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Every couple of months or so comes out a new thread querying about the feasibility of the survival of the Brazilian monarchy into the 20th century. IOTL the lack of a male heir caused Pedro II's later years of reign to be very unenthusiastic and apathetic. Not the only cause but it certainly didn't help.
Let's explore the Pedro Augusto option. Born in 1866, he was a popular, consensual, well-read and energetic prince that happened to be the son of the younger of Pedro II's only two daughters.

Let's make it so that grandpa's favorite grandson gets to be his direct heir. One needs to snuff out Princess Isabel.

Isabel had problems conceiving and the first time she found herself pregnant she was in Europe. The trip back to Brazil is long and stressful and she had the poor judgement to undergo this trip during her third trimester. Fortunately for her she arrived to Brazil in time, unfortunately but unrelated to the trip, she gave birth to a stillborn this time. Let's set the PoD with a disastrous poorly assisted early labour at the high seas that ends up with not only a stillborn but also a bled out Isabel in 1874.

Pedro Augusto's mom died 3 years prior so this means that Pedro II will outlive all of his children. He'll be devastated and may be numb for a while but in the end what counts is that he'll eventually put a lot of hope in Pedro Augusto and we'll see a more determined Pedro II during the following decade.

We're not butterflying away the severe indebtness cause by the War of the Triple Alliance and the new class of less than loyal officers that will still be there lurking. We're changing the mood of an emperor that gave up at the first sign of friction IOTL. OTL's revolution - that was coopted by a monarchist that eventually proclaimed the republic under very confusing circumstances - could have been almost bloodlessly defused by the emperor himself had he put an effort to it. Republicans must take a more decisive action to overthrow the monarchy... Admittedly, we're hardly saving the monarchy but we're at least buying it more time.

Before examining an eventual third reign (that can be really interesting considering that Pedro Augusto eventually developed schizophrenia), let's examine how the second reign (Pedro II's) will end.
- Slavery: everyone knew its days were numbered, the slave owners too. Could a more future-wary Pedro II try to pander to his most powerful support base by abolishing slavery but compensating the owners? The question being "how", of course.
- Abdication: despite being more hopeful I can still see Pedro II growing tired of the job as IOTL. ITTL he'll have someone he trusts to abdicate to. Would he do it as soon as Pedro Augusto turns 18? Would he do it as soon as the slavery issue is dealt with? Would he do it at all?
- Army purge (if a coup attempt happens during Pedro II's reign): how much time could it give the monarchy?
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