A Genuine Fascist Is on the Verge of Power in Brazil

"Rather than point out the dangers inherent in a Bolsonaro victory, investors in financial markets have euphorically celebrated Bolsonaro’s meteoric ascent, with bank analysts publicly cheering his commitment to radical privatization, pension “reform,” tax cuts, and the downsizing of the Brazilian state. Bolsonaro’s University of Chicago–trained economic adviser, Paulo Guedes, was eulogized by brokers on Avenida Paulista. The real has strengthened and the stock markets have posted double-digit increases. Instead of rejecting Bolsonaro’s tirades against diversity and freedom of expression, corporate chiefs such as the head of beer-maker Ambev have readily met with Bolsonaro and chosen to warn against the PT’s defense of state-owned companies and plans to rein in the power of private banks.

According to Folha de S.Paulo, leading bank executives from Bank of America, Goldman Sachs, and Santander are being considered for posts in the Bolsonaro government. This has all helped to give him a more acceptable veneer, even to those who do not sympathize with his extreme views. Markets are watched closely here by an electorate that is punished by every inflationary depreciation of the real and every consequent hike in interest rates."

READ NEWSTORY BY ANDY ROBINSON