The Politics of Financial Volatility
The world’s political and economic leaders have ranged far and wide in search of reasons for the recent spike in global financial volatility. But they should focus closer to home: Politics is largely to blame – not only in the West, but also in China and emerging markets from Brazil to Russia.
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LONDON – Twenty-four years ago, in the midst of an ugly US presidential campaign, Bill Clinton’s campaign manager neatly summed up his candidate’s message: “It’s the economy, stupid.” Today, as investors struggle to understand what is driving extreme volatility in the financial markets, there is an equally pithy explanation: It’s the stupid politics.