"The power required to provide artificial snow to all Europe's Alpine resorts would equal the annual consumption of 130,000 families of four people" reuters.com/business/envir… Also see Chartbook 180 on the economics of snow. adamtooze.substack.com/p/chartbook-18… https://t.co/5w3zHMBvoi
chocolate-makers are in practice not paying enough to cover both country premium for CdI and Ghana and the Living Income Differential. reuters.com/world/africa/a… Discussed the politics of cocoa supply & demand in Chartbook 196 adamtooze.substack.com/p/chartbook-19… https://t.co/YqgjDYkJX4
The US banking system as a whole is not suffering serious deposit flight. $221bn drain barely registers v. $16trn total. ft.com/content/66d6a3… https://t.co/hErJrokDiB
Interesting contrast: whereas public sector wages are more commonly indexed in EM than AE, all other benefits are far more likely to be indexed in AE. ft.com/content/07a1b2… https://t.co/RSZGCuglu0
RT @JohnArnoldFndtn: The OPEC cut was only possible because of the inability/unwillingness of the US shale oil sector to grow at the same r…
RT @BenFranta: Compiled by @VatanHuzeir, the latest cache of internal documents describing Big Oil's concealed knowledge of global warming…
The European Central Bank has called for a clampdown on commercial property funds to tackle the risk that a downturn in the €1tn sector could trigger a liquidity crisis ft.com/content/dc0216… https://t.co/n4O0FihdaD
@NathanTankus @DanielaGabor @_TimBarker @JWMason1 Glad we agree on first point. Forgive me for feeling smug about having called it 3 days ahead of @IMFNews
Seems my kitchen sink argument bout "fiscal space" from last week. ft.com/content/4d519c… Has been confirmed by @IMFNews fiscal monitor today ft.com/content/07a1b2… So has my hunch that there is something for progressives to fight for here. Otherwise we just get consolidation. https://t.co/vFmx6M1az1
RT @yuenyuenang: Sun's defining thesis, "The International Development of China" (1919), reads like a boring blueprint of what China has be…
"Higher inflation has bolstered advanced economies’ public finances, the IMF said on Monday and calls on governments to use the windfall to cut deficits." Or you could do other things. ft.com/content/07a1b2… hmmm. Sound familiar? @DanielaGabor @_TimBarker @NathanTankus @JWMason1 https://t.co/GMRE3EEUlQ
The Opec+ group led by Saudi and Russia has shocked oil markets by announcing a surprise production cut of more than 1mn barrels a day, boosting the oil price and raising tensions with western allies. ft.com/content/c95db7… https://t.co/zx9rVGogLz
"Last month, the Canadian property group Brookfield stopped making payments on $734mn of LA office building debt, and there is elevated short interest in real estate investment trusts such as Hudson Pacific Properties and Vornado Realty" ft.com/content/c64067…
"CDS are bad barometers of whether a bank is in trouble. “This is a quirky little market,” says one trading boss. “It is illiquid and trade reporting is patchy.”" ft.com/content/c233fd…
“murder by a publicly dangerous method”. Is a fascinating criminal category. ft.com/content/e0823d…
The opening quote in Brett Christophers’ book versobooks.com/books/4159-our… "Is from Bruce Flatt, chief executive of Brookfield Asset Management, who says, “What we do is behind the scenes. Nobody knows we’re there.” Well, not anymore." @RanaForoohar ft.com/content/c64067… https://t.co/z0FMsQZGa1
"Alexandra Prokopenko, a former Russian central bank official, said passport restrictions had now expanded beyond individuals with security clearance." sign of confidence?! ft.com/content/c41be6…
RT @LionHirth: When you live on Twitter, you get the impression Germany is burning more coal than ever. Adding a bit of data to the discus…
I find this passage useful for thinking about @DanielaGabor question about the “derisking state”. twitter.com/70sbachchan/st…
RT @spignal: There are more teenagers in France (pop 67m) than Germany (pop 83m) https://t.co/7tatVvUSMd
Do the bank bailouts suggest the continuation of the familiar macrofinancial regime or are they flanking operations to enable Fed to carry out a major shift in policy that changes rules of game? Sign up for Chartbook Newsletter #207 here: adamtooze.substack.com/p/chartbook-20… https://t.co/j6pMCjX1iR
US money market funds have seen huge inflows and Yellen is worried about structural vulnerabilities in the sector! ft.com/content/c16a62… https://t.co/n3eHrwWtna
Inflation, COVID-recovery & valuation swings due to rate hikes are driving debt to gdp ratios down. Chartbook newsletter 207 on the weird new macrofinancial conjuncture. Sign up for Chartbook Newsletter here: adamtooze.substack.com/p/chartbook-20… https://t.co/NxJ2DpiH0o
Tit for tat: "China launched a review into US chip manufacturer Micron Technology on “national security” grounds, as Beijing retaliates against Washington’s increasing curbs on Chinese access to semiconductor technology." ft.com/content/79ddb4… https://t.co/vmK3u1NGLT
Are we in a new macrofinancial regime? The surge in prices, the Fed's rate hike, the end of the "Fed Put" & the huge losses on Treasuries suggest that we are at least in a new macrofinancial conjuncture. Sign up for Chartbook Newsletter for free here: adamtooze.substack.com/p/chartbook-20… https://t.co/PVokhBo7HU
"The projected lithium deficit in a market already suffering global shortages and high prices of $62,000 per tonne — more than five times the average cost of production despite a recent drop — may prove existential for European carmakers." ft.com/content/154c53… https://t.co/WcIpXG0nYg
Bailouts in 2023 & 2008 have technical features in common and involve socialization of losses but the macroeconomic backdrop is very different. Chartbook #207 on a new macrofinancial conjuncture. Sign up for free here: adamtooze.substack.com/p/chartbook-20… https://t.co/7evpVSQpip
Chartbook: Chinese exports in question, fewer sharks & America's crisis of "young deaths". adamtooze.substack.com/p/chinese-expo…
Chartbook: Top Links 187 Chinese exports in question, fewer sharks & America's crisis of "young deaths". adamtooze.substack.com/p/top-links-18…
China's older workers are notably less-well educated. ft.com/content/e93d9c… https://t.co/fIYIozzJTB
@DanielaGabor @cedric_durand Hugely clarifying. thanks for spelling it out this way.
@DanielaGabor @cedric_durand This is fascinating. It may depend on how much strategic rationality and overall efficacy we impute to derisking macro financial regime. Come to think of it, this a recurring point of difference between us @DanielaGabor
As a result of inflation, real rebound from COVID and valuation effects we are seeing dramatic swings in debt/GDP ratios. Chartbook 207 on my recent FT op ed on topic. adamtooze.substack.com/p/chartbook-20… https://t.co/kd1cZgIrxe
© 2025 Adam Tooze. All Rights Reserved. Privacy policy. Design by Kate Marsh.