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Brazil’s Economy Entering Depression

The latest numbers coming out of Brazil confirm what Goldman Sachs said last December: “What started as a recession ... is now mutating into an outright economic depression, given the deep contraction of domestic demand.”

The National Bureau of Economic Research (NBER) doesn’t define what a depression is; however, various metrics provide a clue. A depression is characterized by abnormally large increases in unemployment, declines in the availability of credit, shrinking output as buyers stop buying and producers cut back, stalling of new investment capital, an increase in bankruptcies, companies defaulting on their debts, and a decline in exports. All of these describe Brazil's current economic situation.

Two general rules apply when defining a sovereign bankruptcy: 1) Real GDP declines by 10 percent (Brazil’s declined 3.8 percent last year and is expected to decline by a similar amount this year), or 2) A recession (quarterly declines in GDP) lasts two or more years (Brazil’s has declined for the last year and half).

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This is trending on facebook for some reason. Australian Olympic uniforms unveiled!

http://www.smh.com.au/sport/rio-olympics-2016-australia-unveil-official-olympic-team-opening-ceremony-uniform-20160329-gntojn.html

Something looks off about the uniforms. Perhaps the scarves are a bit too much. Oh well. Best part of the video are the first two drummers woof! Are they of African or aboriginal descent I wonder???

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Brazil court blocks Olympic funds on fraud suspicion: source

A federal court in Brazil blocked funding for the construction of an Olympic venue on suspicion of corruption, a source involved in preparations said on Tuesday, throwing fresh scrutiny on the Rio de Janeiro Games four months before they start.

State lender Caixa Economica Federal [CEF.UL] confirmed it suspended payments to a consortium building the Olympic Deodoro complex, where 11 sports including rugby sevens and BMX Biking will be held, after receiving a court order. But the lender said it could not give a reason for the suspension as the case was under seal.

The news was first reported by the G1 website earlier on Tuesday, which said the suspended funds totaled 128.5 million reais ($35 million). According to the report, prosecutors in Rio say they found evidence of fraud in earthmoving services at the venue.

The Deodoro consortium is made up of builders Queiroz Galvão and OAS, a separate source told Reuters. The two companies are already deeply ensnared in a far-reaching investigation into corruption at state-run oil company Petrobras.

Queiroz Galvão said in an email it could not comment as it had not yet been notified, while OAS declined to comment.

More @ http://www.reuters.com/article/us-brazil-olympics-fraud-idUSKCN0WV1WL

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Deputy Governor Francisco Dornelles Takes Over in Rio-Rio Times

With Governor Luiz Fernando Pezão in the hospital receiving chemotherapy, the reins of public office will be temporarily handed over to his deputy governor, Francisco Dornelles. It was announced yesterday that Dornelles will be acting governor for thirty days, while Pezão is on sick leave to treat lymphoma, which was diagnosed last Thursday.

Rio de Janeiro, Brazil, governor calls finances ‘tragic’-NTY

Rio de Janeiro's acting governor says the state's finances are "tragic," adding he has "never seen anything like it."

Francisco Dornelles says that the situation is so bad that the state that's slated to hold the Aug. 5-21 Olympics needs to look into the possibility of selling off property.

He said plunging tax income was behind the state's financial crisis. Much of Rio's tax income came from the Petrobras oil company, which is embroiled in a massive corruption scheme.

News reports have suggested the financial crisis might derail promises to unveil a state-funded subway extension in time for the Olympics.

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Brazil: Top Rio Olympics officials quit over corruption slurs around president Dilma Rousseff

With only months to go before the Olympics in Rio de Janeiro in August, another two top officials central to the Games have quit in a further setback for the government of President Dilma Rousseff.

Sports minister George Hilton quit along with Colonel Adilson Moreira who was in charge of organizing the security for the Games, with Moreira reportedly saying he was ashamed of Brazil being led by an "unscrupulous group".

Moreira headed the National Force for Public Security which would guard sporting venues during the Games. Officials were quick to emphasis that security at the events would remain unaffected.

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Failure to sell Olympic seats is Brazil's big ticket headache

Rio de Janeiro (AFP) - Brazil's government sounded the alarm Saturday over meager sales of Olympic tickets and public apathy just five months before Rio hosts South America's first Summer Games.

Only 50 percent of tickets to the Olympics have sold so far, Rio 2016 organizing committee spokesman Phil Wilkinson told AFP on Saturday. For the Paralympics, which follow the main Games, the figure is far worse: just 12 percent.

One measure could be the government buying unsold tickets, particularly for the Paralympics, and distributing them among schools, he said.

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  • 1 month later...
Boycott?
Opinion: Boycott Rio Olympics to defend Brazil’s democracy
Published: May 16, 2016 12:24 p.m. ET
Cooked-up Rousseff impeachment is a coup by corrupt antidemocratic elements

Boycott the Olympics

The impeachment coup represents a grave threat to democracy and social progress in Brazil and Latin America. Democratic civil society in Brazil urgently needs the world’s help. If opponents of the coup call for a boycott of the Rio Olympics, the global community of democracies should immediately sign on.

An Olympic boycott could be a beautiful and powerful action. It can brilliantly spotlight the culpability and corruption of the coup conspirators, while sending a global message in support of democracy.

Everyone knows the Olympics and the World Cup are both sporting and political events. Governments use these events to gain legitimacy, which means the Rio Olympics now risks conferring tacit approval on the coup against Rousseff.

History provides evidence of past failures to help, and those failures illustrate the need for present action. The greatest failure was the 1936 Berlin Olympics that gave tacit to approval to Adolf Hitler’s Nazi Germany. In 1978 the global community failed Argentina by participating in the World Cup at a time when Argentina’s dictators were brutally torturing and murdering Argentines by the thousands.

More:
http://www.marketwatch.com/story/boycott-rio-olympics-to-defend-brazils-democracy-2016-05-16

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THERE IS NO COUP IN BRAZIL!!!

President Dilma has not been deposed from office . She was away so there is no interference in investigations . If she proves her innocence she returns to the office. We can not trivialize the word "coup". We had a coup in 1930 with Getulio, we had a coup in 1964 with the military. Stop saying that impeachment is a coup!

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THERE IS NO COUP IN BRAZIL!!!

President Dilma has not been deposed from office . She was away so there is no interference in investigations . If she proves her innocence she returns to the office. We can not trivialize the word "coup". We had a coup in 1930 with Getulio, we had a coup in 1964 with the military. Stop saying that impeachment is a coup!

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Boycott?
Opinion: Boycott Rio Olympics to defend Brazil’s democracy
Published: May 16, 2016 12:24 p.m. ET
Cooked-up Rousseff impeachment is a coup by corrupt antidemocratic elements

Boycott the Olympics

The impeachment coup represents a grave threat to democracy and social progress in Brazil and Latin America. Democratic civil society in Brazil urgently needs the world’s help. If opponents of the coup call for a boycott of the Rio Olympics, the global community of democracies should immediately sign on.

An Olympic boycott could be a beautiful and powerful action. It can brilliantly spotlight the culpability and corruption of the coup conspirators, while sending a global message in support of democracy.

Everyone knows the Olympics and the World Cup are both sporting and political events. Governments use these events to gain legitimacy, which means the Rio Olympics now risks conferring tacit approval on the coup against Rousseff.

History provides evidence of past failures to help, and those failures illustrate the need for present action. The greatest failure was the 1936 Berlin Olympics that gave tacit to approval to Adolf Hitler’s Nazi Germany. In 1978 the global community failed Argentina by participating in the World Cup at a time when Argentina’s dictators were brutally torturing and murdering Argentines by the thousands.

More:

http://www.marketwatch.com/story/boycott-rio-olympics-to-defend-brazils-democracy-2016-05-16

Article made by Thomas Palley.

Biography

palley.jpg

Dr. Thomas Palley is an economist living in Washington DC. He holds a B.A. degree from Oxford University, and a M.A. degree in International Relations and Ph.D. in Economics, both from Yale University.

He has published in numerous academic journals, and written for The Atlantic Monthly,American Prospect and Nation magazines.

Dr . Palley has recently started a project, Economics for Democratic & Open Societies. The goal of the project is to stimulate public discussion about what kinds of economic arrangements and conditions are needed to promote democracy and open society.

Dr . Palley was formerly Chief Economist with the US – China Economic and Security Review Commission. Prior to joining the Commission he was Director of the Open Society Institute’s Globalization Reform Project, and before that he was Assistant Director of Public Policy at the AFL-CIO.

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Things that don't work:

1. Olympic boycotts.

2.

They don't work when countries boycott for political reasons. But it would be an absolute nightmare for the organizers and the IOC if Brazilian volunteers and fans boycott the Olympics. It would not be fun trying to host a games without any volunteer labor or Brazilian fans in the stadiums.

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totally nonsense

They don't work when countries boycott for political reasons. But it would be an absolute nightmare for the organizers and the IOC if Brazilian volunteers and fans boycott the Olympics. It would not be fun trying to host a games without any volunteer labor or Brazilian fans in the stadiums.

That won't happen. The imaginative "coup" is a delirium of a very small group of people manipulated and beneficiary of PT's government. That's the only way Dilma found to try to defend herself of the many accusations herself and her party are facing. All legal procedures are being followed and the Impeachment has the support of most of the population.

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The Real Federación Española de Vela, the Spanish sailing federation, released a statement on May 21 that two of its sailors and a coach had been assaulted at gunpoint in broad daylight while in Rio de Janeiro to train for the 2016 Olympic Games to be held in August.

The three Spanish team members were in the street as they walked in the morning hours to breakfast in the neighborhood of Santa Teresa.

“The lack of security in Rio is one of the points of greatest concern to the teams,” said the federation in the statement. “Now the Spanish team has suffered the violence that lives in Rio de Janeiro within three months of the Olympics.”


Zika Can't Stop the Rio Olympics Many health experts say the games should go forward—and insurance probably wouldn't cover postponement.
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Everything Is Going Wrong In Brazil Ahead Of The Olympics
The Rio Games are two months away, but the crises facing Brazil will last much longer.
05/23/2016 02:41 pm ET | Updated 2 days ago
"The political turmoil is unlikely to directly affect the operation of the Olympics. But with Rousseff facing a six-month trial and Brazilians already deeply dissatisfied with her replacement, the specter of the political crisis will no doubt hang over the games — and endure long after they are over."
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