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 a course-book about political philosophy for the Maryvale Institute in Birmingham. Edward has degrees from Columbia University, Wadham College, Oxford and the State University of New York at Binghamton. He has a website, edwardhadas.com. Follow Edward on Twitter @edwardhadas
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However the independence referendum turns out, the arguments from both sides reveal some hard truths. Governments are at the centre of modern economies. But their freedom is limited, since no nation is an island. And the toughest challenge is managing the financial system.
If nothing went according to the plans of independence campaigners after a Yes vote, Scotland might have to adopt its own money. The transition could be sudden and rough, accompanied by predictions of doom. But a sensible government would soon have a creditworthy currency.
Some share repurchases get Warren Buffett’s seal of approval. But the great investor is on the wrong track. Buybacks are really dividends by another name. The price doesn’t matter. Besides, the practice is unfair to some shareholders and to governments. The world would be better without them.
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