There’s more to the Brazil story, especially since Brazil’s story isn’t strictly about Brazil. With markets there spiraling into chaos, the government is down to blaming ‘speculators.’ If that’s the case, then speculation has gone global in a lot of critical ways. From currencies to job findings plunging, even something real like the Baltic Dry which is crashing now, too.
And if your response is “yeah but they should’ve bought gold/bitcoin”
Remember most foreign entities value no FX risk more than they value upside potential (speculating)
And USD is what many of their input costs/debts are denominated.
This is why Saylor keeps biz working…
— George Gammon (@GeorgeGammon) December 21, 2024