GOLD is the money of the KINGS, SILVER is the money of the GENTLEMEN, BARTER is the money of the PEASANTS, but DEBT is the money of the SLAVES!!!

Saturday, August 22, 2015

From Boom to Bust: Brazil on the Brink

A few years ago, Brazil's President Dilma Rousseff appeared to be one of the luckiest politicians on record. She convincingly won an election, inherited a resource-rich economy and the country was making great strides in reducing poverty.Fast-forward to today, the economy is heading for recession, unemployment is rising, prices are soaring, and there is a corruption scandal at state energy company Petrobras which dates back to Rousseff's time as chair.Despite there being no evidence linking Rousseff to the bribes-for-contracts scheme, an independent investigation has alleged that bribes worth $2bn were paid to secure contracts with the firm.Sapping business and consumer confidence, the country's debt has reached a record high - up from $198bn in 2009 to $347bn today. The currency has tumbled by more than 50 percent and inflation is rising at almost eight percent.Triggering widespread anger at the sitting president, large-scale demonstrations have rocked the country, with tens of thousands demanding Rousseff step down.Carlos Pio, a political economist from Brasilia joins Counting the Cost to discuss what is next for the Latin American giant.Also on this episode of Counting the Cost: The EU has banned 700 'made in India' drugs, we explore what it means for India's pharmaceutical industry; and The world's first fully solar-powered airport has opened in Indian state of Kerala, and the government wants other states to follow suit.

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