Brazilian executives have a saying to describe the country's recurring business cycles: “Brazil is the country of the future……and always will be”. In spite of its diversified industrial base and its resolute private sector, Brazil cannot seem to escape its traditional volatility. Business cycles in Brazil are not as dramatic as those seen in smaller Latin economies like Venezuela or Argentina. Nonetheless, the swings have been sufficiently large and unpredictable to send numerous multinationals packing, while transforming a few local speculators into billionaires