Juros e sustentabilidade
Autor: André Madruga | Publicado: 2015-08-11T16:42:00-03:00

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Uma
entrevista e uma coluna. As duas publicadas na Folha de S. Paulo. Dois pontos de
vista opostos e irreconciliáveis. A primeira concedida pelo presidente do
Bradesco, Luiz Carlos Trabuco. A segunda escrita pelo presidente da CSN,
Benjamim Steinbruch. O intervalo entre as duas é de apenas três dias.




Trabuco
afirma que a crise política é mais forte do que a crise econômica.
"Precisamos ter a grandeza de buscar a convergência. Precisamos sair desse
ciclo do quanto pior, melhor". Sondado para assumir o ministério da Fazenda no segundo
mandato da presidente Dilma, Trabuco sabe do que fala. Em 2015, o Bradesco atingiu
o maior lucro trimestral da sua história, R$ 4,47bi.&nbsp; 




O
banqueiro recusou o convite de Dilma, mas segue afinado com o governo. Dois
dias depois da entrevista de Trabuco, aspas para a presidente: “No
vale-tudo, quem acaba sendo atingido pela torcida que eu já disse do 'quanto
pior, melhor’, é a população do país". 




Em sua
coluna no mesmo jornal, Steinbruch usa os números para chacoalhar a ignorância
do leitor. "Você sabia que a taxa nos EUA é de zero a 0,25% ao ano? Que no
Japão é 0,10%? Que na Suíça é negativa e que, para deixar dinheiro no banco, o
investidor paga até 0,75% ao ano?" É, não é fácil viver de renda lá fora, "sem
mover uma palha, sem fabricar um alfinete".




Nossos
juros estratosféricos são uma excrescência única no mundo. Só no cartão de
crédito são 372% ao ano. Coleguinhas emancebados com o mercado garantem que o
juro alto é o único remédio para conter a inflação. É aqui que entra a
esperteza. Entre nós, o mantra "quem mais sofre com a inflação é a
população mais pobre" é contado pela metade. Venhamos e convenhamos, em
situação de crise, é sempre o mais pobre quem mais sofre! Seja com a inflação, com o
ajuste fiscal ou com os juros altos.




Steinbruch
continua: "você sabia que desde março de 2013 (quando o Copom começou a
elevar a taxa de juros) a inflação só subiu?" - Passou de cerca de 6,5% para quase
9% em 12 meses. Mas como, pergunta o leitor? Ele explica: a alta dos
juros serve para reduzir a demanda. O que não é nem de longe o caso do Brasil. O
grosso da nossa inflação vem do reajuste dos preços administrados, como água,
luz e gasolina - sem nenhuma relação com a demanda.




A
conclusão é óbvia. Juros de 14,25% ao ano só interessam a quem vive de renda. E
aqui, volto à entrevista do presidente do Bradesco. Como ente do mercado
financeiro e beneficiário direto do sistema, Trabuco é só elogios a Joaquim
Levy, ministro da Fazenda. "Levy é um homem de Estado, que tem uma
formação irretocável. Ele tem objetivos cívicos, patrióticos, de dar sustentabilidade
ao país". Faço minhas ressalvas ao objetivo do ministro, mas que essa
política sustenta muita gente, ah, sustenta.


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<![endif]--><!--[if gte mso 10]>

 /* Style Definitions */
 table.MsoNormalTable
 {mso-style-name:"Tabela normal";
 mso-tstyle-rowband-size:0;
 mso-tstyle-colband-size:0;
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 mso-style-parent:"";
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 mso-para-margin-left:0cm;
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 mso-pagination:widow-orphan;
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 mso-hansi-theme-font:minor-latin;}

<![endif]-->

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