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It is worth noting that Brazil, one of the world’s ten largest economies, can see its stock market plunge nearly 17%, its small-cap stocks collapse 30%, and its currency lose 12% before noon on a Monday, with virtually no corresponding reaction across global stock markets, cryptocurrencies, precious metals, or traditional safe havens. No comparable panic. No meaningful global contagion. No systemic repricing. No impact. No effect. Remarkable.

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