ADAM TOOZE

For real?????? Germany’s CDU owning its fetishistic relationship to the fiscal black zero. Can this be for real?????? Imagine the US equivalent. Someone better tell me this is photoshop …. twitter.com/CDU/status/119…

For a moment I thought we were talking about a late night talk show … and then I realized this was Pepys talking about THE Colbert and his out of date fashion sense. I think … for real? Pepys met Colbert (1619-1683) … Wow. twitter.com/samuelpepys/st…

Other than fighting financial crises (which was more contentious) War on Terror was by far the largest collective project of America’s elite over last 20 years. Chartbook #34 takes stock on how we might bring a critical economics to bear on this history. adamtooze.substack.com/p/chartbook-34… https://t.co/1c6v1LfzTu

@cbeyzad @t0nyyates Its a spectrum certainly. Crucially depends on what currency you borrow in etc etc. No reason to re-litigate that here.

RT @buitengebieden_: This guys dream was to ride in a Lamborghini. I thought the driver was annoyed but he’s fighting tears.. 🥺 🎥 IG: an…

@eric_weinberger Dont deny it. This is an exercise in getting our own heads clear.

@t0nyyates Absolutely d’accord. It is a point I make in the post. The problem is starting from that assumption as Stiglitz et al did.

How do we formulate a critique of War on Terror spending that does not take us back to the householder fallacy? I was so possessed by this question yesterday that I wrote Chartbook #34 in a rush. A consistent MMT/Keynesian view requires POLITICS! adamtooze.substack.com/p/chartbook-34… twitter.com/adam_tooze/sta…

Wanna worry about inflation? Look to the big EM: Brazil consumer prices are 9% higher. In Russia inflation is 6.5%. In India, above 6%. Poses major dilemma as their recovery from severe hit in 2020 is fragile and slow. economist.com/finance-and-ec… https://t.co/hg6EEjGZB0

@mirell1993 Just quoting @TheEconomist who are invoking the Goldman Sachs index. Struck me as kinda amazing too.

Chartbook #34 How we paid for the War on Terror, by @adam_tooze Gotta say I really care about this one. Crucial line of argument on politics and Keynesian macroeconomics. With thanks to @StephanieKelton @NathanTankus @JWMason1 adamtooze.substack.com/p/chartbook-34…

China’s lockdown stringency to fight Delta is now at the same level as in April 2020! And it is showing in a slowdown in the economy. economist.com/finance-and-ec… https://t.co/FNl66J1dL0

Drought almost seems too puny a word to describe the water scarcity that the south-west is experiencing. “In some ways drought implies that it’s ephemeral,” says Kristen Averyt, Nevada’s climate policy co-ordinator. economist.com/united-states/… https://t.co/qTGlJgyp5z

Locals call it the “bathtub ring”. A white strip more than 150 feet tall encircles the turquoise surface of Lake Mead, America’s largest reservoir, showing visitors how high the water once was, and how low it has fallen. economist.com/united-states/… https://t.co/uWm5fRcZ62

Whether it is the influence of Robert Parker or the climate, the rising alcohol content of red wines is human-induced! @JudithREvans et al ft.com/content/ea95c4… https://t.co/2BzTwQdHUm

A US Army Chinook helicopter flight engineer sits on the ramp during a training exercise at Bagram Airfield, Afghanistan © US AIr Force/Tech Sgt Gregory Brook/Reuters What an amazing image! https://t.co/JgPJoMFR9k

"Each moment in history has its own “structure of feeling”, as the Raymond Williams put it. I try to imagine that shift in feeling, but it’s very hard to do because the present structure shapes future peculations.” Love this by Kim Stanley Robinson ft.com/content/ff94df… https://t.co/vHY4Vq36WN

@HawkeyeSoames @NathanTankus Sorry. I know. Not in my name in 2003. Was out of characters 🙁

@glw1954 Thank you.

@RassBariaw Oh I admire him hugely. But it does rather confirm the point commonly made about the MIT "new Keynesians".

@georgeeaton @NathanTankus Not too much sign of that in the Pentagon budget so far, is there?

@CantillonRuurd @NathanTankus Folks like Snowden in the interwar British Labour Party certainly didn’t think so. The gold standard wasn’t just a discipline on socialists! Militarists are the real big spenders.

@MarkVinPaul @NathanTankus @StephanieKelton @JWMason1 But the horrible thing is that we have mechanisms for collective active for war. But we don’t for green action -> the opportunity cost is largely imaginary or utopian.

@NathanTankus @MarkVinPaul @StephanieKelton @JWMason1 It should be on productivity, wellbeing, inequality and inequalities of power i.e military-industrial complex.

Its telling that WWII (the good war) taught us functional finance. But when it came to criticizing TEERRIBLE Wars on Terror, the left reverts to “crowding out”, adding up “cost” and “affordability”! Something similar after WWI. Disarmers in 1920s were often fiscal hawks. https://t.co/3Bvb8IDorm

The problem with trillions of spending on War on Terror is NOT that we couldn’t "afford it", or that it “crowded out" other things, but that THIS is all we could agree to use our monetary sovereignty to fund. War! (… plus fighting financial crises). H/t @NathanTankus

@NathanTankus @tamaranopper PRECISELY

@NathanTankus @StephanieKelton @JWMason1 PHEW … truly Nathan I cant tell you what a relief that is. I have been suffering from some serious cognitive dissonance.

Reading critical accounts of the money spent on War on Terror e.g. Stiglitz and Bilmes I am torn. I want to agree politically, but economic analysis is so heavily based on "crowding-out" I can’t get behind it. @StephanieKelton @JWMason1 @NathanTankus ever had same experience? https://t.co/XPci79CBOr

RT @acambridgediary: It's clear that most people would like to see a photograph from the King's College Meadow Harvest for August in the #2…

RT @ClimateBen: Media never explain a basic reality: we're heading for >450 ppm of atmospheric CO2 and horrific 1.5°C-2°C of global warming…

@70sBachchan That’s what I had in mind. There is a good Hannah Arendt line about this in Eichmann in Jerusalem.

RT @clarissaward: Soldiers by the runway at Kabul airport tell me that there are 10,000 people here processed and ready to go… but nowhere…

RT @policytensor: Latour and Schmitt, America and China, war and diplomacy in this extraordinary meditation by @adam_tooze. https://t.co/JD…

@dkedrosky @genedide Milward was my PhD supervisor. He did see early drafts of the Wages argument and, unusually for him, actually gave his approval 😉

Been called a few things, but “puck of discourse” may take the biscuit. twitter.com/cityatlas/stat…