High commodity prices have given Brazil a large current-account surplus for the past few years.
It is the latter campaign that provides the best basis of comparison with Brazil's current achievement.
This is dangerous given Brazil's current financial needs and the unwillingness of international capital markets to finance them.
Clearing such a backlog would strain any government and in Brazil, where current spending has long crowded out investment, it is simply impossible.
Brazil and Argentina are keeping a common external tariff on cars of 35% down from Brazil's current 49%, but higher than the 20% it originally announced.
That in turn might threaten its ability to deliver the long-term fiscal reform needed to ensure that Brazil's current pain is translated into future gain.
Brazil's current investment level, direct investments in the United States currently account for 40 percent of the overall investments made by the United States and Brazil.
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If re-elected, Mr Cardoso must seize the opportunity of Brazil's current travails to persuade Congress to sweep away the constitutional entitlements (including automatic transfers to states and municipalities) that have made government spending so tenacious.
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There is a need for Brazil to attract money because of its current account deficit so there will still be dollars flowing into Brazil and that will keep the channels of communcation open between the onshore and offshore markets.
In the meantime, the head of Brazil's central bank, Arminio Fraga, is confident that Brazil can cope with the current uncertainties.
The current depiction of Brazil as a maturing emerging market obscures the reality that from an infrastructure perspective it still resembles a frontier market.
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There is a high probability that the current tightening cycle in Brazil is over.
If we assume that net FDI continues at last year's pace, then it would more than finance the expected current-account deficits in Brazil and Mexico this year.
Many of the new brands of the future are as likely to come from emerging markets such as China, Brazil, Russia and India as from current developed markets.
Plus a stronger currency in Brazil and labor costs rising faster than the current 5.8% inflation level.
Countries that need to finance large current-account deficits, notably Brazil and other Latin American economies, would suffer most.
India is exporting a corporate form which owes as much to South Korea's chaebol, Japan's keiretsu and Brazil's barons as it does to a current American or European ideal of the firm.
But a much-discussed tax-reform bill is stuck in Congress because of lack of support from Mr Cardoso and Mr Malan: though the current system is burdening businesses and stunting Brazil's capital markets (see article), they are reluctant to make any changes while it gushes money.
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UnitedHealth said Amil will operate under its current brand and continue to be run from Brazil by Dr. Bueno, who with his partner will retain a 10% stake in the company.
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It seems that current diplomacy between the U.S. and Brazil is heavily focused on trade.
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Eventually, the current contingent of about 1, 000 federal police along Brazil's Amazonian borders will be tripled.
Bolivia, Brazil, Colombia and Paraguay are playing their first competitive matches under their current coach.
Brazil's case is that notwithstanding weaknesses such as large fiscal and current-account deficits, it is being unfairly punished because of Russia's debt default.
But most seem to accept that Brazil will need to build a prosperous future the hard way: cutting current spending to invest more in public infrastructure (a lot more), and, finally getting to grips with some regulation and red tape that probably does more to hurt Brazil's competitiveness than the high exchange rate.
"HSBC keeps its savings rates under review, and they remain competitive in the current interest-rate environment, " says HSBC Vice President Neil Brazil.
China, Brazil, India, Singapore, Turkey, Canada, Chile and other markets current work to devise, or already provide, more attractive regulatory environments that draw capital away from the United States .
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If Brazil, Russia, India, and especially China, were to decline given the current slow-to-no-growth scenario in the US and Europe, markets will trend lower for months to come.
The dispute is related to cotton, so it is unsurprising that Brazil has reserved the stiffest tariff rises for cotton products, lifting them to 100% from current rates of 6%-35%.
If Congress does manage to pass the current package of proposals (a big if, going by its past record), Brazil's court system would benefit from a radical and belated overhaul.
For some months now, the big emerging markets of Brazil, Russia, India and China have been discussing providing more capital to the International Monetary Fund above their current quota in order to bail out Europe.
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