Word: brazilians
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Dates: during 1920-1929
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...While Brazilian Consul-General Sebastaio Sampaio did his best to soothe with fine words New York's unruly coffee market, President Washington Luis Pereira de Souza of Brazil struggled in Rio de Janeiro with a coffee crisis twice as acute, infinitely more ominous...
...country's prosperity is almost entirely dependent on coffee. Mountains of brown beans in Brazilian coffee warehouses, the certainty that the monopolistically raised price of coffee could not long withstand overproduction, caused the coffee market to crack fortnight ago (TIME...
Coffee has been Brazil's bonanza for over a century. There are more than 100 Brazilian planters with individual incomes exceeding $50,000. Most of them spend three lavish months a year in Paris, three decorous months at their massive Baroque mansions in Rio de Janeiro, and the remaining half year supervising their estates. Most of these rich men hail from Sāo Paulo, "The State With a Billion Coffee Trees," which produces over half the world's crop. Most of them believe firmly in the efficacy of a combination in restraint of trade to keep prices...
Inevitably Sāo Paulo's bonanza prosperity caused other Brazilian states to go in heavily for coffee planting, spurred by the lure of high prices created by Sāo Paulo's artificial restraint of trade. As these new plantations have come into production it has proved steadily harder to keep the price of coffee up. Pressure by the potent planters on the Brazilian Government forced the adoption of most dubious expedients by the state. These have included the buying and storing in State warehouses of Brazil's coffee surplus for a number of years, until...
Already the doubtful nature of this hoarded asset has caused a decline in the Brazilian currency-the milreis. Sooner or later the Government must unload. Recent crops have been bumper. Most observers believe that the Government cannot hold out, faces an eventual catastrophic coffee crash. Shrewdest coffeemen do not know when the crash will come, but last week's howling and hopping seemed of ominous significance...