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Date: Fri, 12 Aug 2022 18:27:45 +0000
To: Andrew Sterling <andrew@sterlingcal.com>
From: The Signal <newsletter@thesgnl.co>
Reply-To: The Signal <newsletter@thesgnl.co>
Subject: What Goes Right
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max-width: 0px; opacity: 0; overflow: hidden;">
=09=09=09<p>&nbsp;</p>

=09=09=09<p>What went wrong for the wave of leftist leaders elected in Lati=
n America? Javier Corrales on the enduring appeal&mdash;and inherent danger=
&mdash;of authoritarian populism.</p>
=09=09=09</td>
=09=09=09<!-- [if mso | IE]>
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=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">&nbsp;</td>
=09=09=09=09=09</tr>
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=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
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=09</tbody>
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<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-left: 10px; pa=
dding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break: break-word; font-=
size: 0px; padding: 0px; padding-bottom: 24px;">
=09=09=09=09=09=09<div class=3D"header-text" style=3D"cursor: auto; color: =
#b7985e; font-family: -apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica=
,sans-serif; font-size: 24px; font-weight: bold; line-height: 32px; text-al=
ign: left;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"header-text" style=3D"cursor: auto; color: =
#b7985e; font-family: -apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica=
,sans-serif; font-size: 24px; font-weight: bold; line-height: 32px; text-al=
ign: left;">Targets of Discontent</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
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=09</tbody>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break: break-word; font-=
size: 0px; padding: 0px;">
=09=09=09=09=09=09<div class=3D"text-default" style=3D"cursor: auto; color:=
 #000000; font-family: -apple-system,BlinkMacSystemFont,'Segoe UI',Helvetic=
a,sans-serif; font-size: 16px; line-height: 24px; text-align: left; font-we=
ight: 400;">
=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">What went wro=
ng for the wave of leftist leaders elected in Latin America? <strong>Javier=
 Corrales</strong> on the enduring appeal&mdash;and inherent danger&mdash;o=
f authoritarian populism.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>
=09=09=09=09=09=09</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
</td></tr></table>
<![endif]--></td>
=09=09</tr>
=09</tbody>
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</td></tr></table>
<![endif]--><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" width=3D"600" align=3D"center" style=3D"width:650px;">
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    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
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<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><img alt=3D"Frederik=
 Trovatten" height=3D"auto" src=3D"https://s3.amazonaws.com/revue/items/ima=
ges/017/383/061/mail/SGNL-BANNER-HD-8-11-1.jpeg?1660165761" style=3D"border=
: none; border-radius: 0; display: block; outline: none; text-decoration: n=
one; width: 100%; height: auto;" title=3D"Frederik Trovatten" width=3D"650"=
 /></td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09</table>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">
=09=09=09=09=09=09<div style=3D"cursor: auto; color: #95989c; font-family: =
-apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica,sans-serif; font-weig=
ht: 400; font-size: 13px; line-height: 21px; text-align: center;">Frederik =
Trovatten</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
</td></tr></table>
<![endif]--></td>
=09=09</tr>
=09</tbody>
</table>
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</td></tr></table>
<![endif]--><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break: break-word; font-=
size: 0px; padding: 0px;">
=09=09=09=09=09=09<div class=3D"text-default" style=3D"cursor: auto; color:=
 #000000; font-family: -apple-system,BlinkMacSystemFont,'Segoe UI',Helvetic=
a,sans-serif; font-size: 16px; line-height: 24px; text-align: left; font-we=
ight: 400;">
=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><strong>The l=
eft-wing populist and former Brazilian President</strong>&nbsp;Luiz In&aacu=
te;cio Lula da Silva is a heavy favorite to return to power in his country&=
rsquo;s October presidential elections. If he can hold the lead he currentl=
y has in the polls, his victory will put the six largest economies in Latin=
 America&mdash;Argentina, Mexico, Chile, Colombia, Peru, and now Brazil&mda=
sh;under the control of left-wing populists. But those already in office in=
 these countries are seeing dramatic declines in their approval ratings, wi=
th the exception of Mexico&rsquo;s President Andr&eacute;s&nbsp;Manuel L&oa=
cute;pez&nbsp;Obrador, whose favorability has dropped only modestly this ye=
ar. Street protests have broken out against Argentina&rsquo;s President Alb=
erto Fern&aacute;ndez, and Peru&rsquo;s legislature has twice tried to impe=
ach President Pedro Castillo. Voters in Chile seem certain to reject a new =
constitution that was the centerpiece of President Gabriel Boric&rsquo;s el=
ection campaign. What&rsquo;s happened here?</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><strong>Javie=
r Corrales</strong>&nbsp;is the chair of the Political Science Department a=
t Amherst College and the author of five books on Latin America. As Corrale=
s explains it, the Latin American leftists now in power came to it through =
widespread voter disappointment with the right-wing leaderships preceding t=
hem&mdash;and are now the objects of such disappointment themselves. While =
some external causes are contributing to the pattern, particularly with inf=
lation topping 10 percent across much of the region, Corrales says, the new=
 left-wing leaderships&rsquo; loss of support is also from serious mistakes=
 they&rsquo;ve made themselves&mdash;often as the result of a shared tenden=
cy toward authoritarian populism. Lula and all five of Latin America&rsquo;=
s current left-wing populist presidents regularly use polarizing rhetoric t=
hat drives away many citizens, and they frequently use political tactics th=
at undermine their countries&rsquo; democratic institutions.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&mdash;&mdash=
;&mdash;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><strong>Micha=
el Bluhm</strong>: Why have leftists been winning elections throughout Lati=
n America?</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><strong>Javie=
r Corrales</strong>: The region has experienced very strong anti-incumbent =
sentiment for a couple of decades now. The good news is that most countries=
 here have political systems that allow anti-incumbent sentiment to produce=
 political change. It swings from left to right&mdash;the current crop of l=
eft-wing ruling parties succeeded right-wingers&mdash;but the constant is t=
hat ruling parties become unpopular, get defeated, and new parties come in.=
 Which is a victory for democracy.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">The bad news,=
 though, is that there&rsquo;s still so much discontent and anti-incumbent =
sentiment. I&rsquo;d highlight two factors. The first is about the state: L=
atin American states are tremendously underfunded. Their capacity to collec=
t taxes is underdeveloped, and the tax base is not very wealthy. They don&r=
squo;t generate tax large revenues, so the administrative capacity of the s=
tate is very weak. As a result, democratically elected governments have sta=
te apparatuses that can&rsquo;t deliver services. They have a chronic inabi=
lity to meet important goals the public expects them to meet: education, in=
frastructure, healthcare, and security. This is a big problem that isn&rsqu=
o;t easy to address. Colombia and Chile, for example, are struggling with i=
t, but there aren&rsquo;t many opportunities to generate new revenues.</div=
>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">The second fa=
ctor helps explain why the left is so prevalent now, despite not having a g=
reat historical record: The region has very high levels of economic inequal=
ity. It&rsquo;s the first thing that many people think about when they thin=
k of Latin America. Leftist, populist politics dominate in societies where =
there&rsquo;s a lot of inequality, because there&rsquo;s a mass of people a=
ttracted by political rhetoric that promises redistribution and help for th=
e poor. That kind of rhetoric has appealed across democracies down through =
time, since ancient Greece.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><strong>Bluhm=
</strong>: You mention anti-incumbent sentiment. How much of the success of=
 leftist candidates is just due to citizens wanting to vote out the parties=
 who were in office?</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>
=09=09=09=09=09=09</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
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    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
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=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
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=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
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=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><a href=3D"https://c=
19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47Qrw=
dESMr6NDlbHE4k9mA%2F7uwwL0t2bcA892ssWsPyuVvA%2FiQGB5xVaEFvd6drFMVjpAA/1/010=
f0182934fee65-568c8578-8d6b-42e2-965e-0c17893506ec-000000/vCh1OkhRkGNDjMdnf=
C57Q_s8NA8=3D67" rel=3D"noopener" target=3D"_blank"><img alt=3D"Advertiseme=
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=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09</tbody>
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=09=09=09=09=09=09</td>
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=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">
=09=09=09=09=09=09<div style=3D"cursor: auto; color: #95989c; font-family: =
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
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    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break: break-word; font-=
size: 0px; padding: 0px;">
=09=09=09=09=09=09<div class=3D"text-default" style=3D"cursor: auto; color:=
 #000000; font-family: -apple-system,BlinkMacSystemFont,'Segoe UI',Helvetic=
a,sans-serif; font-size: 16px; line-height: 24px; text-align: left; font-we=
ight: 400;">
=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><strong>Corra=
les</strong>: There&rsquo;s some of that dynamic, but every time the left o=
r right returns to power, it comes transformed into something new. Chilean =
President Gabriel Boric, for example, presented his politics as representin=
g an updated left&mdash;a younger left, much more oriented around identity =
issues. In Colombia, incoming President Gustavo Petro chose a very non-trad=
itional vice-presidential candidate: a woman of African descent who&rsquo;s=
 an environmentalist. It&rsquo;s a way to say,&nbsp;<em>We&rsquo;re a new l=
eft&mdash;not the old left of Marxist economics.</em></div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">So it&rsquo;s=
 not entirely cyclical, but there&rsquo;s a swing between left and right. P=
olitical differences in Latin America remain rooted in ideas of the left an=
d the right, so the menu of parties continues to be arrayed between left an=
d right. But every time one of these two poles returns to power, it comes w=
ith an updated discourse and outward appearance.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><strong>Bluhm=
</strong>: Authoritarian populism has been on the rise globally for some ye=
ars now, and Latin America has a history of this kind of anti-democratic st=
yle. How much of a tendency toward authoritarian populism do you see in tod=
ay&rsquo;s leftist leaders?</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><strong>Corra=
les</strong>: The essence of liberal democracy is its limits on the executi=
ve branch. Many presidents would like to supersede those limits, and this t=
emptation is pervasive in the region. If a system is to stop authoritarian =
moves, either the presidents will have a personal belief in the value of ch=
ecks and balances, or the system has to block them directly. To advance aut=
horitarian moves, presidents need the institutional capacity to go forward =
with them.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">But to answer=
 your question, I&rsquo;d look at a particular country&rsquo;s set of insti=
tutions. Do those institutions convey to the president,&nbsp;<em>Don&rsquo;=
t go there, or you&rsquo;re going to run into trouble?</em>&nbsp;Some count=
ries offer more serious roadblocks than others; there&rsquo;s a lot of vari=
ation.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">Instead of fo=
cusing on whether some leftist movement has authoritarian characteristics&m=
dash;because there&rsquo;s always this temptation&mdash;we need to focus on=
 whether the system has the ability to contain authoritarianism.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>
=09=09=09=09=09=09</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
</td></tr></table>
<![endif]--></td>
=09=09</tr>
=09</tbody>
</table>
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</td></tr></table>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><img alt=3D"Jeremy S=
tewards" height=3D"auto" src=3D"https://s3.amazonaws.com/revue/items/images=
/017/395/667/mail/SGNL-BODY-8-11-31.031_2.jpeg?1660233805" style=3D"border:=
 none; border-radius: 0; display: block; outline: none; text-decoration: no=
ne; width: 100%; height: auto;" title=3D"Jeremy Stewards" width=3D"650" /><=
/td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09</table>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">
=09=09=09=09=09=09<div style=3D"cursor: auto; color: #95989c; font-family: =
-apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica,sans-serif; font-weig=
ht: 400; font-size: 13px; line-height: 21px; text-align: center;">Jeremy St=
ewards</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
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<![endif]--></td>
=09=09</tr>
=09</tbody>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break: break-word; font-=
size: 0px; padding: 0px;">
=09=09=09=09=09=09<div class=3D"text-default" style=3D"cursor: auto; color:=
 #000000; font-family: -apple-system,BlinkMacSystemFont,'Segoe UI',Helvetic=
a,sans-serif; font-size: 16px; line-height: 24px; text-align: left; font-we=
ight: 400;">
=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><em>More from=
 Javier Corrales at The Signal:</em></div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&ldquo;<stron=
g>Leftist movements promise high levels</strong>&nbsp;of government spendin=
g and redistribution, so in Latin America, they all end up promoting the on=
e economic activity that produces significant revenue in the region: extrac=
ting and exporting natural resources. Countries need to get revenue from so=
mewhere, but the states of Latin America are underfunded. Even a mild lefti=
st populist like L&oacute;pez Obrador in Mexico has turned enormous attenti=
on to the idea of re-nationalizing the oil sector and extracting resources.=
 What differentiates these leftist leaders from one another is the extent t=
o which they go after existing institutions&mdash;or alternatively, the ext=
ent to which they respect the rules of the game and the system of checks an=
d balances.&rdquo;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&ldquo;<stron=
g>Since 2015, the region has been in an economic slowdown</strong>&mdash;an=
d in some cases, like Argentina, a recession. The pandemic made it even wor=
se. Latin American countries had started to recover, but now they&rsquo;re =
being hit by two external shocks: rising interest rates in the United State=
s and rising energy costs around the world, which are acutely affecting cou=
ntries that don&rsquo;t export energy resources. All governments in Latin A=
merica are dealing with a very adverse economic environment, which seriousl=
y complicates their ability to deliver for their constituents. So all these=
 governments are going to be experiencing declining approval ratings.&rdquo=
;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&ldquo;<stron=
g>There&rsquo;s something about these presidents</strong>&nbsp;that&rsquo;s=
 very unappealing to groups on the other side. It&rsquo;s not just their le=
ftism; it&rsquo;s the way that they conduct politics&mdash;it feels very th=
reatening to their opponents. And there&rsquo;s a big element of incompeten=
ce here&mdash;either they&rsquo;re just not good at their job or their admi=
nistration flounders as a team. There&rsquo;s a new paper by a great politi=
cal scientist, Kurt Weyland, who argues that populism tends to lead to terr=
ible mistakes in office. He argues that if you had a system of checks and b=
alances and greater pluralism, many mistakes could be prevented. But with u=
nchecked populism, stupidity doesn&rsquo;t get stopped, so you end up with =
a lot of blunders. As an example, President Pedro Castillo in Peru has been=
 repeatedly nominating corrupt and inept people for public office. The pres=
s immediately discovers all sorts of scandals, and the officials have to re=
sign.&rdquo;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>
=09=09=09=09=09=09</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
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<![endif]--></td>
=09=09</tr>
=09</tbody>
</table>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><a href=3D"https://c=
19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47Qrw=
dESMr6NDlbHE4k9mA%2F763v8CYPNDrZbL3Zg6LNzKsw%2FiQGB5xVaEFvd6drFMVjpAA/1/010=
f0182934fee65-568c8578-8d6b-42e2-965e-0c17893506ec-000000/uSQpLzNgIth0pKq7U=
08fzHX_wOs=3D67" rel=3D"noopener" target=3D"_blank"><img alt=3D"" height=3D=
"auto" src=3D"https://s3.amazonaws.com/revue/items/images/017/380/174/mail/=
CONTINUE_READING.001.png?1648160105" style=3D"border: none; border-radius: =
0; display: block; outline: none; text-decoration: none; width: 100%; heigh=
t: auto;" title=3D"" width=3D"650" /> </a></td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09</table>
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=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">&nbsp;</td>
=09=09=09=09=09</tr>
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</td></tr></table>
<![endif]--><!-- [if mso | IE]>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
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    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
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=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><img alt=3D"" height=
=3D"auto" src=3D"https://s3.amazonaws.com/revue/items/images/017/380/175/ma=
il/SGNL-RULE-GOLD-1.png?1653432544" style=3D"border: none; border-radius: 0=
; display: block; outline: none; text-decoration: none; width: 100%; height=
: auto;" title=3D"" width=3D"650" /></td>
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=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;">&nbsp;</td>
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=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;">&nbsp;</td>
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=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">&nbsp;</td>
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=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
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=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
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t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><a href=3D"https://c=
19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47Qrw=
dESMr6NDlbHE4k9mA%2Fq6ffAn5jQJDA6IIqQqUthA%2FiQGB5xVaEFvd6drFMVjpAA/1/010f0=
182934fee65-568c8578-8d6b-42e2-965e-0c17893506ec-000000/p4KMVSpdeWU-hekPFNs=
737pFeZE=3D67" rel=3D"noopener" target=3D"_blank"><img alt=3D"" height=3D"a=
uto" src=3D"https://s3.amazonaws.com/revue/items/images/017/380/259/mail/SG=
NL-TRACK-8-6-1.jpeg?1660152932" style=3D"border: none; border-radius: 0; di=
splay: block; outline: none; text-decoration: none; width: 100%; height: au=
to;" title=3D"" width=3D"650" /> </a></td>
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=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">&nbsp;</td>
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=09<tbody>
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=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
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ight: 400;">
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=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><a href=3D"ht=
tps://c19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%=
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5Ubhb1P5U1wCpvk=3D67" rel=3D"noopener" style=3D"color: #333333; text-decora=
tion: underline;" target=3D"_blank"><strong>The Signal</strong></a>&nbsp;ex=
plores urgent questions in current events around the world&mdash;to support=
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t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><a href=3D"https://c=
19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47Qrw=
dESMr6NDlbHE4k9mA%2FqAVYe8MT1763bHbD8V0RZ7pA%2FiQGB5xVaEFvd6drFMVjpAA/1/010=
f0182934fee65-568c8578-8d6b-42e2-965e-0c17893506ec-000000/HOgPskemtnZKgcCuD=
cTUtaVHFzQ=3D67" rel=3D"noopener" target=3D"_blank"><img alt=3D"" height=3D=
"auto" src=3D"https://s3.amazonaws.com/revue/items/images/017/380/178/mail/=
ALT_AVENIR_FINAL.002.png?1642197990" style=3D"border: none; border-radius: =
0; display: block; outline: none; text-decoration: none; width: 100%; heigh=
t: auto;" title=3D"" width=3D"650" /> </a></td>
=09=09=09=09=09=09=09=09</tr>
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=09=09=09=09=09=09</table>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">&nbsp;</td>
=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">&nbsp;</td>
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=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
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=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
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=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
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=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><a href=3D"https://c=
19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47Qrw=
dESMr6NDlbHE4k9mA%2Fuqae3cFtmjUn6Ju9LjXe2g%2FiQGB5xVaEFvd6drFMVjpAA/1/010f0=
182934fee65-568c8578-8d6b-42e2-965e-0c17893506ec-000000/1YgYOO1SbT3jErU6w6K=
NIVloZik=3D67" rel=3D"noopener" target=3D"_blank"><img alt=3D"" height=3D"a=
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GL_BLK_SHORT_GOLD_LINE.001.png?1653330253" style=3D"border: none; border-ra=
dius: 0; display: block; outline: none; text-decoration: none; width: 100%;=
 height: auto;" title=3D"" width=3D"650" /> </a></td>
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llspacing=3D"5" role=3D"presentation" style=3D"font-size: 0px; width: 100%;=
">
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er; vertical-align: top; direction: ltr; font-size: 0px; padding: 0px; padd=
ing-bottom: 0px; padding-left: 10px; padding-right: 10px;">
=09=09=09=09=09=09=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=
=3D"mj-column-per-100 outlook-group-fix" style=3D"vertical-align: top; disp=
lay: inline-block; direction: ltr; font-size: 13px; text-align: left; width=
: 100%;">&nbsp;
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g=3D"5" role=3D"presentation" width=3D"100%">
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 break-word; font-size: 0px; padding: 0px;">
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rsor: auto; color: #000000; font-family: -apple-system,BlinkMacSystemFont,'=
Segoe UI',Helvetica,sans-serif; font-size: 16px; line-height: 24px; text-al=
ign: left; font-weight: 400;">
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