merchants, businessmen and tradesmen (especially those involved with coffee and cotton exports), senior civil servants, politicians and lawyers with influence in formulation and implementation of public policies. They stored their financial resources in the country, with the most sophisticated investing in foreign financial markets, mainly in the Parisian Bourse, City of London and Wall Street; Financiers: institutional traders and investment bankers working for the big money, having contact with big business and having learned new forms of financial engineering. In Brazil of that time, the most illustrious figure was the Counselor Mayrink; Economists/politicians: They are the makers of economic policies, usually also the middlemen of the rentiers and financiers' interests, eventually acting as their junior partners. They provided rhetoric to the public opinion and the technical means to implement a regulatory model that served big money's interests. Rui Barbosa was the prominent figure of that time in Brazil; Haute Finance: The global financial moguls, which from the mid-19th century were already organized to influence the life of nations in order to create the "ideal" environment" for their business. From that time, highlight the British banks led by Rothschilds. Execution The first step that led to the Encilhamento took place during the final years of the Empire of Brazil under the command of Viscount of Ouro Preto, the last finance minister of the imperial era, when a new Banking Act was enacted in November 1888. The Rio de Janeiro Stock Exchange, which had already boomed in 1886, had accelerated with the abolition of slavery two years later and again with the measures implemented by the new banking law (that reversed the 1860 "Barriers Act"), and again by the proposed changes for the Land and Real Estate laws in 1889. Along with the increase in market liquidity, there was the introduction of modern financial mechanisms, enhancing the financial leverage possibilities. The reduction in the issuance of government bonds has also opened space for the expansion of stocks issues. All this, slowly led to an increase in speculation and inflation in general, embracing all economic sectors, from the currencies to real estate, combining minor bubbles into a big one. In this environment, the Viscount of Ouro Preto decided to create an institution to act as a regulatory agency for the financial market, a private central bank in the European manner, a reserve bank, a monetary authority of liquidity. The fact that Ruy Barbosa