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Event Planning and Business Entertainment in the U.S. Corporate World

A liberal democracy can survive for a while on institutional strength and widespread agreement. As long as most people are generally satisfied with how things are going (or have made peace with the status quo), it is easy to imagine that something like a social contract will keep things on track. Hamish MacAuley makes a persuasive case that many Canadians came of age politically between the collapse of the Berlin Wall and the 2008 financial crisis, when consensus was widespread and politics seemed optional, thus many chose to stay out. We abandoned democratic governing habits during prosperous times. Instead, we played politics. In response, McGill's Jacob T. Levy advocates for political action that rejects the status quo while also refusing to burn it all down or take our ball and go home. We should participate in politics, even if it is unsatisfying. When the foundations of our democratic structure or the rights of vulnerable people are jeopardized, it makes sense to delegate aut

Where to Make Money in Brazil: Top Business Sectors

The chance for this major glow up in relation to the flex of the banking system for foreign ownership came about after the banking crisis following the price stabilisation achieved by the Real Plan.122 Between 1994 and 1996, like, over 115 financial institutions went through some serious BACEN's intervention, mostly 'cause of a mix of the floating revenues going extinct from the banking system's high inflation and the rise in non-performance credits in banks' balance-sheet. It was a whole mess, tbh.1-2-3, fam In 1995, the BACEN started this lit program called PROER - Programa de Estímulo à Reestruturação e Fortalecimento do Sistema Financeiro. It was all about bailing out financial institutions with some sick financial assistance, freeing up mandatory resources, and reducing the reserves requirements. So dope, right?

In 1997 a similar program was like totally set up for public banks belonging to state governments (PROES – Programa de Estímulo à Redução do Setor Público Estadual na Atividade Bancária). It was like lit, you know?


It was like, when BACEN started flexing, they got all these foreign institutions hyped about the Brazilian banking scene. They were either taking busted private banks' stuff and giving it to the foreigners or selling off state government-owned banks.126 lemme tell ya, foreign investors can totally flex and invest in the primary and secondary stock exchange markets. No need to stress about capital, composition criteria, or how long they gotta stick around. Plus, they won't even have to pay income tax on their gains. It's a vibe. Also in 1991, the Resolution 1806 was like, "Yo, let's make foreign privatisation funds so that foreign investors can buy shares or debts from public enterprises that are gonna be privatised." And then in 1993, the Resolution 2028 was like, "Yo, let's create the foreign fixed yields funds, fam." In 1996, like, two other foreign investment funds were like, created: investment fund in emerging companies and housing investment funds. None of these resolutions set any vibes on how long they gonna last or put any specific tax on the gains from these investments. They only asked that these investments should be registered with the BACEN for the purpose of sending profits overseas, cuz only registered capital could send profits and gains abroad. Since, like, the 1964-1967 financial reforms, the two most important ways for domestic institutions to get resources from abroad were through Law 4131 (for productive companies) and Resolution 63 (for the banking system to transfer to domestic clients). 

Like, these instruments kept being used, but they got way bigger, ya know?


 Like, banks were totally allowed to flex and lend resources from overseas, not just to industry like before, but also to agriculture, housing, and even to finance car leasing contracts. It's wild, right? OMG, when it comes to being in debt overseas, companies were totally allowed to flex by issuing lit fixed income debt certificates like commercial papers, exports securities, and convertible debentures. It's like, so legit! By the same vibe, Annex V to Resolution 1289 let local companies flex and issue debts that can be traded on foreign stock exchanges. Yo, with this Annex, local companies can flex by issuing Depositary Receipts (DR), either on the US stock exchange markets (issuing American Depository Receipts – ADR) or other foreign exchange markets (issuing Global Depositary Receipts – GDR), making the domestic stock exchange market vibe more with the international stock exchange markets. One of the most lit changes went down when it comes to residents flexin' their ability to invest abroad. Since 1969 the Circular Letter 5 (better known in Brazil as CC5)120 regulated non-residents banking accounts allowing flows without previous authorisation by the BACEN. Periodt. In 1992, the Circular Letter 2259 and the Circular 2242 were like, "Yo banks, you can totally accept domestic deposits in non-resident accounts and turn them into foreign deposits, fam." denominated in foreign currencies) thru floatin' exchange rate markets. This new reg and the way the exchange market works now allows for sending money overseas even if you've already received money from someone else. OMG, like Brazil just gave the green light for full convertibility of their currency into foreign cash!  
The involvement of foreign institutions in the banking scene in Brazil started only in '95 when the Finance Minister, Pedro Malan, dropped some knowledge (aka exposition of motives no. 311, dated 29th August, 1995) to President Fernando Henrique Cardoso, saying it's important to let foreign institutions join the Brazilian banking system for the government's sake.121 This doc be all about hyping up the supposed perks of more foreign competition in the banking game, like flexin' with better tech, lower rates for borrowers, and higher ones for savers.

It's lit, thanks to the BACEN officials making that admin decision.


Bruh, besides all the lit perks for getting in on that global money game, the gov was also down to flex with some foreign direct investments. OMG, like, the Fernando Henrique Cardoso government totally flexed and got rid of the public monopolies in petroleum and telecommunications. They were like, "no more dividing national and foreign capital!" This made it way easier for foreign investors to get in on the privatisation action. So lit! Moreover, it like totally let the remittance of royalties cuz of intellectual and patent rights and like reduced the income tax on profit remittances from 25 per cent to 15 per cent. Since the 1930s, the state was like, all about controlling the credit game by cutting out foreign banks and boosting public banks (Topik 1980a; 1985; Triner 1996; 1999). The 1988 Constitution was like, "Nah fam, foreign banks can't be all up in our domestic market" (Vidotto 1999). Brazilian financial lib also flexed in this area by hyping up the entrance of big foreign commercial banks. OMG it's so lit that foreign institutions are getting in on the Brazilian banking scene, even though there are still legal barriers in place. The government talks a big game about leveling the playing field, but like, we'll see. 

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OMG, like the private banks were all about reducing credit stuff and focusing on investing in things from the public sector. So lit, right? First, banks like totally shifted credit stuff from private sector to public entities (check out Table 38 below). Second, the foreign currency remunerated deposits in the BACEN (regulated by the Circular Letter 230) became hella popular amongst commercial banks. OMG, in 1978 those deposits were only like 1.6% of the banks' total assets. But then in December 1979 and February 1983, they went cray and increased like six times. By 1983, they were like 9.3% of all the commercial banks' assets. OMG, in 1979, public securities were only, like, 17% of the investments in shares and securities. But in 1983, they were, like, a whopping 80%! Yo, peep Figure 18 up there, it's all about the financialisation of the non-financial corporation market value. Like, a big chunk of those financial investments were totally tied to the value of public bonds c