A VERDADEIRA RAZÃO DO BRASIL TER JUROS TÃO ALTOS

Is Brazil's high interest rate the fault of the Central Bank or its own economic model? In this excerpt from episode 312 of Market Makers, Samuel Pessoa explains directly why interest rates in Brazil are structurally high—and the answer is simpler (and more uncomfortable) than it seems. According to him, the main factor is not conspiracy, bank greed, or just fiscal risk, but something basic: a permanent excess of demand over supply in the Brazilian economy. The conversation shows how Brazil has been operating for years near full employment, with growth based on intensive use of labor and low productivity. Wages rise far above productivity, consumption grows faster than supply capacity, and service inflation skyrockets. To balance this game, the inevitable result is high real interest rates. Samuel details how meritorious policies, such as the real increase in the minimum wage, end up putting pressure on public spending, increasing aggregate demand and requiring an ever-increasing tax burden. The episode also connects this process to the external deficit, the difficulty of growing above 2%, and the fact that Brazil is vying for the title of having the highest real interest rate in the world. The diagnosis is clear: while productivity grows little and the State encroaches on the economy to sustain the current model, equilibrium only occurs with high interest rates for a long time. Do you agree that the problem of interest rates in Brazil is structural and not just the fault of the Central Bank? 📽 WATCH THE FULL EPISODE 312 ON YOUTUBE:    • O DIAGNÓSTICO PREOCUPANTE DA ECONOMIA BRAS...   📌 Subscribe to the channel and activate notifications so you don't miss any episodes! 📢 Support Market Makers and help strengthen the capital market in Brazil! Click the link and become a member of our channel for only R$7.99 per month:    / @mmakers   📩 Join our free newsletter: https://lp.mmakers.com.br/newsletter_... 📢 Advertise your brand on Market Makers: [email protected] 📚 Market Makers Library: https://lp.mmakers.com.br/biblioteca/... - - - - - - - - Hosts: Thiago Salomão (Presenter and analyst at Market Makers) Guests: Mansueto Almeida (Chief Economist at BTG Pactual) and Samuel Pessôa (macro researcher at BTG Pactual) #BRAZIL #ECONOMY #INTERESTRATES #INFLATION #STOCKMARKET #INVESTMENTS #FINANCIALMARRANTY #MARKETMAKERS #THIAGOSALOMÃO