These are excitingly dull times in Brazil. The domestic uncertainty of a presidential election (albeit one that increasingly looks like Dilma Rousseff’s to lose) mixes with a faltering global economy to create, well, no discernible economic effect. Rousseff, leader of the left-of-centre Workers Party, recently said in an interview with TV Globo that any cuts to steadily increasing government expenditure would be "wrong" and that to defend spending cuts is a "crime". The real didn’t flinch on the international exchanges; capitalists and their capital took no fright or flight.
The international investment community views Rousseff’s likely (if opinion polls are to be believed) election victory with equanimity. In truth, there is little contention between the economic policies of the candidates. Whoever wins, the government will pursue the...
