Wall Street Behind Brazil Coup d’Etat
Global
Research, June 01, 2016
(Image) Wall Street Mastermind Henrique de Campos Meirelles, Interim Minister of Finance
Control
over monetary policy and macro-economic reform was the ultimate objective of
the Coup d’Etat. The key appointments from Wall Street’s standpoint are the
Central Bank, which dominates monetary policy as well as foreign exchange
transactions, the Ministry of Finance and the Bank of Brazil
(Banco do Brasil).
On
behalf of Wall Street and the “Washington consensus”, the interim post coup
“government” of Michel Temer has
appointed a former Wall Street CEO (with U.S citizenship) to head the
Ministry of Finance.
Henrique de Campos Meirelles, a former President of FleetBoston
Financial’s Global Banking (1999-2002) and former head of the Central Bank
under Lula’s presidency was appointed minister of finance on May 12.
Ilan
Goldfajn [Goldfein]
(right) appointed to head the Central Bank, was chief economist of Itaú,
Brazil’s largest private bank. Goldfajn [Goldfein] has close ties to both the
IMF and the World Bank. He is a financial crony of Meirelles.
Historical Background
Brazil’s currency system under the Real
is heavily dollarised. Internal debt operations are conducive to a rising
external debt. Wall Street is intent upon maintaining Brazil in a
monetary straightjacket.
Since the government of Fernando
Henrique Cardoso, Wall Street has exerted control over key economic
appointments including the Ministry of Finance, the Bank of Brazil and
the Central Bank. Under the governments of Fernando Henrique Cardoso
and Luis Ignacio da Silva (Lula), the appointment of the governor of
the Central Bank was approved by Wall Street.
Cardoso,
Lula, Temer appointments on behalf of Wall Street
Arminio Fraga: president of the
Central Bank (4 March 1999 – 1 January 2003) (left) hedge
fund manager and associate of George Soros, Quantum Fund, New York,
Dual Citizenship Brazil-US.
Henrique
de Campos Meirelles, President of Central Bank,
( January 1, 2003 – January 1, 2011). Dual Citizenship
Brazil-US.
President and COO of Bank Boston
(1996-99) and President of FleetBoston Financial’s Global Banking (1999-2002).
In 20o4, FleetBoston merged with Bank America. Prior to the merger with Bank
America, FleetBoston was the Seventh largest Bank in the US. Bank America is
currently the second largest bank in the US.
After having been dismissed by Dilma in
2010, Meirelles made a come back. He was appointed Minister of Finance by the
“interim President” Michel Temer.
Ilan
Goldfajn, chief economist of Itaú, Brazil’s largest private bank.
Goldfajn [Goldfein] was appointed by Michel Temer interim “government” to head
the Central Bank. (May 16, 2016). Dual Citizenship Israel-Brazil.
Goldfajn had previously worked at
the Central Bank under Arminio Fraga as well as under Henrique Mereilles. He
has close personal ties to Prof. Stanley
Fischer, currently Vice-Chair of the US Federal Reserve. Needless to say
Golfajn’s appointment to the Central Bank was approved by the IMF, the US
Treasury, Wall Street and the US Federal Reserve.
It is worth noting that Stanley Fischer
had previously held the position of of Deputy Managing Director of the IMF and
Governor of the Central Bank of Israel. Both Fischer and Goldfajn are Israeli
citizens.
Dilma
Rouseff’s appointee to the Central Bank, not approved by Wall Street
Alexandre
Antônio Tombini, Governor of Central Bank
(2011-2016). Career official in the Ministry of Finance. Citizenship: Brazil
Historical
Background
In early 1999, in the immediate wake of
the speculative onslaught against Brazil’s national currency (Real), the
president of the Central Bank Professor Fransisco Lopez (who had been appointed
on January 13th Black Wednesday 1999) was sacked shortly thereafter and
replaced by Arminio Fraga, a US
citizen and employee of George Soros’ Quantum Fund in New York.
“The
fox had been appointed to guard the chicken coop”.
More concretely Wall Street speculators
were in charge of Brazil’s monetary policy.
Under Lula, Henrique Campos de Meirelles was appointed President of the
Central Bank of Brazil. He had acted previously as president and CEO within
one of Wall Street’s largest financial institutions. FleetBoston was the
second largest creditor of Brazil, after Citigroup. To say the least, he was in
conflict of interest. His appointment was agreed upon prior to Lula’s accession
to the presidency.
Henrique Meirelles was a staunch
supporter of Argentina’s controversial Plan Cavallo in the 1990s: a Wall Street
“stabilization plan” which wreaked economic and social havoc. The
essential structure of Argentina’s Cavallo Plan was replicated in Brazil under
the Real Plan, namely the enforcement of a dollarised convertible
national currency (Real). What this scheme implies is that the internal debt is
transformed into a dollar denominated external debt.
Upon Dilma’s accession to the
presidency in 2011, Meirielles was not renewed as president of the Central Bank.
Sovereignty
in Monetary Policy
Finance Minister Mereilles under the
interim “government” supports the so-called “independence of the Central Bank”.
The application of this fake concept implies that the government should not
intervene in Central Bank decisions. But there are no restrictions on
“Wall Street Foxes”.
The issue of sovereignty in monetary
policy is crucial. The objective of the coup d’Etat was to deny Brazil’s
sovereignty in the formulation of macro-economic policy.
Wall
Street Fox
Under Dilma, the “tradition” of
selecting a “Wall Street fox” had been abandoned with the appointment of Alexandre Antônio Tombini, a
career government official, who headed the Central Bank of Brazil from
2011 to May 2016.
Upon Michel Temer’s accession as
“interim president”, Henrique Campos de Meirelles was appointed to head the
Ministry of Finance. In turn, Meirelles appointed his own cronies to head the
Central Bank and the Banco do Brasil. Meirelles was described by the US media
as “market friendly”.
Michel
Temer’s Economic appointments:
Henrique de Campos Meirelles, Minister
of Finance,
Ilan Golfajn, President of the Central
Bank of Brazil, crony appointed by Meirelles
Paulo Caffarelli, Bank of Brazil,
crony appointed by Meirelles
Concluding
Remarks
What is at stake through various
mechanisms –including intelligence ops, financial manipulation,
media propaganda–is the outright destabilization of Brazil’s state
structure and national economy, not to mention the mass impoverishment of the
Brazilian people.
The US does not want to deal or
negotiate with a sovereign reformist nationalist government.
What it wants is a compliant US proxy state.
Lula was “acceptable” because he
followed the instructions of Wall Street and the IMF.
While the neoliberal policy agenda
prevailed under Rousseff, a reformist-populist agenda was also implemented
which departed from the Wall Street sponsored macroeconomic mainstay during the
Lula presidency. According to IMF’s Managing Director Heinrich Koeller
(2003) Lula was “Our best president”:
“I am enthusiastic [with Lula's
administration]; but it is better to say I am deeply impressed by President
Lula” (IMF Press Conference, 2003).
Under Lula, there was not need for
“regime change”. Luis Ignacio da Silva had endorsed the “Washington Consensus”.
The temporary demise of Henrique de
Campos Meirelles following the election of Dilma Rousseff was crucial. Wall
Street had not approved Dilma’s appointments to the Central Bank and the
Ministry of Finance.
If
Dilma had chosen to retain Henrique de Campos Meirelles, the Coup d’Etat would
most probably not have taken place.
The
US Proxy Regime in Brasilia
A former CEO/president of one of
America’s largest financial institutions (and a US citizen) controls Brazil’s
key financial institutions and sets the
macroeconomic and monetary agenda for a country of more than 200 Million
people.
It
is called a Coup d’Etat… by Wall Street.
The
original source of this article is Global Research
Copyright ©
Prof Michel Chossudovsky, Global Research, 2016
- See more
at:
http://www.globalresearch.ca/wall-street-behind-brazil-coup-d-etat/5526715#sthash.f4IaT2gE.dpuf
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