ADAM TOOZE

RT @1_2BrickMcCurdy: @adam_tooze @DanielaGabor The SVB example suggests "this" is vigorously finite and quantified whereas Credit Suisse al…

Are we in a new macrofinancial regime? Perhaps not @DanielaGabor but how about a new macrofinancial conjuncture? adamtooze.substack.com/p/chartbook-20… https://t.co/E1GebVhCSh

@joethw8s I think not. I think this is sincere.

RT @synekura_audio: This video proves that the flower of fire constantly bloomed in Deleuze https://t.co/xnHHw2PgwC

Latest column in @FT on the trillion dollar rebalancing in financial markets attracted a fair amount of comment. Chartbook Newsletter #207 picks up some of the threads. adamtooze.substack.com/p/chartbook-20… https://t.co/K4BTHl5J7J

Wow. Quite the take! twitter.com/jasonfurman/st…

Chartbook — Chartbook 207 The trillion-dollar rebalancing: A new macrofinancial conjuncture? adamtooze.substack.com/p/chartbook-20…

Mimmo Paladino beautifully placed At @lagnroma https://t.co/RmNOUN7qxd

Balzico’s garibaldi and the fabulously-named Rembrandt Bugatti’s elefante of 1910. ⁦@LAGNroma⁩ https://t.co/Z7WisF7H41

Exhale. Beautiful spot ⁦@LAGNroma⁩ https://t.co/UYREnngFHp

Giacometti against backdrop of Richard long ⁦@LAGNroma⁩ https://t.co/0EAtrw2yHq

Here the frame on the Repin seems to resonate with Perilli’s Monumento of 1964 ⁦@LAGNroma⁩ https://t.co/40H3QcNFqH

RT @simongerman600: Number of prisoners per 100,000 residents in each US state. The whole system is obviously broken. In Louisiana over 1.4…

RT @heimbergecon: Eurozone inflation has fallen more steeply than expected to its lowest level for a year after a decline in energy costs (…

RT @elerianm: From Adam Tooze’s column in the Financial Times, “we are living through a trillion-dollar rebalancing.” #economy #banks #mar…

RT @joergnicht: U Alexanderplatz. #Berlin https://t.co/1Od55agBPm

@NationsWealth @LAGNroma Oh it’s he!

Antonio Sola Cerere 1839 in rapport with Anish Kapoor Untitled-Nero Africa 2003 ⁦@LAGNroma⁩ https://t.co/oNvGXKJk7K

If there is a gallery anywhere that can top the sheer chic of ⁦@LAGNroma⁩ I really want to visit! https://t.co/STcx9B0sWL

Arturo Martini le stelle (1932) framing Maria Sironi Solitudine (1925) ⁦@LAGNroma⁩ https://t.co/l5nQJk1eRz

Canova’s awesome and terrifying Ercole e Lica (c 1800) v the unfathomable sweep of Penone’s spoglia d’oro su spine d’acacia (2002) ⁦@LAGNroma⁩ https://t.co/zxcGBuFghF

Balzico cleopatra 1874 v Vimercati Vaso 1982. Gorgeousness at ⁦@LAGNroma⁩ https://t.co/wolthwm51M

⁦cy twombly, pino pascali reconstruction of a dinosaur (1966) and the coolest attendants chair ever ⁦@LAGNroma⁩ https://t.co/s2soFMZrrV

@DanielaGabor @DavidBeckworth @NathanTankus @George_J_Hall Thanks for laying out the weekend's work 😉

@wgoggin @JWMason1 @tomashirstecon @M_C_Klein @DanielaGabor @DavidBeckworth The entire idea of "fiscal space" is a conventional construct. By convention if the debt to gdp ratio goes up, fiscal space goes down.

@IronEconomist @M_C_Klein @JWMason1 @tomashirstecon @DanielaGabor @DavidBeckworth Which is what I meant when I said "shock to the price LEVEL" … phew. glad we agree on that.

@JWMason1 @DanielaGabor @DavidBeckworth All I claim is that the size of the swing in the debt/gdp is remarkable and this creates fiscal space we werent expecting. Its actually quite carefully worded & includes explicit reference to the debt service shock.

@JWMason1 @tomashirstecon @M_C_Klein @DanielaGabor @DavidBeckworth It is my view that when a sovereign's debt to gdp ratio goes down, for whatever reason, it will have more space to borrow.

@tomashirstecon @M_C_Klein @JWMason1 @DanielaGabor @DavidBeckworth so … the current situation has shifted balance through (1) devaluation due to inflation, (2) more less unrealized balance sheet loss (which stressed SVB) and (3) this hypothetical scenario repurchase scenario which is what @DavidBeckworth calculation captures.

@tomashirstecon @M_C_Klein @JWMason1 @DanielaGabor @DavidBeckworth And tax you would need to raise to buy it back would be less. Non?

@JWMason1 @DanielaGabor @DavidBeckworth I think that the rebound and inflation effects are obviously important. Interest rate effect captures in accounting terms a shift in pricing that may or may not matter, depending on which balance sheets are put under stress and how.

And @DavidBeckworth is not associated with my "financial repression" short-hand. twitter.com/DavidBeckworth…

@JWMason1 @DanielaGabor @DavidBeckworth There are three factors at work, all of them important: rates, real recovery, nominal gdp growth.

@DanielaGabor @DavidBeckworth @NathanTankus @George_J_Hall I certainly think it changes the de facto macrofinancial regime.

@_TimBarker @DanielaGabor @NathanTankus @DavidBeckworth Great question … right now im busy thinking through my answer to Daniela on the shift in the macrofinancial regime in more recent period … but sketching out a sequence from the classic era of financial repression to present would be great.

@gilliantett Cheers Gillian.