Mary Anastasia O’Grady has an excellent and insightful piece on Brazil’s ongoing success in the current market turmoil. She also points to the irony of a Socialist President calling for more free trade and the possible “United States risk” in Brazil’s economic future. In particular, she notes issues with Citibank financing trade and a declining dollar as impediments to Brazil’s continued success. The one major item that she missed was that the secret key to Brazil’s success has been the vigilence and fortitude of their Central Bank President, Henrique Meirelles. In the face of cries to lower interest rates and a more “American” like monetary policy, he has persevered in the best interests of his country. He deserves much of the credit for Brazil’s success. Lula also deserves great credit for not succumbing to calls from the left and the right to ease up on Meirelles economic vigilence. They both deserve kudos for a continuing job well done!
http://online.wsj.com/article/SB123776326396008613.html
