New Finance Minster in Brazil (Incompetence)

Here is an excerpt from today's FT about the new "Finance" Minister in Brazil.

"Palocci’s resignation shakes Brazil’s markets"
By Jonathan Wheatley in São Paulo
Published: March 28 2006 21:34 (Financial Times)

But during the conference and in a television interview on Tuesday there were signs that the focus of policy might shift.

“The man in the street isn’t interested in monetary policy or the exchange rate,” he said. “He wants to know if Brazil will grow.”

This finance minister is the replacement to the former finance minister, Palocci. People are worried that this new guy will change the market friendly policies that Brazil currently enjoys. This guy seems to not understand his new job description or he might just not understand economics. Without sound monetary policy and a free floating exchange rate, there will be NO economic growth.