IBOV 175,948 ▲ 0.12% IPSA 10,928 ▲ 0.16% IPC MEX 66,674 ▲ 1.06% MERVAL 3,226,478 ▼ 0.27% COLCAP 2,293.58 ▼ 0.61% BVL PERÚ 56,428.20 ▲ 1.55% USD/BRL5.07▼ 1.22% USD/MXN17.43▼ 0.56% USD/CLP926.40▼ 0.70% USD/COP3,247▼ 0.48% USD/PEN3.39▼ 0.62% USD/ARS1,470▼ 0.88% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.25▲ 0.29% 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▼ 0.40% BRENT 84.46 ▲ 1.39% WTI 79.03 ▲ 1.14% IRON ORE 161.91 — — COPPER 6.37 ▲ 2.18% GOLD 4,068 ▲ 1.78% SILVER 59.13 ▲ 2.59% SOY 1,191 ▼ 0.94% CORN 460.75 ▲ 5.25% WHEAT 644.50 ▲ 2.79% 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 71.40 ▲ 1.65% PETR4 40.54 ▼ 0.30% VALE3 74.16 ▲ 1.80% ITUB4 43.28 ▼ 0.55% BBDC4 18.41 ▼ 1.92% ABEV3 15.83 — 0.00% BBAS3 20.45 ▲ 1.04% B3SA3 15.38 ▲ 1.72% WEGE3 44.44 ▲ 0.11% PRIO3 56.91 ▼ 0.51% SUZB3 41.37 ▼ 0.29% RENT3 40.29 ▲ 0.22% AZZA3 18.79 ▼ 2.24% CSAN3 3.86 ▼ 1.03% RAIZ4 0.31 ▼ 6.06% PCAR3 2.46 ▼ 5.02% GMAT3 3.96 ▲ 0.51% PSSA3 54.15 ▲ 0.20% CVCB3 1.35 ▲ 8.00% POSI3 3.94 ▼ 1.25% SLCE3 13.68 ▼ 1.37% NATU3 8.51 ▼ 1.05% BRKM5 6.66 ▼ 4.03% RANI3 8.03 ▲ 1.01% CSNA3 5.14 ▼ 1.91% CMIN3 5.10 ▼ 6.42% USIM5 8.26 ▼ 1.43% GGBR4 23.14 ▲ 1.40% ENEV3 26.77 ▼ 0.41% CPFE3 47.17 ▲ 0.70% CMIG4 11.12 ▲ 0.45% EQTL3 41.01 ▲ 1.99% LREN3 14.15 — 0.00% VIVT3 35.47 ▲ 2.13% RAIL3 14.10 ▼ 0.07% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.37 ▲ 0.93% RDOR3 35.89 ▲ 0.93% HAPV3 10.67 ▲ 2.01% FLRY3 16.38 ▲ 1.42% SMTO3 16.16 ▼ 1.28% UGPA3 29.82 ▼ 3.59% VBBR3 32.93 ▲ 0.52% BBSE3 40.21 ▼ 0.17% BPAC11 57.74 ▲ 0.38% CURY3 32.78 ▼ 1.03% AERI3 2.08 — 0.00% VIVARA 23.30 ▲ 0.82% COMPASS 25.26 ▲ 1.98% VAMOS 3.04 ▲ 0.66% SANB11 27.26 ▼ 0.40% ASAI3 8.65 ▼ 0.69% SBSP3 30.31 ▼ 0.20% WALMEX 49.54 ▼ 0.22% GMEXICO 200.56 ▲ 2.54% FEMSA 233.24 ▲ 3.50% CEMEX 22.19 ▲ 1.88% GFNORTE 186.84 ▲ 2.62% BIMBO 56.71 ▲ 1.50% TELEVISA 9.53 ▼ 0.83% AMX 22.89 ▲ 1.33% GAP 389.99 ▼ 4.46% ASUR 277.85 ▼ 0.29% OMA 235.03 ▲ 0.73% KOF 181.58 ▼ 0.06% GRUMA 280.72 ▼ 0.23% KIMBER 38.41 ▲ 0.50% SQM-B 67,402 ▲ 0.28% COPEC 6,075 ▲ 0.29% BSANTANDER 78.50 ▲ 0.38% FALABELLA 5,903 ▼ 0.04% ENELAM 84.99 ▲ 0.94% CENCOSUD 2,044 ▲ 0.20% CMPC 1,076 ▼ 0.19% BANCO CHILE 188.01 ▲ 1.63% LATAM AIR 24.86 ▼ 0.16% YPF 77,075 ▼ 0.13% GGAL 7,975 ▼ 1.30% PAMPA 5,185 ▼ 0.77% TXAR 662.00 ▼ 0.38% ALUAR 950.00 ▼ 1.50% TGS 9,655 ▲ 0.89% CEPU 2,319 — 0.00% MIRGOR 16,725 ▼ 1.62% COME 45.30 ▲ 1.16% LOMA NEGRA 3,530 ▲ 0.93% BYMA 301.50 ▼ 2.19% TELECOM ARG 4,288 ▲ 0.88% ECOPETROL 16.02 ▲ 0.88% BANCOLOMBIA 81.53 ▲ 1.38% GRUPO AVAL 4.91 — 0.00% CREDICORP 389.80 ▲ 0.15% SOUTHERN COPPER 180.38 ▲ 3.35% BUENAVENTURA 30.84 ▲ 3.42% MERCADOLIBRE 1,854 ▼ 0.72% NUBANK 13.85 ▲ 1.33% XP 16.72 ▲ 2.11% PAGSEGURO 9.17 ▼ 1.24% STONE 11.13 ▼ 0.22% GLOBANT 31.48 ▼ 1.99% TECNOGLASS 43.71 ▲ 2.03% GAP AIRPORT 223.62 ▼ 3.93% ASUR 277.85 ▼ 0.29% OMA AIRPORT 107.55 ▲ 1.34% AMX ADR 26.20 ▲ 0.65% FEMSA ADR 133.87 ▲ 3.76% CEMEX ADR 12.70 ▲ 2.01% PETROBRAS ADR 17.87 ▼ 0.08% VALE ADR 14.58 ▲ 2.79% ITAU ADR 8.51 ▲ 0.41% SANTANDER BR 5.39 ▲ 0.65% AMBEV ADR 3.10 ▲ 1.14% CSN 1.02 ▼ 1.46% GERDAU 4.58 ▲ 1.89% LATAM ADR 53.58 ▲ 0.47% BTC 64,451 ▲ 3.55% ETH 1,869 ▲ 5.39% SOL 76.95 ▲ 2.79% XRP 1.10 ▲ 3.49% BNB 579.85 ▲ 2.33% ADA 0.16 ▲ 3.73% DOGE 0.07 ▲ 3.40% AVAX 6.65 ▲ 3.19% LINK 8.24 ▲ 4.63% DOT 0.85 ▲ 1.61% LTC 44.49 ▲ 2.30% BCH 237.06 ▲ 0.35% TRX 0.33 ▲ 0.35% XLM 0.18 ▲ 2.23% HBAR 0.07 ▼ 0.13% NEAR 2.03 ▲ 5.80% ATOM 1.56 ▲ 1.30% AAVE 98.82 ▲ 4.73% SELIC 14.25% EMBRAER 82.86 ▼ 0.18% EMBRAER ADR 65.28 ▲ 1.24% JBS 11.84 ▲ 0.30% JBS BDR 59.94 ▼ 1.11% MBRF3 16.10 ▲ 2.42% MBRFY 3.10 ▲ 1.64% INTER 5.64 ▼ 0.27% 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/JPY162.18▼ 0.16% 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▲ 0.39% GBP/USD1.34▼ 0.03% SPX 7,549 ▲ 0.45% DJI 52,432 ▼ 0.13% NDX 29,661 ▲ 1.36% RUT 2,963 ▲ 0.35% TSX 35,303 ▲ 0.14% VIX 16.48 ▼ 3.96% USD/CAD1.41▼ 0.60% US10Y 4.5810 ▼ 0.61% IBOV 175,948 ▲ 0.12% IPSA 10,928 ▲ 0.16% IPC MEX 66,674 ▲ 1.06% MERVAL 3,226,478 ▼ 0.27% COLCAP 2,293.58 ▼ 0.61% BVL PERÚ 56,428.20 ▲ 1.55% USD/BRL 5.07 ▼ 1.22% USD/MXN 17.43 ▼ 0.56% USD/CLP 926.40 ▼ 0.70% USD/COP 3,247 ▼ 0.48% USD/PEN 3.39 ▼ 0.62% 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 58.25 ▲ 0.29% 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 156.98 ▲ 0.25% USD/TTD 6.75 ▲ 1.19% EUR/BRL 5.80 ▼ 0.40% BRENT 84.46 ▲ 1.39% WTI 79.03 ▲ 1.14% IRON ORE 161.91 — — COPPER 6.37 ▲ 2.18% GOLD 4,068 ▲ 1.78% SILVER 59.13 ▲ 2.59% SOY 1,191 ▼ 0.94% CORN 460.75 ▲ 5.25% WHEAT 644.50 ▲ 2.79% 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 71.40 ▲ 1.65% PETR4 40.54 ▼ 0.30% VALE3 74.16 ▲ 1.80% ITUB4 43.28 ▼ 0.55% BBDC4 18.41 ▼ 1.92% ABEV3 15.83 — 0.00% BBAS3 20.45 ▲ 1.04% B3SA3 15.38 ▲ 1.72% WEGE3 44.44 ▲ 0.11% PRIO3 56.91 ▼ 0.51% SUZB3 41.37 ▼ 0.29% RENT3 40.29 ▲ 0.22% AZZA3 18.79 ▼ 2.24% CSAN3 3.86 ▼ 1.03% RAIZ4 0.31 ▼ 6.06% PCAR3 2.46 ▼ 5.02% GMAT3 3.96 ▲ 0.51% PSSA3 54.15 ▲ 0.20% CVCB3 1.35 ▲ 8.00% POSI3 3.94 ▼ 1.25% SLCE3 13.68 ▼ 1.37% NATU3 8.51 ▼ 1.05% BRKM5 6.66 ▼ 4.03% RANI3 8.03 ▲ 1.01% CSNA3 5.14 ▼ 1.91% CMIN3 5.10 ▼ 6.42% USIM5 8.26 ▼ 1.43% GGBR4 23.14 ▲ 1.40% ENEV3 26.77 ▼ 0.41% CPFE3 47.17 ▲ 0.70% CMIG4 11.12 ▲ 0.45% EQTL3 41.01 ▲ 1.99% LREN3 14.15 — 0.00% VIVT3 35.47 ▲ 2.13% RAIL3 14.10 ▼ 0.07% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.37 ▲ 0.93% RDOR3 35.89 ▲ 0.93% HAPV3 10.67 ▲ 2.01% FLRY3 16.38 ▲ 1.42% SMTO3 16.16 ▼ 1.28% UGPA3 29.82 ▼ 3.59% VBBR3 32.93 ▲ 0.52% BBSE3 40.21 ▼ 0.17% BPAC11 57.74 ▲ 0.38% CURY3 32.78 ▼ 1.03% AERI3 2.08 — 0.00% VIVARA 23.30 ▲ 0.82% COMPASS 25.26 ▲ 1.98% VAMOS 3.04 ▲ 0.66% SANB11 27.26 ▼ 0.40% ASAI3 8.65 ▼ 0.69% SBSP3 30.31 ▼ 0.20% WALMEX 49.54 ▼ 0.22% GMEXICO 200.56 ▲ 2.54% FEMSA 233.24 ▲ 3.50% CEMEX 22.19 ▲ 1.88% GFNORTE 186.84 ▲ 2.62% BIMBO 56.71 ▲ 1.50% TELEVISA 9.53 ▼ 0.83% AMX 22.89 ▲ 1.33% GAP 389.99 ▼ 4.46% ASUR 277.85 ▼ 0.29% OMA 235.03 ▲ 0.73% KOF 181.58 ▼ 0.06% GRUMA 280.72 ▼ 0.23% KIMBER 38.41 ▲ 0.50% SQM-B 67,402 ▲ 0.28% COPEC 6,075 ▲ 0.29% BSANTANDER 78.50 ▲ 0.38% FALABELLA 5,903 ▼ 0.04% ENELAM 84.99 ▲ 0.94% CENCOSUD 2,044 ▲ 0.20% CMPC 1,076 ▼ 0.19% BANCO CHILE 188.01 ▲ 1.63% LATAM AIR 24.86 ▼ 0.16% YPF 77,075 ▼ 0.13% GGAL 7,975 ▼ 1.30% PAMPA 5,185 ▼ 0.77% TXAR 662.00 ▼ 0.38% ALUAR 950.00 ▼ 1.50% TGS 9,655 ▲ 0.89% CEPU 2,319 — 0.00% MIRGOR 16,725 ▼ 1.62% COME 45.30 ▲ 1.16% LOMA NEGRA 3,530 ▲ 0.93% BYMA 301.50 ▼ 2.19% TELECOM ARG 4,288 ▲ 0.88% ECOPETROL 16.02 ▲ 0.88% BANCOLOMBIA 81.53 ▲ 1.38% GRUPO AVAL 4.91 — 0.00% CREDICORP 389.80 ▲ 0.15% SOUTHERN COPPER 180.38 ▲ 3.35% BUENAVENTURA 30.84 ▲ 3.42% MERCADOLIBRE 1,854 ▼ 0.72% NUBANK 13.85 ▲ 1.33% XP 16.72 ▲ 2.11% PAGSEGURO 9.17 ▼ 1.24% STONE 11.13 ▼ 0.22% GLOBANT 31.48 ▼ 1.99% TECNOGLASS 43.71 ▲ 2.03% GAP AIRPORT 223.62 ▼ 3.93% ASUR 277.85 ▼ 0.29% OMA AIRPORT 107.55 ▲ 1.34% AMX ADR 26.20 ▲ 0.65% FEMSA ADR 133.87 ▲ 3.76% CEMEX ADR 12.70 ▲ 2.01% PETROBRAS ADR 17.87 ▼ 0.08% VALE ADR 14.58 ▲ 2.79% ITAU ADR 8.51 ▲ 0.41% SANTANDER BR 5.39 ▲ 0.65% AMBEV ADR 3.10 ▲ 1.14% CSN 1.02 ▼ 1.46% GERDAU 4.58 ▲ 1.89% LATAM ADR 53.58 ▲ 0.47% BTC 64,451 ▲ 3.55% ETH 1,869 ▲ 5.39% SOL 76.95 ▲ 2.79% XRP 1.10 ▲ 3.49% BNB 579.85 ▲ 2.33% ADA 0.16 ▲ 3.73% DOGE 0.07 ▲ 3.40% AVAX 6.65 ▲ 3.19% LINK 8.24 ▲ 4.63% DOT 0.85 ▲ 1.61% LTC 44.49 ▲ 2.30% BCH 237.06 ▲ 0.35% TRX 0.33 ▲ 0.35% XLM 0.18 ▲ 2.23% HBAR 0.07 ▼ 0.13% NEAR 2.03 ▲ 5.80% ATOM 1.56 ▲ 1.30% AAVE 98.82 ▲ 4.73% SELIC 14.25% EMBRAER 82.86 ▼ 0.18% EMBRAER ADR 65.28 ▲ 1.24% JBS 11.84 ▲ 0.30% JBS BDR 59.94 ▼ 1.11% MBRF3 16.10 ▲ 2.42% MBRFY 3.10 ▲ 1.64% INTER 5.64 ▼ 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 162.18 ▼ 0.15% USD/CNY 6.7595 ▼ 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 1.1427 ▲ 0.35% GBP/USD 1.3377 ▲ 0.21% SPX 7,549 ▲ 0.45% DJI 52,432 ▼ 0.13% NDX 29,661 ▲ 1.36% RUT 2,963 ▲ 0.35% TSX 35,303 ▲ 0.14% VIX 16.48 ▼ 3.96% USD/CAD 1.4069 ▼ 0.59% US10Y 4.5810 ▼ 0.61%
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The Curmudgeon on Veta, Dilma

By · November 27, 2012 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – As this is written, Rio de Janeiro’s downtown has been occupied by tens of thousands of protestors. The motley nature of their garb reflected the equally motley nature of their protest targets. For although the march was billed as a mammoth protest against the Statute passed by Congress that would drastically reduce Rio’s riches from offshore oil exploration, there were other protests.

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Some were serious, for instance the Webjet personnel unceremoniously sacked by GOL; people dressed as Indians, protesting against the demolition of the Museu do Índio to make way for a parking lot outside Maracanã; and a number of people in wheelchairs wearing shirts in favor of the Lei Seca.

On the other hand, there were the un-serious people: a wannabe Michael Jackson imitator looking less like the original than you do; a guy holding a tray of caipirinhas; and a guy wearing a hat and boots, astride a white horse prancing around in front of the sound truck.

In some ways it looked like Brancaleone’s Army. In other ways it looked like The Folk Song Army. It just wasn’t, as they say, very convincing. For starters, the war cry “VETA, DILMA” had been diluted by adding “contra a injustiça” and “em defesa do Rio.” It’s hard to take those unrhythmic polysyllables and compose a catchy little ditty that those who are near you will chant over the din of the sound truck.

The next unconvincing thing is that the “comissão de frente”, i.e. those notables and dignitaries who carry the banner with the “catch phrase” on it, was notoriously thin on the ground in the celebrity department. Gov. Cabral and Mayor Paes and other politicos were all wearing identical T-shirts (more on that shortly).

The sole famous person out front was Fernanda Montenegro, for decades the grande dame of Brazilian actresses; yet, for all her mammoth talent, she was having trouble looking other than bored stiff by the role she had agreed to play. Sure, seen performing at the stage set up in Cinelândia were the usual suspects (Xuxa, Alcione, Gabriel o Pensador), but march? Hmm.

The t-shirt design was a very large “RIO” in which the capital “I” had three squiggly curlicue things rising out of the top of it, which made it resemble a lamb’s lettuce leaf, or perhaps some overgrown apostrophes sprouting out of a bamboo stalk.

After some vigorous blinking, the Curmudgeon realized it was a symbol for oil, gushing out of Rio. Beneath this were the two polysyllabic refrains mentioned above. To grab your attention, however, there was a bright red circle with white letters inside saying “VETA, DILMA”.

So, what’s the point? The point is that this was a parade doomed to failure, a rally supported only by government workers, who received the day off and who could ride public transportation for free, if they wore the slogan on their sleeves.

It was not a popular outpouring; it was a populist tempest in a teapot—or perhaps in an oil barrel. The entire country is convinced Rio has received too much money from offshore oil, and the new law reflects that. If Dilma does veto it, as the marchers want, the Congress will override her veto by a large margin.

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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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