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Brazil held an election Sunday. By Monday morning, every Brazilian saver had a new exchange rate, and none of them voted for it. Lula won a comeback, 51.8% to 48.2%, and his supporters celebrated. Markets had bet on the other result. The dollar went from R$4.99 on Friday to about R$5.60 Monday morning. The stock exchange halted trading for 30 minutes after the opening plunge. Here’s what that looks like at the kitchen table. R$10,000 in savings bought about $2,000 on Friday. Today it buys about $1,790. Imported wheat, fertilizer, phones and flights abroad are all priced off the dollar, so they now cost more in reais. Paychecks didn’t go up to match. And it didn’t matter how anyone voted. Winners and losers took the same hit. That’s what it means for money to be political. Bitcoin’s supply schedule didn’t change Sunday night and it doesn’t change after any election, anywhere.

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