Brazil Central Bankers Go on Strike

The irony can barely be described in words:

The central bank union is demanding an average pay increase of 23 percent to compensate for inflation since June 2008, Belsito said. The union may call a longer strike later this month, he added.

Brazil’s central bank likes to play many of the same games as the United States central bank. The Brazilian central bank enjoys printing money and fractional reserve banking. In fact the Brazilian central bank recently dropped the reserve requirement in the hopes of boosting automobile loans. Needless to say a drop in reserve requirement is actually a grant of permission from the main central bank to the lower banks to counterfeit more.

Now that the employees of Brazil’s central bank are suffering the consequences of their employer’s actions they are demanding a wage increase. Perhaps they can remain on strike indefinitely, cripple the central bank’s operations, and help prevent inflation from increasing.