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

Since the 1930s, one clash has defined both academic macroeconomics and the economic policies of governments. On the left side are followers of John Maynard Keynes, who believe that government actions can and should smooth the destructive swings of business cycles. On the right are those who fear governments and believe in the self-correcting power of markets. They can be considered the friends of Friedrich von Hayek.

By Robert Cole

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

Planet finance has a propensity to turn itself upside down and inside out. It’s up to its old tricks again. A new collection of commentaries from Breakingviews sets the financial agenda for the next 12 months.

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

It is the oldest saw in the investment handbook: buy low and sell high. But with global shares at their cheapest in a generation, confident equity investors are a rare breed.

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

Just as a picture is better than a thousand words, an apt zoological metaphor conveys financial insight more effectively than the most comprehensive spreadsheet. But conjure the wrong creature out of the hat and confusion multiplies more quickly than a wrack of rabbits.

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

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

Investors may be rethinking the inherent riskiness of equities, especially compared to bonds. It’s a logical response to seismic shifts in the euro sovereign debt markets.

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

LONDON — Share repurchases are creeping back into fashion, and they are easier to fall for when markets are on their knees. But boards have too often sanctioned stock-buying programmes that have destroyed value. They need to resist the rising temptation.

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

LONDON — Compared to U.S. equities, gold is expensive. You have to go back to the stagflation of the 1970s — or the depression of the 1930s — to find a time when the yellow metal was more valuable. Today’s worries could push it higher. But only the gloomiest can think gold will maintain its glittering trajectory.