Brazil’s economy stays calm amid U.S. upheaval

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Brazil’s stocks and currency whipsawed wildly last week along with U.S. markets, recalling the gyrations that preceded financial crises in the 1990s when meltdowns in Mexico, Russia and Thailand sucked Brazil’s economy down with them.

But as the U.S. financial system seemed to teeter on collapse, few in Brazil seemed too concerned. Like other emerging countries that learned the bitter lessons of the 1990s, Brazil’s economy is much stronger this time around, more diversified and better able to withstand global shocks, including the economic ups and downs of its powerful neighbor to the north, reports Chris Kraul.

President Luiz Inacio Lula da Silva felt confident enough Friday to take a few pokes at the United States, saying in effect that in terms of financial crises, the shoe is on the other -- meaning American -- foot.

Click here to read the rest of this report on Brazil’s economy. For more on Brazil click here and for more posts on business throughout Latin America, click here.