Letter Re: Lessons from Brazil, Circa the Late 1990s
James, I was chatting with a friend of mine who lives in Sao Paulo, Brazil and we got to talking about their economy. What really caught my attention was what life was like about the time they went their economic collapse, I think he said around 1998. Brazil had several years of increasing inflation and finally reached 50% per month! At that rate people were paid weekly instead of monthly and everyone would convert paychecks to hard goods and consumables. I told him there would be riots in the streets and marches on the White House if we ever had …