ADAM TOOZE

Bitcoin has no reason to exist. It delivers no meaningful benefit for society. It is a form of gambling, propelled by naked greed and generating vast quantities of CO2 emissions. This was the uncompromising and

The damage being done to the Ukrainian economy every day by the Russian attack is mounting up at a dizzying pace. The bill, simply in terms of physical destruction, is likely in excess of $100

The vast complex of the steel mill of Azovstal is where the last defenders of Mariupol are making their stand. What kind of place is this? A giant steel works sprawling over several square kilometers.

Every moment of stress in the global financial system is a test of lines of interconnection and power. The most obvious example of this right now is the sanctions regime imposed on Russia. That has

The current surge of inflation is having a painful impact on the cost of living especially for folks on below average incomes. The key questions are (a) will it last and (b) what can monetary

In early February 2022 – remember back then when inflation was still our principal concern – the ECB signaled a hawkish turn on monetary policy. What happened next? Italian and Greek debt sold off and

“The consciousness that I live in a revolutionary world is the central fact in my life. I go to sleep and I awake thinking of the world in which I live. My whole personal life

War and history are intertwined. Entire conceptions of history are defined by what status one accords to war in one’s theory of change. War is certainly not the only way to punctuate history, but it

Did a piece for Foreign Policy on the global economic shockwave from Russia’s attack on Ukraine. We have had a lot of debate about the way in which the war might trigger a challenge to

What is the future of the dollar-based financial order in light of Russia’s invasion of Ukraine? Are we entering a new financial and economic regime? Will it be a regime of inflation? How safe are