Brazil Vows Action to Hold Down Currency


Brazil’s finance minister, Guido Mantega, has not been shy in printing their currency, the real, in another Fed and Bank of Japan styled attempt at suppressing its value in relation to other currencies. Mantega says, “We are not going to just sit by and watch while other countries devalue their currencies to give them a competitive advantage.” Mantega deliberately distracts from economic truth; currency printing is a policy which is merely the method by which governments finance that which they are unable to tax. He was made famous in financial news in 2010, by announcing publicly that the currency wars had begun and that Brazil would take advantage of the race to the bottom in order to reap the largely silent benefits to the few of such a toxic policy for the many. As you print currency, those who receive the new cash receive the benefit at the expense of the greater population. The only way to maintain one’s standard of living, is to save in a medium which the supply of can not be arbitrarily increased.

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