ADAM TOOZE

Ginne Mae is now at heart of America’s mortgage securitization system. Nonbank lenders are back in force and Ginnie… https://t.co/kwRdbwrTaG

What happens in a crisis! How the warehouse funding that underpins “nonbank” mortgage business in US collapsed in 2… https://t.co/eml8tIkSH6

Mortgage shadow banking in the US is back to precrisis levels. Nonbanks accounted for 50 % of all mortgage originat… https://t.co/LO68gTLQnH

“Warehouse finance” is the main means of short-term funding for nonbank mortgage providers backstopped by Ginnie Ma… https://t.co/gYWNxc3OVk

Still broken: 50 % of US mortgages in 2017 were provided by fragile “nonbanks" backstopped by GinnieMae and funded… https://t.co/aadKk0Q8ZI

The needle is moving. Support for Germany spending 2% by 2024 now up to 45%. That is a significant shift. Remarkab… https://t.co/9CspZZIviX

The financial industry has been remarkably successful at persuading investors to pay a steady fee for its services… https://t.co/EyI2d85teS

The ratio of Black to White median income in US rose from 58% to 64% btw 1970 and 2016 but at the $200k+ threshold… https://t.co/C4o09sKkEi

The real hubs of “global trade” are regional -> puts risks of trade wars with America in perspective … unless you a… https://t.co/FJi8Fuov7r

Explosion in US fixed income supply combined with Eurozone QE tapering is going to test markets. It will be surpris… https://t.co/X18b4pFhYO

Number of people who go bankrupt every year because of medical bills: Britain – 0 France – 0 Germany – 0 Netherlan… https://t.co/Kex7SLn8Jl

Foreign investors now hold 30% of US corporate debt – comparable to share of subprime securitization they held befo… https://t.co/aJWBf6ZhZC

Not only are tightening labour markets in the US producing only modest wage growth, in real terms, wages are actual… https://t.co/WZFKahSmE2

Ahead of trade war in which it cannot absolutely cut its dependence on the US, China is laying in the soya stocks.… https://t.co/rdebaK0mm8

The 6.1% growth rate in investment in China year to date is deceptive. Construction actually fell by 3% but there h… https://t.co/dVZ3lXKchr

The collapse in cross-channel traffic in the chunnel in 2008 crisis is remarkable, as is the push to even high leve… https://t.co/LUhlaB5KSN

Where China could really hurt the US is not just through tariffs but through US subsidiaries in country.… https://t.co/vCyXjlgazK

Since 2009 wages of College-educated American workers have risen 30% above those of High school drop outs.… https://t.co/FisMZpaE6h

Gear shift: after millennium productivity growth in the US economy was driven by sectors with declining employment.… https://t.co/WouGNnSwgL

Good news: R&D spending by US business at record levels. But it this overshadowed by fears of diminishing returns t… https://t.co/W9Lu0K2msO

Capital to labour ratio has stagnated in the US since 2008. Makes depressed productivity growth rather less surpris… https://t.co/VXw4YJpffm

How the lethal Fentanyl enters North America from China. Too ghastly even for black humor, but the shades of the Op… https://t.co/n0or8pNRc5

"Plunge, tumble and rout are overused by the financial media to describe a market in decline, but such superlatives… https://t.co/Lif7vODG8z

Shale Boom Town: Midland Texas at the heart of the Permian basis has seen a 35% increase in rents in last 12 months… https://t.co/gTDnEIjUop

"Based on historical trends, this projected divergence between the actual deficit and its cyclical component is hig… https://t.co/HSuVjNRkAr

Pity Mexico: it is not only in the frontline of Trump’s assault on NAFTA IT IS ALSO likely to be prime victim of th… https://t.co/8fvO1nS2Ug

One of perplexities of Trump’s tariffs are that they are not on final goods but on inputs to production —> effects… https://t.co/FMeMw2h43U

1/3 Americans has been arrested by the age of 25 for non-traffic violations. American criminal justice system is gi… https://t.co/AypvXh426E

Why isn’t the supply of educated workers in the US responding to the considerable premium to college education? Edu… https://t.co/QtiRSyPF6L

The POTUS who stole Xmas: US imports 80% of its toy imports from China. Laundry equipment prices surged following t… https://t.co/vAoAFrmguH

"Never in economic history, or at least never since the existence of trade statistics (that is, since the beginning… https://t.co/eZ21RfrTvt

If China is the hub of global growth in coming decades, European economies, with the exception of Germany, are poor… https://t.co/WMxBo9Rx7d

Migratory flows to rich countries are c. 0.2% of rich country population per annum! A tiny flow which causes the dr… https://t.co/VvGJeNXczB

The expansion in low productivity labor in the US economy since the 1980s slows down aggregate productivity growth… https://t.co/wtkG67fRh9