Outsider parties are disrupting the political system in many developed economies. Greece is leading the way, with Syriza’s victory in the Jan. 25 election on a platform of radical economic change. Spain, where the new Podemos party leads the polls, could follow later this year. Fringe movements are also gaining traction in France, Italy and the UK. Something similar is happening even in the United States, where the Tea Party movement is shaking things up from within one of the established parties.
I was unceremoniously kicked out of my last job in finance early in 2004. It was a career turning point for me after 24 years as an equity analyst at eight firms – brokers and investment managers – in both the United States and Europe. I took shelter in financial journalism. Much has changed in the money business since then. But reading about the behaviour that has led to a litany of huge fines, I fear that too much remained the same, at least until very recently.
The “konditorei” in Sankt Florian, Austria offers fine pastries and wonderful hot chocolate. It was the perfect location to interrupt a holiday for a bit of work. Over a slice of strudel, I spent a few minutes last week contemplating my colleague Andy Mukherjee’s well argued article about the danger robots pose for the modern economy. Looking around the bakery-cafe, I saw why Andy should be proven wrong.