by Caitlin Kenney

William writes from Brazil:

I am an American and loyal listener in Porto Alegre, Brazil. The B in the BRIC. Porto Alegre is one of the strongest cities in Brazil economically, and our location, which is closer to Buenos Aires than to Rio, means that we are deeply tied into the Mercosur. Just in case you were curious what things were like here, I thought I would let you know. High-rent stores in the fancier shopping malls are all liquidating. I mean ALL the retail stores. It is incredible. Orders from manufacturers are collapsing and people are starting to get laid off.

 

In good news, Brazil understands financial crisis a lot better than Americans do. They have lived through hyper-inflation, dictatorships, and (Bush notwithstanding) some incredibly corrupt politics.They have yet to have an oil-garchy, but they have had a lot of other dodgy leaders.