Siga-me

Roberto Henry Ebelt

Encerramos o nosso texto da semana passada com o seguinte parágrafo:

O artigo do qual apresentamos alguns parágrafos neste texto foi publicado em 8 de junho de 2013. Gostaria de lê-lo reescrito depois das "manifestações" da terceira semana de junho. Se não fosse pelo vandalismo eu diria que elas lembram a "marcha da família com Deus pela liberdade" de 1964.

Continuemos, então, a comentar a parte final desse artigo:

The upshot* is that investors have become confused about Brazil’s economic policies**. This uncertainty has contributed to a mediocre performance: since 2011 growth has been lower and inflation higher than in most Latin American countries.

*Upshot: result, consequence, outcome, effect.

**Brazil’s economic policies: políticas econômicas do Brasil.

Fortunately, Brazil still has some big strengths*, including its farming and energy industries, more science and innovation than you might think and a huge, albeit less fizzy**, domestic market. And whatever

Ms.***  Rousseff’s mistakes, they are small compared with those of, say, Argentina’s Cristina (Kirchner) Fernández. But in any event, the going**** for Brazil is getting harder. A consumption and credit boom***** has run out****** of steam, the trade account has moved into deficit as Chinese demand for Brazilian iron ore******* slows and the imminent end of cheap money in the rich world is prompting a slide in the real. Though that will help Brazilian manufacturers, it will push up inflation.

*Strength: power, force.

**albeit: (conjunção) embora.

**less: (advérbio) menor, menos.

**fizzy: (adjetivo) efervescente, exuberante.

***Ms. : título equivalente a Senhora ou Senhorita, que se usa quando não se sabe se a pessoa a que nos dirigimos é casada, solteira ou viúva ou quando o estado civil da pessoa em questão não é relevante.

****the going: a caminhada, o progresso.

*****boom: rápida prosperidade.

******to run out of something: ficar sem alguma coisa.

*******iron ore: minério de ferro.

So incipient signs of a return to clearer policy in the past few weeks are welcome. To curb inflation, Alexandre Tombini, the Central Bank governor, has pushed up the benchmark interest rate (though more increases will be needed to restore lost credibility). Guido Mantega, the finance minister, has said he will no longer use fiscal policy to stimulate the economy; on June 4th he lifted a tax on capital inflows. But more change is needed if Brazil is to return to the path set by the Real Plan. Above all, Ms. Rousseff’s team needs to curb spending and get the state out of the business of micromanaging investment decisions.

In December, when we last urged Brazil’s government to stop meddling and let animal spirits roar, we called for Ms. Rousseff to sack Mr. Mantega*. It was widely reported in Brazil that our impertinence had the effect of making the finance minister unsackable**. Now we will try a new tack. We urge the president to hang on to him at all costs: he is such a success.

* We called for Ms. Rousseff to sack Mr. Mantega: nós pedimos a Sra. Rousseff para demitir o Sr. Mantega.

**unsackable: "imexível".

***tack: course of action.

A última oração do último parágrafo é uma piada: Agora nós pediremos à presidente que se segure firme (no Sr. Mantega) de todas as maneiras possíveis: ele é um verdadeiro sucesso. (Talvez assim ela contrarie a revista de novo e resolva demiti-lo). A propósito, o PT deve alguma coisa a esse senhor?

Have a nice weekend.