1 Cruzado

The cruzado was born from desperation. Launched in February 1986 under President Sarney, the Plano Cruzado attempted to shock Brazil's chronic inflation into submission by freezing prices and replacing the cruzeiro at a rate of 1,000 to one. For a few months it appeared to work — supermarkets were mobbed by citizens acting as informal price inspectors, a phenomenon the press dubbed "fiscais do Sarney." By late 1987 the plan had collapsed entirely, inflation roared back, and the cruzado itself was replaced in 1989.