Counting the Cost - Brazil's faltering economy: What's next?
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Subscribe to our channel http://bit.ly/AJSubscribe Five years ago, Dilma Rousseff convincingly won Brazil's presidential election, inheriting a resource-rich economy, a reduction in poverty and a rise in literacy. Fast-forward to today, the economy is heading for recession, unemployment is rising, prices are soaring, and a corruption scandal at state energy company Petrobras which dates back to Rousseff's time as chair is fueling threats of impeachment. Despite there being no evidence linking Rousseff to the bribes-for-contracts scheme, an independent investigation has alleged that bribes worth $2bn were paid to secure contracts with the firm. Sapping business and consumer confidence, the country's debt has reached a record high - up from $198bn in 2009 to $347bn today. The currency has tumbled by more than 50 percent and inflation is rising at almost eight percent. Triggering widespread anger at the sitting president, large-scale demonstrations have rocked the country, with tens of thousands demanding Rousseff step down. Carlos Pio, a political economist from Brasilia joins Counting the Cost to discuss what is next for the Latin American giant. At Al Jazeera English, we focus on people and events that affect people's lives. We bring topics to light that often go under-reported, listening to all sides of the story and giving a 'voice to the voiceless.' Reaching more than 270 million households in over 140 countries across the globe, our viewers trust Al Jazeera English to keep them informed, inspired, and entertained. Our impartial, fact-based reporting wins worldwide praise and respect. It is our unique brand of journalism that the world has come to rely on. We are reshaping global media and constantly working to strengthen our reputation as one of the world's most respected news and current affairs channels. Social Media links: Facebook: https://www.facebook.com/aljazeera Instagram: https://instagram.com/aljazeera/?ref=... Twitter: https://twitter.com/ajenglish Website: http://www.aljazeera.com/ google+: https://plus.google.com/+aljazeera/posts
Comments
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World Cup and now Olympics would put this country in debt for a decade,low oil prices,political bickering,poor rioting,high crime and inflation would create a bad bad year for Brazil and probably the world economy.
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Boom ==> Bubble ==> Bust
In times of commodity boom, the bonanza is growing like it will never end.
In times of commodity bubble, the bonanza is overflowing & creating many excesses.
In times of commodity bust, the bonanza is reduced to a trickle & everybody's angry.
The good book tells us -- life comes in 7 leans years & 7 fats years. Spread out the fats so you don't starve when lean times come along. Those who fail to heed these words of wisdom do so at their own peril. -
This is not because of government policies, it's because the price of oil collapsed thanks to the US trying to punish Russia for resisting further incursions by NATO. As soon as the Russian economy either collapses or the situation in the Ukraine starts to show signs of going in the direction of a further expansion of NATO, oil prices will continue to fall.
So far as the automobile industry, have you noticed the what's happening in the States? Same goes for job security, standard of living, workers rights, etc. This is called "Austerity" and is an invention of the same "economists" who brought us the "Trickle Down Economy".
All a move to Right will do is accelerate the process of deterioration. It could even lead to a return to the Good Old Days of dictatorship and military oppression of the populace. And that's something that won't just affect Brazil.
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