When inflation soars, the exchange rate melts, investments disappear and food becomes more expensive, the culprits have already been chosen:
The market.
The speculators.
The greedy businessmen.
The evil bankers.
This is the preferred narrative of bad governments — those that make mistakes, intervene, disrupt the economy and, when they see the consequences of their actions, choose the most convenient scapegoat.
“It’s not the fault of our unrealistic fiscal plan.
It is not the fault of the tariffs that isolate the country.
It's not the fault of debt-generated inflation.
It’s the fault… of the market.”
But the market is not a political actor.
It's a thermometer.
It is the set of human reactions to incentives, risks and opportunities.
Blaming the market for reacting to a bad government decision is like blaming the thermometer for a fever.
Governments that are afraid of the market are actually afraid of being exposed.
Because the market — more than any media outlet — reveals where there is illusion, where there is a hole, where there is fraud.
“The market’s response is faster than that of voters — and more honest than that of ministers.”
Trump blamed the market for the reactions to his tariffs.
Lula blames the market for the consequences of his spending.
Authoritarians blame the market whenever reality unmasks them.
📣 Final Call (CTA):
The market is not the enemy of democracy.
He is the enemy of economic lies.
Keep following the Power & Market and get ready for our next series:
The New Era of Economic Regression: PT, Lula and Haddad against the Free Market.
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