Edward Hadas
Reuters Top News
United Kingdom
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Past articles by Edward:
Breakingviews - Hadas: U.S. election offers economic non-sense
Pope Francis must be watching a lot of American cable news these days. “Political life no longer has to do with healthy debates about long-term plans to improve people’s lives and to advance the common good, but only with slick marketing techniques primarily aimed at discrediting... → Read More
Economics Nobel lauds auction half-truths – Breakingviews
Paul Milgrom and Robert Wilson won the prize for advancing bidding theory. Their fans see rigour and the backbone of Google’s pricing. But sceptics wonder if their formal models are any more effective than rules of thumb in radio spectrum sales or bring long-term social gains. → Read More
Breakingviews - Hadas: Markets’ risky fling is far from over
The financial world’s post-pandemic exuberance just might have passed its peak. After fuelling an astonishing rebound in stock and bond prices in the past six months, global investors are showing signs of caution. The NYSE FANG+ Index of 10 leading high-tech stocks is down... → Read More
Hadas: Markets’ risky fling is far from over – Breakingviews
Fears of returning Covid-19 and revelations like Nikola’s non-driving trucks have restrained investors a bit. But the financial world’s careening exuberance will keep going long after the economy stops benefitting from massive support. Higher asset prices mean bigger risks. → Read More
Breakingviews - Hadas: Policymakers fly blind on economic health
Policymakers want to heal the economic wounds caused by Covid-19. Unfortunately, they are driving without headlights on an unfamiliar road. → Read More
Hadas: Policymakers fly blind on economic health – Breakingviews
Governments and central banks try to respond to reality, as measured by growth, employment, inflation and financial markets. The indicators are hopelessly messed up by fear and the pandemic, so errors are hard to avoid. Still, policies that further favour the rich can be avoided. → Read More
Breakingviews - Norway’s $1.1 trln fund is a bad toy for hedgies
(Reuters Breakingviews) - Financial markets are pretty efficient in one way, and quite inefficient in another. Both the ways point to Nicolai Tangen being the wrong person to run Norway’s $1.1 trillion sovereign wealth fund. → Read More
Norway’s $1.1 trln fund is a bad toy for hedgies – Breakingviews
Nicolai Tangen’s appointment as boss of the gargantuan rainy-day fund hangs in the balance. Norwegians mostly worry about the big investor’s conflicts, but his likely approach is a larger concern. Active trading of so much money could pointlessly disrupt global markets. → Read More
Richemont tries luxury goods thinking for shares – Breakingviews
The Cartier owner likes to sell glittery things for more than they’re objectively worth. In a similar spirit, a proposed “shareholders’ loyalty scheme” gives three-year warrants to compensate for a 50% dividend cut. But any gains on the warrant are a cost to future shareholders. → Read More
Breakingviews - Lebanon blast lays bare cost of a weak state
(Reuters Breakingviews) - Lebanon has added tragedy to crisis. A powerful blast in the Beirut port on Tuesday devastated the area and sent seismic shockwaves across the capital, killing at least 100 people and injuring 4,000. A health emergency created by the pandemic may now be followed by a wider humanitarian crisis. Chronic political weakness makes everything worse. → Read More
Lebanon blast lays bare cost of a weak state – Breakingviews
The devastation in Beirut adds to the political, financial and economic troubles that beset the country. Long-standing governance shortcomings make such tragedies more likely and recovery more difficult. Too many countries share Lebanon’s inability to deal with added catastrophe. → Read More
Hadas: Globalisation is down but not out – Breakingviews
Covid-19 has infected world trade and rising nationalism threatens cross-border harmony. Still, the five-century-old trend towards one world economy has survived worse. Migration, the shared thirst for knowledge and the profit motive will likely bring a resurgence in a few years. → Read More
Hadas: A virus economic optimist partly recants – Breakingviews
Three months ago, it felt bold to predict little lasting damage from the pandemic. Money-fuelled markets have embraced that outcome, but pumped-up hopes are now too high. Global finance is undisciplined, fear and bitterness lurk, and governments may have gained too much power. → Read More
Hadas: Virus debt will leave toxic residue – Breakingviews
Corporate borrowing breaks down when revenue dries up. Yet companies are taking on more leverage to survive the Covid-19 slowdown, inhibiting future growth. Ultra-low interest rates reduce the pain but bring other risks. There’s no safe way to recover from the debt overload. → Read More
Breakingviews - Review: MMT lives up to some of its promises
(Reuters Breakingviews) - Modern Monetary Theory is right for right now. It is revolutionary. It shows common sense. And it has a tendency to oversimplify and overpromise. Stephanie Kelton’s “The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy” is a good place to see the great virtues and significant weaknesses of this suddenly popular approach to government finance. → Read More
Review: MMT lives up to some of its promises – Breakingviews
“The Deficit Myth” clearly explains why governments should aim to balance the economy, not the budget. Stephanie Kelton’s book comes at a good time, as huge deficits will help limit the pandemic’s damage. Unfortunately, Modern Monetary Theory suffers from narrowness and naivete. → Read More
Hadas: Covid gives monetary extremists false hope – Breakingviews
Those who fear rising prices think anti-pandemic stimulus will surely unleash uncontrolled inflation. Deflation-worriers are just as certain that the global demand shock means their old enemy is lurking. Both disasters are possible, but policy and habit point to price stability. → Read More
Breakingviews - Hadas: Welfare states will be big Covid-19 winners
(Reuters Breakingviews) - Disasters often teach people what is really important. The fight against Covid-19 is showing how helpful strong welfare states are to modern economies. The lesson is unlikely to be forgotten. → Read More
Hadas: Welfare states will be big Covid-19 winners – Breakingviews
National systems of income support and social care are being expanded in the fight against the pandemic. Some of the special welfare measures are going to become permanent parts of governments’ repertoire. That will benefit marginalised groups, especially in the United States. → Read More
Breakingviews - Review: A grim look at bad American exceptionalism
(Reuters Breakingviews) - Each suicide has its own sad story, as does every death from alcohol and drug abuse. When the number of these tragic endings increases dramatically, something bigger is going on: a social failure. “Deaths of Despair and the Future of Capitalism” recounts the multifaceted communal neglect which has poisoned the lives of far too many vulnerable Americans – in many cases,… → Read More