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Why is Peru so expensive?

Inflation will once again be an indigestible subject during Christmas dinner. With the price of the turkey 26.9% more expensive compared to last year, many Brazilians will cut or reduce consumption of the item on the holiday.

In numbers: On average, consumers reduced by 58.7% the amount of the traditional Christmas bird they took home, according to the Horus survey.

• The research also points out that, of 14 typical products of the date, only two had a reduction in the average price in Brazil – pork loin and chestnut.

A similar phenomenon also happened in the USA. Over there, on Thanksgiving Day –the date of the traditional turkey supper–, many Americans had to replace it with fried chicken.

Which explains: It’s not just general price inflation that makes turkeys more expensive. The avian flu outbreak in the Northern Hemisphere came earlier and much stronger than expected, affecting the global supply of the protein.

The number of bird sacrifices since October is almost 70% above last year’s pace, according to the World Organization for Animal Health.

• Here are tips for setting up the Christmas table on a budget.

Has the crisis hit Wall Street?

After a memorable 2021 for Wall Street banks, with stock indexes reaching maximums and stock exchange operations in the mountains, it’s time to put your foot on the brake.

Cost cutting will not stop at employee and executive bonuses, and some institutions have already signaled that they will have to cut back on meat.

• Morgan Stanley, Citigroup and Credit Suisse have already promoted layoffs this year.

In numbers: most investment executives in New York and London already know that the bonus that will arrive in the first quarter of 2023 must be 30% to 50% lower, while some may go without receiving anything.

• Wall Street bank directors typically earn salaries of $350,000 (R$1.8 million) to $600,000 (R$3.1 million) a year, with bonuses of one or two times the base salary, according to Wall Street Prep.

The drop in bonuses coincides with a 66% decline in global equity offerings this year compared to 2021, or $517 billion (R$2.7 trillion) in deal value, according to data from Dealogic.

• Next year the scenario should not be much different, with the expectation that the interest rate hike promoted by central banks will hit the major economies with force, resulting in a global slowdown.

Take a Break: The Yearbooks

It’s time for the traditional best books of the year list by Martin Wolf, chief economics commentator at the Financial Times.

See below some suggested works and an excerpt from the columnist’s comments. The complete commented list you can read here.

The Cashless Revolution: China’s Reinvention Of Money And The End Of America’s Domination Of Finance And Technology
[A revolução sem caixa: A reinvenção do dinheiro pela China e o fim do domínio financeiro e tecnológico dos EUA] 🇧🇷 PublicAffairs, 320 pages, BRL 127.99 (BRL 52.14 ebook)

• Martin Chorzempa details how China leapfrogged in less than a decade from a primitive cash-based system to one of direct digital payments. The result was a fintech revolution.

Principles for the Changing World Order: Why Nations Prosper and Fail
Ray Dalio, Intrínseca, R$ 110.49 (R$ 87.21 ebook) – only book on the list with translation into Portuguese

• Bridgewater’s founder has become a fascinating writer on how he sees the future. The most interesting thing is that in this book he analyzes the future based on the lessons of the past. One is that there will likely be a decline in the value of money in response to excess debt.

The Rise And Fall Of The Neoliberal Order: America And The World In The Free Market Era
[A ascensão e queda da ordem neoliberal: A América e o mundo na era do livre mercado] 🇧🇷 Gary Gerstle, Oxford University Press, (432 pages), R$157.64 (R$85.39 ebook)

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