Oh, how the mighty BRIC has fallen. Back in 2011, few would have predicted that Brazil’s economy would soon be in for a slowdown, let alone a depression-level contraction. But by 2013, fear that China’s economy could be in for a “hard landing” sent the entire emerging market complex into a nasty dive. The panic soon became self-perpetuating, with a reduction in foreign capital leading to a slowdown in economic growth and a drop in commodity prices, which then led to investor confirmation of an economic downturn, which in turn led to more capital flight, and so on. Many of the investors who fled emerging markets returned once the panic subsided, picking up some great bargains along the way.
Most progressive governments in Latin America find themselves under intense attack in what is evidently a well synchronized and well financed continental plan of destabilization.
(2) “Hugo Chavez Departs,” New York Times, April 13th, 2002
(3) The overthrow of Honduras President Manuel Zelaya, in June 2009, has led to the book with the very suggestive title “The Good Coup” (Mario Caceres di Iorio, CCB, Canada, 2010).
(4) See “Evolution of USAID and NED in Dominguez,” Lievesley and Ludlam, Right-Wing Politics in the New Latin America, Zed, 2011.