Dear Friends,

Brazil has gone “bankrupt”, and its resurgence towards a developed nation, in all aspects, goes, fundamentally, through rebalancing the economic equation. Our President seems to give less and less importance to this, either to undermine the essential foundations of Paulo Guedes’ liberal plan, or to give greater attention to issues of his popularity. In fact, the Commander-in-Chief embraces “democratic populism” by taking the least promising paths, the reflexes of which are already being felt: he’s moved away from the economic core, eroded institutional controls and dodged all accountability regarding his campaign promises. It is all premature and very disappointing.

In this line, Minister Paulo Guedes has been facing successive defeats. The most important of all, unequivocally, vis-à-vis the President, is to leave center stage and give in to the chants of developmentalists and a certain “heterodoxy”, which never worked in this country. There is no lack of those who disagree with the liberal agenda, sometimes because of intellectual conviction, sometimes because they want the return of the old ways. Bolsonaro has waved to both and, despite the partial exodus of the economic team, Paulo Guedes attempts to get around the situation.


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