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This paper dissects the current global economic crisis and its causes and consequences in the Americas and Europe. It notes that from the beginning of the present century onwards, the left wing governments that were elected in much of South America improved the lot of the poorest sections of society but did not curb the power of the entrenched business elites and landowning oligarchies in a context of economic decline and malaise. The dysfunctional democratic system of Brazil and the influence of the reactionary upper classes served by the media and supported by neoconservative Pentecostal evangelist churches, led to the overthrow of President Dilma Rousseff in a soft coup aiming to restore fiscal austerity and liberal economic policies.
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