ADAM TOOZE

Replying to politico-journalistic misuse of false memory of Gilets Jaunes around EU climate policy I wrote Chartbook #27. adamtooze.substack.com/p/chartbook-ne… For a reasoned argument about merits of ETS for domestic heating read this by @cml_defard @DelorsInstitute institutdelors.eu/wp-content/upl… https://t.co/f2yNyZyIHh

In this podcast with @alexdoherty7 @poltheoryother @meadwaj is excellent on needing to think neoliberalism not just as (1) ideas, but also (2) practices of government and their history. In Shutdown I add (3) class/inequality and (4) US hegemony as definitional of neolib. twitter.com/davies_will/st…

@AdrianHiel @ThPellerin @EPOV_EU @DelorsInstitute Worth bearing in mind national differences here. France has been already since the interwar period far more dependent on cars for mobility, especially in rural and suburban areas. At least that is historians lore. Would be great to have data.

And within that 6-7 year timeframe we expect affordable EV production to have been ramped up to scale don’t we? @juliepolie twitter.com/andreasgraf/st…

Agreed. This is an absolutely great discussion. I would like to embroider her and there. But I love the general drift of @meadwaj analysis. twitter.com/davies_will/st…

@juliepolie @ThPellerin @cml_defard @transenv Fair …. But given the timelines involved there is no reason not to start discussing both asap. Or do you disagree with that?

If EU is going to end sale of internal combustion vehicles by 2030s, we are agreed that EU won’t be exporting them to US, right? And EU-owned firms aren’t going to be making them in the US in 2030s? There could be a US-EU deal on this, right? @alanbeattie @andreasgraf @juliepolie https://t.co/chkBsi8Ydf

Bank loans against gold jewellery, India’s most traditional way of saving, jumped last year. But by how much? @TheEconomist says 82% economist.com/asia/2021/07/1… S&P says it is 225% what gives? spglobal.com/marketintellig… https://t.co/rxoedIQiam

@andreasgraf @ThPellerin @EU_Commission PRECISELY!

@ThPellerin @AdrianHiel @EPOV_EU @DelorsInstitute To get from 5% to 22 m you are ratio-ing up from workforce to entire EU population? By way of household budgets?

Hirano v. MIzuno, the ex chair and ex CIO of Japan’s public pension fund, the largest in world at $1.7trn, spar over its pioneering role in ESG investment and how far it should go. Fascinating backstory. ft.com/content/5074ec… https://t.co/BvHA9aJdz5

@ThPellerin @cml_defard @transenv @juliepolie Of course. But it is a capital stock that churns much more quickly than buildings and is produced in a much more centralized way.

“Peering at South Africa’s economic statistics verges on voyeurism. The unemployment rate, 33% in the first quarter of 2021, is the highest on record, perhaps the highest in the world.” economist.com/middle-east-an… https://t.co/Uy6Xd6z40e

@ThPellerin I find your arguments and those of @cml_defard on buildings very convincing. Would you make the same case for petrol/diesel? Have you got a paper on the pros and cons there coming out too?

@ThPellerin @EPOV_EU @DelorsInstitute So I guess the next question is what is the likely timeline on reaching 100euro/TCO2? Depends on markets. What do markets expect? We can presumably infer that from ETS futures.

@ThPellerin @EPOV_EU @DelorsInstitute There is also a question, isnt there, of whether you want to offset the entire effect on poor households or just the bit that is regressive i.e. the share that is above the tax rate paid by the better off folks.

For an excellent critical examination of the merits of ETS for residential buildings that works entirely without dreaded Gilets Jaunes boogeymen check out this @DelorsInstitute paper by @cml_defard h/t @ThPellerin institutdelors.eu/wp-content/upl… https://t.co/WHKTNz0b6V

@ThPellerin Given how you react to my post, which was about misuse of history (by politicians and journs) with regard to 2018/9 Gilets Jaunes, I can’t help wondering whether perhaps they are not spooking through your thinking too, even if not explicitly mentioned in your excellent report.

@ThPellerin Hi Thomas just skimmed through the @DelorsInstitute paper on issues with an ETS on residential buildings. I think on balance you make a compelling case despite occasional cherry picking (250 per ton :)!) and you do so entirely without invoking Gilets Jaunes boogeyman.

@ThPellerin @EPOV_EU @DelorsInstitute Yeah … sorry I missed your qualification. Its early here 5.58 am 🙁 4800 euros per capita over 7 years would cover the increased fuel bill would it not? 685 euros per year?

@ThPellerin @EU_Commission Hi Thomas thank you for this outstanding thread. You make great points. If only the objections to the Commission proposal had been formulated in these terms, writing the piece would not have seemed so necessary ….

Initial jobless claims remain stubbornly high relative to pre-pandemic levels. In any other situation it would be a disaster. @OxfordEconomics via @SoberLook thedailyshot.com/2021/07/23/us-… https://t.co/Z73KZ03XoU

RT @ForeignPolicy: The dollar is a bit like democracy: It is the worst global currency, except for all the others, @adam_tooze writes. http…

@Zwijgerspreekt Thank you!

RT @hugobertin12: @adam_tooze: "El ascenso de China ha deshecho cualquier supuesto de que el progreso social y económico conduzca naturalme…

@gideonrachman @gbrew24 @JeremyCliffe Ive no doubt about that!

For those interested in Japan’s wars in the 1930s and 1940s there is remarkably interesting material on this facebook site. twitter.com/TrentTelenko/s…

Not just in the US: across OECD, real disposable income per person rose by 3% in 2020 even as gdp tanked. Government spending on extra benefits and cash transfers, which came to 2.3% of rich countries’ gdp, made up much of the difference. economist.com/finance-and-ec… https://t.co/sOuPbMNc8Y

For most of BofE’s history it was a manager of gov debt. In 1997, with cb “independence", function was hived off to newly created Debt Management Office (dmo). Now thanks to QE BofE owns 1/3 of debt -> boundaries blurred again. Nice one @DuncanWeldon economist.com/finance-and-ec… https://t.co/2gUZtO5KMl

Delta droop? Treasury yields drop off, as does "consumer comfort" in the US. economist.com/finance-and-ec… https://t.co/lLkDwQzVWa

Offshore wind farms that are anchored to seabed are limited to waters shallower than about 60 metres. However 80% of world’s offshore wind blows over places deeper than that -> what we need are floating wind farms. Next problem: how to maintain them. economist.com/science-and-te… https://t.co/3iMMuVJ8bo

Bitcoin is touted as the ultimate hedge against the hazards of fiat money, but when inflation anxiety surged in early 2021 bitcoin was not an effective hedge, unlike gold! thedailyshot.com/2021/07/23/us-… https://t.co/7AmtJFPkXA

As a teenager, born in “new China” under the red flag, he had been a Red Guard, struggling gamely to enforce a traffic edict in Shanghai that revolutionary red meant “Go”, not “Stop” – the story of one of China’s original speculators. economist.com/obituary/2021/… https://t.co/341NwytWNZ

With the capacity to produce over 700,000 vehicles per year, Morocco has successfully positioned itself to become the hub of an Africa-to-Europe, automotive manufacturing value chain. @michaeltanchum mei.edu/publications/m… https://t.co/TeRYLf65JD

Initial jobless claims remain stubbornly high relative to pre-pandemic levels. In any other situation it would be a disaster. @OxfordEconomics via @SoberLook thedailyshot.com/2021/07/23/us-… https://t.co/DPtCy8KDwN

"STMicroelectronics, one of Europe's leading semiconductor manufacturers, will very shortly inaugurate a new production line in Morocco to manufacture electronic chips for American electric car pioneer Tesla." @michaeltanchum mei.edu/publications/m… https://t.co/VNupWsvs4M