CHROME IS RECOMMENDED BROWSER FOR IWB

Three Years After Warning Of “Currency War”, Brazil Goes All In

In September 2010, Guido Mantega coined the phrase “currency war” as he
proclaimed the world’s central bank’s FX interventions were dangerous for
citizens’ purchasing power and would lead to a vicious circle of competitive
devaluations. In March, Mantega unleashed a mini-war by taxing foreign
borrowings and threatening capital controls. But this week, after the BRL
devalued over 26% since March
 as Fed Taper talk and EM capital flight takes hold
around the world, Brazil has waded into the world’s currency war with the
largest currency intervention the nation has ever planned. Following a dismal
current account deficit print, as The FT reports“Brazil will launch a currency
intervention program worth about $60bn
 to ensure liquidity and reduce
volatility in the nation’s foreign exchange market” – offering USD500 million per
day in currency swaps to support the Real. But, as Citi warns, it does not fix any of Brzail’s problems.

 

http://www.zerohedge.com/news/2013-08-25/three-years-after-warning-currency-war-brazil-goes-all

It only takes a few moments to share an article, but the person on the other end who reads it might have his life changed forever