Columns

Chancellor: Was I totally wrong about bitcoin?

12 January 2021

Three years ago, this column argued the cryptocurrency wasn’t money, resembled the gold prospector’s fabled sardine tin, and faced a total wipeout. Bitcoin promptly shed more than two-thirds of its value. Now it’s back from the dead and trading at twice its peak. What happened?

Chancellor: Year of extraordinary popular delusion

7 January 2021

The pandemic hasn’t just provoked irrational fears; a great speculative fervour also appeared. And the froth of the year of Covid-19 in financial markets exhibits three of the conditions described in Charles Mackay’s classic book on the inflation of speculative bubbles.

Dixon: How to make COP26 climate summit a success

5 January 2021

Politicians and markets increasingly get the danger of climate change. And technology is advancing fast. But the climate is also deteriorating rapidly. Here are six things that can be done at this year’s summit to make sure the planet doesn’t lose the race against time.

Cox: Mediobanca could be UniCredit’s white knight

2 December 2020

Italy’s No. 2 lender was rocked by the ouster of its French CEO amid fears of government meddling. It needs new management, more fee income, scale and protection from Rome. Alberto Nagel’s smaller Milan investment bank offers all four. Come si dice “reverse merger” in Italiano?

Cox: Swiss firms get too global for local britches

27 November 2020

From ABB to Zurich, corporations extended their reach in ways that brought outsized pride and prosperity. Now a referendum might make them liable for human rights abuses abroad. Whatever the result, it’s a useful reminder companies need to avoid losing sight of their local roots.

Cox: Donald Trump is the new Benjamin Harrison

19 November 2020

The president’s refusal to concede electoral defeat raises the ghost of Grover Cleveland, who served two non-consecutive terms in the 19th Century. Trump’s punishing tariffs and profligate budgets make him more like Harrison, the mostly forgotten man that Cleveland bookended.

Cox: American progress hangs on geriatric trinity

9 November 2020

Usually presidents wait until clinching a second term to focus on how they’ll be remembered in history. At almost 78 Biden must govern as if he has one chance to make his mark. Ditto his aging foil in the Senate and ally in the House. There may be less gridlock than expected.

Cox: China addiction looms as big corporate risk

22 October 2020

The People’s Republic has subdued Covid-19 while the West struggles. Its GDP grew 4.9% last quarter as consumers resumed consuming. From Ford to Durex, Hermès to Unilever, multinationals are developing a Chinese demand dependency that could backfire politically and financially.

Cox: It’s time for an age limit on the presidency

16 October 2020

Corporate America routinely sets mandatory retirement for CEOs, hinting at a correlation between age and performance. The average S&P 500 boss is 58, more than a decade younger than Trump and Biden. If a minimum age for commanders-in-chief makes sense, then the reverse does too.

Hadas: U.S. election offers economic non-sense

13 October 2020

For the economy, the 2020 presidential poll is a choice between Joe Biden’s detailed but implausible plans and Donald Trump’s faulty logic. Both largely ignore the obvious big challenges of post-pandemic economic recovery and industrial policy. At least they agree on deficits.