Brazil's Currency War: The major players shot down Brazil's effort to create teeth in the global trading rules (WTO) for countering intentional currency manipulation by governments. One of the rebuffs is that the issue properly resides in the do-nothing IMF. One problem is that Brazil is hardly an icon of policy probity. Brasilia has used industrial product taxes and now domestic content requirements to limit imports, but remains adamant that it needs policy space to manage its economy against imports. Still, the Rousseff Administration has an opportunity to carry its message to the IMF. The annual meetings of the organization in Washington are typically accompanied by wild-eyed protestors who blame the organization for a litany of silly...

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