Brazil Injects US$ 7 Billion in Economy to Prevent US Contagion

    US dollar stack

    US dollar stack Brazilian monetary authorities eased rules on reserve requirements that banks must keep at the Central Bank in a push to inject liquidity and preserve Brazil from the impacts of the United States financial crisis.

    The Central Bank delayed the introduction of higher rates for mandatory deposits from leasing companies by two months and raised the threshold on exemptions for cash, time and savings deposits, according to a Wednesday e-mailed statement.

    The measures will add 13.2 billion reais (US$ 7.16 billion) to the financial system, the Central Bank said. The measures are geared to "preserve the financial system from the effects of liquidity restriction which has been observed in the international financial system," said the bank's release.

    The measure reverses part of the Central bank's efforts to slow lending growth that's fueling domestic demand and stoking inflation. Policy makers began phasing in reserve requirements on cash deposits from lease underwriters for the first time in May, a move that would remove as much as 40 billion reais from credit markets. In Brazil, leases are commonly used as consumer loans.

    Under the rules announced Wednesday, a reserve requirement of 20% of cash deposits from lease underwriters will take effect January 16, two months after the original schedule. The reserve requirement will increase to 25% in March, according to the Central bank.

    Banks will only have to keep part of their cash, time and savings deposits at the Central bank if the reserve requirement exceeds 300 million reais, the Central bank said. Previously, this threshold was 100 million reais.

    "This is positive for the banks because they will have more money available to lend in a moment when there's credit restrictions abroad," said Aloisio Lemos, an analyst at Agora Corretora in Rio de Janeiro. The higher thresholds will mainly benefit small and medium-sized banks, Lemos said.

    Bank lending climbed 33% in the 12 months ended in July after a 27% expansion in 2007, the fastest in more than a decade. The Central bank is scheduled to release August figures on September 29.

    This is not the first reaction to the US financial crisis. Last week the Brazilian government decided to "fortify" the country's Economic and Social Development, BNDES bank with the purpose of supporting Brazilian corporations that have loans from international banks and could not be able to renew them because of the current credit drought.

    The first transfer of funds to BNDES totaled US$ 2.8 billion but the option remains open if Brazilian corporations "need to renew credits."

    "Brazilian corporations are having problems to renew their credits with international financial institutions because of the crisis", admitted Mário Cypriano, CEO from Bradesco, the country's largest private bank.

    Mercopress

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    • Show Comments (20)

    • dnbaiacu

      Ch.c…
      CONCLUSION : BELIEVING the Republicans and Democrats are MUCH different and I….LAUGH !!!!!!

      Always on point! 🙂

    • dnbaiacu

      Additional thought…..
      [quote]
      To some extend, most NON Americans dont understand that U.S. President has very little authority[/quote]

      Most “Americans” dont understand that the President has very little authority
      🙂 😉

    • dnbaiacu

      Joao
      [quote]
      I think that there are some more distractions to come between now and Nov 4th.[/quote]
      And that is the absolute scary part. Whoever is pulling the strings behind this curtain (?) ( and I will call the entity the “Wizard of Oz”) is not playing any games. Recent events show that everything is on schedule. The whole “socialist regime” should be in place just in time before the inauguration “at the very latest”. Our federal ID cards should probably be issued sometime next year . Or will the NAU come first? Or both at the same time.?
      I don’t even feel like I am watching a “show” anymore . It’s more like I am in an amusement park.
      The McCain campaign is not stopping at anything to look more incompetent. Palin was shown leaving an official plane with her baby in her arms . ….For a L O N G time.BRINCADEIRA! It is becoming hilarious. 😉 😀 😉
      They had the nerve to interview the president of Iran on the David Letterman show. He is touring the country. …
      😮 😮
      Could someone please explain how a supposed U.S archenemy can do this logically? Just why is it even being allowed. Who’s being fooled here, and warred against mentally?

    • dnbaiacu

      [quote]The Largest Swindle in Global Economic History – Part 1 of 2[/quote]
      The truth…… Very good article!
      Now if we can have discussions addressing the economy , politics, and social issues from this perspective we’d be making progress.

      But I was surprised that this came from someone that insists Obama will not be President “because” he is black ?????
      The distraction all fits right in!
      Wake up people.. The same regime is and always will be in power until the end

    • dnbaiacu

      Pay Attention…
      [quote]This is positive for the banks because they will have more money available to lend in a moment when there’s credit restrictions abroad,” said Aloisio Lemos, an analyst at Agora Corretora in Rio de Janeiro. The higher thresholds will mainly benefit small and medium-sized banks, Lemos said. [/quote]

      Same thing.. Different country..
      Corporate Socialism

    • João da Silva

      Ch.C !
      [quote]No reason to pardon you [/quote]

      I was asking your pardon for robbing your trade mark “LAUGH……LAUGH”. 😀

      [quote]As I said…I DONT CARE AT ALL WHO IS GOING TO BE THE NEXT PRESIDENT OF THE USA !
      because afterall their programs are more promises than futures facts !
      and they are not so different one from the other….despite their different speeches ! [/quote]

      I guess the politicians are the same all over the world. Unfortunately in Brazil we have to keep on hearing on the TV, their empty promises everyday for weeks prior to any election. Also it is obligatory to vote.

    • CH.C.

      Joao !!!
      No reason to pardon you !
      As I said…I DONT CARE AT ALL WHO IS GOING TO BE THE NEXT PRESIDENT OF THE USA !
      because afterall their programs are more promises than futures facts !
      and they are not so different one from the other….despite their different speeches !

    • Double-Dot

      [quote]Where was Nader last night? [/quote]

      Shopping for some high quality detergent packs.

    • jon

      Where was Nader last night?

    • João da Silva

      dnbaiacu
      Watching the debate. McCain is really dumb about the world affairs. Our friend Forrest could have easily taken out Obama. 😀

      It reminds me of a famous saying that the highest qualification to be voted as a PM of an African country is to have spent some years in a British jail. The same saying applies to Brasil also. To be a President, one needs to have spent a few[i] hours[/i] at a Military prison.

      It appears that McCain has a very high qualification to be the next POTUS. He spent 5 years as a POW in Vietnam!! All he needs now is to win the election is his candidacy endorsed by OBL!!

      What a joke, what a joke.

      LAUGH…LAUGH………(Ch.c will pardon me) 😉

    • CH.C.

      correcting
      Who is going to cash in these HUGE NO RISK PROFITS ? Simple : the U.S. banks !!!!!!!!!!

      LET ME ADD…….
      And of course ALSO the individuals & pensions funds, bond funds, who are going to buy these debts !
      Far more secure than the subprime debts who paid LESS when at those times they were issued the rates were higher…than TODAY !

      Hmmmmm !

      😀 😉 😀 😉 😀 😉

    • CH.C.

      Continued…..
      And to the junkie Ricardo I would like to add :
      – is the USA debts too high ? what about Japan with 196 % debts to GDP ? Far far far far more than the USA to my knowledge ? Is Japan collapsing outside of a recession ? Is the Japanese yen weak ?
      In my view, no one realize that most emerging nation ALSO profited from the derivatives that helped funnel money INTO the emerging nations.
      – to the countries with tons of US$, what are they going to do ? smiles ! Selll ? well they will still reduce THE VALUE OF their remaining US$ !
      Just think of it, you have let say 200 billion already with a loss. You sell 10 billion, and your 190 billion reamining will be worth..LESS ! You sell 10 more and your 180 billion remaining will be worth LESS !!!!!!! Dont look at it on a country per country basis but as a total overall !!!!! Who is going to buy what you want to sell ? Those with also TONS of US$ also having a loss ?
      Lets face it, you bought HIGH and will sell some LOW !
      And the countries with not much US$ exposure….will buy LOW and resell HIGH !!!!!!
      AND those with actually TONS of US$ are not going to do well…when the US$ short term rate is actually WELL BELOW….the inflation rate. And on the other hand your NEW borrowings in US$ (because you ALSO borrow) will cost you a bundle in the interests rate !!!!!!!! Just look at Argentina, their Us$ government bonds are trading at 12 % !!!!!!!!!! The average emerging country government bonds rate…in US$…… is at 3,5 % above the U.S. Government rates.
      Who is going to cash in these HUGE NO RISK PROFITS ? Simple : the U.S. banks !!!!!!!!!!
      And this is not like the US subprimes. Because at the height of the market, just before the crisis started, these derivatives were traded at ONLY 1 % higher than the U.S. Government bonds !!!!!
      But now everyone, individuals, corporations, countries governments borrowing in US$ or Euros are going to pay MORE on the SPREAD !
      Meaning that ALL of us who want new loans are going to replenish……THE U.S., European & Japanese financial systems !
      And telling me Brazilians companies dont need the U.S. banks to borrow US$ simply dont know what they are talking about !
      Why has one of the large Brazilian companies issued a US$ bond for 1,8 billion, just 3 days ago, using JP Morgan and not large Brazilians banks if they are as good as Brazilians pretend ???????
      Why cant Brazilians banks create a syndicate pool to launch a US$ 1,8 billion bond for a Brazilian company to be resold (placed) in the International financial system ?
      That is not very difficult for a large bank, and very very very easy for a pool of banks.
      Us$ 2 billion bonds is not that big today !!!!!!

      The Brazilian Government cannot raise US$ 5 billion using the WHOLE Brazilian Financial System !

      A real joke !

      Ohhhh and by the way it happens that I know Elite Trader.
      A bunch of junkies with whom you should go well !!!!!
      Like Lula, they say how good they are. Reality is that they are crap !
      They always show the good trades and “forget” to mention their losing trades.
      Even on the profitable trades, they manipulate the real profits. such as not counting a commission.
      Or saying a trade could have been done at a price when in real life this was impossible at that price and at that time !!!!

      There are not tens but many hundreds of similar sites. How they make money ? Not out of their trade recommendations but from YOUR subscription !!!!!!

      Just think of it…for 5 minutes !!!!!!

      Therefore enjoy your losses with them ! They really dont care as long as they have sufficient junkies like you subscribing !
      Their real names ? Elite LIARS !!!!!

      😀 😉 😀 😉 😀 😉 😀 😉

    • CH.C.

      Joao and Ricardo
      Joao ” Bretton Woods System is to be reviewed and why?
      &Why is Ch.C maintaining his “strict neutrality” on the U.S. elections?

      . That would be even better for Switzerland the “New” Bretton Woods ! Just think the name of the Central Bank who has the most gold based upon its GDP !!!!!! Laugh…laugh….! I really wonder where Brazil stands ? smiles
      I know that the USA have 8000 tons…in reserve ! Dont quote me badly but what is in the ground…DOESNT COUNT….wether you like or not ! Otherwise the USA have also more than 8000 tons !!!! smiiiiiiiiiiiles. What count is what is in the SAFES !!!!!!!!!

      – As to Obama or McCain, let me says this : I care as much as for the Swiss President ! Our Presidential term is ONE year and cannot be consecutive. But the President can be re-elected LATER not immediately ! On top of that We The People dont vote for our President ! We vote for political parties who then elect the Senators who then elect the Congressmen who then elect collegially the President !!!!!! I mentioned Senators and Governors just to make it clear but they have a different title.
      On top of this our President doesnt decide anything, proposes nearly nothing, and has Noooooo Power at all. He cant decide of ONE cent in spendings or savings !!!!! He has Noooo veto power ! His mandate is to make sure the institutions work correctly & properly.
      To some extend, most NON Americans dont understand that U.S. President has very little authority.
      For example BUSH asked lawmakers to review the 6000 pages for the tax laws. NOTHING was done. BUSH proposed to double the strategic oil reserves. NOTHING was done by the lawmakers. BUSH proposed to tap billions of oil barrels in the USA ! Nothing was done so far by the lawmakers. Therefore on many points it is not BUSH THAT DID OR DID NOT …..but what the lawmakers DID OR DID NOT !!!!!!
      iN MY VIEW…it is not the Republicans or the Democrats. Because for over a year the Democrats have the majority. what have they done so far on the real estate – subprimes – financial mess ?????? NOTHING ! Had they proposed/decided
      something it should have been voted by now…since they have the majority !!!!! Right ?????
      Therefore let me be critical on the American system, not specifically on BUSH as to many people do.
      Concerning the vetoe power the U.S.President has it is ONLY when there is less than 2/3 disagreeing with his proposals.
      HE has no veto power when more than 2/3 agree !!!!! smiles
      Let me laugh to against the Democrats who are against the Iraq war. THEY VOTED FOR THE WAR !!!!!! THEY VOTED FOR THE INCREASED WAR COSTS !!!! THEY VOTED FOR THE INCREASED NUMBER OF SOLDIERS !
      CONCLUSION : BELIEVING the Republicans and Democrats are MUCH different and I….LAUGH !!!!!!
      There is the American way : they exported the Jeans, the T-shirts, the Hyper markets, the Coca Cola, Mc Donald, Baseball caps, Marlboro, U.S. movies, TV, fridges, kitchen appliances.
      Better yet they exported the GAAP Generally Accepted Accounting Pratices !!!!!!!! Whoaaaaaaaa….just think about…GENERALLY ACCEPTED …..in their actual financiaL TURMOIL !!!!!!!
      As I said in another thread, LEHMAN was still INVESTMENT GRADE….ONE DAY BEFORE THEIR INSOLVENCY ! SO WAS…BEAR STERNS !!!!!
      Therefore as I also said, then why should the idiot Robin the Crook, Mantega and including the junkie Ricarod Amaral trust these same rating agencies when they raised BRAZIL to….INVESTMENT GRADE ???????????

    • CH.C.

      Stupid question to all the Brazilians junkies !!!!!!
      Why have you trusted you Robin the Crook and Mantega that Brazil WAS IMMUNE ??????????????

      SHORT MEMORY…..AS USUAL ?

      laugh…laugh….laugh…laugh !!!!!!!

      I can only repeat that the USA are by now the best Emerging nation on earth…with the most promising future for profits !!!!!!!!

      Dont you like to buy low and sell high ?

      Did foreigners investing in South America and Asia bought high to sell low or buy low to sell high ???????
      Every time emerging nations collapsed or were close to collasping, NEW money came in…to buy low and sell high !
      Why should it be different with…..the USA ???????
      Foreigners who invested in emerging nations did a lot of money. Now they already sold or will continuje to reduce to re-invest in the USA !!!!

      Think twice !

      Despite the USA meltdown going worse and worse, the US dollar went UP….not down…over the last 4-8 months !
      It may seem strange but just re-read the above !!!!!!

      The same happened more than once in the history of…..BRAZIL !

      SHORT MEMORY…..AS USUAL ?

      After a lot of rains….sun will come. And after a lot of sun…rainy days will come !!!!!!

      Hmmmmmm !

      😀 😉 😀 😉 😀 😉 😀 😉

    • VinnyCarioca

      dndaiacu
      [quote]But I was surprised that this came from someone that insists Obama will not be President “because” he is black ????? [/quote]

      Considering no one on the right would vote for the #1 ranked liberal in the Senate, we can reasonably surmise that this sentiment is the intellectual property of Democrats and the left wing.

      [quote]Same thing.. Different country..
      Corporate Socialism[/quote]

      Right on brother!

    • VinnyCarioca

      Ricardo C. Amaral – I can see why this was relegated to a joke forum
      [quote]If Americans are so Dumb as to fall one more time to these scare tactics that the Bush administration has been using all along then Americans and the rest of the global financial system deserves to taken for another ride À¢€“ only fools would fall for these empty scare tactics[/quote]

      [quote]Americans are so dumb that they might pass this bailout without understanding what the scoundrels sold to them À¢€“ that would be another signal to the world that the US financial system it is just a very risk casino with very dumb people in charge[/quote]

      If you are so ignorant as to think that Americans actually have a choice in whether their “bought and paid” for elected officials vote for this or not, a joke forum is a step up from where your opinions actually belong.
      If I had my way, I would use tax dollars to shore up the FDIC, insure Money Market accounts, bail out senior citizens and the people whom signed these crazy mortgages at gunpoint. PERIOD.
      If you haven’t figured it out yet, the new paradigm in global economics is to make as much money as you can- anyway you can- create a parabolic situation to the point where logical consequences will hurt EVERYONE. ERGO…there are no consequences. And guess what genius…it knows no ideology.

    • João da Silva

      dnbaiacu
      [quote]Could someone please explain how a supposed U.S archenemy can do this logically? Just why is it even being allowed. Who’s being fooled here, and warred against mentally?[/quote]

      Simple. Pay attention to your own advice: “Follow the Money” 😀

      Questions:

      1) Have you heard of PIGS?
      2) Bretton Woods System is to be reviewed and why?
      3)Why is Ch.C maintaining his “strict neutrality” on the U.S. elections?

      I still think that it is US$ Vs Euro and PIGS are definitely going to be affected. I am not sure about the BRIC, unless B dances according to the music of the winners. Because IC are great buddies of U.S. , non-Euro countries, EU and the Oil rich Arab states (as well as Africans). If I were the President of B, I wouldn’t be laughing with glee at the “misfortune” of U.S.And also shelve my plans to buy French Submarines to protect the coast!!

      Food for thoughts!!

    • João da Silva

      dnbaiacu
      [quote]The distraction all fits right in! [/quote]

      I think that there are some more distractions to come between now and Nov 4th. 😀

    • Ricardo C. Amaral

      The Largest Swindle in Global Economic History – Part 2 of 2
      At the end of the day these massive bailouts are fixing nothing for most people in the US economy since real estate still will fall maybe by another 30 or 40 percent (when you take in consideration the exodus that is underway of illegal immigrants À¢€“ which has been a major force in pushing real estate price values up year after year – and now their impact on real estate prices is working in reverse since they are not only not creating new demand for real estate and a place to live, but they are seller and they are leaving a vacuum behind that has never happened in US history).

      During the year of 2007 it is estimated that 1.2 million illegal immigrants went back to their countries reducing the number of illegal immigrants living in the US from 12.5 million people to about 11.3 million people. During the year of 2008 the exodus has continued and with the deteriorating economic situation in the United States and a real war against illegal immigrants you can bet that this trend will continue for years to come and as a result having a negative on the price a demand for real estate around the United States.

      The unemployment rate in the United States is already a lot higher that the official statistics show À¢€“ but if Wall Street want to continue placing their bets based on fictitious information they also should pay the price for their stupidity and should eat the losses from bad investments.

      It is obvious that the US GDP and all the buying that has been done on credit in the US economy was based on fictional financial system and a large part of the US GDP is based on Fiction and it will disappear in the future.

      The US government already spent $ 29 billion on Bear Stearns, $ 200 billion on Fannie and Freddie, $ 89 billion on AIG, they extended insurance to money market funds that could cost taxpayers billions and billions of dollars (there is no price tag on that one) and now they are asking for a blank check to be pissed away to the tune of $ 700 billion dollars.

      Let put in some perspective here for people to see the size of this fiasco: If you add all the pieces related to these bailouts we already have $ 1 trillion dollars and with further economic deterioration in the US economy in the near future this number can grow to $ 2 trillion dollars overnight À¢€“ the price tag to keep the foreign adventures going in Iraq and Afghanistan will cost at least another $ 2 trillion dollars. Just to clean the Us economy of these problems it will cost at least $ 4 trillion dollars to be financed by the Chinese and the Japanese.

      Compare that mess $ 4 trillion dollars in toxic waste with a country such as Brazil with a very clean balance sheet, its energy needs independent of imported foreign oil, a country with vast amount of natural resources, and a GDP around $ 2 trillion dollars

      Basically today Brazilˢ۪s GDP (a golden nugget) is only half of the value of the toxic waste buried inside the US economic system.

      Right now they should just provide some emergency money to keep the US economic system afloat until February 2009 when the new Congress takes over and has time to come up with a reasonable bailout plan and at the same time pass the new regulations to control the financial system in the same package.

      Only idiots would pass the black check right now to the tune of $ 700 billion dollars and would expect that the 44,000 lobbyists that infest and corrupts the political system in Washington D.C. would let any regulation to pass in the future other than some silly meaningless regulation that would be a waste of time.

      Americans are so dumb that they might pass this bailout without understanding what the scoundrels sold to them À¢€“ that would be another signal to the world that the US financial system it is just a very risk casino with very dumb people in charge.

      [url]http://www.elitetrader.com/vb/showthread.php?s=&threadid=138152&perpage=6&pagenumber=1[/url]

      .

    • Ricardo C. Amaral

      The Largest Swindle in Global Economic History – Part 1 of 2
      I posted the following on the Elite Trader website on their economic forum, but they moved my posting from the economics forum to the forum where they post jokes. I guess from the point view of Wall Street this subject it is just a bad joke and nothing else. Here is a copy of my posting: My screen name in that forum is SouthAmerica.

      The Largest Swindle in Global Economic History À¢€“ September 24, 2008

      SouthAmerica: It is underway in the United States the largest Swindle in global economic history.

      The United States economy is becoming a case study for the largest economic swindle in world history.

      It is laughable to watch a Republican administration that dismantled many of the regulations that helped create this massive mess in the US financial markets and refused to regulate a derivatives market that went from $ 900 billion dollars to $ 62 trillion dollars a market completely unregulated and that has been flying on automatic-pilot under their watch À¢€“ a Republican administration that changed the rules on Federal Insured Pension Plans to supply more casino chips to the high rollers in Wall Street to gamble also with the pension money À¢€“ it is fun to watch the Republican Party setting up the Democratic Party to be the politicians that are going to be blamed for the passage of the Mother Of All Bailouts in World History.

      The Democrats are too stupid to realize that they are being set up to be the fall guy in the future. The Democrats were in control of Congress when this historic Pathetic bailout was passed on a Hurry, a real Hurry À¢€“ the sky is falling type of environment – and no time to study what was really going on behind the scenesÀ¢€¦.

      These scoundrels did show their hand when they published the first draft of this $ 700 billion dollars bailout as shown in a front page article published by The New York Times yesterday the article said: À¢€œThe passage is stunning. À¢€œDecisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or administrative agency,À¢€Â the original draft of the proposal bill says.

      These scoundrels want to assign unlimited authority to a system that has fail badly and they donˢ۪t want any checks and balances attached to this bailout in the name of restoring confidence into the US financial system.

      If Americans are so Dumb as to fall one more time to these scare tactics that the Bush administration has been using all along then Americans and the rest of the global financial system deserves to taken for another ride À¢€“ only fools would fall for these empty scare tactics

      I understand that common sense has been gone out of the window of the US financial system a long time ago À¢€“ but it is getting to the point that is becoming laughable and Pathetic how these guys think that a $ 700 billion dollar bailout is going to fix the system when in reality is just going to supply more casino chips for the scoundrels to destroy the entire system even further.

      The scoundrels donÀ¢€™t want to unload only their bad bets on the real estate market into the lap of the US taxpayers À¢€“ they are lobbying very hard to dump all kinds of toxic waste into the US government garbage dump À¢€“ the Federal Reserve and US Treasury.

      The scoundrels want to unload a massive amount of losses related to the derivatives market that no one has any idea of how many trillions we are talking about since this market it is unregulated and nobody has a clue how much losses are already in the pipeline related to these off balance sheet financial weapon of mass destruction.

      Americans are not smart enough to connect the dots and realize that by assuming these massive losses today in the trillions of US dollars indirectly they are helping to dismantle in the coming years all the unfunded social programs that we have here in the United States including Social Security, Medicare, Medicaid, the pension system of federal employees, and so onÀ¢€¦.

      .

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