Macrovision

I was today at the depths of hell (unique hotel) watching the Itau seminar. Gargamel was boring, as usual, but the rest was kind of fun. Odebrecht said there is no environmental limitations to infrastructure projects, delays are mostly due to the entrepreneurs' fault, their deliberate choice to postpone constructions. Rogoff said the ECB should apply more stimulus, and that the fiscal drag in the US will be worse than expected. Velasco explained the Chileans are unhappy due to economic risks and lack of insurance. Zapatero said many words, without any meaning. And then, to close down, Charles Hamilton said US monetary normalization is in within the horizon of Brazilian monetary policy, and that commodities are an upward risk to Brazilian inflation. Awesome.