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Brazil Releases Shocking GDP "Obituary": "It's Mutated Into An Outright Depression," Goldman Exclaims

Tyler Durden's picture




 

To be sure, we haven’t exactly been shy about characterizing Brazil’s economic malaise as more akin to a depression than a recession. Here are a few representative headlines:

The problem, you're reminded, is that Brazil is in the midst of a dramatic economic downturn that's left the country to suffer through the worst inflation-growth outcome (i.e. stagflation) in more than a decade. Unemployment and inflation are soaring (annual headline IPCA inflation at 10.28%, unemployment at 7.9% in August, up from just 4.7% a year earlier) while output is plunging (IBC-Br monthly real GDP indicator down 6.1% Y/Y in September) and the market is losing confidence in the government's ability to end a political stalemate on the way to shoring up the fiscal books and hitting primary surplus targets. Last week's arrest of prominent lawmaker Delcidio Amaral in connection with the ongoing Carwash investigation didn't help.

Thanks to the above mentioned IBC-Br monthly indicator (which showed an economy in "free fall" to quote Barclays) we already knew Q3 was going to be bad on the GDP front. But this is Brazil we're talking about, which means that as bad as consensus is, there's always the distinct possibility that the actual numbers will be far worse than expected and that's exactly what happened on Tuesday. 

Real GDP fell 1.7% Q/Q and 4.5% Y/Y while Q2's already abysmal -1.9% contraction was revised down to -2.1%.

All of those prints missed expectations and the headline number was worse than all but three estimates from the 44 economists Bloomberg surveyed.

If you dig down a bit further you can begin to see why we've been so adamant about calling this a depression. Here's Goldman with the summary:

Private consumption has now declined for three consecutive quarters (at an average quarterly rate of -8.5% qoq sa, annualized), and investment spending for nine consecutive quarters (at an average rate of -10.0% qoq sa, annualized). Overall, gross fixed investment declined by a cumulative 21% from 2Q2013. The declining capital stock of the economy (declining capital-labor ratio) hurts productivity growth and limits even further potential GDP. The sharp contraction of real activity during 3Q was broad-based: both on the supply and final demand side. Final domestic demand weakened sharply during 3Q2015 (-1.7% qoq sa and -6.0% yoy) with private consumption down 1.5% qoq sa (-4.5% yoy) and gross fixed investment down 4.0% qoq sa (-15.0% yoy). Finally, on the supply side, we highlight that the large labor intensive services sector retrenched again at the margin (-1.0% qoq sa; -2.9% yoy).

Yes, "the services sector retrenched again," and as WSJ noted earlier, "Brazil’s service sector, including beauty salons, banks and realtors, employs more than any other sector in the country by a wide margin, and represents about 60% of GDP." Here's the full breakdown:

"At first read, the report recalls an obituary. There is no room for any growth in the coming quarters. The situation is really, really bad," according to Andre Perfeito, chief economist at Gradual Investimentos, who spoke to Bloomberg by phone. “It’s a substantial hit coming not only from investment, which has fallen nine quarters in a row, but this year the big change is the substantial drop in consumption. We have not seen such a string of bad numbers for consumption," Carlos Kawall, chief economist at Banco Safra and former Treasury secretary added.

This of course comes back to a worsening unemployment picture. Remember, employment fell 3.5% Y/Y and real wages slumped a whopping 7.0% in October. As Goldman put it, "the real wage bill of the economy shrank by a large 10.3% yoy in October; the largest decline since October 2003." The unemployment rate hit 7.9% in August, up from just 4.7% a year ago.

That means people like Rossini Santos, the 43-year old, unemployed steelworker with an $80,000 mortgage and a $17,000 Chevy Prizm note that Bloomberg profiled in October, will have a harder and harder time finding work and thus servicing their debt. "The idea that consumers might not have income to service debt in the years to follow I think is what terrifies them. Even if there is a recovery of sentiment, we believe the labor market will continue suffering throughout the next year, and that will hold down household consumption," Barclays economist Bruno Rovai said. 

Meanwhile, Copom is completely stuck. Inflation is soaring and will likely get worse thanks to lagged FX pass through which means if anything, rates need to rise. As Daniel Weeks, chief economist at Garde Asset Management put in on Tuesday, "the negative GDP may influence BCB, but rising inflation will prevail." That means that Brazil, much like some of its Andean neighbors, will need to consider pro-cyclical policy measures - i.e. Copom will need to hike. 

Bradesco BBI sees two hikes, one in January and one in March. "Although BCB kept Selic unchanged in last meeting, the dissent in the decision (two members voted for a 50 bps hike) and the change in the post-communique text (removing the phrase ‘keeping interest rates unchanged for a sufficient period’) are indicatives that the BCB may change its course of action soon," the bank says, adding that "given soaring inflation expectations, it is now too much of a risk for the BCB to wait and see if the recession will eventually lead to lower inflation in 2016."

So with no counter-cyclical maneuverability, the economy (specifically investment, manufacturing, and the credit impulse) will continue to suffer mightily going forward. We'll close with a quote from Goldman's Alberto Ramos, Brazilian commentator par excellence:

What started as a recession driven by the adjustment needs of an economy that accumulated large macro imbalances is now mutating into an outright economic depression given the deep contraction of domestic demand.

 

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Tue, 12/01/2015 - 14:17 | 6861622 Spungo
Spungo's picture

The resulting unemployment will be a huge boost to Brazil's porn and hooker markets.

Tue, 12/01/2015 - 14:25 | 6861659 r3ct1f13r
r3ct1f13r's picture

Bidding against the Greeks.

Tue, 12/01/2015 - 14:30 | 6861671 Bunghole
Bunghole's picture

They can host the hooker olympics.

Tue, 12/01/2015 - 14:35 | 6861692 pods
pods's picture

Gotta think about synergies. Brazillian waxers+Greek ladies= win win.

pods

Tue, 12/01/2015 - 14:38 | 6861706 Oquities
Oquities's picture

the reduction in butt implants caused the Brazilian GDP drop

Tue, 12/01/2015 - 15:03 | 6861807 BlindMonkey
BlindMonkey's picture

You win ZH for the day!

Grats!

Tue, 12/01/2015 - 15:12 | 6861850 zuuma
zuuma's picture

Brazil...   brazil...  hmmmmm... what is that? 

Aren't they ones with those big nuts? 

I like those big nuts.

 

Tue, 12/01/2015 - 15:32 | 6861916 KesselRunin12Parsecs
KesselRunin12Parsecs's picture

aka: 'Nigger Toes" (Brazil nuts) - just sayin'

Tue, 12/01/2015 - 15:44 | 6861990 TalkToLind
TalkToLind's picture

That's alot of wax right there. Long honeybees.

Tue, 12/01/2015 - 16:25 | 6862049 Vullsain
Vullsain's picture

"The resulting unemployment will be a huge boost to Brazil's porn and hooker markets."

However, the labor arbitrage will depress incomes in these industries leading to more economic distress which should dampen demand for these services, creating a vicious cycle of lower pricing . A good type of deflation, since pussy is an overpriced commodity...

Tue, 12/01/2015 - 21:47 | 6863668 Antifaschistische
Antifaschistische's picture

will this be the first total disaster olympics?

Tue, 12/01/2015 - 14:20 | 6861629 moonmac
moonmac's picture

Jobs got pushed up by 10-15 years in my industry. There's no more projects left. Now what???

Tue, 12/01/2015 - 14:21 | 6861631 JustObserving
JustObserving's picture

Brazil produces about 3 million barrels a day of oil and is heavily invested in that sector.  The drop in oil prices of about $80 a barrel is costing Brazil $240 million a day or $88 billion a year.

That explains the big fall in Brazilian GDP.

Brazil can credit the Nobel Prize Winner's war against Putin for their depression.

Tue, 12/01/2015 - 14:31 | 6861680 Bunghole
Bunghole's picture

But what about all the green ethanol produced from sugar cane?

Tue, 12/01/2015 - 14:35 | 6861695 post turtle saver
post turtle saver's picture

even with that mandated ethanol blends there are E25, so not as big an impact as you would think... contrary to popular belief Brazil isn't running everything on E90...

Tue, 12/01/2015 - 14:38 | 6861702 JustObserving
JustObserving's picture

what about all the green ethanol

That is 0.4 million barrels a day.  So that lost is $32 million a day or $11.7 billion a year.

Tue, 12/01/2015 - 15:33 | 6861925 KesselRunin12Parsecs
KesselRunin12Parsecs's picture

The CIA decided to bomb those tankers because there was less risk of global warming.

Tue, 12/01/2015 - 14:48 | 6861743 piceridu
piceridu's picture

Renewable energy in Brazil accounted for more than 85% of the domestically produced electricity used in Brazil. Brazil started focusing on developing alternative sources of energy, mainly sugarcane ethanol, wind and solar.

Tue, 12/01/2015 - 15:01 | 6861779 ajax
ajax's picture

 

"Brazil produces about 3 million barrels a day of oil and is heavily invested in that sector."

And Ethanol fuel? The Brazilian Ethanol Miracle? The Ethanol that's "worth" slash and burn environmental disaster? Why isn't Ethanol the 'big earner' we were all told it is?

Tue, 12/01/2015 - 15:38 | 6861950 TalkToLind
TalkToLind's picture

That's because they distill sugar instead of Corn Juice like in Murica. If they used Corn Juice they'd be rich and shit and there'd be no food inflation.

Tue, 12/01/2015 - 15:00 | 6861786 seek
seek's picture

And Mexico is a bigger producer than Brazil. That'll give you a warm fuzzy feeling knowing the same thing but worse is happening just to the south.

Tue, 12/01/2015 - 16:03 | 6862100 MasterControl
MasterControl's picture

Looks like the US is going to get a large load of Brazillian "immigrants' in the near future.

Tue, 12/01/2015 - 14:20 | 6861633 Hype Alert
Hype Alert's picture

Just print.  It'll be fine.

Tue, 12/01/2015 - 16:03 | 6861693 booboo
booboo's picture

Better move the Olympics up and add an event;

How about calling it the Depressalon.

Best total score in:

Looting

Drive By Markmanship

Dodging rubber bullets

and last but not least

Skinning a international banker

 

Tue, 12/01/2015 - 14:21 | 6861641 rita
rita's picture

Like Greece the hookers take 2 euros an hour! How can this be possible?

Tue, 12/01/2015 - 14:55 | 6861769 ajax
ajax's picture

 

"Like Greece the hookers take 2 euros an hour! How can this be possible?"

It isn't.

Tue, 12/01/2015 - 21:46 | 6863663 wanderer9641
wanderer9641's picture

the article said 4 Euros an hour - still a high price

Tue, 12/01/2015 - 14:22 | 6861643 KnuckleDragger-X
KnuckleDragger-X's picture

Bernenke is looking for a job and this would be perfect.......

Tue, 12/01/2015 - 14:23 | 6861645 I Write Code
I Write Code's picture

I never really looked into Brazil and how they were having a good economy in the first place, they've been on the edge of being a real economy and player for fifty years, but they have that huge underclass that I'd think is incompatible with anything like first-world status.

... makes them a model for the future of the US, I guess.

Tue, 12/01/2015 - 14:49 | 6861749 ajax
ajax's picture

 

 

"but they have that huge underclass that I'd think is incompatible with anything like first-world status."

Are you nuts? Who the fuck do you think does all the fucking work for Brazil's encrusted multi-billionaire class? Who makes the place tick? It's that huge "underclass" you mentioned.

Tue, 12/01/2015 - 16:35 | 6862292 Blankenstein
Blankenstein's picture

The shrinking middle class, just like in the U.S.

Tue, 12/01/2015 - 14:23 | 6861648 darteaus
darteaus's picture

Fiat money — coming home to roost!

Tue, 12/01/2015 - 14:25 | 6861655 Chupacabra-322
Tue, 12/01/2015 - 15:26 | 6861901 pods
pods's picture

You can only fuck up like that once!

Tue, 12/01/2015 - 16:14 | 6862176 Tall Tom
Tall Tom's picture

His superiors failed to teach him about backblast and that firing from enclosures is generally fatal.

 

https://en.wikipedia.org/wiki/Backblast_area

 

And this untrained army needs to have Russia, the USA, France, the UK, and the entire World's might against them in order to defeat them?

 

Just have Russia give them more of the damned RPGs and they will do themselves in.

 

(That was a Russian RPG 7 after all.)

 

And then Russia has the audacity to blame NATO for arming ISIS? Obviously they are using Russian Weapons too. Just where do they come from?

 

Russia...who everybody here believes to be so innocent when they are OBVIOUSLY NOT. Why is THAT not on Russian TeeVee? (Of course it was not on American TeeVee either.)

 

Is it the same reason that the USA does not want it known as a widespread fact that we are also arming ISIS?

 

Is there an unspoken agreement between Russia and the USA that the respective Governments will not expose the truth to their public?

 

Putin arms ISIS so that Russian Military men may die needlessly as Obama arms ISIS so that American Military men may die needlessly.

 

Now tell me that there is a difference between the psychopathic rulers of Russia and the USA...,

 

Go ahead. 

 

Downarrows will not change the truth.

Tue, 12/01/2015 - 16:49 | 6862361 doctor10
doctor10's picture

"Putin arms ISIS so that Russian Military men may die needlessly as Obama arms ISIS so that American Military men may die needlessly."

 

Putin and Obama share the same banker, 

A new Bentley annually and a couple of months a year in Davos ani't exactly chicken feed!!

Tue, 12/01/2015 - 14:25 | 6861656 venturen
venturen's picture

what liberal corruption has a downside?

Tue, 12/01/2015 - 14:25 | 6861657 Thisisbullishright
Thisisbullishright's picture

But they've got some hot ass chicks!  ;)

 

Tue, 12/01/2015 - 14:33 | 6861685 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

And hot ass sexually transmitted diseases too!

 

;|

Tue, 12/01/2015 - 14:41 | 6861715 ajax
ajax's picture

 

Yeah right, there's always the hot ass chicks.

Hate to tell you but The Girl From Ipanema has breast implants, buttock implants as well as Type 2 Herpes and probably HIV: in other words she's just as infected as is the Bay she's walking to. Ditto all those gorgeous male prostitutes who are her friends.

Tue, 12/01/2015 - 15:34 | 6861932 KesselRunin12Parsecs
KesselRunin12Parsecs's picture

Yeah butt - OBAMA!

Tue, 12/01/2015 - 14:26 | 6861661 Thisisbullishright
Thisisbullishright's picture

All time low hooker prices just in time for the Olympics.  AWESOME!!

Tue, 12/01/2015 - 15:08 | 6861816 ajax
ajax's picture

 

All time low hooker prices...

Not really - not when you add in the cost of the haz-mat suit you're obliged to wear during sex.

My advice to you: just buy her a burger in exchange for watching her masturbate before she goes home to her children.

Tue, 12/01/2015 - 14:29 | 6861670 aliki
aliki's picture

the term "ironic" has never been more prevelant as it pertains to "black swan". the collapse in the price of oil has, is, and will continue to wreck havoc. santelli pointed out (as did ZH) the last time the ISM/manufacturing data came out so week, we started launching the QE programs here in the states. that was also during a time when iran was under tight economic sanctions, specifically regarding oil exports. also, iraq wasn't even close to pumping what they are now. oil at 41.4, the USD at multi-year highs, and the fed on the cusp of raising interest rates for the first time in a decade. im sure the price of oil is just salivating at the notion of a potential interest rate increase. my personal take has been the will raise 1-2 times in an attempt to show the independent voters that the fiscal conservatives/hawks are wrong & then take them back to zero, followed by negative rates. hawks better be ready to go with a counter-arguement. ie. this ENTIRE "plan" has been upside down & that THE ONLY SOLUTION is to liquidate ALL this fucking public sector debt, initiate a balanced budget ammendment, and let companies/people know that going forward, if we don't got it, we don't spend it. period. that alone IMO will give companies/people certainty that we are not on the path to financial armegeddon. do that and back on the path to normal. keep throwing sugar on this pig and it will taste good temporarily until you get under the surface of the sweet.

Tue, 12/01/2015 - 14:30 | 6861675 SillySalesmanQu...
SillySalesmanQuestion's picture

Only GoldFed would say that "it has mutated"...

Tue, 12/01/2015 - 14:33 | 6861683 tommylicious
tommylicious's picture

i like the hottiez

Tue, 12/01/2015 - 14:33 | 6861684 Bangin7GramRocks
Bangin7GramRocks's picture

Let me know when those hookers go on sale for $4!

Tue, 12/01/2015 - 14:42 | 6861725 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

A few years ago a hooker in Atlanta was offering blowjobs for Chicken McNuggets(tm) in an Atlanta McDonald's Drive Thru(tm), but she got busted. If she is still working for Chicken McNuggets(tm) you should be able to get whatever you want for under $4.

 

David Letterman said that the hookers in Times Square were offering discounts before he retired. Methinks Atlanta would be the best deal on sale.

Tue, 12/01/2015 - 14:36 | 6861697 Seasmoke
Seasmoke's picture

BRICS. IS NOW RICS. I GUESS. 

Tue, 12/01/2015 - 14:39 | 6861704 tarabel
tarabel's picture

 

 

Couple of thoughts: 

1) Now that there's been a regime change in neighboring Argentina, it should be about time to fess up on those numbers as well. Wonder how Uruguay is doing.

2) With the possibility of civil unrest going up and the need to provide tight security for an upcoming high-profile event, I know the name of a goon who just lost his job up in Chicago who might be interested in a new challenge. Don't know if he speaks anything other than Dumb Mick, however. Apart from that, he's perfect for the job.

3) Long live the mighty BRICS Bank.

Tue, 12/01/2015 - 15:35 | 6861939 KesselRunin12Parsecs
KesselRunin12Parsecs's picture

All u need to worry yourself about is Mother Israel.

Tue, 12/01/2015 - 15:56 | 6862050 tarabel
tarabel's picture

 

 

If you're accusing me of being a member of a highly-intelligent race that works hard, doesn't blow their capital on crap, believes in the value of an excellent education as a way to advance one's prospects in life, and doesn't let their children marry losers or draw welfare checks, I'd be happy to plead guilty.

Unfortunately, I'm just a schlub like everyone else and doing the best I can without the tremendous advantage of a tight traditional family and social support network that rewards and encourages success in its members and screams abuse at failure and laziness. 

Tue, 12/01/2015 - 16:07 | 6862125 Raymond_K._Hessel
Raymond_K._Hessel's picture

Well at least you arent a racist.

Next tell us all about the exhaustive study that led you to your racial biological determinism. Oh, and why Asians score more highly than Jews in math and science but unlike jews are not over-represented massively at top tier schools.

Are all those koreans and chinese racially inferior despite higher test scores too? Maybe they dont value hard work and study? Maybe its the lack of arcane and capricious religious dogma? Presumably you e controlled for income and ethnonepotism, of course.

I find your ideas fascinating and would like to subscribe to your newsletter - Jewish Supremacist Theory and Practice Quarterly, right?

Tue, 12/01/2015 - 17:08 | 6862468 tarabel
tarabel's picture

 

 

Well, so far as I can tell, I haven't been accused of being a chinaman recently, so that discussion will have to wait until it happens.

How a corrupt modern society allocates the prized but limited number of available plums is of no real interest to me-- except that I personally feel that achievement and the will to win should really be the determining factors. Although I would not want to institutionalize that system any more than I want to see the current one carried out.

My general experience in life is that those who have "it" have "it" and will find a way, no matter what obstacles are placed in their way. And those who do not have "it" will lead perhaps pampered but ultimately purposeless lives, no matter what advantages are laid out at their feet. Ultimately, it is God's job to sort these things out and I wouldn't want to attempt it. I trust him and he's yet to let me down, and with that I'm grateful and content.

 

Which isn't to say that I wouldn't have done better in life with maybe a little more pushing from the people around me.

Tue, 12/01/2015 - 17:14 | 6862523 ajax
ajax's picture

 

What is this? Tarabel and Raymond.

Among the most egregious exploiters of "public benefits/public assistance/welfare" are Jewish communities. Jewish families. Stamford Hill in London would disappear if it weren't for public benefits, ditto many communities in Brooklyn and other areas of NY State.

"Because of the size of families, and the emphasis put on continued religious studies, poverty is a real problem in the community. A 2006 study of the Stamford Hill community, Between Torah Learning and Wage Earning, published by the Floersheimer Institute for Policy Studies in Jerusalem, estimated that more than half the households below retirement age were receiving a means tested benefit of some sort, 62 per cent of families in the study were receiving child benefits, and 70 per cent receiving housing benefits. Of those, 70 per cent reported finding it 'difficult’ or 'very difficult’ to fund the gap between housing benefits and real rent levels."

http://www.telegraph.co.uk/news/religion/8326339/Inside-the-private-worl...

and in the USA

http://failedmessiah.typepad.com/failed_messiahcom/2012/06/a-conservativ...

 

 

Tue, 12/01/2015 - 17:35 | 6862630 tarabel
tarabel's picture

 

 

Could well be, Ajax.

My opinions are drawn from personal experience of people I have personally known. Colorado isn't London or New York City, praise the lord, and standard and opportunities may be quite different. But I'm sure you understand my general point that calling someone a Jew shouldn't necessarily be regarded as a universal epithet. I've known many fine Jewish people and many that I couldn't stand. Just like anybody else. But I never found one I regarded as butt-ass dumb.

Tue, 12/01/2015 - 18:18 | 6862831 ajax
ajax's picture

 

@Tarabel

I do understand your general point and I agree with you on that point.

I have lived in both London and NYC and I am not Jewish but I have experienced first hand, personally, what the two articles I posted are elaborating on. As for "butt-ass dumb" I can't agree with you. The further you penetrate into the strictly Jewish enclaves the more "butt-ass dumb" you find yourself face to face with. I am not kidding. You simply wouldn't believe the sort of butt-ass dumb going on and "being taught". The very same features of Islam which everyone now seems to agree are unacceptable in "our world" are mirrored in the ultra-orthodox and orthodox Jewish enclaves all over the globe. From Eastern Europe to South America.

Tue, 12/01/2015 - 18:43 | 6862906 ajax
ajax's picture

 

Further: I would be a hell of a lot more impressed with the fabled Jewish "knowledge and intelligence" if their cash rich agencies tried to save members of such ancient religions as: The Mandaeans, The Yazidis, The Zoroastrians, The Druze, The Samaritans, The Copts, The Kalasha.

Let's see the day when Jews help to save any of the afore-mentioned ancient religious members from the holocaust they have been facing for over a decade now. So far not a peep, not a cent or a shekel. From some of these ancient religions the Jews took their 'scriptures'. 

https://www.youtube.com/watch?v=WNlCqzep1pw

Tue, 12/01/2015 - 20:06 | 6863277 tarabel
tarabel's picture

 

 

My acquaintance with the Jews, of all stripes, is that they take care of their families and their co-religionists first. After that, it depends. Much of the complaint I hear from the Identity kooks lurking around here centers around the idea that the Jews are out looking after #1 while the stupid white people being robbed by the Jews aren't. I take that to mean that they want white people to start taking care of other white people the same way that Jews take care of Jews. And probably start robbing back to get what was "stolen" from them in the past. Sounds a lot like the traditional Jewish outlook, if you ask me. Meet the new Jews, same as the old Jews, only backwards.

To complain about not being a member of some exotic club and then pining away for a club of your own which can operate under the same retaliatory rules against outsiders does not seem particularly enlightened to me, although very understandably human. It's exactly what the Black Nationalists of the 60s kicked off. It's what the Latino dreamers of today are aiming at and, in effect, it heralds the destruction of the American melting pot which raised this country way up above everyone else. Having the majority group of the nation join in the fun ought to make this a nice Middle Eastern-y place in short order.

Tue, 12/01/2015 - 23:48 | 6864131 hedgiex
hedgiex's picture

You nail it. A melting pot of diverse communities that have lost the spirit to be better together inevitably perish into tribal pockets to be exploited by the fiercest tribe internally and externally. It is a delusion to think of a modern tribe as one that share the same race, religion, culture. It is just a Predatory Oligarchy strengthened each day by their clueless preys. This includes the encouraged diversions to brand Jews, Chinese, etc. Know your enemy not by its skin but whether he/she has skiin in the games that they play.

 

Tue, 12/01/2015 - 20:29 | 6863322 tarabel
tarabel's picture

 

 

I understand the point you are trying to make yet I do not agree that intelligence and rigid adherence to tradition are mutually exclusive. But, again, I can only speak of the people I have personally known.

So you've met some butt-ass dumb Jews, okay. You've met some sharp cookies too. I've redone a basement for an ultra-ultra Orthodox Rabbi who was sent out here by a sect in London because there were no orthodox congregations in the region. Believe me, I never felt more sympathy for Palestinians or black people in my entire life. But I did get the opportunity to know and understand a very ancient belief system. Made little sense to me, but I respected their desire to live life in full compliance with the commands of their God. I didn't go away without having my own horizons broadened in ways that I would not have expected and, man, could his wife cook. Not on Saturdays, of course, but it was great to be there on a Friday afternoon.

What I'm trying to get across is that there are people around here who are engaging in utter group-think-- Member of Tribe A? Must be bad. Member of Tribe B? Must be good. Do the super-duper-Jews think that way? Very much so, but becoming the thing you hate is no victory for your own side. Particularly if you regard them and their conduct as being inferior and/or evil in some way.

Take people out of their group settings and you can get along with anybody anywhere.

Tue, 12/01/2015 - 18:57 | 6862960 dreadnaught
dreadnaught's picture

>>If youre accusing me of being a member of a highly-intelligent race-ROFL they were so smart that Hitler got them all rounded up without even a squeak

 

you seem awfully quiet about the GENOCIDE of the Palestinians, and the stealing fo thier CURRENT land, not just the nation in 1948

that is racism and apartheid-equal to the whites killing off most of the Native Americans for their land

 

And now the Jewish Family Council of Seattle is bringing in thousands of 'refugees' to town

Tue, 12/01/2015 - 20:25 | 6863224 tarabel
tarabel's picture

 

 

Why wouldn't I be quiet about something that isn't happening? If the Israelis were truly interested in genocide, they have the tools to do the job right. War and genocide are not automatic synonyms for each other. So far as I know, and I freely admit that I don't follow the subject with the zeal that you guys seem to have on the matter, the amount of land under Israeli control is shrinking in size, not growing. Sinai? Given back. Gaza? Given back. West Bank? Given back. 

At some point, there ought to be an equilibrium where everyone gives a little and buries the hatchet regardless of what happened before they were born. Ancient feuds are what makes the ME such a fucked-up place to begin with. It's not gonna get better until people let it rest. And anybody who says that it goes on until their side has obtained "justice" is merely extending the time frame out into eternity.

Where does that point of forgiveness and equilibrium lie? Hard to say, but everybody's gotta give. 

As for Hitler and the Jews, the laugh is on him and the Master Race so far as I remember from peeking at the back of the book. And I wish people would be consistent with their outlooks. People talk about this sinister Jewish conspiracy that has tricked everyone out of their liberty and money and then you suggest that they're a bunch of boobs. Well, what does that make their marks? Rhodes Scholars?

With regard to Seattle, that's a tough one. Can a few refugees make Seattle any worse than it already is? I don't know, but if they want them so bad, they ought to be the first to make room for Achmed. What I dislike is when people try to jam these things down someone else's throats and then play pure NIMBYism with their own view of the Space Needle.

Tue, 12/01/2015 - 14:39 | 6861711 pitz
pitz's picture

At least they're honest about it in Brazil.  Unlike Canada and the United States which have been mired in recession/depression since the 2000 peak. 

Tue, 12/01/2015 - 14:40 | 6861716 youngman
youngman's picture

Good...so that condo I was looking at in Fortaleza where the Grandmother doubled the price on me because she found out I was a gringo...might drop back down to its real value....I hate that old bitch....but now I live in Colombia in a much nicer place with less coruption and cheaper

Tue, 12/01/2015 - 14:40 | 6861717 ghostzapper
ghostzapper's picture

Levered long the second broad.  Just a straddle on the first.  

Tue, 12/01/2015 - 14:49 | 6861750 Sages wife
Sages wife's picture

Have they not yet added hookers and blow to their numbers? Non first-world much?

Tue, 12/01/2015 - 14:54 | 6861765 conspicio
conspicio's picture

And no mention of the far leftist militant bitch Rousseff at the helm? Or a mention of the beta males Joaquim Levy, Alexandre Tombini, or Nelson Barbosa?

Running out of every one else's money, eh? This is how you socialism in the 11th hour. Fascists who deserve all the pain they create.

Tue, 12/01/2015 - 14:56 | 6861771 buzzsaw99
buzzsaw99's picture

i knew their fate was sealed the day o'neill came out with the "brics" acronym.

Tue, 12/01/2015 - 15:01 | 6861780 hotrod
hotrod's picture

A Lot of screwin in Brazil. Surely Gisselle can do something.  Fashion fund raisers.  Have Patriots play there

Tue, 12/01/2015 - 15:00 | 6861784 Lostinfortwalton
Lostinfortwalton's picture

Had you rather spend the rest of your life in Rio or NYC?

Tue, 12/01/2015 - 15:58 | 6862069 ajax
ajax's picture

 

Rio or NYC?

Neither.

Tue, 12/01/2015 - 15:15 | 6861835 Kirk2NCC1701
Kirk2NCC1701's picture

Yeah, well maybe they should stop using the USD and the BIS.  The much heralded but still AWOL Chinese and Russian version of BIS have yet to appear in this currency play of "Waiting for Godot".  Ditto for backing their BRICS currencies with PM (Gold and Silver) and Energy (Gas, Oil, Electricity).

Alternatively, they could jest take their tens of millions of unemployed and poor, put them on boats, and ship them to Saudi Arabia -- as Oil-Price refugees.  They can then duke it out with the Saudis and their Wahhabists, to shut down their oil supplies.

Note that China will do jack shit, because (in spite of ZHer wet dreams to the contrary) China has always looked out only for #1.  They are already getting suckered into the Opium War 2.0, i.e. Fiat Debt and inclusion into the SDR Ponzi.  So the rest of the BRICS are screwed, now that China is on the Fiat/SDR leash.  

As I told you many, many times in the last 2 years:  China is buying gobs of gold, not to back their currency with gold, but to muscle their way to IMF's (America's) SDR Table.  TPTB (Zio-Banksters) are ROTF and laughing their asses off, at how easy the Chinese are to manipulate and corrupt.  Like many here, I may be quite disappointed with China's duplicity, but hardly surprised or shocked.

Tue, 12/01/2015 - 15:12 | 6861839 TalkToLind
TalkToLind's picture

Listen bitchez, the first rule of depressions is:  You do not talk about depressions.

Tue, 12/01/2015 - 15:11 | 6861840 Mr. Cynic
Mr. Cynic's picture

It's okay.  Calm down!  The 2016 Olympics will fix it all.

Tue, 12/01/2015 - 16:11 | 6862158 LetsGetPhysical
LetsGetPhysical's picture

How do you say Potemkin Village in Portuguese?

Tue, 12/01/2015 - 21:17 | 6863566 tarabel
tarabel's picture

 

 

He just did. Rio Olympics 2016

Tue, 12/01/2015 - 15:21 | 6861887 lasvegaspersona
lasvegaspersona's picture

Another victim of the $IMF system. Soon we will see others....in fact soon every country will be with Brazil....not long now as deflation first then the hyperinflationary response cometh.

DOW 36,000....finally!

Tue, 12/01/2015 - 15:38 | 6861941 withglee
withglee's picture

It's harvest time for the international bankers. Looks like they've gone for a bumper crop this current "business cycle" they've created.

Tue, 12/01/2015 - 15:21 | 6861888 mendigo
mendigo's picture

Gold doesnt now which way to turn.

Tue, 12/01/2015 - 15:21 | 6861890 NoWayJose
NoWayJose's picture

An Olympics with only 4 rings?

Tue, 12/01/2015 - 15:22 | 6861892 Skip
Skip's picture

Rated AWESOME for the babes alone, not that the financial information wasn't tops but the GIRLS!!!!!!!!

Tue, 12/01/2015 - 15:32 | 6861915 TalkToLind
TalkToLind's picture

There are lots of good quality comments on this thread. Unfortunately the +1s I am giving out are not registering at this time. They are being suppressed like precious metals futures. I will keep trying...

Tue, 12/01/2015 - 15:37 | 6861945 arby63
arby63's picture

How can we be far behind when every cent of disposable income is now going to health care?

Tue, 12/01/2015 - 15:41 | 6861970 Lux Fiat
Lux Fiat's picture

Hmmm....Bovespa close to a level that has been support since 2013, the CRB currently sitting at its 1999 and 2001 lows, and now Goldman sounding the warning claxons?  No clue which way things may eventually go.  Bovespa could do an inverse of its 1994 - 1996 run, but this smells a bit like an accumulation setup.  Thanks, ZH - I'll be keeping a closer eye on Brazil in the coming months.

Tue, 12/01/2015 - 15:42 | 6861978 constantine
constantine's picture

Yeah, but GDP net of soccer babes is up 5.35% and it turns out that they're even more scrumptuous when they're crying over watching their team get dismantled at home by a German footballing onslaught.

Tue, 12/01/2015 - 15:47 | 6862013 Questan1913
Questan1913's picture

Just another example of the prime NWO schemers information (and economic) war against the non NWO oriented BRICS.

Tue, 12/01/2015 - 15:51 | 6862029 Barley Burnside
Barley Burnside's picture

Why no Brazilian Booty pics Tyler, come on man!!

Tue, 12/01/2015 - 22:04 | 6863731 James TraffiCan't
James TraffiCan't's picture

Tyler sounds like he's been busy...So I felt it would only be proper to aid Tyler on this thread. ENJOY! Beam me up! 

https://www.youtube.com/watch?v=5920zQO-csQ

Tue, 12/01/2015 - 15:51 | 6862036 Inthemix96
Inthemix96's picture

You have to laugh, not only are my Brazilian friends fucked, the rest of the world is.  GDP down in Brazil?

Hows about us Englishers have something now called a 'Black Friday'??  Anyhow, Friday just gone, high street sales were down a staggering 9.7% YoY, who the fuck could have known?  Gets better mind, you know what made up the short fall according the utter cunts in not just the MSM, but the child molesting cunts that make up the parliament?  'Internet Sales'.

Hmm, a vast, considerable portion of these septic isles are scratching around ahind the couch looking for a bit change to fucking feed themselves, are partaking in food banks, and reporting nearly a four out of ten hit rate at doctors showing signs of serious malnutrition, all the while the daft cunts were spending money they didnt have, on shit they dont need, with plastic mother fucking cards inventing their own debt with a signature that they dont fucking own so the collapse of the British cuntish bollocks we call life is brushed under the fucking carpet?

And they wonder why the Anglo Saxons are losing their collective mother fucking tempers?

This will not end well, and it wont end like owt the cunts who tell you what to think either.

This must be, nearly the most important time in human history to be alive.

I cannot fucking wait.

;-)

Tue, 12/01/2015 - 16:17 | 6862184 ajax
ajax's picture

 

 

@Inthemix96

Yours is the best fucking comment on this thread - hell, anywhere - for quite some time. Bless you mate.

https://www.youtube.com/watch?v=NEjkftp7J7I

Tue, 12/01/2015 - 16:39 | 6862313 Inthemix96
Inthemix96's picture

One does try Ajax my friend, and I am not really a maniac, honest.

Thanks for that high praise mind, and have a kiss cos' youve made me head swell xxx

;-)

Take care mate, we are all going to need it.

 

Tue, 12/01/2015 - 16:02 | 6862076 hairball48
hairball48's picture

I would go long on "toilet paper" in Brazil.

Do y'all recall the "TP" situation recently(and maybe now) in Venezuela? I was in Brazil back in 1970 when I was a screamin' seaman for Uncle's USN. Inflation was bad back then too. I still have some currency from that time--10,000 cruzerio notes---worth about $3.00 at the time. Guys were stealing toilet paper on the ship and using it to pay hookers. It was better than cash(except US$'s) at the time. You could get laid "short time" for a few rolls of toilet paper.

hairball :)

 

Tue, 12/01/2015 - 16:45 | 6862255 ajax
ajax's picture

 

@hairball48

You'd trade a cheap orgasm for a lifelong viral infection? The sort you'll pass on to everyone later?

You sound just like Lloyd Blankfein & Co.

Difference is, the antibiotics aren't gonna work for you the way the Fed cured Goldman's sore dripping dick after Goldman cheap-fucked it's clients and caught gonorrhea. The clap is antibiotic resistant now - especially in Brazil.

And the Fed isn't going to pay for your lifelong need of famciclovir, acyclovir and valacyclovir. Good luck with all that. Viruses are for life.

 

Tue, 12/01/2015 - 16:50 | 6862373 ajax
ajax's picture

 

Sorry, I meant "its" not "it's".

Tue, 12/01/2015 - 16:09 | 6862137 LetsGetPhysical
LetsGetPhysical's picture

No worries, when Interplanet Janet launches the next QE rocket it'll send the Brazilian economy back into the stratosphere. 

Tue, 12/01/2015 - 16:31 | 6862251 . . . _ _ _ . . .
. . . _ _ _ . . .'s picture

Panic of '89 by Paul Erdman

Maybe some prophetic words in there about debt and default, and Brazil.

 

 

-Oh, and it's wreak havoc, not wreck.

Tue, 12/01/2015 - 18:26 | 6862826 coast
coast's picture

Brazil is no worse off than california, and many other states here in this great nation (sarc),  the banksters could bail out any country or state.  If a country is going down, its because it was all planned in a scheme of satanic reptiles that run the banking system.  France for the police state test, greece was a test, and etc...watch and learn.

 BY the way....is it illinios where they are giving IOU's for lottery ticket winners?  Who the heck is going to buy lottery tickets for an IOU?  How much money has the state lost in lottery buying revenues?  Also, search in the CALPERS thing...Its in bad shape also. The thing is tho, when ya figure out this is all planned, it doesnt mean the end of the world in the near future...They can keep this thing going for awhile.

Tips: I like the saying, I will turn in my gold and guns, bullets first. lol..

I think silver is a much better investment than gold..The lone ranger cant be wrong. :-)  Altho, I would probably trade my silver for his horse :-)

Tue, 12/01/2015 - 18:46 | 6862926 Black Warrior W...
Black Warrior Waterdog's picture

I enter these threads only for the obligatory photos of Brazilian women.

Tue, 12/01/2015 - 20:33 | 6863404 El Hosel
El Hosel's picture

Geez, don't these people know how to cook the books... Send in The FED.

Tue, 12/01/2015 - 22:58 | 6863940 TheAntiProgressive
TheAntiProgressive's picture

A little apartmento in Rio is gonna get cheapy, cheapy.

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