IBOV 176,027 ▲ 0.16% IPSA 10,928 ▲ 0.16% IPC MEX 66,686 ▲ 1.08% MERVAL 3,234,319 ▼ 0.03% COLCAP 2,300.88 ▼ 0.29% BVL PERÚ 56,428.20 ▲ 2.18% USD/BRL5.08▼ 1.12% USD/MXN17.43▼ 0.58% USD/CLP924.22▼ 0.93% USD/COP3,256▼ 0.20% USD/PEN3.39▼ 0.63% 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/BRL5.81▼ 0.27% BRENT 85.06 ▲ 2.11% WTI 79.24 ▲ 1.41% IRON ORE 161.91 — — COPPER 6.39 ▲ 2.44% GOLD 4,067 ▲ 1.75% SILVER 59.10 ▲ 2.53% SOY 1,192 ▼ 0.83% CORN 460.50 ▲ 5.20% WHEAT 645.25 ▲ 2.91% COFFEE 335.90 ▼ 1.61% SUGAR 14.91 ▲ 1.08% ORANGE JUICE 138.35 ▼ 2.95% COTTON 81.68 ▲ 2.32% COCOA 5,810 ▲ 2.00% BEEF 231.60 ▼ 1.33% CATTLE 349.03 ▼ 1.50% LITHIUM 71.38 ▲ 1.62% PETR4 40.70 ▲ 0.10% VALE3 73.93 ▲ 1.48% ITUB4 43.45 ▼ 0.16% BBDC4 18.57 ▼ 1.07% ABEV3 15.87 ▲ 0.25% BBAS3 20.46 ▲ 1.09% B3SA3 15.31 ▲ 1.26% WEGE3 44.19 ▼ 0.45% PRIO3 57.02 ▼ 0.31% SUZB3 40.98 ▼ 1.23% RENT3 40.30 ▲ 0.25% AZZA3 18.81 ▼ 2.13% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.95 ▲ 0.25% PSSA3 54.05 ▲ 0.02% CVCB3 1.27 ▲ 1.60% POSI3 3.94 ▼ 1.25% SLCE3 13.67 ▼ 1.44% NATU3 8.50 ▼ 1.16% BRKM5 6.66 ▼ 4.03% RANI3 8.01 ▲ 0.75% CSNA3 5.12 ▼ 2.29% CMIN3 5.28 ▼ 3.12% USIM5 8.25 ▼ 1.55% GGBR4 23.08 ▲ 1.14% ENEV3 26.95 ▲ 0.26% CPFE3 47.00 ▲ 0.34% CMIG4 11.09 ▲ 0.18% EQTL3 40.68 ▲ 1.17% LREN3 14.09 ▼ 0.42% VIVT3 35.22 ▲ 1.41% RAIL3 14.11 — 0.00% KLABIN 17.35 ▼ 0.74% RAIA DROGASIL 18.39 ▲ 1.04% RDOR3 35.67 ▲ 0.31% HAPV3 10.60 ▲ 1.34% FLRY3 16.24 ▲ 0.56% SMTO3 16.14 ▼ 1.41% UGPA3 30.00 ▼ 3.01% VBBR3 32.95 ▲ 0.58% BBSE3 40.22 ▼ 0.15% BPAC11 57.92 ▲ 0.70% CURY3 32.75 ▼ 1.12% AERI3 2.09 ▲ 0.48% VIVARA 23.24 ▲ 0.56% COMPASS 25.13 ▲ 1.45% VAMOS 3.05 ▲ 0.99% SANB11 27.27 ▼ 0.37% ASAI3 8.66 ▼ 0.57% SBSP3 30.28 ▼ 0.30% WALMEX 49.60 ▼ 0.10% GMEXICO 201.93 ▲ 3.24% FEMSA 232.91 ▲ 3.35% CEMEX 22.15 ▲ 1.70% GFNORTE 186.61 ▲ 2.49% BIMBO 56.35 ▲ 0.86% TELEVISA 9.45 ▼ 1.66% AMX 22.86 ▲ 1.20% GAP 387.96 ▼ 4.96% ASUR 276.90 ▼ 0.63% OMA 233.89 ▲ 0.24% KOF 181.80 ▲ 0.07% GRUMA 282.44 ▲ 0.38% KIMBER 38.42 ▲ 0.52% SQM-B 67,598 ▲ 0.58% COPEC 6,074 ▲ 0.28% BSANTANDER 78.90 ▲ 0.90% FALABELLA 5,914 ▲ 0.16% ENELAM 84.80 ▲ 0.71% CENCOSUD 2,060 ▲ 0.98% CMPC 1,087 ▲ 0.84% BANCO CHILE 188.63 ▲ 1.96% LATAM AIR 24.56 ▼ 1.37% YPF 77,050 ▼ 0.16% GGAL 8,060 ▼ 0.25% PAMPA 5,205 ▼ 0.38% TXAR 665.00 ▲ 0.08% ALUAR 961.50 ▼ 0.31% TGS 9,700 ▲ 1.36% CEPU 2,305 ▼ 0.60% MIRGOR 16,825 ▼ 1.03% COME 45.24 ▲ 1.03% LOMA NEGRA 3,538 ▲ 1.14% BYMA 305.50 ▼ 0.89% TELECOM ARG 4,250 — 0.00% ECOPETROL 15.89 ▲ 0.06% BANCOLOMBIA 81.83 ▲ 1.75% GRUPO AVAL 4.93 ▲ 0.41% CREDICORP 390.66 ▲ 0.37% SOUTHERN COPPER 180.17 ▲ 3.23% BUENAVENTURA 30.86 ▲ 3.49% MERCADOLIBRE 1,866 ▼ 0.08% NUBANK 13.92 ▲ 1.83% XP 16.68 ▲ 1.86% PAGSEGURO 9.19 ▼ 0.97% STONE 11.15 — 0.00% GLOBANT 31.59 ▼ 1.67% TECNOGLASS 43.53 ▲ 1.61% GAP AIRPORT 222.02 ▼ 4.62% ASUR 276.90 ▼ 0.63% OMA AIRPORT 107.21 ▲ 1.01% AMX ADR 26.16 ▲ 0.50% FEMSA ADR 133.84 ▲ 3.74% CEMEX ADR 12.70 ▲ 2.01% PETROBRAS ADR 18.00 ▲ 0.67% VALE ADR 14.54 ▲ 2.52% ITAU ADR 8.55 ▲ 0.95% SANTANDER BR 5.40 ▲ 0.84% AMBEV ADR 3.10 ▲ 1.31% CSN 1.02 ▼ 1.46% GERDAU 4.56 ▲ 1.45% LATAM ADR 53.16 ▼ 0.32% BTC 64,714 ▲ 3.98% ETH 1,872 ▲ 5.53% SOL 77.25 ▲ 3.19% XRP 1.11 ▲ 3.74% BNB 581.80 ▲ 2.68% ADA 0.17 ▲ 5.51% DOGE 0.08 ▲ 4.84% AVAX 6.66 ▲ 3.35% LINK 8.27 ▲ 5.07% DOT 0.86 ▲ 2.33% LTC 44.75 ▲ 2.90% BCH 238.74 ▲ 1.06% TRX 0.32 ▲ 0.26% XLM 0.18 ▲ 2.17% HBAR 0.07 ▲ 0.52% NEAR 2.03 ▲ 5.80% ATOM 1.55 ▲ 1.11% AAVE 100.11 ▲ 6.09% SELIC 14.25% EMBRAER 82.86 ▼ 0.18% EMBRAER ADR 65.28 ▲ 1.23% JBS 11.89 ▲ 0.72% JBS BDR 60.23 ▼ 0.63% MBRF3 15.99 ▲ 1.72% MBRFY 3.10 ▲ 1.64% INTER 5.66 ▲ 0.09% EGX 52,299 ▼ 0.59% USD/ZAR16.38▼ 0.60% 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% USD/CNY6.76▼ 0.32% 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▲ 0.42% GBP/USD1.34▼ 0.04% 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/CAD1.41▼ 0.59% US10Y 4.5790 ▼ 0.65% IBOV 176,027 ▲ 0.16% IPSA 10,928 ▲ 0.16% IPC MEX 66,686 ▲ 1.08% MERVAL 3,234,319 ▼ 0.03% COLCAP 2,300.88 ▼ 0.29% BVL PERÚ 56,428.20 ▲ 2.18% USD/BRL 5.08 ▼ 1.12% USD/MXN 17.43 ▼ 0.58% USD/CLP 924.22 ▼ 0.93% USD/COP 3,256 ▼ 0.20% USD/PEN 3.39 ▼ 0.63% USD/ARS 1,473 ▼ 0.71% 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 5.81 ▼ 0.27% BRENT 85.06 ▲ 2.11% WTI 79.24 ▲ 1.41% IRON ORE 161.91 — — COPPER 6.39 ▲ 2.44% GOLD 4,067 ▲ 1.75% SILVER 59.10 ▲ 2.53% SOY 1,192 ▼ 0.83% CORN 460.50 ▲ 5.20% WHEAT 645.25 ▲ 2.91% COFFEE 335.90 ▼ 1.61% SUGAR 14.91 ▲ 1.08% ORANGE JUICE 138.35 ▼ 2.95% COTTON 81.68 ▲ 2.32% COCOA 5,810 ▲ 2.00% BEEF 231.60 ▼ 1.33% CATTLE 349.03 ▼ 1.50% LITHIUM 71.38 ▲ 1.62% PETR4 40.70 ▲ 0.10% VALE3 73.93 ▲ 1.48% ITUB4 43.45 ▼ 0.16% BBDC4 18.57 ▼ 1.07% ABEV3 15.87 ▲ 0.25% BBAS3 20.46 ▲ 1.09% B3SA3 15.31 ▲ 1.26% WEGE3 44.19 ▼ 0.45% PRIO3 57.02 ▼ 0.31% SUZB3 40.98 ▼ 1.23% RENT3 40.30 ▲ 0.25% AZZA3 18.81 ▼ 2.13% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.95 ▲ 0.25% PSSA3 54.05 ▲ 0.02% CVCB3 1.27 ▲ 1.60% POSI3 3.94 ▼ 1.25% SLCE3 13.67 ▼ 1.44% NATU3 8.50 ▼ 1.16% BRKM5 6.66 ▼ 4.03% RANI3 8.01 ▲ 0.75% CSNA3 5.12 ▼ 2.29% CMIN3 5.28 ▼ 3.12% USIM5 8.25 ▼ 1.55% GGBR4 23.08 ▲ 1.14% ENEV3 26.95 ▲ 0.26% CPFE3 47.00 ▲ 0.34% CMIG4 11.09 ▲ 0.18% EQTL3 40.68 ▲ 1.17% LREN3 14.09 ▼ 0.42% VIVT3 35.22 ▲ 1.41% RAIL3 14.11 — 0.00% KLABIN 17.35 ▼ 0.74% RAIA DROGASIL 18.39 ▲ 1.04% RDOR3 35.67 ▲ 0.31% HAPV3 10.60 ▲ 1.34% FLRY3 16.24 ▲ 0.56% SMTO3 16.14 ▼ 1.41% UGPA3 30.00 ▼ 3.01% VBBR3 32.95 ▲ 0.58% BBSE3 40.22 ▼ 0.15% BPAC11 57.92 ▲ 0.70% CURY3 32.75 ▼ 1.12% AERI3 2.09 ▲ 0.48% VIVARA 23.24 ▲ 0.56% COMPASS 25.13 ▲ 1.45% VAMOS 3.05 ▲ 0.99% SANB11 27.27 ▼ 0.37% ASAI3 8.66 ▼ 0.57% SBSP3 30.28 ▼ 0.30% WALMEX 49.60 ▼ 0.10% GMEXICO 201.93 ▲ 3.24% FEMSA 232.91 ▲ 3.35% CEMEX 22.15 ▲ 1.70% GFNORTE 186.61 ▲ 2.49% BIMBO 56.35 ▲ 0.86% TELEVISA 9.45 ▼ 1.66% AMX 22.86 ▲ 1.20% GAP 387.96 ▼ 4.96% ASUR 276.90 ▼ 0.63% OMA 233.89 ▲ 0.24% KOF 181.80 ▲ 0.07% GRUMA 282.44 ▲ 0.38% KIMBER 38.42 ▲ 0.52% SQM-B 67,598 ▲ 0.58% COPEC 6,074 ▲ 0.28% BSANTANDER 78.90 ▲ 0.90% FALABELLA 5,914 ▲ 0.16% ENELAM 84.80 ▲ 0.71% CENCOSUD 2,060 ▲ 0.98% CMPC 1,087 ▲ 0.84% BANCO CHILE 188.63 ▲ 1.96% LATAM AIR 24.56 ▼ 1.37% YPF 77,050 ▼ 0.16% GGAL 8,060 ▼ 0.25% PAMPA 5,205 ▼ 0.38% TXAR 665.00 ▲ 0.08% ALUAR 961.50 ▼ 0.31% TGS 9,700 ▲ 1.36% CEPU 2,305 ▼ 0.60% MIRGOR 16,825 ▼ 1.03% COME 45.24 ▲ 1.03% LOMA NEGRA 3,538 ▲ 1.14% BYMA 305.50 ▼ 0.89% TELECOM ARG 4,250 — 0.00% ECOPETROL 15.89 ▲ 0.06% BANCOLOMBIA 81.83 ▲ 1.75% GRUPO AVAL 4.93 ▲ 0.41% CREDICORP 390.66 ▲ 0.37% SOUTHERN COPPER 180.17 ▲ 3.23% BUENAVENTURA 30.86 ▲ 3.49% MERCADOLIBRE 1,866 ▼ 0.08% NUBANK 13.92 ▲ 1.83% XP 16.68 ▲ 1.86% PAGSEGURO 9.19 ▼ 0.97% STONE 11.15 — 0.00% GLOBANT 31.59 ▼ 1.67% TECNOGLASS 43.53 ▲ 1.61% GAP AIRPORT 222.02 ▼ 4.62% ASUR 276.90 ▼ 0.63% OMA AIRPORT 107.21 ▲ 1.01% AMX ADR 26.16 ▲ 0.50% FEMSA ADR 133.84 ▲ 3.74% CEMEX ADR 12.70 ▲ 2.01% PETROBRAS ADR 18.00 ▲ 0.67% VALE ADR 14.54 ▲ 2.52% ITAU ADR 8.55 ▲ 0.95% SANTANDER BR 5.40 ▲ 0.84% AMBEV ADR 3.10 ▲ 1.31% CSN 1.02 ▼ 1.46% GERDAU 4.56 ▲ 1.45% LATAM ADR 53.16 ▼ 0.32% BTC 64,714 ▲ 3.98% ETH 1,872 ▲ 5.53% SOL 77.25 ▲ 3.19% XRP 1.11 ▲ 3.74% BNB 581.80 ▲ 2.68% ADA 0.17 ▲ 5.51% DOGE 0.08 ▲ 4.84% AVAX 6.66 ▲ 3.35% LINK 8.27 ▲ 5.07% DOT 0.86 ▲ 2.33% LTC 44.75 ▲ 2.90% BCH 238.74 ▲ 1.06% TRX 0.32 ▲ 0.26% XLM 0.18 ▲ 2.17% HBAR 0.07 ▲ 0.52% NEAR 2.03 ▲ 5.80% ATOM 1.55 ▲ 1.11% AAVE 100.11 ▲ 6.09% SELIC 14.25% EMBRAER 82.86 ▼ 0.18% EMBRAER ADR 65.28 ▲ 1.23% JBS 11.89 ▲ 0.72% JBS BDR 60.23 ▼ 0.63% MBRF3 15.99 ▲ 1.72% MBRFY 3.10 ▲ 1.64% INTER 5.66 ▲ 0.09% 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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Guest Opinions Latin America

The Curmudgeon on the Second Coming

By · January 15, 2013 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – Nicolás Maduro aspires to be the reincarnation of Lula. He may just get his wish. He’s the appointed Vice President and anointed successor of Hugo Chávez, moribund caudillo of Venezuela.

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The Curmudgeon, also known as Michael Royster.
The Curmudgeon, also known as Michael Royster.
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Of humble origin, Maduro is a former bus driver with a high school education who got involved in labor union politics, turned out to be very good at it, and throve. Rising from the ranks of labor union leaders into politics, he achieved the post of President of the National Assembly, then was named Foreign Minister before becoming Vice President.

Lula, the lathe-worker has a remarkably similar background.

Notwithstanding the above credentials, Mr. Maduro faces opposition from two strong rivals, both of whom are potential candidates for President. One is Diosdado Cabello, now President of the National Assembly, who maintains close ties to the military and to Chávez. He might, under the Constitution, inherit the Venezuelan Presidency.

The other is Elias Jauá, a former VP appointed (but then un-appointed) by Chávez, a dedicated socialist and influential member of the National Assembly, well known for his outspoken leftist ideology.

Those of us who remember History will recall that, not so many years ago, Brazil faced a vaguely similar situation.

Tancredo Neves, indirectly elected in January of 1985, fell ill shortly thereafter but delayed a much needed operation, hoping against hope that he would survive until March 15th and be sworn in as the first civilian President of Brazil in over twenty years.

Vice President-elect José Sarney, with very close ties to the military, stood in the wings, unsure whether his fate would be to become President, succeeding Tancredo, or to remain as Vice President until new elections were called. Ulisses Guimarães, a dedicated socialist and the President of the National Assembly, knew that he might, under the Constitution, inherit the Brazilian Presidency.

In 1985, the Constitution called for the President of the National Assembly (Ulisses) to become President pro tempore, and call new elections, if Tancredo could not be sworn in. However, a consensus quickly arose that Sarney, sworn in by Congress as Vice President, should assume the office of President, if Tancredo was not able to be sworn in. And so it transpired.

Sound familiar?

Maduro, heir apparent, seems like the new Lula. A labor leader, a negotiator, a practical sort of person, just as was (is) Lula. Cabello, the putative heir, is the new Sarney, with connections to the military, but they are keeping a very low profile. Elias Jauá, the ideologue, waits in the wings for a sign which will not come.

So, Compañero Maduro, here’s to you! May you in fact be more a labor union leader than an ideologue, and may you negotiate with those who wish you well, and those who wish you ill, as Lula did. If you do, you will almost surely be elected President of the Bolivarian Republic this year.

In closing, the Curmudgeon notes that the USA has steadfastly refused to utter one single solitary syllable about the Venezuelan succession. Why? Because the USA is sure that Nicolás Maduro will be the next President of Venezuela, and believes he will be much easier to deal with than his current rivals.

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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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