by Nomi Prins
Daily Reckoning
I recently returned from two weeks of talks and research in Brazil. I visited with power brokers and everyday people in São Paulo, Porto Alegre, Rio and Brazil’s capital, Brasília. I returned home with an on-the-ground perspective of what’s really happening in the country.
The highlight of my trip was my meeting with former Finance Minister Luiz Bresser-Pereira at his São Paulo home to discuss his theory of “New Developmentalism.”
It goes: If emerging countries rely more on local capital flows than foreign speculation, they will be more stable economically.
Another significant topic is the political crisis facing Brazil’s government, where left-wing President Dilma Rousseff is facing increasingly likely impeachment.