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July 6th, 2016 
Awake Goy Then things changed. They changed for everyone of course in 2008, not just the BRICS. But Brazil has languished, steadily trending down economically for years now after a post-depression blip up.
On a 2005-2006 trajectory a Brazilian Olympics looked doable. On a post-2012 trajectory a Brazilian Olympics looks very unwise.
I’ll bet however that Brazil squeaks by. I hope that it does.
(From David Stockman’s Contra Corner)
he devastation in the Brazilian economy is really unlike anything seen in its modern history, and Brazil is unfortunately no stranger to grand economic and financial difficulties. That tortured past had at one time not so long ago seemed an ancient memory, trouble for only historians. As recently as early 2012, Brazil appeared to be mending after its brush with the Great Recession. The mid-2000’s had built up what appeared to be the foundation for at last lasting prosperity no matter what the rest of the world was doing.
Yet, in 2016 we find instead some of the most extreme cases of malaise and contraction. This is no recession, as what is taking place would be categorized if it were a financial price or indication as a total unwinding. It really does seem as if all of the wealth created by Brazil’s 21st century expansion is coming apart and just vanishing into the political chaos of an unsettled social state.
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