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5 July 2018 - 1 minute read

Busting the Brazilian Bronco: The Enchilamento of 1889-1991

When Brazil’s government in 1889 made it easier for banks to lend, intermediaries made hay before the administration was ousted in a coup and disastrous capital flight ensued. New credit regulation introduced subsequently to reinvigorate the economy simply blew another bubble that burst when foreign investors again pulled back.

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There was a fever, a madness, money spread itself around here in a real flood. One was given the impression that everyone had gone insane.

Evaristo de Morais
The Pit and the Pendulum

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