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“The book is a reflection of those who are disappointed with reforms and the political system,” says Gustavo Franco – 05/21/2021 – Market



“The book is a reflection of those who are disappointed with reforms and the political system,” says Gustavo Franco - 05/21/2021 - Market

In an interview with sheet, economist Gustavo Franco talks about his new book Bitter Lessons: A Preliminary History of Today, which he defines as a reflection of those who are tired of the frustrations of recent years, but believes that learning from the pandemic can accelerate change that brings the country to better world practices in the economic sphere.

How do you choose a moment to publish a current story that, as the subtitle of the book says, is still a preliminary story? What was the choice of the book format?

In general, we write books about ready-made facts. But in such a case, we will never write about current topics and therefore will navigate without the help of the maps offered by these efforts. It takes a lot of effort to remove from the conventionality of this moment that which is solid and permanent.

I wanted to make the book in the same tone and approach that I use in my newspaper articles. This tone differs from my last book, Currency and Law, which has a characteristic academic character, a book by a historian. This new article is like a long newspaper article. I was looking for a lighter writing, more enjoyable to read, as before.

The book talks about bitter lessons, but overall it gives an optimistic view of the moment.

The tone of the text is all positive. It is now the result of the thinking of those who are tired of the frustrations of the past few years, of reforms that are not taking place, and of a political system that is unable to provide an economy that works for the benefit of the people. It’s really frustrating, and the pandemic may have sparked this bitterness over what happened, but it could be a very positive thing if things move faster now. Maybe. I’ll take it.

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A pandemic can make things happen faster, or we will continue what you classify as the “macunaímico improvement of the theorem on Lampedusa [autor de ‘O Leopardo‘]”?

Interestingly, some reforms were discussed throughout the pandemic. It was not a paralyzed object. He changed his look. I like the idea that if we had carried out reforms earlier, with more energy, with more speed, we would be better off starting a pandemic. This is another way of saying that we have too much time. They reflect all our concern for progress. It is widely believed that the pandemic has only worsened.

You draw a parallel between Goethe’s Faust and the relationship between Paulo Guedes and Bolsonaro when you talk about these fruiting.

Many people would have liked Paulo Gedes, who has influence over Jair Bolsonaro, to persuade him to carry out some liberal reforms, but no one had any illusions about how far this might go. We learned what we already knew: the president is not Paulo Gedes and that this government’s ambitions for liberal reforms are limited.

Now that this book comes out, we are much more concerned about failure than success. The very consistency of a minister is today seen as a means of preventing failure rather than ensuring progress.

Given all the cited works and studies that talk about insanity, stupidity, stupidity and imbecility, which of these concepts would you use to classify the current government?

This will be the judgment of the reader and the judgment of the voter.

In the current political scenario with our 2022 outlook, do you see a place for a candidate with a liberal agenda?

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The pandemic has not helped resolve these previous disputes about government size, government role, intervention versus market. All these controversies continue, perhaps with a little change. There has been a lot of biased confirmation, but doubts remain. I do not believe that in the next elections there will be a clear victory of one side over the other.

Is the economic agenda not being discussed?

Do not stand aside. How it will appear is still a mystery to me. In the last election, it was surprising that the liberal point of view is so important in the debate about economics. It is possible that this discussion will be repeated in the next elections, because what has happened since 2018 until now has been a little upsetting. We did not have liberal reforms, which in 2018 all candidates, except for the left, announced that they were going to do it. This is a stuck agenda.


Gustavo Franco, 65 years old
PUC-Rio Master of Economics and Harvard PhD. He is the former president of the Central Bank and founding partner of Rio Bravo Investimentos. He was part of the team that came up with the real plan. Author and organizer of 15 books on economics and topics with Machado de Assis, Shakespeare and Fernando Pesoa. He joined PSDB in 1989 and left for Novo in 2017.

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The dollar continues to reflect the political scenario



The dollar continues to reflect the political scenario

Yesterday, financial agents evaluated the opposite decision of the Federal Supreme Court (STF) regarding the so-called secret budget. In addition, a decision was made by STF Minister Gilmar Méndez to issue an injunction that would exclude the Bolsa Família from the spending cap rule, with investors trying to understand how this measure would affect the processing of the transitional PEC in the Chamber of Deputies. Oh this PEC!!!!

Since he is an exchange investor, any reading that the budget will be exceeded or become more flexible will negatively affect the exchange market, whether through the PEC or in any other way. We will continue with volatility today.

Looking beyond, the US Central Bank (Fed), although slowing down the pace of monetary tightening at its December meeting, issued a tougher-than-expected statement warning that its fight against inflation was not yet over, raising fears that rising US interest rates will push the world’s largest economy into recession.

The currency market continues to react to political news. The voting on the PEC is saved for today. It is expected that it will indeed be reviewed to open the way tomorrow for discussions on the 2023 budget.

Yesterday, the spot price closed the selling day at R$5.3103.

For today on the calendar we will have an index of consumer confidence in the eurozone. Good luck and good luck in business!!

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Andrés Sánchez consults with the Ministry of Sports, but refuses a political post.



The former president of the Corinthians dreams of working for the CBF as a national team coordinator. He was consulted shortly after Lula’s election.

Former Corinthians president Andrés Sánchez was advised to take a position in the Ministry of Sports under the administration of Lula (PT). However, he ruled out a return to politics. dreams of taking over the coordination of CBF selectionHow do you know PURPOSE.

No formal invitation was made to the former Corinthian representative, only a consultation on a portfolio opportunity with the new federal government, which will be sworn in on January 1, 2023.

Andrés was the Federal MP for São Paulo from 2015 to 2019. At that time he was elected by the Workers’ Party. However, the football manager begs to stay in the sport, ruling out the possibility of getting involved in politics again.

Andrés Sanchez’s desire is to fill the position of CBF tackle coordinator, which should become vacant after the 2022 World Cup. Juninho Paulista fulfills this function in Brazil’s top football institution.

The former president of Corinthians was in Qatar to follow the World Cup along with other figures in Brazilian football. During his time in the country, he strengthened his ties with the top leadership of the CBF.

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The EU has reached a political agreement on limiting gas prices – 19.12.2022



Germany sentenced Russian to life imprisonment for political murder by order of Moscow - 12/15/2021
BRUSSELS, DECEMBER 19 (ANSA). European Union countries reached a political agreement on Monday (19) to impose a natural gas price ceiling of 180 euros per megawatt hour (MWh). The main sources of income for Russia and the minimization of the use of energy as a weapon by the regime of Vladimir Putin.

The agreement was approved by a supermajority at a ministerial meeting of member states in Brussels, Belgium, after months of discussions about the best way to contain the rise in natural gas prices in the bloc caused by Russia’s invasion of Ukraine. .

The value set by the countries is well below the proposal made by the European Commission, the EU’s executive body, in November: 275 EUR/MWh. However, the countries leading the cap campaign were in favor of an even lower limit, around 100 EUR/MWh.

Germany, always wary of price controls, voted in favor of 180 euros, while Austria and the Netherlands, also skeptical of the cap, abstained. Hungary, the most pro-Russian country in the EU, voted against.

The instrument will enter into force on 15 February, but only if natural gas prices on the Amsterdam Stock Exchange exceed 180 euros/MWh for three consecutive days. In addition, the difference compared to a number of global benchmarks should be more than 35 euros.

Italy, the EU’s biggest supporter of the ceiling, has claimed responsibility for the measure. “This is a victory for Italy, which believed and worked for us to reach this agreement,” Environment and Energy Minister Gilberto Picetto tweeted.

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“This is a victory for Italian and European citizens who demand energy security,” he added.

Currently, the gas price in Amsterdam is around 110 EUR/MWh, which is already a reflection of the agreement in Brussels – in August the figure even broke the barrier of 340 EUR/MWh.

However, Russia has already threatened to stop exports to countries that adhere to the ceiling. (ANSA).

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