vox
8th May 2002, 21:45
"Last week Luis Ignacio da Silva -- or Lula as he is popularly known -- pulled ahead in the polls. He scored 38 percent, with the nearest competitor at 16 percent.
"Brazil's financial markets showed no reaction, until the US financial giants Merrill Lynch and Morgan Stanley Dean Witter downgraded Brazilian bonds in response to the polls. The Brazilian stock market dropped more than 4 percent in one day, and the press broadcast Wall Street's warnings far and wide.
"The power of these firms to move financial markets -- and thereby intimidate the electorate -- is a growing threat to democracy in Brazil, as well as in other developing countries."
Full Story (http://www.commondreams.org/views02/0508-07.htm)
With the rise global capitalism, covert intervention becomes less necessary as the power of the economic elite can be brandished more openly.
vox
"Brazil's financial markets showed no reaction, until the US financial giants Merrill Lynch and Morgan Stanley Dean Witter downgraded Brazilian bonds in response to the polls. The Brazilian stock market dropped more than 4 percent in one day, and the press broadcast Wall Street's warnings far and wide.
"The power of these firms to move financial markets -- and thereby intimidate the electorate -- is a growing threat to democracy in Brazil, as well as in other developing countries."
Full Story (http://www.commondreams.org/views02/0508-07.htm)
With the rise global capitalism, covert intervention becomes less necessary as the power of the economic elite can be brandished more openly.
vox