Guedes becomes ‘faria loser’ on posters pasted on Avenida Faria Lima – 08/29/2021 – Market

Avenida Faria Lima, address of a large part of the financial market in the city of São Paulo, was the stage this Sunday (29) of a critical intervention by the Minister of Economy, Paulo Guedes, which contrasted with the sobriety of the marble and glass buildings.

Those passing along the street were faced with large yellow posters with the economist’s face in black and white and the phrase in giant letters: “faria loser”, in a pun on the expression “faria limer”, nickname given to those who frequent the region, and the word “loser” in English.

The action is by a small group of designers and communicators who assume that they have already made other interventions in the city and who have glued seven of these lambe-lambes along the avenue.

The intervention comes at a time when the market, which relied on the economy minister in the 2018 elections, is trying to stop supporting the government of Jair Bolsonaro (no party), which campaigned calling Guedes its “Ipiranga post”.

A member of the group, who prefers not to be identified, said that they chose Faria Lima, in the west of the capital, because that is where, according to them, Guedes’ support base is located.

According to this member, they intend to show that Paulo Guedes has failed – an idea, he says, that would already be clear among those working in the financial market. That’s why they chose “loser”.

He also claims that people in the financial market supported Bolsonaro because of the current minister, who, in the words of this member of the group, was “absolutely incompetent” in relation to the campaign promises.

He denies that the group has a political-party or social movement agenda.

According to the report of sheet showed, the market’s distrust of Bolsonaro has been increasing. At an event held at XP last week, references from the financial sector demonstrated dissatisfaction with the President of the Republic and his administration.

The president of Verde Asset Management, Luis Stuhlberger, called Bolsonaro “weak” and “hostage of the centrão” when commenting on the difficulty in approving the Tax Reform.

Carlos Kawall, former Treasury secretary and director of ASA Investments, said that what is being done wrong now in the economy will serve to hire a “little pig” next year.

The government still suffers setbacks in the Chamber to put the income tax reform to a vote, which is strongly opposed by business entities and also by states and municipalities, but is seen as an important electoral piece. It will change the tax collection of the middle class, which could attract votes in the election.

Last Wednesday (25), the minister said he could start 2022 by breaking the spending ceiling “depending on inflation”.

“Especially with inflation rising as it is rising now, it puts an end to the space for expansion of social programs; space ends; even, depending on the level of inflation, I can start the year by breaking the ceiling,” he said.

In order to boost the new Bolsa Família, called Auxílio Brasil, the government sent a proposal to the parliamentarians that establishes the payment in ten years of all court-ordered debts worth more than R$66 million.

With the measure, the government hopes to open up R$33.5 billion of space in the 2022 Budget.

Bolsonaro’s popularity has been waning amid Covid’s CPI, which investigates the federal government’s role during the coronavirus pandemic, and rising inflation. In July, the IPCA (Broad National Consumer Price Index) accelerated again and recorded a 0.96% change, bringing the index to 8.99% in the 12-month period.