Chương 6: It's not a chapter, but it's important for future events.
Hey, guys. Well, this isn't exactly a chapter, but it's extremely important that you read it.
So, as you may have noticed, the story takes place in the early 90s, and I've often repeated about a crisis that erupted in 1990. This chapter aims to explain more or less what was happening at the time and what this crisis was and how it affected the country socioeconomically.
However, before we get into that, let me explain one thing before comments start popping up saying I'm wrong. Or, in layman's terms, that I'm a shitty communist.
It was a dictatorship, YES. Although there wasn't just one ruler during the period and there were two political parties at the time, ARENA and MDB. It doesn't change the fact that, for 20 years, the people couldn't directly elect their representatives. In my layman's view, this qualifies as a dictatorship.
Ok? Are we clear on that? Good.
So, my gringo buddies and elementary students who missed classes, let's learn now about the crisis of 1990.
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For many, 1990 was just another ordinary year, but for Brazil, it was a year of hope, a chance to start a new life. In 1984, a tired and determined people took to the streets demanding an end to military dictatorship and the right to elect their representatives, in a movement known as "Diretas Já" (Direct Elections Now).
In 1985, after 21 years of dictatorship, the country finally began to walk hand in hand with democracy again, after the victory of Tancredo Neves, who although elected indirectly, would still become the next president of the country, had he not died days before taking office. Due to this event, José Sarney took over the presidency and held the position for the next 4 years.
It was only in 1989 that direct elections took place, and the people finally could, after 25 years, elect their president democratically.
On March 15, 1990, Fernando Collor de Melo ascended the ramp of the Alvorada Palace. A young man who brought with him the hope of a people who had long awaited a positive change in the country. Unfortunately, what followed was the worst catastrophe a government has ever inflicted on the population.
On March 16, 1990, just one day after taking office, in a decision that could only be described as insane, Collor froze all the population's savings accounts. Not only that, CDBs (Certificate of Deposit), fixed-income funds, money in current accounts, and overnight funds. Everything was frozen in a desperate attempt to reduce the amount of money in circulation and decrease inflation. (The money in the stock market was not moved).
In the accounts of Brazilians, a minimum amount of 50,000 cruzeiros remained. Amounts exceeding this were deposited in the Central Bank under the ownership of the savings account holders in the form of "cruzados-novos" and would be refunded in 12 installments. (Spoiler: after almost 25 years, many never saw a cent of that money again).
Obviously, the population was not happy with this. Millions of Brazilians felt not only betrayed but also lost any kind of faith, however small, in the future administration of the president.
Although the year ended with relatively low inflation as planned, it exploded in the following years. In 1991, inflation reached 480%. In 1992, it rose to 1158%, and in 1993, to 2709%. During this period, the number of people who lost their savings was enormous. In just 4 years, the dreams and futures of thousands, no, millions, of Brazilians were destroyed. Many committed suicide after losing a lifetime of savings. Others saw their businesses sink, taking them from luxury to poverty in a matter of days.
It wasn't until the implementation of the "Plano Real" in 1994 that inflation, which had already surpassed 4,000%, began to fall, and the country finally breathed a sigh of relief. As for the president, he resigned in 1992, before he could undergo impeachment and become ineligible. (And would you believe he was elected as the most-voted senator in his state in 2007, and he's still in office to this day? Brazil isn't for amateurs, my brothers.)
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