The middle road is a difficult political path to follow, especially in Latin America, and Brazil's President Joao ("Jango") Goulart may yet veer back into the leftist demagoguery that gave him his start as a labor leader. But last week he showed that he means what he says about fiscal stability, economic austerity, and a fair shake for foreign investors. At the same time, as an astute politician, he remembered his vows to the nationalists who have long been his supporters.
To attack Brazil's roaring inflation, Goulart raised the required reserves of private banks from 14% to 22% of deposits....
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