ADAM TOOZE

Clean electricity by the 2030s is an emerging trans-Atlantic consensus. EU and UK have at least some experience with the kind of renewable build out that will be necessary. For the US, a HUGE step up is required. Essential this by @EmberClimate @CKRosslowe ember-climate.org/wp-content/upl… https://t.co/fq6c1gMQ7x

"U.S. has an excess cost problem in health care, child care and construction. These are exactly the two biggest sectors that Biden wants to pump money into”. V. late to party but this by @Noahpinion on Bidenomics is really illuminating. noahpinion.substack.com/p/bidenomics-e… https://t.co/k6zZAUlUpc

"An ‘unspoken consensus’ is revealed between the UK, EU and US that a clean electricity supply in the 2030s is crucial for net-zero by 2050.” This new report by @CKRosslowe @EmberClimate is essential reading. ember-climate.org/wp-content/upl… https://t.co/lYzvHTaNjV

$10.9 trillion = cumulative loss in output in the U.S. nonfarm business sector due to the labor productivity slowdown since 2005 = $95,000 in output per worker. @BLS_gov H/t @MESandbu bls.gov/opub/mlr/2021/… https://t.co/SjmPT8Cxxv

INVENTING THE ENDLESS FRONTIER: WWII R&D spending by America’s OSRD had a significant postwar effect in reinforcing existing research clusters and accelerating patenting. Gross and Sampat 2000 H/t @Noahpinion nber.org/system/files/w… https://t.co/OCAEfOVMa2

Given that technology is so often invoked as the solution to problems apparently insoluble by politics, you would think that rich countries like the US would devote more and more public funds to R&D. Not so! cep.lse.ac.uk/pubs/download/… https://t.co/XzKwCxaXqV

US investment surged ahead of expectation in 2017. The reason? Not tax cuts, but aggregated demand. According to @IMFNews researchers. Kopp et al. 2019. imf.org/en/Publication… https://t.co/scw7eAc4u3

US household bank deposits are almost $3 trillion above trend. Thats a lot of pent-up demand! H/t @SoberLook thedailyshot.com/2021/04/22/the… https://t.co/ETm7n5N5tQ

Germany’s auto-complex is pushing back. "Climate action should be about end of fossil fuels not internal combustion engine”. Jobs, hydrogen, synthetic fuels, super clean engines are the schticks. @JoeMillerJr reporting on Bosch. ft.com/content/e4b2a3… https://t.co/usAj93Nt85

1% of population emigrates from the “northern triangle” of Guatemala, El Salvador and Honduras every year! @FT suggests that USMCA membership might be a way of driving growth and offering better life chances at home. Convincing? At their income level? ft.com/content/9e950f… https://t.co/UZiD1W85ve

Pet Food Test #2: "The Biden administration’s answer to Central America’s woes is a major initiative to tackle the root causes of migration, backed by $4bn of aid.” Is $4bn a “major” anything? How much do Americans spend on pet food and treats? $35bn .. ft.com/content/9e950f… https://t.co/qNnJyNU1pz

We can revive productivity growth. Typically helpful review of recent research by @MESandbu ft.com/content/bed353… https://t.co/oTxkx5rrIx

Mothers in low-income households in America suffered the most serious hit to labour market participation in 2020. frbsf.org/economic-resea… https://t.co/AkToGR5gpS

On trophy trees: An olive tree imported from Tuscany, Italy, is lowered into the courtyard of the $65 million Beverly Hills spec house being built by developer Michael Chen. @KathyClarkeNYC on the grotesque world of high-end tree brokerage. H/t @ritholtz wsj.com/articles/the-n… https://t.co/7zHeOVwisF

Chad, France’s main anchor in the Sahel region, ranks 187 out of 189 on the UN’s human development index. If Déby "was a warrior, he was not good at combating human misery." Recommend these two pieces by @neiLmunshi @davidpilling ft.com/content/a12d44… ft.com/content/726974… https://t.co/wqQBy2b3xL

EM borrowing through eurobonds — debt issued overseas, mostly in dollars, euros and yen — reached a new quarterly peak of $191bn in early 2021. But COVID, data taper and maturity walls pose risks. ft.com/content/476054… https://t.co/UYIqiC0XWv

K-shaped recovery: Whereas employment of high-waged American is up almost 9% yoy, those earning < $15 are still 14% down! frbsf.org/economic-resea… https://t.co/j6C1SXkKJh

Apparently everyone wants carbon prices now! ft.com/content/3ea3e9… https://t.co/fzAuPckL9c

RT @lucasguttenberg: 🇩🇪 has formally ratified the Own-Resources Decision. twitter.com/HendrikKafsack…

RT @70sBachchan: Biden's $10B pa for Amtrak won't "catapult the US into an age of hi-speed rail travel to match that pioneered by Japan & C…

EU has declared carbon border adjustment indispensable. But US is skeptical. Brazil, South Africa, India, China “have said some pretty fierce things” too. Can preferences be offered to lowest income countries? @alanbeattie ft.com/content/7e125b… https://t.co/5pORVZLWC9

Over the past decade, US CapEx has deviated by $ 2 trillion from the historical trend, becoming a drag on productivity. @PantheonMacro Via @SoberLook thedailyshot.com/2021/04/22/the… https://t.co/ibEFmJ8Vbp

Biden opens US climate summit with green union jobs pitch … the US president did not specifically address other foreign leaders in attendance .. he painted a vision of US competitiveness based around clean energy … global climate policy as super league? ft.com/content/3ea3e9… https://t.co/CYNDj7DSue

@policytensor You saw @JeremyCliffe on Baerbock? Personality-driven but telling.

“Phase II trial of vaccine against malaria indicated it was 77% effective — far better than existing shots for preventing one of the world’s most deadly diseases – which infected 229 m in 2019 and killed 400k.” Serum ready to mass produce. @hannahkuchler ft.com/content/4f934a… https://t.co/htH5HuiBRe

128 or should that be $165bn? Turkish opposition asking the key question. When a central bank does ruinously expensive and futile fx interventions who benefits? ft.com/content/dee218… https://t.co/SrSQProdtd

US household bank deposits are almost $3 trillion above trend. Thats a lot of pent-up demand! H/t @SoberLook thedailyshot.com/2021/04/22/the… https://t.co/YNTg0Zax7K

Since China slashed imports of rich-country trash, Turkey has emerged as the EU’s main dumping ground. ft.com/content/65666a… https://t.co/Et2vo1EOgT

Asia to Europe freight rates remain at levels three times those pre-vaccine in Oct 2020. Ever Given didn’t help! ft.com/content/7e125b… https://t.co/zVicll3LrC

“The EU taxonomy law was supposed to be the gold standard of sustainable finance.” "Unfortunately this process got out of control due to intense pressure from national interests, including member state governments and MEPs.” @MehreenKhn NGOs walk out! ft.com/content/25177f… https://t.co/woqwsuZYCK

"Russia announced this week that it will withdraw from the $150bn International Space Station in 2025, bringing to a close a remarkable period of international co-operation that dates back in its planning to perestroika period at the end of the cold war.” ft.com/content/5b20b4… https://t.co/7LzCrma318

Leading contract chipmaker Taiwan Semiconductor Manufacturing Co. has been using water trucks like these to help it weather the worst drought in Taiwan in 50 years. asia.nikkei.com/Business/Tech/… https://t.co/kJOEZbUACR

“PBoC wants Ant to turn over its data, one of the most valuable assets in Ma’s internet empire, to a state-controlled credit scoring company that would be run by former executives of the central bank” Sun You @tmitchpk ft.com/content/1dbc62… https://t.co/Vn3jGhZQ6Y

$35 billion p.a.: You want to know whether the US is serious about something … apply the pet food test! twitter.com/michaeljswalke…

Biden’s vaccine triumph is a triumph for a policy of "America First". Unlike Trump, it doesn’t trumpet that fact, but it is all the more effective on that account. EU has exported five times more vaccine doses to America’s NAFTA “partners" Mexico&Canada than the US has. twitter.com/DaveKeating/st…

"JPMorgan Chase has apologised for backing the European football Super League that collapsed this week following an outcry from fans, politicians, teams & players.” This is v revealing about connections btw JPMorgan & sport biz. @SamuelAgini @ArashMassoudi ft.com/content/bc927e… https://t.co/z9OUbRmYGb