The Phaserl


Brazil – Hit by Social Mood Downturn

by Pater Tenebrarum,

Suddenly, There’s Unrest Everywhere

First Turkey, now Brazil – the masses are getting restless. In Brazil it is understandable that protests are flaring up. The country is slithering down the other side of a credit bubble mountain, something that has been reinforced by declining commodity prices and accompanied by soaring consumer prices to boot.

The Bovespa has been declining for some time now and the fall in the Brazilian real has been even worse. Brazil and a number of other commodity producing countries are so to speak twin bubble warrants. On the one hand, credit bubbles in them were egged on by the ultra-loose monetary policy in the West, which sent waves of foreign capital in search for yield flooding into them. On the other hand, China’s credit bubble and the associated investment boom triggered a seemingly unstoppable upward spiral in commodity prices. All of these events have been reinforcing each other, but the root cause is the same wherever one looks: the scourge of central banking.

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