Martin Hutchinson covers emerging markets and economic policy, drawing on 25 years of experience as an international merchant banker. He ran derivatives platforms for two European banks, before serving as director of a Spanish venture capital company, advisor to the Korean conglomerate Sunkyong and chairman of a US modular building company. In Zagreb he established the Croatian debt capital markets and set up the corporate finance operations of Privredna Banka Zagreb. Since 2000 he has been a financial journalist, and is the author of "Great Conservatives," a book on British political history. He has a first class Honours degree in Mathematics from Trinity College, Cambridge and a Harvard MBA.
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Three rounds of bond purchases worth nearly $4 trln over six years just ended. Critics’ feared inflation hasn’t arrived. Yet despite the stimulus, U.S. GDP growth has been stuck at just over 2 pct. The only clear effect may have been to boost asset prices, particularly stocks.
Unless the re-elected president makes big policy changes, government bloat and meddling will bring stagnation and more inflation. The danger is that Brazil starts looking much more like near-defaulters Argentina and Venezuela than growth economies like Bolivia or Ecuador.
Henry Kissinger’s “World Order” bemoans the lack of one, as the West’s prevailing approach of nation states with limited conflict isn’t reflected in non-Western traditions. However the Vienna Congress innovation allowing intervention only to protect stability might work better.
- Brazilian challenger offers reform without clout
- Hunt life lesson: Ideology and business don't mix
- Hold the victory lap on America's shrunken deficit
- Bolivia leader shows socialism has its advantages
- Brazil's BRIC status at stake in runoff election
- Road to U.S. jobs recovery leads to parts unknown
- Running Argentina's central bank an impossible job