The Globalist’s “Reforming Global Finance” presents essays and analyses by experts in the fields of economics, financial markets and financial governance.
The essays in the series point the way forward to a global financial system that is more transparent, accountable and effective by alerting a global audience of experts and non-experts alike to the relevance of financial reform to their own lives and futures.
The series — which consists of 103 essays published between April 2012 and December 2013 — was supported by a grant from the Ford Foundation.
 Reforming Global Financial Governance
Reforming Global Financial GovernanceBy Luis Ubiñas, President, Ford Foundation
How can the global financial regulatory system be restructured so it works as well for Main Street as it does for Wall Street?
 Planning for the Future of Democracy: The Four L’s
Planning for the Future of Democracy: The Four L’sBy Arun Maira, Member, Planning Commission (India)
In the battle between governments and markets, can global problems be solved by localization, lateralization, learning and listening?
 A Chance for Happiness for Europe’s Unhappy Family
A Chance for Happiness for Europe’s Unhappy FamilyBy Yanis Varoufakis, Economist, National and Kapodistrian University (Greece)
Can Europe find away to resolve its debt crisis even though it is clearly not ready to form a federal structure?
 Discounting the Finances of Egypt
Discounting the Finances of EgyptBy Jonathan Anderson, Founding Partner, Emerging Advisors Group
Could Egypt’s economic and financial problems be even worse than the political ones?
 Rebuilding Through Reform: How to Ensure Global Financial Stability
Rebuilding Through Reform: How to Ensure Global Financial StabilityBy Esther L. George, President of the Federal Reserve Bank of Kansas City
What steps can be taken to build a financial system that is better able to withstand future crises?
 France’s Economy is Doing All Right, Thanks
France’s Economy is Doing All Right, ThanksBy Thomas Fricke, Columnist, Financial Times Deutschland
Does France really stand to gain much from emulating the German economy?
 The United States and the EU: Capitalisms Compared
The United States and the EU: Capitalisms ComparedBy Stephan Richter, Editor and Publisher, The Globalist
Which model of corporate governance is doing a better job of striking a balance between the needs of business and the need of society, the U.S.’s or the EU’s?
 Reinventing Banking After the Jamie Dimon Flameout
Reinventing Banking After the Jamie Dimon FlameoutBy Martin Hutchinson, Market analyst and author
Is the current financial landscape too complex for any self-styled J.P. Morgan to master?
 A Brief History of Global Anchor Currencies
A Brief History of Global Anchor CurrenciesBy Sanjeev Sanyal, Global Strategist, Deutsche Bank
How can dominant economic powers of their time use their currencies to gain cheap financing from abroad?
 The Nordic Model’s Economic Appeal
The Nordic Model’s Economic AppealBy Daniel Sachs, CEO of Proventus
The Nordic model has been hailed for its social successes. But does it make good economic sense?
 The State of Finance: An Interim Assessment
The State of Finance: An Interim AssessmentBy Robert J. Shiller, Economist, Yale University
What can be done so that financial capitalism is a source not of disasters, but of true human progress and democratization?
 Financial Capitalism: A Safe Venue for Power Struggles Without Violence
Financial Capitalism: A Safe Venue for Power Struggles Without ViolenceBy Robert J. Shiller, Economist, Yale University
Who still remembers that, before the advent of modern financial capitalism, power was wielded in much starker ways?
 Adam Smiths of Capital, Friedrich Lists of Labor
Adam Smiths of Capital, Friedrich Lists of LaborBy Branko Milanovic, Lead Economist, World Bank
Why do people who consider themselves pro-free market take radically different positions on the mobility of capital and labor?
 Why Supervising the Financial Sector Really Matters
Why Supervising the Financial Sector Really MattersBy Ravi Menon, Managing Director, Monetary Authority of Singapore
What must a government consider when undertaking a critical intervention in financial markets?
 Global Rebalancing: The U.S.-China Dimension
Global Rebalancing: The U.S.-China DimensionBy Stephen S. Roach, Former Non-Executive Chairman of Morgan Stanley Asia
Can China successfully shift from export-led to consumer-driven growth? Can the United States learn to save?
 Ronald Reagan’s Raw Deal for America
Ronald Reagan’s Raw Deal for AmericaBy Louis Hyman, Economist, Cornell University
What’s “patriotic” about cutting taxes for the rich — and “empowering” the middle class by letting it pile up mountains of debt?
 Markets and Governments: A Historical Perspective
Markets and Governments: A Historical PerspectiveBy Ravi Menon, Managing Director, Monetary Authority of Singapore
What can governments do to seize the opportunities of globalization, while minimizing its downsides?
 From the Washington Consensus to a Singapore Consensus?
From the Washington Consensus to a Singapore Consensus?By Ravi Menon, Managing Director, Monetary Authority of Singapore
Does the world need more markets, more government, or does it just need markets and government to be more effective?
 Dateline Singapore: Market Economies and Social Inclusion
Dateline Singapore: Market Economies and Social InclusionBy Ravi Menon, Managing Director, Monetary Authority of Singapore
Are social safety nets inherently incompatible with market-based incentives to work and save?
 Britain’s Self-Defeating Blame Game
Britain’s Self-Defeating Blame GameBy Holger Schmieding, Chief Economist, Berenberg Bank
How justified are claims by Chancellor of the Exchequer George Osborne that the eurozone crisis is killing Britain’s economic recovery?
 France’s Epoch-Making Choice
France’s Epoch-Making ChoiceBy Stephan Richter, Editor and Publisher, The Globalist
Will Francois Hollande choose to make France like Germany or to make France like Italy?
 The Nordic Model and the European Crisis
The Nordic Model and the European CrisisBy Daniel Sachs, CEO of Proventus
Has Scandinavia’s emphasis on fairness and social cohesion made its economies more resilient to Europe’s crisis?
 The German Strategy on the Euro: A Pre-Summit Roadmap
The German Strategy on the Euro: A Pre-Summit RoadmapBy Stephan Richter, Editor and Publisher, The Globalist
How does Germany see its role, and what are its real intentions and specific plans, with regard to saving the euro?
 Not a Global Crisis, But the West’s (And Keynes Can’t Help)
Not a Global Crisis, But the West’s (And Keynes Can’t Help)By Meghnad Desai, Former Professor of Economics, London School of Economics
Why is the current economic crisis in Europe and the United States likely to be unresponsive to Keynesian solutions?
 Debunking The Global Savings Glut Theory
Debunking The Global Savings Glut TheoryBy Richard Duncan, Chief Economist, Blackhorse Asset Management
Is paper money created by the world’s central banks responsible for the “global imbalances” that destabilized the economy?
 The LIBOR Mess
The LIBOR MessBy Robert J. Shapiro, Chairman of Sonecon, LLC
Could the LIBOR scandal become the biggest financial fraud in history?
 Diamond(s) Are Not Forever
Diamond(s) Are Not ForeverBy Ian Johnson, Secretary-General, Club of Rome
Did Barclays Bank executives engage in fraud to boost the bank’s market valuation — or because they lacked simple values?
 Exits from the Rat Race
Exits from the Rat RaceBy Robert and Edward Skidelsky, Authors of “How Much is Enough? Money and the Good Life”
How did mid-century concerns about how economic gains were distributed throughout society give way to today’s crisis-prone, Darwinian capitalism?
 Beyond LIBOR: Derivatives as WMD on the American People
Beyond LIBOR: Derivatives as WMD on the American PeopleBy Dennis M. Kelleher, President and CEO of Better Markets, Inc.
Why should derivatives be moved out of the dark of over-the-counter markets into the brighter light of exchanges?
 Beyond LIBOR: Whiners on Wall Street
Beyond LIBOR: Whiners on Wall StreetBy Dennis M. Kelleher, President and CEO of Better Markets, Inc.
Are financial industry complaints about the alleged costs of regulation justified? Or does history prove they are without merit?
 Don’t Leave It to the Economists
Don’t Leave It to the EconomistsBy Adair Turner, Chairman, Financial Services Authority (UK)
Why do economists — and the policymakers who heed their advice — need to reconsider the conventional wisdoms of their profession?
 Is Modern Finance a Productive Economic Activity?
Is Modern Finance a Productive Economic Activity?By Adair Turner, Chairman, Financial Services Authority (UK)
Financial systems play an important role in economic growth. Why, then, do they sometimes go off the rails?
 From Iraq to LIBOR: Excessive Risk-Taking and Democratic Accountability
From Iraq to LIBOR: Excessive Risk-Taking and Democratic AccountabilityBy Stephan Richter, Editor and Publisher of The Globalist
What is it about U.S. and UK financial and foreign policy elites that has them engage so willingly in excessive risk-taking?
 Can Central Bankers Cope With the Crisis?
Can Central Bankers Cope With the Crisis?By Henry Kaufman, President, Henry Kaufman & Company
Are the current monetary tactics of Western central banks analogous to dosing a patient with steroids?
 The Danger of More Financial Concentration
The Danger of More Financial ConcentrationBy Henry Kaufman, President, Henry Kaufman & Company
Has increasing financial concentration improved the economic function of finance — the effective allocation of credit?
 Just Blame the Mathematicians?
Just Blame the Mathematicians?By Martin Hutchinson, Market analyst and author
How did mathematicians and traders, working hand in hand, find ways to take larger risks than banks officially contemplated?
 Larry Summers and the Imperialism of Economics
Larry Summers and the Imperialism of EconomicsBy H. Woody Brock, President, Strategic Economic Decisions
Do economists have the right analytical tools to solve our most pressing problems?
 How the ECB Really Works
How the ECB Really WorksBy Holger Schmieding, Chief Economist, Berenberg Bank
Why doesn’t the European Central Bank act more like the Fed in its approach to the economic crisis?
 How China’s Approach in Africa Complements the West’s
How China’s Approach in Africa Complements the West’sBy Stephan Richter, Editor and Publisher, The Globalist
Can China’s market-building approach to Africa complement the West’s tradition democracy-building approach?
 The Economic Fallout of the U.S. Financial Crisis
The Economic Fallout of the U.S. Financial CrisisBy Dennis M. Kelleher, President and CEO of Better Markets, Inc.
Will the costs of the financial crisis limit the government’s ability to deal with future crises?
 Tackling Too Big To Fail: The Most Important Rightsizing in U.S. History
Tackling Too Big To Fail: The Most Important Rightsizing in U.S. HistoryBy John Prout, Executive Director, Foundation for Fund Governance and Stephan Richter, Editor and Publisher of The Globalist
Why is it taking so long to write and implement new U.S. financial reform regulations?
 Big Banks: Resolving the “Too Big to Fail” Issue
Big Banks: Resolving the “Too Big to Fail” IssueBy John Prout, Executive Director, Foundation for Fund Governance
What will it take to wind down the era of Too Big to Fail banks and financial institutions?
 Should We Expect Multinationals to Be Loyal?
Should We Expect Multinationals to Be Loyal?By Robert D. Atkinson, President, Information Technology and Innovation Foundation
Why would a European CEO be “shunned” if he moved much of his production to China?
 Global Citizens and the Global Economy
Global Citizens and the Global EconomyBy Nancy Birdsall, President, Center for Global Development
How can global citizens and international institutions create the conditions for inclusive and sustainable economic growth?
 Ten Steps to Run the Economy as if the Future Matters
Ten Steps to Run the Economy as if the Future MattersBy Diane Coyle, Economist and author
What policies should governments focus on to ensure that future generations live at least well as the current generation?
 Natural Resources, Natural Corruption?
Natural Resources, Natural Corruption?By Frank Vogl, Co-Founder of Transparancy International
How can transparency help end the fleecing of resource-rich countries by their corrupt leaders?
 Can American History Save the Euro?
Can American History Save the Euro?By Thomas Mayer, Senior Fellow, Center of Financial Studies, Goethe University Frankfurt
Can the eurozone successfully model its monetary and fiscal community on the U.S. political regime of the 19th century?
 Rethinking American Capitalism
Rethinking American CapitalismBy Richard Duncan, Chief Economist, Blackhorse Asset Management
Can the United States transform its consumption- and credit-based economy to one based on investment and saving?
 The Real Winners and Losers of Globalization
The Real Winners and Losers of GlobalizationBy Branko Milanovic, Lead Economist, World Bank
Globalization has radically changed the dynamics of global income growth. So who has won and who has lost?
 Financial Reform With Real Teeth
Financial Reform With Real TeethBy Dennis M. Kelleher, President and CEO of Better Markets, Inc.
What are the potential costs if Wall Street is successful in weakening the Dodd-Frank financial regulations?
 America’s 1% Vs. the Globe’s 1.3 Billion
America’s 1% Vs. the Globe’s 1.3 BillionBy The Globalist
The $600 billion of total income of the world’s poorest 1.3 billion people is equal to the income of what percentage of the richest Americans?
 The Silent Revolution Inside the IMF
The Silent Revolution Inside the IMFBy Stephan Richter, Editor and Publisher, The Globalist
The global balance of economic power is changing — and the IMF is changing right along with it.
 Elections of Destiny: Reagan in 1980 and Gladstone in 1880
Elections of Destiny: Reagan in 1980 and Gladstone in 1880By Martin Sieff, Contributing Editor, The Globalist
How did the U.S. election of 1980 and the British election a century prior lay the groundwork for each country’s decline?
 Wall Street: Wake Up, Step Up or Shut Up
Wall Street: Wake Up, Step Up or Shut UpBy Dennis M. Kelleher, President and CEO of Better Markets, Inc.
Wall Street lost its bid to unseat President Obama. Now it should get onboard with sensible regulation and oversight.
 The Rise of the Plutocrats
The Rise of the PlutocratsBy Chrystia Freeland, Digital Editor, Thomson Reuters
Why have Americans been so tolerant of the rising gulf between rich and poor?
 A Eurozone Crisis or a Global Crisis?
A Eurozone Crisis or a Global Crisis?By Thierry Vissol, Special Adviser for Media and Communications, EC’s Representation in Italy
Is the euro crisis just a European crisis — or is it a global crisis in search of a global governance solution?
 Time for Truth on Poverty, Power and Climate Change
Time for Truth on Poverty, Power and Climate ChangeBy Peter Goldmark, Columnist for Newsday, and David De Ferranti, President, Results for Development Institute
Are international financial institutions helping or hindering the switch to clean energy technologies?
 U.S. Energy Policy and the Anti-Innovation Bias
U.S. Energy Policy and the Anti-Innovation BiasBy William H. Janeway, Managing Director, Warburg Pincus
Can the United States muster the economic insight and political will to step into the 21st century world of energy?
 Sovereign Debt Difficulties: Had Enough Yet?
Sovereign Debt Difficulties: Had Enough Yet?By Barry Herman, Visiting Senior Fellow, Graduate Program in International Affairs, The New School
Can the fragmentary and chaotic process of resolving sovereign debt crises be made fairer and more effective?
 The American Boulevard of Stolen Dreams: Part I – 1945-1980s
The American Boulevard of Stolen Dreams: Part I – 1945-1980sBy Hedrick Smith, Author and Documentary Filmmaker
Why has the American Dream slipped out of reach of much of the middle class?
 The American Boulevard of Stolen Dreams: Part II — 1990s-2012
The American Boulevard of Stolen Dreams: Part II — 1990s-2012By Hedrick Smith, Author and Documentary Filmmaker
How has the American middle class fared under Presidents Bush I, Clinton, Bush II and Obama?
 Next Stop: The Debt Ceiling Debate
Next Stop: The Debt Ceiling DebateBy Uwe Bott, Principal, Bott Consulting, and Contributing Editor, The Globalist
What’s the historical background of Congressional negotiations over domestic debt?
 India Grows at Night
India Grows at NightBy Gurcharan Das, Author, columnist and Indian business executive
How could a nation become the world’s second fastest growing economy despite a weak, flailing state?
 India: Confessions of a Disillusioned Libertarian
India: Confessions of a Disillusioned LibertarianBy Gurcharan Das, Author, columnist and Indian business executive
Will the political class of India step up or will the Indians themselves need to reform government and rid it of corruption?
 The Global Rise of a Regulatory Superstate in Europe
The Global Rise of a Regulatory Superstate in EuropeBy Anu Bradford, Professor of Law at Columbia Law School
How does Europe exercise world power? Isn’t doing it away from military battlefields a truly modern form of global leadership?
 The EU: Global Regulation King by Default
The EU: Global Regulation King by DefaultBy Stephan Richter, Editor and Publisher, The Globalist
Is the United States’ anti-regulation stance undermining its global power?
 A Brief History of U.S. Defaults
A Brief History of U.S. DefaultsBy Uwe Bott, Principal, Bott Consulting, and Contributing Editor, The Globalist
Does the United States have a stellar credit record — or is it a nation of deadbeats?
 Putting Finance Back in the Box
Putting Finance Back in the BoxBy Thomas I. Palley, Senior Economic Policy Adviser, AFL-CIO
What can be done to make finance serve interests of the real economy?
 The Apple Saga: Rethinking the Risk-Reward Ratio
The Apple Saga: Rethinking the Risk-Reward RatioBy Mariana Mazzucato, Professor of Economics, University of Sussex
Will the U.S. lead in technological innovation falter if the government can’t reap some of the rewards from its successful investments?
 Inequality and Democratic Capitalism
Inequality and Democratic CapitalismBy Branko Milanovic, Lead Economist, World Bank
Was the second half of the 20th century — when capitalism became closely entwined with democracy — just an unusual interlude?
 The Emperors of Banking Have No Clothes
The Emperors of Banking Have No ClothesBy Anat Admati, Professor at Stanford University, and Martin Hellwig, Director, Max Planck Institute
Why have bank lobbyists been so successful in stymieing efforts to rein in banking, despite the massive fallout from the global financial crisis?
 Brazil and the Global Battle to Eliminate Extreme Poverty
Brazil and the Global Battle to Eliminate Extreme PovertyBy Rogerio Studart, Executive Director of the World Bank
Is Latin America’s largest country providing a model for how to reduce poverty in lean budgetary times?
 Can Income Inequality Destabilize the U.S. Economy?
Can Income Inequality Destabilize the U.S. Economy?By Uri Dadush, Carnegie Endowment for International Peace, and Kemal Dervis, Brookings Institution
Beyond political frustrations and social distrust, could the present level of gross income inequality also destabilize the U.S. economy in the future?
 Strengthening Resilience in Developing Countries
Strengthening Resilience in Developing CountriesBy J. Eric Smith, CEO, Swiss Re Americas
Can giant insurance companies help small customers in developing countries bounce back from environmental catastrophes?
 Bringing About Real Corporate Change in Bad Industries
Bringing About Real Corporate Change in Bad IndustriesBy Richard Phillips, Senior Index Analyst, S-Network Global Indexes
Is capital itself the only practical force capable of restraining capitalism’s own excesses?
 Funny Money and the Super-Rich
Funny Money and the Super-RichBy Martin Hutchinson, Market analyst and author
Is the U.S. Federal Reserve the chief culprit in bringing about the grotesque levels of U.S. income inequality?
 Do We Need New Global Institutions?
Do We Need New Global Institutions?By Ian Goldin, Professor of Globalisation and Development, Oxford University
What is the world to do when national governments retreat from global commitments?
 How Ben Bernanke Saved Europe’s Banks
How Ben Bernanke Saved Europe’s BanksBy Neil Irwin, Columnist, Washington Post
How did Europe become, in effect, the 13th district of the Federal Reserve system?
 Learning to Love Inflation (Thanks To Quantitative Easing)
Learning to Love Inflation (Thanks To Quantitative Easing)By Richard Phillips, Senior Index Analyst, S-Network Global Indexes
Why should real capitalists and long-term investors love quantitative easing?
 Obama’s Covert Trade Deal
Obama’s Covert Trade DealBy Lori Wallach, Director, and Ben Beachy, Research Director, Public Citizen’s Global Trade Watch
Has the Obama Administration’s Pacific trade negotiations violated the President’s pledge to open government?
 U.S. Housing Recovery: A Wolf in Sheep’s Clothing
U.S. Housing Recovery: A Wolf in Sheep’s ClothingBy Uwe Bott, Principal, Bott Consulting, and Contributing Editor, The Globalist
Why are U.S. regulators (again) failing to take action to prevent a bubble in the U.S. housing market?
 Time for a U.S. Pivot to Latin America
Time for a U.S. Pivot to Latin AmericaBy Kevin P. Gallagher, Professor of International Relations, Boston University
Why is China looking more attractive to Latin America than the U.S. for new trade?
 Brazil and Turkey: The Global Middle Class Rises
Brazil and Turkey: The Global Middle Class RisesBy Uwe Bott, Principal, Bott Consulting, and Contributing Editor, The Globalist
Why are Brazil and Turkey both facing mass protests right now?
 Cleaning Up the Vatican Bank
Cleaning Up the Vatican BankBy Massimo Franco, Political Columnist for Corriere della Sera
Will Pope Francis be able to reform the Vatican Bank?
 The U.S. as a Global Risk Generator
The U.S. as a Global Risk GeneratorBy Kevin P. Gallagher, Professor of International Relations, Boston University
Are regulators making it easier for Wall Street to return to pre-crash behaviors and export them to the world?
 Connecting on Wall Street
Connecting on Wall StreetBy Lily Fang, Associate Professor of Finance, INSEAD
Does Wall Street have different standards for its male and female financial analysts?
By Stephan Richter, Editor and Publisher, The Globalist
How has Turkey’s prime minister failed to anticipate the social and political changes that accompanied his government’s economic successes?
 Coordinate Currencies or Stagnate
Coordinate Currencies or StagnateBy Thomas I. Palley, Senior Economic Policy Adviser, AFL-CIO
What can be done to prevent a wave of competitive devaluation of currencies?
 Should China Deregulate Finance?
Should China Deregulate Finance?By Kevin P. Gallagher, Professor of International Relations, Boston University
Why is it in the world’s best interest for China to go slow on deregulating its financial system?
 Is Europe’s Complacency America’s Fault?
Is Europe’s Complacency America’s Fault?By Yanis Varoufakis, Economist, National and Kapodistrian University (Greece)
Is Europe stuck in its economic ways because the United States protected it from harsh global realities for too long?
 Larry Summers Reloaded
Larry Summers ReloadedBy Stephan Richter, Editor and Publisher, The Globalist
Is it a good idea to make a brilliant man the next U.S. Fed Chairman?
 Speaking Truth to African Power
Speaking Truth to African PowerBy Frank Vogl, Co-Founder of Transparancy International
What can be done to reduce rampant corruption with resources revenue in Africa?
 The Coming Global Economic Ice Age?
The Coming Global Economic Ice Age?By Uwe Bott, Principal, Bott Consulting, and Contributing Editor, The Globalist
As investors pull back and commodity prices fall, is a new crisis in emerging markets brewing?
 Global Cooperation Buckling Under Past Successes
Global Cooperation Buckling Under Past SuccessesBy Kevin Young, University of Massachusetts Amherst, Thomas Hale, Oxford University, and David Held, Durham University
In finance and beyond, how is global cooperation failing from its own prior wins?
 Macroeconomic Mercy and German History
Macroeconomic Mercy and German HistoryBy Robert Kuttner, Co-Editor of The American Prospect
Why Germany should show more generosity toward eurozone countries in crisis.
 Trade Secrets and the Return of the 99 Percent
Trade Secrets and the Return of the 99 PercentBy Marc-William Palen, Lecturer in History, University of Exeter
What are the architects of the Trans-Pacific Partnership trade agreements trying to keep secret?
 Trade Deals Must Allow for Regulating Finance
Trade Deals Must Allow for Regulating FinanceBy Kevin P. Gallagher, Professor of International Relations, Boston University
Instead of pushing for cross-border financial deregulation, the United States should learn from other nations’ safeguards.
 The Democratization of Banking
The Democratization of BankingBy Robert J. Shiller, Economist, Yale University
Do we need to repeat the 19th-century savings bank movement for the 21st century?
 Don’t Pity the Poor JPMorgan Shareholder
Don’t Pity the Poor JPMorgan ShareholderBy Richard Phillips, Senior Index Analyst, S-Network Global Indexes
Accountability has to be the key underpinning of modern capitalism.
 The Problem With Billionaires
The Problem With BillionairesBy Bill Humphrey, Assistant Editor, The Globalist
A different case for higher U.S. taxes on the ultra-rich.
 CEO Pay: A Swiss Rebellion
CEO Pay: A Swiss RebellionBy Beat Guldimann, President of Tribeca Consulting Group, and Stephan Richter, Publisher and Editor-in-Chief of The Globalist
What will be the ramifications of a Swiss referendum on executive compensation?
 The U.S. Abandons the World’s Poor at the WTO
The U.S. Abandons the World’s Poor at the WTOBy Kevin P. Gallagher, Professor of International Relations, Boston University
Does allowing India and other poor countries to help farmers and consumers really distort global markets?
 What’s Next for the WTO?
What’s Next for the WTO?By Lori Wallach, Director, and Ben Beachy, Research Director, Public Citizen’s Global Trade Watch
To reform the WTO, the director-general can take a cue from his home nation, Brazil.