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Desperate measures! A payback for Obamanation supporting drilling in offshore Brazil? or is extortion at play?
September 22, 2010
“…Mantega, speaking to reporters in Brasilia, said the Treasury can sell more debt to increase liquidity to buy dollars. You heard that right: debt-financed currency intervention. At least the trade surplus countries use capital generated from excess exports. Brazil is threatening to do something never before seen, which is to lever up in its FX intervention. Surely, this has to be the last boundary of Keynesian insanity.”
See:
http://www.zerohedge.com/article/new-keynesian-low-levered-fx-intervention-brazil-buy-dollars-proceeds-bond-sales
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