This chapter is dedicated to an appraisal of the current strategic situation in Brazil, in connection with domestic political dynamics. It starts by framing a few traits that are specific to the American colonisation experience and discusses the institutional setting of the Brazilian political system and the last decade’s crisis. At the end, the text points to some geopolitical challenges that lie ahead, in its connection with international context, and Brazil’s need to deepen its insertion both in the global scene and South American region at large.