It’s been a weird political year south of the US border. The Peronists in Argentina lost. Dilma was kicked out of the Brazilian presidency. Venezuela plunged totally into economic chaos induced by the current Chavista government. And now the rejection of the FARC deal in Columbia. Things have not gone well for the lefties, and it doesn’t look like they will be seeing much relief anytime soon.
The Pink Tide has ebbed and continues to ebb.
(From The New York Times)
But in one country after another, the results are the same: Leaders embracing market-friendly policies are eclipsing the leftists who exerted sway around the Americas in the previous decade. Once-powerful leftist presidents like Luiz Inácio Lula da Silva of Brazil and Cristina Fernández de Kirchner of Argentina now face corruption inquiries…
…“We can think of the shift as a Latin American variant of the West’s blossoming romance with anti-establishment movements,” Mohamed A. El-Erian, the chief economic adviser at Allianz, the German financial services giant, wrote in a recent essay.