ADAM TOOZE

"A brutal new hunger crisis is emerging among laid-off workers in US that has begun to overwhelm the infrastructure… https://t.co/GOcYss9vW8

Almost 25% of the debt outstanding in € triple-B rated debt is only one or two one-notch downgrades from falling to… https://t.co/3OGdEDpvRq

As the lockdown grinds on and unemployment rockets, how resilient is American society? 53% of US households don’t… https://t.co/KohcSQV3Gq

Who is most vulnerable to corona? Only half of those in bottom quarter of US labour market have sick leave, paid va… https://t.co/lx4pPQjYlK

Loan delinquency is closely correlated with unemployment -> what will happen to US consumer credit by the summer of… https://t.co/rbmMdbbsDY

There is little if any systematic relationship between the stringency of anti-corona measures and compensating econ… https://t.co/QDg0AYsKLQ

“Whatever it takes”? National fiscal responses to corona will reinforce the dangerous asymmetries in the EZ. And s… https://t.co/SedgWFSn94

Comparing “stimulus” programs in response to 2020 is tricky but these are the broad outlines: US much stronger on d… https://t.co/dujTZBgZPO

The GDP loss from the virus crisis will be far worse than 2008 and even more comprehensive, including China (and re… https://t.co/NKh52XUddc

Todesspiel Part I “Volksgefängnis” – extraordinary reconstruction of Sep 1977 abduction of Hanns-Martin Schleyer by… https://t.co/xO0rimWBiC

One of the really big macroeconomic questions is how far a MASSIVE shock to the labour market will cause a surge in… https://t.co/l9EnlOEin9

At the peak of Bernanke QE Fed bought $120bn of Treasuries every MONTH. Today they are buying $70bn each DAY. Tors… https://t.co/1v7F5A1gLP

How vulnerable are markets to a redemption shock? Funds with estimated liquidity shortfalls account for half of all… https://t.co/qR9wM8Yhvd

As corporate bond market surged after 2008, stocks held by broker-dealers were run down under shock of crisis & pre… https://t.co/6okkoyoQ65

What is to come is a historic test of the bond market model of corporate finance which expanded from $2trn to $7trn… https://t.co/tVUCFVOkuQ

In the collapse of March 2020 global equity markets lost $20trn in value. From Torsten Slok’s latest chart book at… https://t.co/qZkiYGVEzk

The shock to prime money market funds in March 2020 was even more severe than in 2008. From Torsten Slok’s latest… https://t.co/PUAT7191Id

IF Europe and US are able to replicate Hubei timeline then we would expect them to begin lifting restrictions in th… https://t.co/BJikvrW0QO

Yield-curve control is in effect: The US suffers the most spectacular labour market shock ever 2 weeks back to back… https://t.co/lfcXTIaPkW

In the Informal Economy, There’s No Shelter: The biblical scenes in India remind us that 60% of worlds working po… https://t.co/lThG5d0vh5

Banks are in better shape than 2008 is one of the mantras of 2020. Their capital is stronger. But many are sitting… https://t.co/doKTJ2NmtE

As @Temple_West reports, ratings agencies are in the crosshairs in 2020 both for unhelpful (but honest) wave of dow… https://t.co/h2nGUbHnqK

@You_Shu_China You are right.

Fannie Mae and Freddie Mac, the government-controlled companies that guarantee nearly half of US mortgages, could r… https://t.co/QdB5hy6arH

Fact that ratings agencies are all choosing intellectual honesty over customer service—that they’re all rushing to… https://t.co/kCe9kBnABm

What does a lockdown mean if you are one of America’s almost 570,000 homeless, living on the street or in a shelter… https://t.co/GOTZr209tG

A month that felt like years. Looking back at a period of staggering volatility in financial markets:… https://t.co/y4TPa2Ik5Q

Mortgage banks and services have vociferously resisted adequate stress testing and regulation. Now corona has expos… https://t.co/Br4qlru0WD

The Fed is now following ECB in buying corporate bonds. Is program big enough? Will it extend to financials? What w… https://t.co/96yaIiIhUe

Notch down: @CitiResearch tracking the downgrade of debt across classes of issuers. March 2020 was bad. There is wo… https://t.co/54YpmQKvnI

"Mr. Sippel, @jpmorgan global head of equities, said JPMorgan’s business would suffer if too many employees called… https://t.co/l6h9jFjhI9

March 9th: @jpmorgan suspends relocation plans. An employee who wasn’t feeling well came to the office. JPMorgan tr… https://t.co/jB1S3VNmQV

6.2% as per official? 1/4 allowing for migrant workers? Or 1/3? Whatever the precise # it is clear China is facing… https://t.co/q3KsCmLJEi

We stare with disbelief at America’s vertiginous unemployment numbers but to put them in perspective it is possible… https://t.co/2CrM4DTQPl

To give you some idea of the scramble in my head, before I discovered @FTAlphaville I associated the term with Jean… https://t.co/YUj2E2PIDT