Edward Hadas is Economics Editor at Reuters Breakingviews. He joined Breakingviews in both 2004 and 2011, with a year in between at the Financial Times as Assistant Editor of the Lex column. Before becoming a journalist, he worked for 23 years as an equity analyst in Europe and the US. He has written a book, Human Good, Economic Evils: A Moral Approach to the Dismal Science (ISI Books, 2007), and is a Visiting Senior Fellow in the School of Management and Social Sciences at St Mary's University London. Edward has degrees from Columbia University, Wadham College, Oxford and the State University of New York at Binghamton. Follow Edward on Twitter @edwardhadas
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Goldman Sachs coined the acronym in the 2000s when Brazil, Russia, India and China promised the greatest economic shift in a century. Now Goldman is closing its flailing BRIC fund. But poor countries are still gaining on rich ones, and their base for growth is getting more solid.
The UK prime minister is engaged in a largely one-sided renegotiation of European rules. The domestic politics are tough, as the likely gains will sway few voters in the upcoming membership referendum. The economics are simpler. Britain is already fairly well placed in the EU.
Why do governments borrow instead of just creating money? Mostly because they always have. Why do companies feel the need to take on leverage? Foolish tradition. If the financial world were designed for today’s economy, fixed-rate reimbursable debt wouldn’t be created.
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