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SUMMER SCHOOL 4: Inflation & Drinking Buddies
Planet Money
Brazil's Banks
In 19 90, money was growing in banks which helped fuel inflation. President coller believed bank accounts were part of the problem. He decided to freeze bank accounts - 80% of private assets could not be taken out. The economy went off a cliff and many people committed suicide. Enter edmar basha who taught graduate school together with four friends at catholic university in Rio de Janeiro. Basha had been waiting three decades for this call. And he wrote an autograph note addressed to my two kids: Please tell your fa to work fast for the benefit of the country.
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