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In this video I talk with the great Brazilian economist Fernando Ulrich (@FernandoUlrichCanal ) about what is happening with the dollar in Brazil and with Lula's economy in his third term. 01:46 Why has the dollar risen so much in Brazil? 7:40 Is the government spending 15% more when the limit is 2.5%? 08:36 What is the mechanism by which a fiscal deficit leads to a weaker currency? 12:08 The Minister of Economy announced a fiscal adjustment: was it not enough? 16:20 The real is devalued: Is Brazil celebrating the gain in competitiveness? 19:23 Could Brazil default? 23:40 Can the new president of the Central Bank issue money to finance the government? 26:25 Is it true that in Brazil nobody cares about the dollar? 27:50 What do Brazilians save on? 30:13 Is there talk there about the dollar's "pass-through" to inflation? 31:38 Does the Central Bank intervene in the market with the International Reserves it has? 39:24 Who could solve the fiscal problem? 40:37 What do you think of Milei's position on making Mercosur more flexible or abandoning it? 42:23 How do you see Milei's first year in the Argentine government?