The Chicago Boy and His President

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BERLIN/BRASÍLIA (Own report) – German business circles are placing high hopes on Brazil’s President-elect Jair Messias Bolsonaro pointing to the economic program of Paulo Guedes, designated to head a super ministry. During Augustino Pinochet’s military dictatorship, he was a professor at the University of Chile and his program resembles the economic policy of the Chilean Junta. Since about a year, Guedes has been Bolsonaro’s advisor. The Brazilian business community is hailing Bolsonaro, particularly the National Confederation of Industry (CNI), where German businesses hold strong positions. CNI is the Brazilian partner of the Federation of German Industries (BDI). German companies had already cooperated with the Brazilian military dictatorship. Bolsonaro’s victory is a deathblow to the policy of cautious redistribution in favor of impoverished segments of society, pursued by Presidents Lula da Silva and Dilma Rousseff. This policy was essentially ended with the May 2016 cold putsch – under applause of German business representatives.

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Brazilian President Dilma Rousseff ousted in impeachment vote

President Dilma Rousseff was stripped of her office Wednesday in the culmination of a political crisis that has left Latin America’s largest nation adrift, with an economy in deep recession and a public sharply divided over the country’s future.

Rousseff was impeached on arcane charges having to do with violating budget laws. But she was swept up in a tide of revulsion against Brazil’s political class as the once-flourishing economy contracted and political parties were tarred by a massive corruption scandal.

Wednesday’s 61-to-20 Senate vote closed out an extraordinary 13-year rule by the leftist Workers’ Party, which boasted of lifting tens of millions of Brazilians out of poverty before the economy began to nosedive and its political fortunes soured. Continue reading