Brazilian Insurrection – Bolsonaro Supporters Storm Congress
Just 2 years ago, we witnessed one of the largest attacks on democracy in the world when rioters stormed the United States Capitol to prevent the certification of the 2020 election. It was a moment that will be talked about for decades and even centuries later, and it’s clear the political state of the world has changed greatly as a result. After 734 days, we arrive where we are right now, and what is likely the largest event to occur as a byproduct of January 6th took place in the South American nation of Brazil.
On Sunday, supporters of former President Jair Bolsonaro stormed the Brazilian Congress, Supreme Court, and Presidential Palace to protest the election results in what seems eerily similar to January 6th. 2 weeks before the US midterm elections took place, left-wing candidate Lula de Silva dethroned then-President Jair Bolsonaro in a runoff election that had many worried for months due to Bolsonaro’s claims of voter fraud before the election occurred. However, Bolsonaro did concede the election, and therefore the peaceful transition of power to Lula. Just 2 days after Bolsonaro leaves for Florida to skip the inauguration, Brazilian democracy is attacked, and the country is now in a tough situation.
Brazil’s standing as one of the largest democracies plays a major role when it comes to international relations from here on out. The nation boasts one of the fastest-growing economies in the world, and political instability will not help to promote that. Brazil’s currency, the real, fell by 0.6% in response to the turmoil while stocks were volatile, and this comes with the fact that Lula has some big decisions to make regarding the economic future of Brazil. This fast-growing economy has slowed in part to the mishandling of the COVID-19 pandemic, and an insurrection is the last thing Lula should be dealing with when it comes to serving as the leader of his nation.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.