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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Fringe movements may fuel dangerous populism. But new political parties sometimes offer a healthy response to the intellectual bankruptcy of the established order. Greece’s Syriza government could yet demonstrate how a reworked left can reinvigorate finance and the job market.
S&P junked the Russian currency while the EU’s talk of looser sanctions reversed course, prompting another big rouble decline. With inflation rates rising to double digits, capital fleeing and the politics more belligerent, it will be hard to stop the downward spiral.
The pre-crisis belief that monetary policy was no more than the non-political setting of the policy interest rate is long gone. Yellen, Draghi and the others now have six ways to shape the financial system. Their status: done, devalued, discredited, doubtful, daunting and denied.
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