BRAZIL: Coffee Sword

Like the sword of Damocles coffee hangs over Brazil.

Brazil holds a hoard of more than 16 million bags, more than 19 billion pounds. She keeps on hoarding because desperately afraid that any other policy would glut the world coffee market, send the price plunging ruinously down.

Of course not all Brazil's coffee is hoarded. She sells and exports every year between two-thirds and three-fourths of the world's supply. But surplus has piled on surplus, year after year, until Brazil's hoard is both an economic and a political menace...

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