ADAM TOOZE

Underappreciated fact about China’s political economy. Between 1937 and 1949 it suffered a hyperinflation worse than that of Weimar Republic. One of CCP’s key claims to legitimacy is price stability. Chartbook Newsletter #26 on China’s hyperinflation. adamtooze.substack.com/p/chartbook-ne… https://t.co/gVx1ZrGHrG

Why is Beijing so conservative when it comes to inflation? It’s a legacy of the civil war period. Chartbook Newsletter #26 on China’s 1937-1949 hyperinflation. adamtooze.substack.com/p/chartbook-ne… https://t.co/fN5PSoMZFl

Chartbook Newsletter #26 On China’s hyperinflation of 1937-1949 just dropped. adamtooze.substack.com/p/chartbook-ne… https://t.co/T37w1bXWco

"U.S. Treasury Sec Janet Yellen signaled she’ll prod multilateral development banks to rein in their lending for fossil fuels, part of a global effort to make the financial system greener.” Great but will she take a similarly robust approach to JP Morgan? bloomberg.com/news/articles/… https://t.co/LDR8XxiQY8

Idea of "working-class red wall is an ideological concoction that benefits Labour’s enemies. It makes little sociological or psephological sense. The fragment of the past it reflects is one of Tory working classes” MUST read by @DEHEdgerton on UK Labour theguardian.com/commentisfree/… https://t.co/ToSl19aqkE

"Labour’s ‘Buy British’ policy isn’t nostalgia – it’s a smart response to new realities”. Biden, Xi, and UK’s former European partners all do it. Is it the end of “neoliberalism”. This discussion by @meadwaj is thought-provoking. theguardian.com/commentisfree/… https://t.co/NO7EU7AgHI

"the belief that working-class people traditionally voted Labour has only been true (and barely so) for a mere 25 years of British history, and a long time ago.” Only in period 1945-70 did slim majority of British working class vote Labour. @DEHEdgerton theguardian.com/commentisfree/… https://t.co/9GWMmyWtwB

“UK was consistently among lowest spenders of permissible state aid in EU. In 2018 France spent double UK’s figure and Germany six times as much, and their governments were prepared to challenge European Commission decisions on this spending.” @meadwaj theguardian.com/commentisfree/… https://t.co/ltt9T4kF4D

A number of carefully controlled studies show that domestic abuse spikes in England when the national team lose. fullfact.org/crime/world-cu… https://t.co/WZlCLys6AE

RT @janmpdx: J. W. von Goethe's study as he left it. Francis Bacon's studio as he left it. https://t.co/spxWGgiaUm

RT @toddntucker: The US now has a significant trade deficit in many major categories of auto parts. https://t.co/Uhum8mx1fK

RT @toddntucker: The net result of foreign-owned US production, increases from NAFTA imports, and a more or less steady share of imports fr…

RT @toddntucker: Several things have changed. One, the ownership structure in US production has shifted away from US-owned to foreign-own…

Some anniversary: Humanitarian agencies calculate that a South Sudanese girl is more likely to die in childbirth than to complete secondary school. economist.com/middle-east-an… https://t.co/KObc98f7zl

Cannabis is grown on 73,000 ha of land in Morocco, mainly in Rif mountains where it key to an impoverished economy in once rebellious region. economist.com/middle-east-an… https://t.co/mqv0TJuaRF

Since 2019 Iran has accumulated 3,000kg of uranium enriched up to 5% purity, enough for several bombs if enriched further. Over 70kg is now also enriched to over 20%, which is most of the way to weapons-grade. It has also experimented with uranium metal. economist.com/middle-east-an… https://t.co/fAjWbf85Bj

"On July 3rd a Vatican judge sent ten people, including a cardinal, Angelo Becciu, for trial on charges including embezzlement, abuse of office, extortion and fraud.” The case involves extortion, a kidnapped nun, and huge spending at Prada! economist.com/europe/2021/07… https://t.co/aTNsah0GXx

"Throat surgery is known by a newly popular acronym: it is an AGP, or Aerosol-Generating Procedure.” economist.com/britain/2021/0… https://t.co/POeCDS5uSM

Britain’s car industry is finding Brexit far less of a problem than expected Dollops of government cash are a big part of the reason Interesting this! economist.com/britain/2021/0… https://t.co/QAO5fPIJqO

Population of all prison inmates worldwide rose by 20%, to 10.4m, 2000-15. Btw 2000 and 2014 numbers serving life sentences rose by 84%, to 479,000. America held 40% of them. More than 80% of those have no prospect of parole. economist.com/international/… https://t.co/JcGOzddCdC

"Just when climate change is making investing in oil unfashionable, shale industry is finally becoming investable.” How? By restricting production even in face of rising oil prices v. Biden admin which calls on low-cost OPEC to increase production! economist.com/business/2021/… https://t.co/pVgOqvkRBy

Airlines total annual losses may hit $48bn in 2021, on top of $126bn in 2020. But there is a wide variety of performance. US and Asia leading recovery. economist.com/business/2021/… https://t.co/KqAS5f0xmE

"on balance, higher inequality makes monetary policy less powerful in stimulating economic activity. Across countries, when inequality is higher, the cumulative impact of a monetary policy easing on consumption is smaller”. C. Borio @BIS_org bis.org/speeches/sp210… https://t.co/htwKEHj8tM

“[I have] seen first-hand the havoc that high inflation can wreak on the poorer segments of society when I grew up in Argentina,” Claudio Borio. Interesting. @BIS_org bis.org/speeches/sp210… https://t.co/MyUX38jy9l

Not just Paris: Iran’s ambassador to the un, asked for “assurances that…the us will not, once again, withdraw from the JCPOA”. American officials say it would be impossible to provide such certainty since Senate balance of power prevents JCPOA becoming a treaty.

The Invention of Sicily A MEDITERRANEAN HISTORY By @JacMackay Looks gorgeous and like perfect summer reading. versobooks.com/books/3793-the… https://t.co/YNv4Y2GUWv

Emiratis & Saudis have vast excess capacity for oil production. With oil end game in sight they are taking different strategies. UAE wants to monetize its reserves v. Saudi who want regulate production & keep prices high -> OPEC is going to get rocky. economist.com/finance-and-ec… https://t.co/6ucqmr6sRB

When you buy gov bonds in exchange for bank reserves at central bank you are replacing long-term with short-term liability on public balance sheet -> 15–45% of public debt in large AE is “in effect overnight” @BIS_org bis.org/publ/arpdf/ar2… https://t.co/0lkDlJsFwr

Which was the first nation to convert its tank fleet to diesel power in the 1930s? Soviet Union, France, Germany? … nope! Japan. Truly fantastic video by @RathsRalf @DasPanzermuseum unfortunately only in German. But this is great technological history! youtube.com/watch?v=dPkxxr… https://t.co/wDTsDl1dYd

Why do children in low income countries not receive more international support for their education from donors? @CGDev cgdev.org/blog/state-glo… https://t.co/O2LHKDvTbe

@RathsRalf @DasPanzermuseum @faznet @dieterjosef @Holger_Nehring Will das Museum umbedingt mal besuchen. Benzin oder Diesel …genial!

Don Rumsfeld’s death coincides within a matter of days with America’s withdrawal from Afghanistan. economist.com/obituary/2021/… https://t.co/2uzVOMm3qA

Since 2000 there has been a sustained increased in aid for global health, but no equivalent increase in education aid. @CGDev cgdev.org/blog/state-glo… https://t.co/XGUgS3xwH6

“signalling” theory of QE: central banks’ balance-sheets influence long-term bond yields not directly but by acting as a marker for future interest rates -> so long as i.r. expectations remained anchored you can slow purchases without tantrum. economist.com/finance-and-ec… https://t.co/ARo2FQBOH0

QE: By the end of this year the combined size of central bank balance sheets will be $28trn—about three-quarters of the market capitalisation of the s& p 500 index of stocks today. economist.com/finance-and-ec… https://t.co/qSk2xcD6pp

Torsion bar v. Leaf spring? Great article on outreach work of @DasPanzermuseum and its Director @RathsRalf in @faznet H/t @dieterjosef @Holger_Nehring zeitung.faz.net/faz/politik/20… https://t.co/V8Yov4BWe0