Ian Bremmer's Quick Take:

Hi everybody, Ian Bremmer here, kicking off the week. I hope everyone's doing well. As well as can be expected, snowing yet again here in New York City, we'll get through it. March, I feel March is coming. It doesn't mean spring, but it means something. But anyway, thought we'd talk about Brazil. Haven't spoken about Brazil in some time here and making some news.

They were making news, significant news, of course, at the beginning of the pandemic, when President Bolsonaro was so badly mishandling the response in addition to some other leaders in this hemisphere, President Trump, President Lopez Obrador in Mexico. But most recently, the sudden sacking of the CEO of Petrobras, the state energy company in Brazil. Roberto Castello Branco is gone, replaced by a general, a former Minister of Defense Joaquim Silva e Luna and my God, the inbound I've seen over the past hours in terms of, does this mean that the state is taking over the economy in Brazil? What do we think about investors? What do we think about pricing? Are they in serious trouble? And the answer is, this is a real hit. This is a real hit.