"Countries can increasingly understood as platforms: national operating systems of sorts.” @TheEconomist China is like Apple: closed with internal competition EU is Linux America is
"slowdown in technological progress explains at most part of one-third of the growth slowdown” in the US. @DietzVollrath work discussed in this excellent blogpost. mattsclancy.substack.com/p/maybe-there-…
@stillots1 I would not elide novel events with contingency or weirdness. Sometimes yes. But not necessarily. It could just be development.
Black Wedge. Red Blob: @israelgvargas for @TheEconomist on Western tech wars with China offers an interesting inversion of the El Lissitzky 1919 classic, Beat the
In June 2020 the Fed was forced to ration the supplies of pennies, nickels, dimes and quarters based on banks’ previous orders because the usual
Relations with Fed will be crucial for Biden Presidency @TheEconomist argues. Might that help to explain leaving Brainard in place? economist.com/finance-and-ec… Battle over Fed with
"Quants rely on history. If something happens that is without precedent they have a problem.” @TheEconomist gets this the wrong way around! Quants rely on
In 2020 low income countries are expected to suffer a $150 billion fall in exports, remittances, and investments. From G30 report on financing recovery helmed
In 2012, after a decade of stunning economic growth, Zambia could borrow more cheaply than Spain that was embroiled in the self-inflicted Eurozone crisis. Now
Corona is forcing G20 and IMF to discuss sovereign debt restructuring. Good explainer here by @TheEconomist economist.com/finance-and-ec… For more background see the new Chartbook newsletter
By Sep 25 2020 @IMFNews had approved 95 separate programs. New IMF leadership talks a good game on development and equity. But what conditions were
How Mnuchin Snubbed Biden, terminating Fed’s emergency-lending programs that will limit the new administration’s option. nytimes.com/2020/11/20/opi… A story of the Trump era? Sure but this
In the US this week an argument flared about the continuation of Fed emergency programs and their cancelation by outgoing Trump Treasury Secretary, Steve Mnuchin. In Europe the much-hailed July recovery package was stalled by Europe’s own nationalist-populist troublemakers aka Hungary and Poland. In both cases this leaves the central banks exposed and increasingly politicized.
Meanwhile, the G20 is holding a virtual meeting under Saudi chairmanship (sic) to discuss a framework for addressing international debts of lower income countries.
Central banks have kept their economies afloat this year—but political dysfunction is pushing them past the breaking point. In the looking-glass moment of November 2020
@boydvenable @MorningConsult But would be good to know whether one did. And the question would be the same. What does one call that?
More than a quarter of Republicans in @MorningConsult poll believe that Trump should not concede defeat NO MATTER WHAT! What’s the right description for that
EU faces unappetizing trade off. Compromise on rule of law with Hu/Pl -> unleash fiscal package that will benefit economy and relieve pressure on ECB.
RT @Quicktake: “This was a really big contribution toward restoring the U.S. economy, and thus restoring the world economy.” Russian Pres…
RT @artistkollwitz: Portrait of a Working Woman with Blue Shawl, Käthe Kollwitz, 1903 collections.artsmia.org/art/7380/ #printsanddrawings #mia https…
Arrested Development: IMF lending and austerity post Covid-19 This report by @danielmunevar is dynamite! Essential reading in context of G20 debt framework talks. @eurodad doing
This was the UK in 1973. Belfast that is … twitter.com/BBCArchive/sta… https://t.co/B9JDDyNIS6
The G20 are meeting this weekend. Political economy and geopolitics of global debt restructuring are in play. For some of the background, charts and key
Vera Songwe, UN Under Sec Gen Head of Uneca, says "last thing" developing countries need is enforced private-sector involvement in debt relief. She wants $100bn
A clutch of large EM went into the 2020 crisis with budget deficits which were large already in 2019 making them vulnerable to funding pressure.
In the early 1960s the US had the highest top marginal income tax rate of the large capitalist democracies. Since WWII it had vied with
Trump-appointee David Malpass as Pres of @WorldBank has waged a war of words with China over debt relief despite fact that G20 docs show China
G20 is this weekend discussing a debt relief framework that involves all parties including private lenders. Makes sense. But will debtor countries be willing to
Averages taxes (Fed, state, local) as share of income in the US was steeply progressive in 1950. By 2018 it had become staggeringly flat with
New Chartbook newsletter # 3 just dropped. Featuring battles over fiscal policy, central banks and global debt relief. If you would like to receive these
Pandemic has hit Africa’s emerging economies hard. Ok. But why is this our problem and not just Africa’s? Because the shocks are transfers. Fall in
So far debt crises of 2020 have been small (excepting Argentina), but “some observers think Brazil & South Africa, which are both in the G20
Almost 200 big corporations have joined the ranks of so-called zombie firms since the onset of the pandemic -> now account for 20% of top
"From Boeing Co., Carnival Corp. & Delta Air Lines Inc. to Exxon Mobil Corp. and Macy’s Inc., many of America’s most iconic companies aren’t earning
Why the developing world needs a bigger pandemic response The G20 summit and a Biden administration could lead to new initiatives for poorer countries This
At its peak in 1945, manufacturing accounted for 25% of the US workforce. It always required rhetorical work to make the male industrial worker into
The collapse of Zambia’s currency the Kwacha has made its external debts of $12 bn punitively hard to service. @jsphctrl ft.com/content/707aed… https://t.co/djHv5GZQg9
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