Edward Hadas

The world would be better off without debt

October 22, 2015

A time traveller from 300 years ago would be awed by new technologies and social changes. But the disoriented extra-temporal visitor would find some aspects of finance very familiar. Many of today’s monetary arrangements are historical relics. Take, for example, debt.

What Greece teaches emerging markets

February 18, 2015

If Greece had its own currency, the country’s crisis would attract little attention. On the contrary, the economic news from Athens would be all too familiar to followers of countries which have trouble increasing their citizens’ average annual income to much above $25,000. Such middle-income countries have a habit of running into fiscal or financial trouble.

The redundant fictions of Greek debt

February 4, 2015

By Edward Hadas

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

The stupidity of student debt

July 2, 2014

By Edward Hadas

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

When credit is too much of a good thing

April 9, 2014

What does credit do after it has finished the job it was designed for? The supply of credit ought to stop at funding productive activity. But the reality is different. Surplus credit fuels dangerous asset price inflation and funds profligate governments. As leverage increases, so too does the risk of crisis and recession.

Mega sovereign writeoff could work

February 12, 2014

A massive sovereign debt reduction is the right way to reduce the ridiculously high indebtedness of governments. The idea might sound crazy, but it makes economic sense, and could be done, albeit after some serious preparatory work.

A Christmas message for lenders

December 18, 2013

For many shoppers, Christmas is a time to rack up debts in the expression of seasonal goodwill. For policymakers, it should be the holiday of debt forgiveness.

Imagine a world without debt

August 7, 2013

I have a dream: a world without debt, and with much more equity. It’s not just that summer holidays are a good time for fantasising. The fifth anniversary of Lehman Brothers’ bankruptcy is a month away, and regulators have recently forced both Deutsche Bank and Barclays to issue more shares.

What to do about debt

May 30, 2012

Debt, a little like sex, is a two-sided relationship which, when used appropriately, pleases the partners and is good for society. But both are also intoxicating and can easily become excessive and anti-social.

Bad ideas spawn Lesser Depression

May 16, 2012

On September 15, 2008 Lehman Brothers collapsed in a heap, a bankruptcy that was followed by a recession in most rich countries. As time goes on, the severity of the disruption becomes both more apparent and more puzzling.