% KIMBER 38.44 ▲ 0.58% SQM-B 67,585 ▲ 0.56% COPEC 6,074 ▲ 0.28% BSANTANDER 78.98 ▲ 1.00% FALABELLA 5,911 ▲ 0.10% ENELAM 84.80 ▲ 0.71% CENCOSUD 2,060 ▲ 0.98% CMPC 1,087 ▲ 0.84% BANCO CHILE 188.63 ▲ 1.96% LATAM AIR 24.60 ▼ 1.20% YPF 77,100 ▼ 0.10% GGAL 8,065 ▼ 0.19% PAMPA 5,225 — 0.00% TXAR 665.00 ▲ 0.08% ALUAR 960.00 ▼ 0.47% TGS 9,700 ▲ 1.36% CEPU 2,309 ▼ 0.43% MIRGOR 16,825 ▼ 1.03% COME 45.30 ▲ 1.16% LOMA NEGRA 3,538 ▲ 1.14% BYMA 305.50 ▼ 0.89% TELECOM ARG 4,260 ▲ 0.24% ECOPETROL 15.89 ▲ 0.08% BANCOLOMBIA 81.90 ▲ 1.84% GRUPO AVAL 4.90 ▼ 0.20% CREDICORP 390.89 ▲ 0.43% SOUTHERN COPPER 180.31 ▲ 3.31% BUENAVENTURA 30.90 ▲ 3.61% MERCADOLIBRE 1,871 ▲ 0.22% NUBANK 13.92 ▲ 1.80% XP 16.66 ▲ 1.74% PAGSEGURO 9.18 ▼ 1.13% STONE 11.15 ▼ 0.04% GLOBANT 31.65 ▼ 1.48% TECNOGLASS 43.53 ▲ 1.61% GAP AIRPORT 222.50 ▼ 4.41% ASUR 276.97 ▼ 0.61% OMA AIRPORT 107.71 ▲ 1.49% AMX ADR 26.17 ▲ 0.54% FEMSA ADR 133.88 ▲ 3.77% CEMEX ADR 12.73 ▲ 2.25% PETROBRAS ADR 17.96 ▲ 0.45% VALE ADR 14.54 ▲ 2.50% ITAU ADR 8.56 ▲ 1.00% SANTANDER BR 5.39 ▲ 0.75% AMBEV ADR 3.11 ▲ 1.47% CSN 1.01 ▼ 1.94% GERDAU 4.56 ▲ 1.56% LATAM ADR 53.25 ▼ 0.16% BTC 64,698 ▲ 3.95% ETH 1,871 ▲ 5.52% SOL 77.26 ▲ 3.20% XRP 1.11 ▲ 3.72% BNB 582.66 ▲ 2.83% ADA 0.17 ▲ 5.70% DOGE 0.08 ▲ 4.59% AVAX 6.67 ▲ 3.50% LINK 8.27 ▲ 5.01% DOT 0.86 ▲ 2.45% LTC 44.74 ▲ 2.88% BCH 238.73 ▲ 1.06% TRX 0.33 ▲ 0.30% XLM 0.18 ▲ 2.26% HBAR 0.07 ▲ 0.60% NEAR 2.03 ▲ 5.96% ATOM 1.55 ▲ 1.24% AAVE 99.92 ▲ 5.89% SELIC 14.25% EMBRAER 82.76 ▼ 0.30% EMBRAER ADR 65.32 ▲ 1.30% JBS 11.88 ▲ 0.64% JBS BDR 60.23 ▼ 0.63% MBRF3 15.99 ▲ 1.72% MBRFY 3.10 ▲ 1.64% INTER 5.65 — 0.00% EGX 52,299 ▼ 0.59% USD/ZAR 16.38 ▼ 0.45% 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 162.14 ▼ 0.18% USD/CNY 6.7576 ▼ 0.20% 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 1.1431 ▲ 0.39% GBP/USD 1.3383 ▲ 0.25% SPX 7,536 ▲ 0.27% DJI 52,414 ▼ 0.16% NDX 29,580 ▲ 1.08% RUT 2,965 ▲ 0.39% TSX 35,317 ▲ 0.18% VIX 16.50 ▼ 3.85% USD/CAD 1.4067 ▼ 0.61% US10Y 4.5790 ▼ 0.65%
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The Curmudgeon on “the Opiate of the Masses”

By · March 5, 2013 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – God may be Brazilian, but Marx certainly wasn’t. He famously stated that “religion is the opiate of the masses” when, here in Brazil, all know that “futebol” is the true opiate, as addictive to Marxists and Socialists as it is to autocratic generals. It makes you feel good even when things are very bad.

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The Curmudgeon, also known as Michael Royster.
The Curmudgeon, also known as Michael Royster.
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Last week the Curmudgeon learned that former President Lula had come to visit the building site formerly known as Maracanã, because the stadium is very badly behind schedule.

Originally scheduled to be completed by December 2012, it’s now due to be inaugurated on April 15th; if it isn’t, FIFA can, theoretically, pull the plug on it as a venue for the Confederations Cup scheduled for this June. That, of course, would be a political disaster for Lula, who promised FIFA it would be ready on time.

One historic reason for such tardiness is that builders invent rationalizations for not building — ranging from “it’s raining” to “the dog ate the blueprints for the roof”. Claiming they must work harder to meet the impending deadline, they demand extra pay for that “extra” work.

But there’s another reason: the work stoppages called by the unions representing the construction workers. The unions knowingly plan their strikes for times when they are most likely to get what they demand. Unsurprisingly, there have been strikes by construction workers at Maracanã every few months since the job began in 2010.

At first, the unions demand pie in the sky — wage increases of fifty percent plus fringe benefits. Compromising, the unions get only part of what they want. But a few months later they stop work again, this time asking for pie à la mode. The builders, feigning concern about their deadline, grant another slice or two of pie. And so forth and so on.

In February, Governor Cabral paused his globetrotting to cobble together yet another deal between workers and contractors. Cabral knows that pie is not free, and that the government will eventually fork over more money to the contractors to cover the higher labor costs. But politics always trumps economics, and the deadline is political.

The original cost estimate (itself an outrageous R$750 million) has now gone WAY past the R$1 billion mark. Things are going very badly. But nobody cares.

Nobody cares, because football is the opiate of the Brazilian masses. Last week Minister of Sports Aldo Rebelo put forth the jaw-dropping proposal that Brazil’s federal government should grant a full tax amnesty to Brazilian football clubs.

His justification is that, “Football is part of the Brazilian cultural heritage; it’s … recognized as an element of our Brazilianicity.” In Rio, Lula said, “When we put on our national team jersey, we’re representing millions of Brazilian men and women.”

This mendacious full frontal populism was not invented by leftists. In 1970 (the most repressive year of the military dictatorship) the generals, claiming to represent millions of Brazilians, all donned the national uniform, hoping to distract attention from the very, very, very bad situation in the country.

Brazil won the 1970 World Cup, but the opium wore off soon enough. Lula lived through that era; he should know better than to prescribe the same sordid medicine to the workers at Maracanã and Cariocas in general.

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Michael Royster, aka THE CURMUDGEON first saw Rio forty-plus years ago, fetched up on these shores exactly 35 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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