Brazil President Advises His Countrymen: Keep on Shopping

    Brazilian leader Lula

    Brazilian leader Lula Brazilian President, Luiz Inácio Lula da Silva, said that no work in the Growth Acceleration Program (PAC), no large infrastructure project in Brazil will be paralyzed due to the international financial crisis.

    "I have made my mind: in order to face the crisis, which did not originate here in Brazil, but rather at the center of global capitalism, the only solution, and the best one, is to produce more, invest more in infrastructure works and continue to make the cash circulate, so that people have access to products and, consequently, are able to help develop the Brazilian industry," said Lula, after luncheon with the king of Jordan, Abdullah II, at the Brazilian foreign office (Itamaraty), in the capital Brasí­lia.

    Lula answered questions from journalists about the measures announced by the government over the last few days, which, among other things, allow for public banks to buy shares of private institutions facing trouble.

    "We are not going to give away money to any company, any bank, and what is more, we are not giving away any money at all. It is important to make it clear that whoever makes a mistake is going to pay for it. What the government might do at some point is buy shares and, as the company recovers, sell the shares back," he declared. "We are not going to give away money because we are not going to benefit speculators," he said.

    The president underscored the fact that the government is making credit available in order to solve the problem of lack of liquidity in the market, be it by reducing the mandatory deposits that banks must make at the Central Bank of Brazil, be it by means of injecting part of the country's foreign exchange reserves in order to finance foreign trade.

    "We will continue to work and keep our calm. I have been telling workers to go on buying what needs to be bought, and I have been telling businessmen to go on investing in the projects they had decided to invest in," he said.

    According to Lula, if the country is careful in managing the effects of the crisis, then as soon as the crisis ends "Brazil will surely also be better prepared to take a quality leap. Because this is going to be taken into account once the (world) economy regains its liquidity. That is why I am approaching this with a certain calm, even though I am naturally concerned, from seeing the whole world concerned," he said.

    According to the president, the measures adopted by the government were "thought out in a very articulate manner so as to enable us to solve the problems as they occur. And then we anticipated some of them (problems)," he stated.

    Anba – www.anba.com.br

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    • Show Comments (22)

    • dnbaiacu

      Yes VinnyCarioca stay on here….
      There is not a blogger that hasn’t thought they “goofed”. 😀
      It doesn’t matter.. This is supposed to be fun and insightful. I have learned A LOT.! I wish I could give Ch.c at least a dollar for all of his financial knowledge. I have never seen any thing like it. :-). And Joao is so good at “keeping things going” The board wouldn’t be the same without him. Sometimes I suspect he works for the site 🙂 I like to get good mental exercise with Augustus, Simpleton , Blanchette,and the few variations of “R I C S ” on board. And then there’s the few ladies that grace us with their presence every now and then,Shelly and eHarmony. Seeing Ch.c and AES go at it is stimulating. Then there’s the few bloggers that show up on more “sensitive” issues where you really get some history and get to see how progressive or regressive some of us are 🙂 😉
      Keep it coming!!!

    • João da Silva

      Ch.C!
      A good recital of your professional experience.

      [quote]On Sunday evening he called his wife to say hello, and his wife said….look I got a call from Mr DEF in Geneva, he knows all the details, he simply wish to know where to transfer the money !!!!! Someone betrayed once more. the most sad things was that not even HIS wife knew something ! smiles.[/quote]

      My stupid question: Does he still have the same wife or changed to a new one?

    • ch.c.

      Also…what is your opinion on using a MACD to identify entry and exit points. Seems to be pretty accurate.
      Welll….as I said earlier, for me 100 % of the many oscillators are worthless.
      But if you find your happiness, good for you ! What else could I really answer !
      At least it is not illegal ! smiles

      Concerning me and Prechter :
      – first you must understand Prechter view at that time. He figured out Armagdeon before the 1987 crash, but contrary to what you may hear, he did not predicted the crash ! I know that first hand, and some of his subscribers too.
      Also very important to understand about Prechter is that at that time he was WORLD GURU NBR 1, but always refused to manage money. If he wanted to change his mind he only had to open his mouth….and he would have started with US$ 1-2 billion right away.
      – one of my partner’s client was a good and close friend to Prechter.
      – we worked for an Australian Broker but with a big shop in the USA.
      – therefore the “idea” of Prechter was, if the world collapse, he would be welcome in Australia, having established a good connection with them through us.
      – therefore he was open to the idea of managing money, but….on a HIGHLY confidential way….using my pÀƒ©artner and me as broker !!!!! keep smiling….not over
      – but he said he did not want tons of money, only 5 accounts in commodities with min. $ 1 mio and 5 accounts with for stocks with min. 5 mio !
      – Then we contacted our client locally and obviously every one agreed-
      – But…but……our clients HAD no proof at that time that the money would be effectively managed directly from Prechter, or from us using simply HIS signals ! Full of common sense ! smiles ! Then when we explained this to him he said of course he understood, and coincidentally was coming a few months later in London to give a paid lecture to a conference. Therefore no9 problem to also come to Geneva.
      – But during all these conversations, the word of the game was CONFIDENTIALITY ! All our potential clients knew it of course.

      Then first meeting with a possible client
      – “hello Bob, I am a subscriber for years etc etc….and by the way YOU have the regards of Mr X” —– Whoaaaaaaa….Bob answer was “but…but…but…I thought my visit here and potential agreement was supposed to be confidential !!!!!”
      – then with the other clients it was ok.
      – the meetings were on Thursday and Friday and he wanted to do some shopping on Saturday and see the mountains on Sunday, and go back home Monday morning !
      – Well….during the week end he called he got a call from someone in his office saying look we got a call from Mr ABC in Geneva. He learned that you are going to manage money and wants to know the details. so please contact him. Whoaaaaa….someone again who was not supposed to know anything calling the office WHICH ALSO DID NOT KNOW ANYTHING !!!!!!
      – On Sunday evening he called his wife to say hello, and his wife said….look I got a call from Mr DEF in Geneva, he knows all the details, he simply wish to know where to transfer the money !!!!! Someone betrayed once more. the most sad things was that not even HIS wife knew something ! smiles.
      – Then on Monday morning we got a call not from Prechter but From his friend who introduced him to us….and said…..
      SIMPLE….LETS FORGET EVERYTHING…..DEAL IS OVER.
      The friend knew it was NOT our fault, but more than one potential client Prechter met, talked to people they were not supposed too !!!!

      Simple and simply sad ! But so it was !!!!!
      On the other hand with restropective, as I also said earlier Prechter was not so right for several years from what I heard.
      It also looks like that based upon some medias articles he lost around 70 % or so of his newsletter subscribers during the following years. I dont know how true it was, I just say what was published in some financial medias !

      Ohhh but I also was the largest money raiser for Paul Tudor Jones when he managed US$ 12 millions in mid 1985.
      Today he manages Us$ 15 billion and his own net worth is US$ 2 B.
      But I dont have too many good things to tell about him on a personal basis. Lets just say he was terribly good at whast he did profesionnally but not very fair to those who raised money for him WHEN he was not yet a PRIMA DONNA !!!!!
      It was much more difficult to raise 3,5 millions when he had 12 million, and much easier to raise 50 millions when he managed 500 millions. But I could not raise the 50 millions because at that time he closed his fund to all new money for a while when in fact he still accepted money from Prestigious Institutions to have a yet bigger aura in the medias !!!!
      That is life in finances. A lot of betrayals and promises never delivered.

      😉 😀

    • VinnyCarioca

      CH.C
      [quote]This said also a little warning about Prechter. When he is wrong, he is also dead wrong in his multi years visions !
      The simple example was after the 1987 Crash….when he still had a “sure” view of the Dow going down to 400 !
      Believe it or not this was THIS reasoning that put me in direct relation with him…in those days !!!!!![/quote]

      I understand. For me, his research is more useful for intermediate trends and I do not rely on his words alone. There is another source that I subscribe to that I find very helpful, in that, institutional buying and selling, Fed liquidity injections (which is insane now), MACD, and other factors I deem important are monitored. The latter of the two has also been back tested, I believe, the last 140 years and is proven to just make “buy and hold” investing look like a suckers game. Multiple years visions don’t mean much to me….more interested in intermediate.

      [quote]On children/minor prostitution I remember perfectly the attack against me ! do you think it hurted me ? NOT AT ALL…coming from brazilians junkies.[/quote]
      I don’t think there are very many things that hurt you. 😀 At the time, I perceived the blogger making lite of a subject that I don’t think warranted it. I believe that there’s a special place in hell for pedophiles and I, misguidedly, took exception to his comments and overreacted.

      [quote]If you disagree with me, feel also free to call me a junkie and an idiot !!!!!
      But Noooo brazilian (including Robin the Crook) is my ennemy !

      I love the USA…even more when their currency go UP !!!!!!!
      While I still like them, when their currency goes down !!!!!

      Smiles [/quote]

      I’ll stay away from colorful metaphors for a while 🙂

    • João da Silva

      VinnyCarioca
      [quote]You have a lot of class. Thank you.[/quote]

      Thank you too. Not easy to maintain the class in spite of the adverse conditions that are prevailing in our country. You just keep blogging and expressing your opinions.

    • João da Silva

      [quote]Happy birthday ? [/quote]

      Sure.Are you not a Scorpio? 😀 😉

    • VinnyCarioca

      ch.c
      [quote]Believe it or not, I also met Prechter in 1987. He came for the first time in Geneva to meet me and my partner.
      The story is even more rocambolesque than with Welles Wilder ! Especially at that time because Prechter was the World Number
      ONE GURU !!!!!! And the difference was that there was Noooooo hidden scam….as for Wilder !!!!!!
      It could have turned into a Real fairy tale…for me and my partner !
      if you are interested, I can let you know the how and whys !!!!!![/quote]

      I would be very interested in hearing about that. I’m still chuckling over the Welles Wilder story….priceless.

      Also…what is your opinion on using a MACD to identify entry and exit points. Seems to be pretty accurate.

    • ch.c.

      Thank you Vinnycarioca !
      You see that contrary to what AES the junkie says, I am not yet as dumb as HE is !
      That’s life one has to take with serenity.
      This said also a little warning about Prechter. When he is wrong, he is also dead wrong in his multi years visions !
      The simple example was after the 1987 Crash….when he still had a “sure” view of the Dow going down to 400 !
      Believe it or not this was THIS reasoning that put me in direct relation with him…in those days !!!!!!

      On children/minor prostitution I remember perfectly the attack against me ! do you think it hurted me ? NOT AT ALL…coming from brazilians junkies. That same guy made a reference to the the person “in my country” that raped his daughter for 25 years or so and kept her hostage in a house basement with 2 or 3 children.
      Except that this “clever” idiot GOOFED between Switzerland and….AUSTRIA !!!!!!

      Therefore dont be surprised if there will be more of the same in the future !
      Idiots remains idiots for life….usually !!!!!

      And even whenever I will at times disagree strongly with you, I will always come up with sensible and/or stats.
      While you may also disagree with my arguments, then lets talk more openly about facts and stats !
      A simple example is when one junkie pretend that when Brazilian government rates being the world highest after inflation….is a sign of strength and not weakness !!!!!
      Because if it is a sign of strength, then why the Brl was one of the weakest currencies even when looked against the other emerging nations currencies ????? Hmmmmmm

      If you disagree with me, feel also free to call me a junkie and an idiot !!!!!
      But Noooo brazilian (including Robin the Crook) is my ennemy !

      I love the USA…even more when their currency go UP !!!!!!!
      While I still like them, when their currency goes down !!!!!

      Smiles

      An interesting article just published on Bloomberg, and came up with the same conclusion and reasoning that I had more than once here about who is LOANING to whom and how much based on their GDP equivalent.
      That will more clearly explain you why I am so bearish on the Euro ! we havent seen anything yet….and sure some weak or strong bear market rallies will happen for a few years, until the wind reverse again ! A classic move ! people always say this time is different…but it is never that much different when viewed on a secular basis of 4-8 decades !

      http://www.bloomberg.com/apps/news?pid=20601101&sid=aiTR2l1p31mY&refer=japan

    • VinnyCarioca

      ch.c
      [quote]Concerning child prostitution, I remember ! I was myself very critical but certainly not against you !
      Me too was criticized for my ranting against Brazilians solutions who always show the tip of the iceberg but not the well hidden
      90 % of a much darker truth ![/quote]

      Actually CH.C, my remark was directed at another blogger who made flippant comments aimed at your criticism of the Brazilian solutions. I didn’t think the topic of pedophilia was an appropriate platform for such comments and I overreacted.

      [quote]The only one I still respect is Bob Prechter. I am NOT a subscriber, but at times I do get signals indirectly, and I regularly say :
      MY HAT ![/quote]

      That’s very interesting. I AM a subscriber and your respect for Bob Prechter is a most welcome endorsement as far as I’m concerned. To this day, I’m amazed at the percentage of my net worth that has been preserved because of his work. In fact, I consider myself one of the luckiest people around.
      Looking forward to the substantial counter trend rally.
      Stay well and Happy Birthday! 😉 😀

    • VinnyCarioca

      Joao
      [quote]Though Ch.C is welcoming you back to the blog, I am ordering you to do so.

      Cheers. Be what you are.[/quote]

      You have a lot of class. Thank you.

    • ch.c.

      ??????
      Happy birthday ?

      😮

    • João da Silva

      Ch.C !
      [quote]Just go back to FHC predecessor…..and it was exactly the same.
      Go back to the predecessor of the predecessor…..and it was exactly the same.
      [/quote]

      I think we have discussed this before. The politicians all over the world are the same. Cheaters and Liars. The ones who elect them give about 3 months to “perform” and they start complaining about [i]their elected[/i] officials. It can be very amusing as well as irritating to hear the complaints. But…But…. the “PovÀƒ£o” deserve the ones whom they elected and keep cheating them.

      Anyway, Happy birthday to you. Take the advice of Marta and “Relax and Enjoy” your birthday.

    • ch.c.

      Joao and your reference to FHC !
      Sorry Joao, but I disagree totally !

      Just go back to FHC predecessor…..and it was exactly the same.
      Go back to the predecessor of the predecessor…..and it was exactly the same.

      Sad reality being that ALL of South America is the same ! With a small exception by now is Chile….simply not as bad as the other SA countries !
      But to your “defense”, it is not any better in ALL others Emerging Nations !
      India is not any better
      Indonesia is not any better
      China is not any better
      Russia is not any better

      Just today i read a poll on Thailand Corruption which is also high.
      Wellllll….”63 % of the population (as per the poll) accepts Government corruption…..IF that provide them with a better living !”

      But…they dont realize….it wont…as long as they have a high corruption !

      Sad…but so it is !!!!!

      We simply dont have the same mentality !
      Let me give you a good one :
      Last spring in Geneva, the director of our administration in charge of collecting car fines for speed and illegal parkings etc was found to have cancelled 5 of his own parking fines ! smiles
      To his defense he proved that these 5 fines were during working hours, and where he had a professional appointment !
      Welllll….the guy was sacked or had to resign (I dont recall).

      Here these types of government or administrative officiaks have to be WHITER AND CLEANER than WE THE PEOPLE !!!!!!

      And our medias are good at insisting as long as necessary. They wont as in Brazil (for example) publish one article and then….silence and no follow up !

      The same happened many years ago when the husband of our Minister of Justice was “suspected & accused” of having unclean clients. The husband was a lawyer. Under pressure from the opposition and the medias…..SHE had to resign despite she was never accused directly of anything wrong !

      Unthinkable in emerging nations mentality !

      😀 😉 😀 😉

    • ch.c.

      Vinnycarrioca
      Concerning child prostitution, I remember ! I was myself very critical but certainly not against you !
      Me too was criticized for my ranting against Brazilians solutions who always show the tip of the iceberg but not the well hidden
      90 % of a much darker truth !

      But…..but….that is life !
      Serenity prevails !!!!!

      I always laugh reading LULA comments against developed nations.
      When prices are high, of course it is due to….developed nations.
      Such as for oil, despite developed nations had NOOOOOOOO growth in oil consumption. smiles
      Or such as corn ethanol, apparently responsible for the bubble in food prices.

      Welllll……now, developed nations are of course responsible for the decline in oil prices.
      Suddenly, the corn prices HALVED.
      Who is responsble ? of course…the developed nations ! smiles

      But of course, Robin the Liar, hide the fact that Brazil BANNED rice exports despite they are in large over production !
      The Bimbo next door Brazil, wanted to incresase EXPORT TAX ON SOYABEANS TO 40 %.
      India banned exports, not only for rice but other grains.
      Russia, no problem, they too BANNED wheat exports, despite being a VERY LARGE exporter.

      Wellll, that is already 3 members of the BRIC coalition…who wanted to CORNER the grains prices at the expenses of importing countries. Quite sad, because both the EU and the USA are also exporters !
      Therefore they hurted poorer countries that apparently Brazil defend …..at the WTO !!!!!

      MORE CHEATERS, LIARS AND CROOKS THAN BRAZILIANS THERE IS NOT ON EARTH !!!!!!!
      I wish someone prove me wrong !!!!!!!

      Concerning advanced charting :
      FORGET THEM ALL !!!!!
      – Lines can be drawn with a bullish or bearish bias, depending of your own vibrations and depending of the various time frames the chart is ! Therefore 2 people having followed the same “course* may still have different lines …..telling the opposite ! smiles..but so true !!!!!
      – Oscillators ar worth even less ! As I said I entered finances in 1972. Of course I was a “long teeth” too ! smiles
      Believe it or not but I knew and met more than once Welles Wilder, the inventor of the RSI and many other oscillators.
      How and why did I know personally Welles Wilder ? Good question, here is the answer but take it the way I do with a BIG LAUGH…AGAINST…MYSELF :
      iN 1985 MYSELF—and around 30 other people from the world became SECRET DIRECTORS of DELTA CLUB, and there were around 3000 members.
      DIRECTORS PAID US$ 50’000.- to “know and learn” the secrets of the New Welles Wilder Trading System predicting ALL high and lows, regardless of the time frame chosen ! By “secret” we had to swear we would never ever disclose we were a director AND ALSO NOT reveal the “secret formulas”
      MEMBERS PAID US$ 3000.- to “ONLY” receive the signals but knowing the “secrets”
      Therefore that is how I met Wilder by handing him a check at his place then in Greensboro, North Carolina ! And I was of course
      “given” the structure of the markets !
      Better yet, for such a “low” price, our title of DIRECTORS were for….life ! smiles
      ALL DIRECTORS EVEN MET ONCE A YEAR IN DIFFERENT PLACES AROUND THE WORLD !!!!!
      The subject was for further refinements found of that “miracle” system !

      Welllllll……it was ALL BS !

      Then Wilder retired in New Zealand !

      LAUGH…..LAUGH….LAUGH….AGAINST MYSELF !!!!!

      p.s. : Us$ 50’000.- was quite a lote of money in 1985, even in Swiss Franc. the US$ was bubbling at 2,80 And then after the Plaza Accord it collapsed ! but I paid…BEFORE !

      I can give you other of my experiences in looking for the Graal !
      Wellll…… As I said I was…… a long teeths !!!!!!

      The only one I still respect is Bob Prechter. I am NOT a subscriber, but at times I do get signals indirectly, and I regularly say :
      MY HAT !
      Believe it or not, I also met Prechter in 1987. He came for the first time in Geneva to meet me and my partner.
      The story is even more rocambolesque than with Welles Wilder ! Especially at that time because Prechter was the World Number
      ONE GURU !!!!!! And the difference was that there was Noooooo hidden scam….as for Wilder !!!!!!

      It could have turned into a Real fairy tale…for me and my partner !
      if you are interested, I can let you know the how and whys !!!!!!

      😀 😉

    • João da Silva

      VinnyCarioca
      [quote]It hit threshold a few weeks back when I made a completely outrageous remark to someone on a thread regarding child prostitution. I can not begin to tell you how personally humiliated I was over that in addition to my perception that a few of the distinguished writers here had lost a large degree of respect for me.[/quote]

      Vinny, my boy, I did read the exchange of comments regarding the issue under discussion. My observations:

      1) You did not make any [i]outrageous[/i] remarks. Very normal.

      2) Why should you feel humiliated for having stoop up?

      3) No right thinking person would lose respect for you for expressing your views.

      Though Ch.C is welcoming you back to the blog, I am [i]ordering you [/i] to do so.

      Cheers. Be what you are.

    • VinnyCarioca

      ch.c
      [quote]Welcome back vinnycarioca !!!!![/quote]

      Thank you ch.c…the truth is that I have always been here but have refrained from blogging because of the abject language that I’ve used in the past. It hit threshold a few weeks back when I made a completely outrageous remark to someone on a thread regarding child prostitution. I can not begin to tell you how personally humiliated I was over that in addition to my perception that a few of the distinguished writers here had lost a large degree of respect for me. On a daily basis, I look forward to viewing the opinions and facts provided by some of the most erudite bloggers (Joao, DNB, et al) that I have ever come across. I’ll chime in from time to time but my temper combined with a foot-in-mouth disease (on a level with Joe Biden and Yogi Berra) sometimes precludes me from conveying messages in a cogent and dignified manner….ergo….I will choose my words and subject matter very carefully.
      CH.C…. I know you and I have had our moments, but, I pay good money for advanced technical analysis and I can’t believe the wealth of information you consistently provide free of charge (in you own special way of course). 😉

      Stay well

    • João da Silva

      Ch.C!
      [quote]Welcome back vinnycarioca !!!!! [/quote]

      You are in a magnanimous mood today, Ch.C. 😉 😀 😉

      As for your statement:

      [quote]You want to have a well paid job in Brazil ?
      Simple : become a bureaucrats in their various adminsitrations, including the state agencies, or government controlled companies, such as Petrobras, Cia Vale, or government controlled banks !

      What do they guarantee ?
      1) A great career….with lifetime jobs !
      2) Total INeffiency !
      3) allow you to further increases your monthly income with red tape !
      [/quote]

      You are 100% correct. Those who [i]don’t[/i] play the “Game” end up as pariahs. BTW, it started with FHCÀ‚´s government and Lula just refined the concept of an ideal “Public Servant”. 😀 😉

    • ch.c.

      Welcome back vinnycarioca !!!!!
      Somewhat true but

      – you did not pay those crazy rates
      – these rates have nothing to do with the Government rates
      – These profits are not for the government
      – Despite these crazy rates, Brazilian banks are not doing much better
      – Despite the Brazilian Government Rates, the World Highest after inflation, it did not stop the decline of their currency !

      In the USA and EU their motto is…… BUY 2 PAY 1
      In Brazil it is…… BUY 1 PAY 2, OR 3 !

    • VinnyCarioca

      Keep on shopping
      One of the biggest rallying cries among the opponents of the Bush administration, through the years, is that we were told to “go shopping” as opposed to sacrificing at a time of crisis (war).

    • ch.c.

      AND feel free to charge the bills to your Government issued corporate Credit Cards
      But….but….but…that is what your politicians do !
      They can effectively Keep on shopping, Keep on Shopping with……YOUR MONEY !
      Is the Government money…….not made up from YOUR TAXES ???????

      Better yet, how to increase the bureaucrats salaries…WITHOUT SHOWING a pay rise ?
      Simple : Just increase the minimum wages !
      Most of your bureaucrats salaries are…ON A MULTIPLE of the minimum wages !
      Salaries increases are not high enough ?
      Simple : Just increase the MULTIPLE !
      Not enough yet ?
      Simple : include the inflation rate in the MULTIPLE ? You may go from let say 5 minimum wages to 5,25 if inflation is 5 % !
      Not enough yet ?
      Simple : increase the PERKS, not yet taken in account in the above sad reality !!!!!

      You want to have a well paid job in Brazil ?
      Simple : become a bureaucrats in their various adminsitrations, including the state agencies, or government controlled companies, such as Petrobras, Cia Vale, or government controlled banks !

      What do they guarantee ?
      1) A great career….with lifetime jobs !
      2) Total INeffiency !
      3) allow you to further increases your monthly income with red tape !

      Hmmmmmm

      If I would be a Brazilians, trust me, I would NOT smile !!!!!

      But from over the pond I can……. 😀 😉 😀 😉 😀 😉 😀 😉 😀 😉 😀 😉

      😉

    • João da Silva

      [quote]Keep on Shopping, Keep on Shopping[/quote]

      AND feel free to charge the bills to your [i]Government[/i] issued corporate Credit Cards. 😉

    • ch.c.

      Keep on Shopping !!!!!
      And pay 35 % interests rates for your cars, 60 % for your consumers goods, and 230 % on overdrafts !!!!!

      Keep on Shopping, Keep on Shopping !

      😀 😉

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