Brazil: The Great Whirligig

After Leftist Joao Goulart was deposed last March, Brazil's new government declared all-out war on three items that had become Goulart's trademark: Communism, corruption and inflation. By last week President Humberto Castello Branco and his revolutionaries had dealt forcibly with the first two. Inflation is proving far more difficult. Nowhere in Latin America is inflation so deeply and strongly rooted —until it has become as much a part of Brazil as carnival and the inky cafè-zinho Brazilians sip at corner coffee bars.

Papered with Money. Many economists argue that a little inflation is...

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