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Lula da Silva: Brazil is back

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Brazil’s former president Lula da Silva (2003-2010) won the second round of presidential election that was held on October 30th, with 50.83 percent. Left-wing candidate Lula da Silva, who defeated incumbent right-wing leader Jair Bolsonaro, said he would restore his country to its rightful place in the international arena.

In Brazil, Latin America’s largest country with a population of over 212 million, about 156 million voters went to the polls on Sunday. 

Labour Party candidate Luiz Inácio Lula da Silva won 50.83 per cent of the vote, compared to 49.17 per cent for Liberal Party candidate and incumbent President Jair Bolsonaro, according to polling results published by the Superior Electoral Court (TSE).

Lula da Silva also surpassed Bolsonaro (43.20 percent) with 48.43 percent of the vote in the first round of the presidential election held on October 2nd.

Lula, who previously ruled Brazil for two terms, will take over the presidency from Bolsonaro on January 1st, 2023.

A single country, a single people…

Lula da Silva addressed to his supporters after winning the election “as of January 1st, 2023, I will govern for 215 million Brazilians, and not just for those who voted for me. There are not two Brazils. We are a single country, a single people, a great nation.”

Referring to the corruption charges and spending time in jail, Lula said “I think I am experiencing a resurgence in Brazilian politics. They tried to bury me alive, but now I’m here to rule the country. We are in a very difficult situation, but I am sure that with the help of the people, we will find a way out and restore peace.”

The most urgent task is to fight hunger

Emphasizing the fight against hunger, Lula said, “Our most urgent commitment is to end hunger again, we cannot accept it as normal for millions of men, women and children to go hungry or consume less protein than necessary in this country. We are the third largest food producer and the first in animal protein.”

“We are able to export all over the world and we have a duty to ensure that every Brazilian can have breakfast, lunch and dinner every day,” Lula reiterated. “This will once again be my government’s number one commitment,” he said.

Referring to the housing problem, Lula said, “We cannot accept that families are forced to sleep on the streets as normal, so we will continue the ‘my home is my life’ program and bring back the participation programs. Brazil can no longer live with this huge wall of inequality.”

Lula listed the demands of the people as follows: “The Brazilian people want to have a good job, a salary which is always above inflation, a quality public health and education system. They want books instead of guns. Brazilian people want to regain hope.”

Democracy message

Describing the election victory as a “victory of democracy”, Lula said, “This is the victory of an enormous democratic movement founded beyond political parties, personal interests, and ideologies for the victory of democracy,”

Lula shared the Brazilian flag on his Twitter account with a “Democracy” note.

Foreign policy remarks:

Prestige in the world

“Today, we are telling the world that Brazil is back and is too big to be relegated to the sad role of a pariah,” Lula said, “What I hear the most in my international trips is that the world misses that sovereign Brazil that spoke on equal terms with the richest and most powerful countries and, at the same time, contributed to the poorest countries.” 

Regional integration

“We are going to reconquer the credibility, predictability and stability of the country so that investors regain confidence in Brazil, so that they stop seeing our country as a source of immediate and predatory profit and become our allies in economic growth,” Lula said, recalling that in his previous terms, he had strengthened Mercosur and other regional integration organizations.

New standards with the US and EU

Talking about forming partnerships with US and EU on new standards, Lula da Silva added “We are not interested in trade agreements that condemn our country to enter the role of the seller of commodities and raw materials. We are going to reindustrialize and invest in the green economy.”

Lula also raised the issue of five permanent members of the UN, which undermine the balance between countries and prevented the enlargement of the General Assembly and the Security Council.

Fighting the climate crisis

“We are ready to re-engage in the fight against hunger in the world,” Lula da Silva stated and added that Brazil is ready to gain its leading role in the fight against the climate crisis by protecting all rainforests, especially the Amazon rainforest.

“We are open to international cooperation to preserve the Amazon, but always under Brazil’s leadership, without giving up our sovereignty,” Lula said, stressing that the growing deforestation and destruction in the Amazon rainforest will end.

Rise of the left in Latin America

The “pink tide” continues to rise in Latin America, which has defeated US-backed coups.

Following the elections in Peru, Bolivia, Argentina, Chile, Honduras, and Colombia, victory of yet another left-wing candidate in Brazilian elections too have raised the expectations on the strengthening of regional integration efforts. Lula da Silva’s emphasis on regional integration in his victory speech also points to this. Lula and Brazil are expected to boost cooperation among other governments, such as Argentina, Chile, Mexico, and Colombia, which share similar perspectives.

So much so that the leaders of Latin America, who strongly embraced Lula’s victory, shared enthusiastic congratulatory messages, and emphasized that this victory would strengthen the unification of Latin America.

Full support from Latin American leaders

Argentine President Alberto Fernandez shared his photo with Lula on his Twitter account, saying: “Congratulations, Lula da Silva! Your victory opens a new era for the history of Latin America. A time of hope and future that begins today. Here you have a partner to work and dream big for the good life of our peoples. After so many injustices that you experienced, the people of Brazil have elected you and democracy has triumphed.”

Venezuelan President Nicolas Maduro also tweeted: “We celebrate the victory of the Brazilian people, who this October 30th, elected Lula as their new President. Long live the peoples determined to be free, sovereign, and independent! Today in Brazil democracy triumphed. Congratulations Lula!”

Cuban President Miguel Diaz Canel said in his post, “They delayed your victory with heinous methods, but they couldn’t prevent you from winning with the vote of the people. Social justice will return.”

Mexican President Andres Manuel Lopez Obrador also shared his photo with Lula on his social media account, saying, “Lula won, blessed people of Brazil. There will be equality and humanism.”

Bolivia’s President Luis Arce Catacora, emphasizing integration in his Twitter account, said: “Congratulations, brother Lula, Brazil’s elected president! Your victory strengthens democracy and Latin American integration. We are sure that you will lead the Brazilian people along the path of peace, progress and social justice.”

Honduras President Xiomara Castro also shared her photo with Lula and posted “He faced the most conservative powers in history, and together with the people of Brazil he has defeated them. Latin America is reborn with hope in a true humanist process of change and liberation.”

Colombian President Gustavo Petro, who posted “Yay Lula” on his social media account, emphasized integration in Latin America in his following posts.

President of the Republic of Chile, Gabriel Boric retweeted Lula’s post and added “Lula. Happiness!”

Peru’s President Pedro Castillo congratulated Lula on his victory, saying: “Peru congratulates the president-elect of Brazil, the comrade Lula, worker, trade unionist, fighter. His victory is essential to strengthen the unity of Latin America and the social justice of the Great Homeland.”

With Lula taking over in Brazil, most of the Latin American countries will be governed by leftist governments. In addition, Brazil, Argentina, Chile, and Colombia together with Mexico constitute the 5 largest economies of the continent.

Relations with China expected to improve

Chinese President Xi Jinping congratulated the winner of the election, Lula da Silva, stressing that “deepening long-term friendship and mutually beneficial cooperation serves the fundamental interests of both countries.”

Xi said he highly values the development of China-Brazil relations, and he is ready to work with Lula to push forward China-Brazil comprehensive strategic partnership to a higher level to benefit to the two countries and their people.

Speaking to the Global Times, Chinese experts expect Lula’s return to significantly improve the atmosphere of cooperation between China and Brazil in terms of trade, investment, and global governance. It’s also emphasized that Lula’s return also means the strengthening of the autonomy of Latin American diplomacy.

“Lula’s return is likely to bring back a smoother China-Brazil relationship” Zhou Zhiwei, an expert on Latin American studies at the Chinese Academy of Social Sciences, told the Global Times on Monday. Zhou said this would allow both sides find more space and improve economic and trade cooperation, especially in agriculture and infrastructure construction.

“Brazil may also seek to participate in the Belt and Road Initiative (BRI) under Lula” Zhou said.

Lula and BRICS could be more compatible

Given that Lula was instrumental in the establishment and launch of the BRICS mechanism during his last stint in office, the Chinese expert believes that he will continue to be active and positive about BRICS.

According to the Chinese expert, cooperation between Lula and BRICS countries and communication on international hotspot issues and global affairs will be smoother and more stable than under Bolsonaro.

Regional integration and rejection of US hegemonism

Yang Jianmin, another Chinese Latin American expert, told the Global Times about the rising “pink tide” in the region.

Stating that the “pink tide” that continued with Lula’s election can be viewed as the opportunity to support regional integration, to reject US hegemony in the region, and to advocate independent diplomacy, Yang stressed that this is also China’s opportunity to develop a more profound bond with these countries.

He may also follow a more pragmatic policy…

Wang Youming, director of the Institute of Developing Countries at the China Institute of International Studies in Beijing, pointed out that unlike others, Lula could also pursue a more pragmatic policy.

“Lula’s emphasis on South-South cooperation and bonding with emerging powers does not mean that he will reject the US” Wang noted and added that it’s very likely that Lula will may have a more pragmatic style and less anti-American voice in his third term. According to Wang, instead, Lula may prioritize more practical tasks such as stabilizing the economy and mitigating the negative impact of COVID-19.

Brazil and China may explore new areas of cooperation

Tatiana Prazeres, director of trade and international relations for the Federation of Industries of the State of São Paulo, told the Atlantic Council on China’s policy, which Lula would likely to pursue, that despite negative rhetoric against China during the Bolsonaro administration, trade and investment between the two countries developed largely undisturbed, but the political unrest created by the anti-Chinese rhetoric prevented the deepening of bilateral relations in other areas such as science and technology.  Under Lula, Prazeres said, he expects Brazil and China to explore new areas of cooperation.

Lula may also be more enthusiastic about BRICS and the Belt Road, Prazeres said, adding that he may prefer to leverage Chinese investments and technologies to help reinvigorate Brazilian industry.

Biden may try to get closer through climate

Another expert spoken to the Atlantic Council is former secretary of foreign trade of Brazil, senior researcher Abrão Neto.

Lula’s election would lead to a significant change in Brazil’s environmental agenda, among other things, Abrão Neto said, adding that this would enable Brazil to improve its relationship with the United States.

Arguing that US-Brazil economic relations during the Lula era would continue to be driven by pragmatic mutual interests, the expert said: “A renewed stance from the Brazilian government on climate change and other environmental issues might offer an extended avenue for bilateral cooperation, with positive spillovers for the overall political and economic relationship between the United States and Brazil.”

Experts comment that Biden will try to get closer to Lula to lure Brazil into intense power rivalry.

It’s commonly expressed that Lula’s idea of strengthening the protection of the Amazon forests could be compatible with Biden’s climate policy.

US President Joe Biden was among the first world leaders to congratulate Lula.

On Sunday, Biden congratulated Lula on his victory following “free, fair and credible elections” and said he looked forward to continuing the cooperation with Brazil.

‘CIA’ plot against Lula

Lula da Silva, 77, who chaired Brazil for two terms in 2003-2010, was indicted for corruption in 2016. Lula, who argued that the case was political, applied to the court, but was sentenced to 9 years and 6 months in prison in 2017. He went to prison in 2018 and spent a year and a half in prison.

Lula was unable to run for president because he was in prison and could not run in the 2018 election. The lawsuits against Lula paved the way for Bolsonaro’s election.

In 2021, Lula’s convictions and cases were dismissed by the Supreme Court, which ruled that the judge responsible for these cases, Sergio Moro, was biased and political, paving the way for him to participate in the elections.

At the time, some messages about this investigation were leaked to the press by a Brazilian news site. The leaked messages revealed that federal judge Sergio Moro, who was conducting the investigation at the time, collaborated with prosecutors in ways that overstepped ethical lines and affect the decision on prison sentences.

It was understood that the corruption cases were conspiracy against Lula da Silva. The Brazilian federal prosecutor’s office announced that prosecutors conducting the investigation have been assigned to other units.

It was alleged that the CIA was behind the conspiracy against Lula at the time.

Lula, who followed policies to end the neoliberal impositions of the USA in Brazil and the region, IMF dependence, made Brazil the 10th largest economy in the world, improved relations with China, made the country one of the founders of BRICS, advocated regional integration, gained the love of the people by ensuring that approximately 30 million Brazilians got rid of poverty with the social policies he implemented.

The trial and imprisonment of Lula was described as a US-backed coup that brought the right to power.

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US Senate panel seeks records in Trump-linked crypto investigation

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11/11/2026

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Richard Blumenthal, the ranking Democrat on the US Senate Permanent Subcommittee on Investigations (PSI), has requested documents from cryptocurrency exchange Binance, Tether, and crypto projects linked to President Donald Trump as part of inquiries into potential financial irregularities and conflicts of interest.

The documents were requested to be submitted by 4 January 2027.

Senators warned that they would resort to compulsory measures if the request was refused.

Entities sent document requests include World Liberty Financial and Fight Fight Fight LLC, both linked to President Trump’s family.

Blumenthal began examining the activities of these entities in May 2025 following reports that they may have engaged in transactions with foreigners under federal criminal investigation, attracted investments from foreign governments, and violated public ethics rules.

Notably, in 2026, it emerged that individuals close to the Abu Dhabi royal family had signed an agreement with the Trump family to purchase 49% of the shares in World Liberty Financial for $500 million.

The company, founded in September 2024 by the US President and his sons, launched a token called WLFI.

According to official disclosures, Trump made $800 million from this token alone.

Conversely, crypto analytics firm Nansen calculated, by tracking 1.48 million crypto wallets, that approximately two-thirds of those who invested in the token after its launch in January 2025 incurred losses.

While many retail investors spent several thousand dollars on purchases, the largest investors poured in millions of dollars.

Trump also launched his own memecoin, TRUMP, on 17 January 2025, prior to his inauguration.

Rising 10.6-fold in value within three days, the cryptocurrency’s market capitalisation reached $15 billion at its peak.

However, after those three days, the price entered a downturn, plunging by 97%.

Trump reported in his financial disclosure that he earned $635 million in income from sales of these memecoins.

In July 2026, Blumenthal held public hearings on the family crypto projects from which the President made $1.4 billion.

The losses suffered by TRUMP memecoin investors were also addressed during these hearings.

Cryptocurrency exchange Binance and Tether, which issues the largest stablecoin, USDT, are under scrutiny over their dealings with the Trump administration.

Lawmakers suspected conflicts of interest stemming from the exchange’s collaboration with World Liberty Financial.

Previously, a group of senators had demanded an inquiry into the terms of the presidential pardon granted to Binance founder Changpeng Zhao.

Separately, The New York Times reported that the United Arab Emirates (UAE) gaining access to American artificial intelligence chips coincided with a $2 billion investment by a UAE entity into Binance using USD1, a stablecoin issued by World Liberty Financial.

While this deal rapidly expanded the volume of tokens in circulation, it enabled Trump’s company to generate revenue from interest on government bonds where USD1 reserves were held.

Trump, for his part, described the report as slander.

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US credit card debt hits record $1.29 trillion, New York Fed reports

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11/11/2026

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Americans’ credit card debt reached a record $1.29 trillion in the third quarter, according to a new report published by the New York Fed.

Falling behind on credit card payments can trap struggling households in a cycle of fees, credit score downgrades, and increasingly expensive borrowing.

Although delinquency rates across the country have shown improvement, the latest figures indicate that financial distress is concentrated in lower-income communities.

Consumer credit card balances rose by $22 billion in the third quarter, representing an increase of 1.7%. This figure is $52 billion higher than it was a year earlier.

The figures are not adjusted for inflation, which may mean that part of the increase reflects rising prices rather than more borrowing in real terms.

Total household debt, which includes mortgages, student loans, and auto loans, rose by $334 billion in the third quarter to reach a record $19.1 trillion.

This total represents an increase of $5 trillion compared to 2019, just before the pandemic.

The volume of credit card balances falling into serious delinquency is declining, indicating some improvement in Americans’ ability to make their payments on time.

The rate of credit card debt transitioning into serious delinquency fell to 6.9% in the third quarter. However, this rate remains distinctly higher than the 5.2% recorded prior to the pandemic.

Americans living in lower-income neighbourhoods are facing greater difficulty in keeping up with their credit card payments compared to more affluent groups, according to a separate report published by the New York Fed on Tuesday.

Delinquency rates across all neighbourhood income tiers remain above pre-pandemic levels, while the gap between the wealthiest and poorest areas has widened since 2022.

In the lowest-income neighbourhoods, 10.3% of credit card balances transitioned into serious delinquency over the past year.

This is more than double the 4.4% rate observed in the wealthiest neighbourhoods.

The average credit card balance per borrower now stands at $6,678, according to TransUnion’s third-quarter analysis report.

Among borrowers under the age of 30, the rate of credit card debt falling at least 90 days delinquent reached the highest level, according to the Fed’s report.

Democrats won the midterm elections promising to bring down prices, but delivering relief that voters can genuinely feel in their household budgets will be a difficult target to achieve.

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Mamdani quietly asks Trump to release detained immigrants

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10/11/2026

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New York City Mayor Zohran Mamdani is using his rapport with US President Donald Trump to secure the release of selected detained immigrants.

According to reporting by Politico, Mamdani persuaded Trump during their second White House meeting in February to free a university student who had been detained that day by ICE.

The outcome served as validation for Mamdani, who pointed to the release of the Columbia University senior as proof that his surprisingly cordial relationship with Trump could produce tangible results for New Yorkers.

Mamdani subsequently continued to seek similar immigration-related interventions from the Republican president.

Since that February meeting, Mamdani and his aides have quietly forwarded the names of approximately two dozen immigrant New Yorkers held in ICE custody to Trump’s team, asking the president to order their release.

Two sources familiar with the matter said Mamdani most recently shared names of detained immigrants during a September meeting with Trump at Gracie Mansion.

The sources said the individuals in question had no serious criminal records, though they declined to disclose their identities, citing safety concerns.

According to Politico, these ongoing efforts regarding detained immigrants indicate Mamdani’s belief that he can leverage his rapport with Trump to advance causes the mercurial president might not ordinarily support.

Mamdani’s decision not to disclose these continued appeals publicly suggests an inclination to keep his interventions private to improve their chances of success.

Yet it remains unclear whether any immigrant besides Columbia University student Elmina Aghayeva has actually been released as a result of these efforts, and concern is mounting within City Hall that the window for securing such releases may be closing.

Mamdani’s aides working on the releases, including his Chief of Staff Elle Bisgaard-Church, communicated primarily with Trump’s White House Chief of Staff Susie Wiles, according to people familiar with the matter.

Last week, Trump replaced Wiles with Stephen Miller, the architect of the administration’s most hardline immigration proposals and one of the loudest internal voices urging the president to pursue a mass deportation agenda in his second term.

A person familiar with the Mamdani administration’s thinking said the mayor’s team views it as unlikely that Miller will continue cooperating in the manner Wiles did, given his stance on immigration.

Mamdani spokesperson Dora Pekec declined to comment on internal concerns regarding Miller and did not provide details about the immigrants whose release the mayor had requested.

Pekec noted, however, that Mamdani has “consistently advocated directly on behalf of New Yorkers in his calls and meetings with the president.”

Murad Awawdeh, a close Mamdani ally and president and CEO of the New York Immigration Coalition, said the mayor’s team should not halt engagement with the Trump administration on immigration matters because of Miller’s promotion:

“Stephen Miller is a cruel individual who has spent his career attacking immigrants, but he is not the president; Donald Trump is, and this is his deportation agenda. New York expects the president to work with the mayor to serve this city and end the terror in our communities. Miller’s promotion changes none of that.”

Mamdani’s warm dynamic with Trump has confounded both allies and critics.

During last year’s New York mayoral election, Trump referred to Mamdani as a “communist lunatic” and threatened to have him arrested.

In turn, the 35-year-old democratic socialist branded the president a “fascist” and pledged to fight him relentlessly if elected mayor.

Yet that animosity fell away late last year during their first White House meeting, where an amicable tone prevailed.

The thaw culminated in September at Gracie Mansion, where Trump said Mamdani had “great potential” to be a “terrific mayor.”

Mamdani returned the compliment by noting that the president had “built quite a bit of housing in our city.”

Despite the polite exchange, questions remain over how much substantive progress Mamdani can genuinely secure through Trump, including on immigration.

To date, Aghayeva’s release stands as one of the few concrete concessions Mamdani has obtained from Trump.

Aides on both sides are also discussing a multi-billion-dollar federally backed housing initiative in Queens, and last month Mamdani used his channel to Trump to help secure a temporary visa for a Ghanaian woman whose son was shot and killed in the Bronx.

Beyond those instances, few tangible results have emerged, though Trump’s decision not to enact punitive measures against New York is viewed by Mamdani’s allies as a win for the city.

Trump’s political standing is widely seen as weakened following the Republican Party’s loss of both houses of Congress in elections last Tuesday.

How this political shift will affect Trump’s willingness to engage with ideological adversaries such as Mamdani remains uncertain.

Miller’s appointment as chief of staff appears to signal little presidential interest in moderation, particularly on immigration policy.

Even so, the mayor said last week that he does not intend to stop seeking Trump’s assistance, despite “fierce” policy disagreements.

“We have found an area of common interest in the well-being of New York City, and as long as that can deliver for our city, I’m going to keep that door open,” Mamdani told Politico on Friday in Puerto Rico.

Mamdani and other elected officials from New York had gathered in Puerto Rico for the annual Somos political conference.

Two days later, in an interview on Fox News, a network Trump is known to watch regularly, Mamdani described a “productive relationship” with the president, saying the two text and speak by phone frequently:

“Through those conversations, we were able to get a New Yorker out of ICE detention. We were able to secure a visa for a grieving mother who would have otherwise had to watch her son’s funeral from thousands of miles away. What that tells me is: My job is to deliver for New Yorkers, and I have to work with whoever has the power to do that, wherever they may be.”

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