We believe that it is important that the new Brazilian administration continue the many successful programs that flowed from the Lula government. Currently, Dilma Rousseff, Lula’s hand picked successor is enjoying a 20 point lead over her opponent Jose Serra according to one Sao Paulo newspaper. Should Rousseff win, will she be able to continue along the path blazed by Lula? Brazil has prospered this past decade for a variety of reasons. After Lula’s election in 2002, a fortunate confluence of good national economic management, strong industrial production, strong exports, and relatively moderate inflation [by Brazilian standards] created increases . . .
Continue Reading: BRAZILIAN ELECTIONS IN OCTOBER
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The municipal bond market has performed well in recent years. A long period of declining U.S. interest rates and growing fears of rising tax rates have helped them outperform other investments. In our opinion, there are many under-disclosed risks and problems in municipal bonds of which investors should be made aware. Muni bonds are a nearly $3 trillion market, and are often sold as conservative assets. The following opinion piece from today’s Wall Street Journal by Steve Malanga discusses how some states have been less than forthcoming about their fiscal health. Due to years of fiscal manipulations, many states, . . . We have long believed in free markets as the best method for creating economic growth and improving the standards of living. Economic success creates wealth, and power. In some cases, political power that is born from free market success can give the powerful the confidence to engage in high-level risk taking with the knowledge that if they win, they keep the profits; and if they lose, a government taxpayer sponsored bailout will come to their aid. This is the situation in which we find ourselves today, and why we would like to share an article from this week’s Economist. . . . India’s GDP is growing rapidly and is expected to rival China’s GDP growth for the next few years. Prime Minister Manmohan Singh’s government has done an exceptional job. His administration has been able to gradually decrease the bureaucratic overreach into parts of the economy and he has been able to deliver economic assistance to the people in rural areas in a more efficient manner. Historically, government spending intended for the rural areas has in large part been misappropriated by corrupt politicians and by civil servants who accept pay but do not show up for work. In recent months technology . . . |
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