IBOV 176,658 ▲ 0.52% IPSA 10,928 ▲ 0.16% IPC MEX 66,594 ▲ 0.94% MERVAL 3,272,235 ▲ 1.14% COLCAP 2,302.16 ▼ 0.24% BVL PERÚ 56,428.20 ▲ 2.38% USD/BRL5.08▼ 1.20% USD/MXN17.41▼ 0.66% USD/CLP924.43▼ 0.91% USD/COP3,256▼ 0.21% USD/PEN3.40▼ 0.46% USD/ARS1,476▼ 0.47% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.33▲ 0.42% 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▼ 0.20% BRENT 85.37 ▲ 2.48% WTI 79.70 ▲ 2.00% IRON ORE 161.91 — — COPPER 6.42 ▲ 3.00% GOLD 4,082 ▲ 2.12% SILVER 59.38 ▲ 3.02% SOY 1,192 ▼ 0.87% CORN 460.25 ▲ 5.14% WHEAT 639.50 ▲ 1.99% COFFEE 335.05 ▼ 1.86% SUGAR 14.82 ▲ 0.47% ORANGE JUICE 137.70 ▼ 3.40% COTTON 81.07 ▲ 1.55% COCOA 5,566 ▼ 2.28% BEEF 228.85 ▼ 2.50% CATTLE 349.93 ▼ 1.25% LITHIUM 71.75 ▲ 2.15% PETR4 40.88 ▲ 0.54% VALE3 74.23 ▲ 1.89% ITUB4 43.88 ▲ 0.83% BBDC4 18.90 ▲ 0.69% ABEV3 15.96 ▲ 0.82% BBAS3 20.44 ▲ 0.99% B3SA3 15.37 ▲ 1.65% WEGE3 44.37 ▼ 0.05% PRIO3 57.27 ▲ 0.12% SUZB3 41.07 ▼ 1.01% RENT3 40.58 ▲ 0.95% AZZA3 18.89 ▼ 1.72% CSAN3 3.89 ▼ 0.26% RAIZ4 0.33 — 0.00% PCAR3 2.47 ▼ 4.63% GMAT3 3.97 ▲ 0.76% PSSA3 54.46 ▲ 0.78% CVCB3 1.30 ▲ 4.00% POSI3 3.96 ▼ 0.75% SLCE3 13.92 ▲ 0.36% NATU3 8.48 ▼ 1.40% BRKM5 6.82 ▼ 1.73% RANI3 8.00 ▲ 0.63% CSNA3 5.17 ▼ 1.34% CMIN3 5.21 ▼ 4.40% USIM5 8.32 ▼ 0.72% GGBR4 23.12 ▲ 1.31% ENEV3 26.90 ▲ 0.07% CPFE3 47.05 ▲ 0.45% CMIG4 11.13 ▲ 0.54% EQTL3 40.81 ▲ 1.49% LREN3 14.12 ▼ 0.21% VIVT3 35.20 ▲ 1.35% RAIL3 14.14 ▲ 0.21% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.55 ▲ 1.92% RDOR3 36.12 ▲ 1.57% HAPV3 10.71 ▲ 2.39% FLRY3 16.29 ▲ 0.87% SMTO3 16.31 ▼ 0.37% UGPA3 29.26 ▼ 5.40% VBBR3 32.32 ▼ 1.34% BBSE3 40.36 ▲ 0.20% BPAC11 58.38 ▲ 1.50% CURY3 33.14 ▲ 0.06% AERI3 2.09 ▲ 0.48% VIVARA 23.25 ▲ 0.61% COMPASS 25.00 ▲ 0.93% VAMOS 3.02 — 0.00% SANB11 27.59 ▲ 0.80% ASAI3 8.65 ▼ 0.69% SBSP3 30.56 ▲ 0.63% WALMEX 49.60 ▼ 0.10% GMEXICO 201.52 ▲ 3.03% FEMSA 228.45 ▲ 1.37% CEMEX 22.60 ▲ 3.76% GFNORTE 186.23 ▲ 2.28% BIMBO 55.90 ▲ 0.05% TELEVISA 9.56 ▼ 0.52% AMX 22.77 ▲ 0.80% GAP 386.55 ▼ 5.30% ASUR 278.12 ▼ 0.19% OMA 233.85 ▲ 0.23% KOF 180.71 ▼ 0.53% GRUMA 280.45 ▼ 0.33% KIMBER 38.22 — 0.00% SQM-B 68,400 ▲ 1.77% COPEC 6,074 ▲ 0.28% BSANTANDER 78.20 — 0.00% FALABELLA 5,927 ▲ 0.37% ENELAM 84.20 — 0.00% CENCOSUD 2,042 ▲ 0.08% CMPC 1,078 ▼ 0.01% BANCO CHILE 186.00 ▲ 0.54% LATAM AIR 24.56 ▼ 1.37% YPF 78,150 ▲ 1.26% GGAL 8,210 ▲ 1.61% PAMPA 5,255 ▲ 0.57% TXAR 665.50 ▲ 0.15% ALUAR 962.50 ▼ 0.21% TGS 9,605 ▲ 0.37% CEPU 2,318 ▼ 0.04% MIRGOR 16,800 ▼ 1.18% COME 45.31 ▲ 1.18% LOMA NEGRA 3,560 ▲ 1.79% BYMA 307.75 ▼ 0.16% TELECOM ARG 4,275 ▲ 0.59% ECOPETROL 15.95 ▲ 0.41% BANCOLOMBIA 82.40 ▲ 2.46% GRUPO AVAL 4.98 ▲ 1.43% CREDICORP 393.09 ▲ 0.99% SOUTHERN COPPER 182.35 ▲ 4.48% BUENAVENTURA 31.39 ▲ 5.26% MERCADOLIBRE 1,867 ▲ 0.01% NUBANK 14.25 ▲ 4.21% XP 16.60 ▲ 1.41% PAGSEGURO 9.30 ▲ 0.22% STONE 11.25 ▲ 0.90% GLOBANT 31.83 ▼ 0.90% TECNOGLASS 43.08 ▲ 0.56% GAP AIRPORT 222.54 ▼ 4.39% ASUR 278.12 ▼ 0.19% OMA AIRPORT 107.37 ▲ 1.17% AMX ADR 26.16 ▲ 0.50% FEMSA ADR 131.40 ▲ 1.85% CEMEX ADR 12.98 ▲ 4.26% PETROBRAS ADR 18.09 ▲ 1.17% VALE ADR 14.61 ▲ 3.00% ITAU ADR 8.63 ▲ 1.89% SANTANDER BR 5.47 ▲ 2.15% AMBEV ADR 3.12 ▲ 2.05% CSN 1.03 ▼ 0.49% GERDAU 4.58 ▲ 1.89% LATAM ADR 52.94 ▼ 0.73% BTC 63,845 ▲ 2.58% ETH 1,864 ▲ 5.09% SOL 76.81 ▲ 2.60% XRP 1.10 ▲ 2.91% BNB 578.36 ▲ 2.07% ADA 0.16 ▲ 3.61% DOGE 0.07 ▲ 2.85% AVAX 6.61 ▲ 2.57% LINK 8.30 ▲ 5.39% DOT 0.85 ▲ 1.49% LTC 44.54 ▲ 2.42% BCH 238.44 ▲ 0.93% TRX 0.33 ▲ 0.30% XLM 0.18 ▲ 1.69% HBAR 0.07 ▲ 0.60% NEAR 2.03 ▲ 6.06% ATOM 1.55 ▲ 0.98% AAVE 98.80 ▲ 4.70% SELIC 14.25% EMBRAER 82.91 ▼ 0.12% EMBRAER ADR 65.23 ▲ 1.16% JBS 11.81 ▲ 0.04% JBS BDR 59.80 ▼ 1.34% MBRF3 15.85 ▲ 0.83% MBRFY 3.05 — 0.00% INTER 5.73 ▲ 1.33% EGX 52,299 ▼ 0.59% USD/ZAR16.35▼ 0.75% 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/JPY161.99▼ 0.28% USD/CNY6.76▼ 0.33% DAX 25,066 ▼ 0.19% CAC 8,358 ▼ 0.08% FTSE 10,534 ▲ 0.34% MIB 52,828 ▲ 0.04% IBEX 19,337 — 0.00% STOXX 641.19 ▲ 0.03% EUR/USD1.14▲ 0.55% GBP/USD1.34▲ 0.09% SPX 7,534 ▲ 0.25% DJI 52,603 ▲ 0.20% NDX 29,482 ▲ 0.74% RUT 2,962 ▲ 0.31% TSX 35,446 ▲ 0.55% VIX 16.64 ▼ 3.03% USD/CAD1.41▼ 0.61% US10Y 4.5650 ▼ 0.95% IBOV 176,658 ▲ 0.52% IPSA 10,928 ▲ 0.16% IPC MEX 66,594 ▲ 0.94% MERVAL 3,272,235 ▲ 1.14% COLCAP 2,302.16 ▼ 0.24% BVL PERÚ 56,428.20 ▲ 2.38% USD/BRL 5.08 ▼ 1.19% USD/MXN 17.41 ▼ 0.65% USD/CLP 924.52 ▼ 0.90% USD/COP 3,258 ▼ 0.13% USD/PEN 3.39 ▼ 0.57% USD/ARS 1,476 ▼ 0.47% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.33 ▲ 0.42% 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 ▼ 0.20% BRENT 85.37 ▲ 2.48% WTI 79.70 ▲ 2.00% IRON ORE 161.91 — — COPPER 6.42 ▲ 3.00% GOLD 4,082 ▲ 2.12% SILVER 59.38 ▲ 3.02% SOY 1,192 ▼ 0.87% CORN 460.25 ▲ 5.14% WHEAT 639.50 ▲ 1.99% COFFEE 335.05 ▼ 1.86% SUGAR 14.82 ▲ 0.47% ORANGE JUICE 137.70 ▼ 3.40% COTTON 81.07 ▲ 1.55% COCOA 5,566 ▼ 2.28% BEEF 228.85 ▼ 2.50% CATTLE 349.93 ▼ 1.25% LITHIUM 71.75 ▲ 2.15% PETR4 40.88 ▲ 0.54% VALE3 74.23 ▲ 1.89% ITUB4 43.88 ▲ 0.83% BBDC4 18.90 ▲ 0.69% ABEV3 15.96 ▲ 0.82% BBAS3 20.44 ▲ 0.99% B3SA3 15.37 ▲ 1.65% WEGE3 44.37 ▼ 0.05% PRIO3 57.27 ▲ 0.12% SUZB3 41.07 ▼ 1.01% RENT3 40.58 ▲ 0.95% AZZA3 18.89 ▼ 1.72% CSAN3 3.89 ▼ 0.26% RAIZ4 0.33 — 0.00% PCAR3 2.47 ▼ 4.63% GMAT3 3.97 ▲ 0.76% PSSA3 54.46 ▲ 0.78% CVCB3 1.30 ▲ 4.00% POSI3 3.96 ▼ 0.75% SLCE3 13.92 ▲ 0.36% NATU3 8.48 ▼ 1.40% BRKM5 6.82 ▼ 1.73% RANI3 8.00 ▲ 0.63% CSNA3 5.17 ▼ 1.34% CMIN3 5.21 ▼ 4.40% USIM5 8.32 ▼ 0.72% GGBR4 23.12 ▲ 1.31% ENEV3 26.90 ▲ 0.07% CPFE3 47.05 ▲ 0.45% CMIG4 11.13 ▲ 0.54% EQTL3 40.81 ▲ 1.49% LREN3 14.12 ▼ 0.21% VIVT3 35.20 ▲ 1.35% RAIL3 14.14 ▲ 0.21% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.55 ▲ 1.92% RDOR3 36.12 ▲ 1.57% HAPV3 10.71 ▲ 2.39% FLRY3 16.29 ▲ 0.87% SMTO3 16.31 ▼ 0.37% UGPA3 29.26 ▼ 5.40% VBBR3 32.32 ▼ 1.34% BBSE3 40.36 ▲ 0.20% BPAC11 58.38 ▲ 1.50% CURY3 33.14 ▲ 0.06% AERI3 2.09 ▲ 0.48% VIVARA 23.25 ▲ 0.61% COMPASS 25.00 ▲ 0.93% VAMOS 3.02 — 0.00% SANB11 27.59 ▲ 0.80% ASAI3 8.65 ▼ 0.69% SBSP3 30.56 ▲ 0.63% WALMEX 49.60 ▼ 0.10% GMEXICO 201.52 ▲ 3.03% FEMSA 228.45 ▲ 1.37% CEMEX 22.60 ▲ 3.76% GFNORTE 186.23 ▲ 2.28% BIMBO 55.90 ▲ 0.05% TELEVISA 9.56 ▼ 0.52% AMX 22.77 ▲ 0.80% GAP 386.55 ▼ 5.30% ASUR 278.12 ▼ 0.19% OMA 233.85 ▲ 0.23% KOF 180.71 ▼ 0.53% GRUMA 280.45 ▼ 0.33% KIMBER 38.22 — 0.00% SQM-B 68,400 ▲ 1.77% COPEC 6,074 ▲ 0.28% BSANTANDER 78.20 — 0.00% FALABELLA 5,927 ▲ 0.37% ENELAM 84.20 — 0.00% CENCOSUD 2,042 ▲ 0.08% CMPC 1,078 ▼ 0.01% BANCO CHILE 186.00 ▲ 0.54% LATAM AIR 24.56 ▼ 1.37% YPF 78,150 ▲ 1.26% GGAL 8,210 ▲ 1.61% PAMPA 5,255 ▲ 0.57% TXAR 665.50 ▲ 0.15% ALUAR 962.50 ▼ 0.21% TGS 9,605 ▲ 0.37% CEPU 2,318 ▼ 0.04% MIRGOR 16,800 ▼ 1.18% COME 45.31 ▲ 1.18% LOMA NEGRA 3,560 ▲ 1.79% BYMA 307.75 ▼ 0.16% TELECOM ARG 4,275 ▲ 0.59% ECOPETROL 15.95 ▲ 0.41% BANCOLOMBIA 82.40 ▲ 2.46% GRUPO AVAL 4.98 ▲ 1.43% CREDICORP 393.09 ▲ 0.99% SOUTHERN COPPER 182.35 ▲ 4.48% BUENAVENTURA 31.39 ▲ 5.26% MERCADOLIBRE 1,867 ▲ 0.01% NUBANK 14.25 ▲ 4.21% XP 16.60 ▲ 1.41% PAGSEGURO 9.30 ▲ 0.22% STONE 11.25 ▲ 0.90% GLOBANT 31.83 ▼ 0.90% TECNOGLASS 43.08 ▲ 0.56% GAP AIRPORT 222.54 ▼ 4.39% ASUR 278.12 ▼ 0.19% OMA AIRPORT 107.37 ▲ 1.17% AMX ADR 26.16 ▲ 0.50% FEMSA ADR 131.40 ▲ 1.85% CEMEX ADR 12.98 ▲ 4.26% PETROBRAS ADR 18.09 ▲ 1.17% VALE ADR 14.61 ▲ 3.00% ITAU ADR 8.63 ▲ 1.89% SANTANDER BR 5.47 ▲ 2.15% AMBEV ADR 3.12 ▲ 2.05% CSN 1.03 ▼ 0.49% GERDAU 4.58 ▲ 1.89% LATAM ADR 52.94 ▼ 0.73% BTC 63,845 ▲ 2.58% ETH 1,864 ▲ 5.09% SOL 76.81 ▲ 2.60% XRP 1.10 ▲ 2.91% BNB 578.36 ▲ 2.07% ADA 0.16 ▲ 3.61% DOGE 0.07 ▲ 2.85% AVAX 6.61 ▲ 2.57% LINK 8.30 ▲ 5.39% DOT 0.85 ▲ 1.49% LTC 44.54 ▲ 2.42% BCH 238.44 ▲ 0.93% TRX 0.33 ▲ 0.30% XLM 0.18 ▲ 1.69% HBAR 0.07 ▲ 0.60% NEAR 2.03 ▲ 6.06% ATOM 1.55 ▲ 0.98% AAVE 98.80 ▲ 4.70% SELIC 14.25% EMBRAER 82.91 ▼ 0.12% EMBRAER ADR 65.23 ▲ 1.16% JBS 11.81 ▲ 0.04% JBS BDR 59.80 ▼ 1.34% MBRF3 15.85 ▲ 0.83% MBRFY 3.05 — 0.00% INTER 5.73 ▲ 1.33% EGX 52,299 ▼ 0.59% USD/ZAR 16.35 ▼ 0.66% 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 161.99 ▼ 0.27% USD/CNY 6.7582 ▼ 0.19% DAX 25,066 ▼ 0.19% CAC 8,358 ▼ 0.08% FTSE 10,534 ▲ 0.34% MIB 52,828 ▲ 0.04% IBEX 19,337 — 0.00% STOXX 641.19 ▲ 0.03% EUR/USD 1.1450 ▲ 0.55% GBP/USD 1.3406 ▲ 0.43% SPX 7,534 ▲ 0.25% DJI 52,603 ▲ 0.20% NDX 29,482 ▲ 0.74% RUT 2,962 ▲ 0.31% TSX 35,446 ▲ 0.55% VIX 16.64 ▼ 3.03% USD/CAD 1.4068 ▼ 0.60% US10Y 4.5650 ▼ 0.95%
since 2009
Tuesday, July 14, 2026

This is No Time

By · February 1, 2011 · 3 min read

Daily Brief

The morning intel from across Latin America. Free.

By subscribing you agree to our privacy policy. We never share your email.

Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – This is no time to be curmudgeonly. Hundreds of people have died up in the mountains above Rio, and the death toll will reach 1,000 once the bodies of the disappeared are found, long downriver or under rubble. Tens of thousands of people have lost their friends and their relatives, their homes and their possessions, their pets and their hope.

One-stop reference
Company Intelligence
Every listed company in Latin America — financials, ownership and structure for 1,450+ companies across 26 exchanges, in one place.
Browse the directory →
The Curmudgeon, aka Michael Royster.
The Curmudgeon, aka Michael Royster.
RT
Ask Rio Times
17 years of Latin America reporting, on demand.
Open the full Ask Rio Times →

Thousands of businesses have had to shut down because they cannot produce anything, for horrendous reasons—the people who worked for them are dead or injured, their production equipment is under mud, the little they produce they cannot send out of town because there are no roads or bridges, etc. Tourism is dead, who would go visit a place where you will worry about being killed if it rains hard?

For it does rain hard in the mountains above Rio, especially in the summer. The prevailing weather pattern in the summer is hot and humid by day; in the late afternoon the clouds move in over the mountains, the rain comes, weak and drizzly or thunderclap strong, usually only a few minutes or hours, but sometimes, far less frequently than once in a blue moon, it pours and pours and pours: death and destruction result.

So, who’s at fault? Was it an Act of God? Was it the Weather Bureau, which didn’t issue a timely warning? Was it the Prefectures of the various towns and cities, which allowed homes to be built on the hillsides? Was it the state environmental agency, which never does anything at all?

The Curmudgeon tends towards blaming an “Act of God” or “force majeure.” The legal definition of this is a natural event “which cannot be predicted or prevented.”

Some will argue it was predictable because it rains in the mountains, and erosion due to overbuilding will eventually destroy the vegetation that keeps the hillsides green. The counter-argument to that is the size and suddenness of the deluge.

The immense amount of water that fell in a few hours may happen once every hundred years or so, if that often, and is not predictable. Minor earthquakes are predictable, huge ones are not. Ordinary thunderstorms, no matter how terrifying, do not cause the same amount of destruction, just as minor earthquakes don’t cause tsunamis.

Some will argue it was preventable, because the city and state authorities should never have allowed anyone at all to build on the hillsides—they should have been maintained in their pristine state. The counter-argument is this: most people who build homes in the risk areas do so for one reason only—they can’t afford to build anywhere else.

They are the poor who yearn for a home of their own, just as poor the world over yearn. Remember the “sub-prime mortgage” that caused the 2008 crash of the financial world? Some blamed that on the poor who bought houses, when they couldn’t afford them.

The basic problem is the urbanization of Brazil, the ever-increasing migration of people from the countryside to the cities, and the lack of any “safe” land in those cities where immigrants can build. In Rio de Janeiro, people now must go to the favelas, because the “green” areas have (mostly) been protected.

Theoretically the same thing could happen in Petrópolis, Teresópolis and Nova Friburgo—but do we really want to create more favelas? If we prohibit all building on the hillsides, that is what will happen.

Read More from The Rio Times

The Rio Times · Power Map
See who really holds power in Latin America
Click to open the Power Map

Rotate for Best Experience

This report is optimized for landscape viewing. Rotate your phone for the full experience.