The Brazilian miracle-

Tight enough fiscal/low enough domestic demand for an appreciating currency,

FX buying to keep it there and support the exporters with lower real wages

= ‘good looking’ Financials at the expense of the overall real standard of living

*DJ Brazil’s Mantega: Dollar Weaker Globally On US Econ Improvement
*DJ Brazil’s Mantega: Govt Ready To Take Measures Against Strong Real
*DJ Brazil’s Mantega: Govt Preparing Reduction Of Spending
*DJ Brazil’s Mantega: Govt Starts Year With Low Spending
*DJ Brazil’s Mantega: Current Dollar Level Hurts Exports
*DJ Brazil’s Mantega: Won’t Announce Any Currency Measures Today
*DJ Brazil’s Mantega: Will Seek To Protect Trade Surplus
*DJ Brazil’s Mantega: Will Take Measures To Maintain Trade Surplus
*DJ Brazil’s Mantega: We’ll Act In Both Forex And Commercial Areas
*DJ Brazil’s Mantega: We Have Authorization Of G-20 To Act In Forex
*DJ Brazil’s Mantega: Haven’t Defined Size Of Budget Cuts

The miracle is the leadership gets the population to support them.