ADAM TOOZE

RT @MMKavanagh: Our new piece @ForeignPolicy on democratizing vaccine production. G7 leaders struggling to address lack of #VaccinEquity bu…

"The ECB “can and must react against” any unwarranted rise in bond yields” Whereas Yardeni once imagined bond vigilantes restoring financial order, today central banks judge & police the markets. Chartbook Newsletter #14 digs into the bond vigilante myth bloomberg.com/news/articles/… https://t.co/tmw2i1hQRp

Of 49m online brokerage accounts in the US, 13m opened in 2020, according to calculations by Scott Rubner of Goldman Sachs. The week after stimulus checks went out in April, trading by middle-class Americans soared. ft.com/content/ed6f88… https://t.co/sMdeWNb02i

A bitcoin ATM in a store in New York I have to admit I did not know this was a thing! Apparently there are 9000 across the US. 23% are bidirectional. The transaction fee is 16%! They must be loaded with cash right now. ft.com/content/7ac6c3… https://t.co/nLC6h2RDV6

A cryptocurrency mining farm in Norilsk, Russia © Andrey Rudakov/Bloomberg https://t.co/gcl0KaNUza

RT @itamarcaspi: פוסט מעולה. פרספקטיבה היסטורית על מה שמכונה bond vigilantes (איך לתרגם לעברית??) ומה אפשר ללמוד מזה על המצב היום בשוק האג"…

"If you consider institutional flows into bitcoin as a form of ideologically-motivated divestment from fiat you can see they’re worth paying attention to.” This piece by @izakaminska is fascinating! ft.com/content/0a6507… https://t.co/pU1A9qPp8A

Was 2020 the year when bitcoin became an institutional asset? Asks @izakaminska "When established norms are in flux, everything becomes a matter of perspective and it would be irresponsible for fiduciary agents to bet on only one horse." ft.com/content/0a6507… https://t.co/MRekImrnNx

Are hackers the Vikings of the new Danegeld? @izakaminska If tax is what makes fiat money into a store of value, is ransom ware effectively creating a backstop for bitcoin? There are some bills you can only pay in crypto. ft.com/content/0a6507… https://t.co/9fJajy945o

RT @HarrisSamaras: The "bond vigilantes" and Central Banking and #politicization by @adam_tooze. An interesting read. https://t.co/cgfDbcYy…

The scale of US fiscal stimulus in 2020-21 compared to 2019 is staggering. @BudgetHawks via @SoberLook https://t.co/7VGq75sQ8X

Jan 2021 was another month in which huge payments from gov boosted disposable incomes in the US whilst income from private sources actually declined. thedailyshot.com/2021/03/01/us-… https://t.co/qwXhkP2Q1m

RT @AnnPettifor: Really interesting piece by Adam Tooze…on the real power of central banks…Chartbook Newsletter #14 by @adam_tooze http…

RT @tyillc: @AnnPettifor @adam_tooze The term "Bond Vigilantes" provided a useful narrative to provide political cover for a series of what…

Rapid rollout of vaccines in the US has led to huge fall in COVID hospital admission for older Americans = key to flattening the curve. bloomberg.com/news/articles/… https://t.co/ntykmVRMap

Avoding a slump in lending to business was one of success of ECB policy in 2020. But was it enough? Chartbook Newsletter #13 argued for more stimulus for the ailing Eurozone economy. Sign up here: adamtooze.substack.com/p/chartbook-ne… https://t.co/6h31YTKeLy

After Lagarde’s “We are not here to close spreads” moment the ECB had to heavily weight its pandemic bond purchases towards Italy. Since Aug 2020 no longer so much. But what happens when the markets began to factor in end of PEPP in Mar 2022? @CGemehl at @Gavekal https://t.co/PRgAX4mZjc

Burning fossil fuels in a perverse effort to escape a fiat money world. Bitcoin unleashed in January 2009 truly is a sign of its times. bbc.com/news/technolog… https://t.co/SdoHtfTxzK

China’s long housing boom hit a plateau in 2018. And Beijing is probably quite content with that. But what does a slowing of construction boom do to wider economic structure? Asks @andrewbatson at @Gavekal https://t.co/Q4HVO6ZuWt

@jonworth @robfordmancs @ProfChalmers Totally ok. This stuff gets hectic .

@jonworth @robfordmancs @ProfChalmers It was always my assumption that this was due to state failure at various levels. I have ZERO stake in the acceptance battles.

@jonworth I never said or even implied any such thing.

Over last half century China has seen industrial growth as never before in history. BUT peak level of manuf in GDP was actually reached in 1980 before reforms really kicked in! Services have offset ag decline in gigantic growth boom. Crucial graph from @andrewbatson at @Gavekal https://t.co/8h1gDUxvCt

@jonworth @markhayo @pagaman Im not saying this is an acceptance issue. No doubt the sources of the failure are complex. But it is a failure. This is a situation in which time is of essence. Not getting vaccines in arms at maximum rate every day round the clock is a failure.

Over the half century btw 1970 and 2020 the UK’s rate of deindustrialization was the most dramatic amongst advanced economies. From fascinating piece by @andrewbatson at @Gavekal on China’s new efforts to resist deindustrialization. https://t.co/lRFyaiQ1i8

During Covid takeout and food delivery imposed a terrible cost: "One study of California found that line cooks are the highest-risk occupation for dying of COVID-19.” This by Zeynap Tufekci is worth your time h/t @ediecontooze theatlantic.com/ideas/archive/… https://t.co/Y2wnJ8xHWw

Ozzie vigilantes turned tail fast when Reserve Bank announced new bond purchases. Were bond vigilantes ever all that they were cracked up to be? Chartbook Newsletter #14 explores legendary bond market massacre of 1994 a founding moment of the b.v. myth. adamtooze.substack.com/p/chartbook-ne… https://t.co/8IbWBXYAWh

To spray or not to spray. How Colombia came to account for 70% of total global cocaine production. Fascinating long read by @gideon_long ft.com/content/03b032… https://t.co/B1H3oaXzY2

One novel and underreported feature of Fed bond market intervention in 2020 is that it bought a lot of inflation-protected TIPS, raising its share of market at a staggering rate from 8 to 20.4%. @Gavekal Has anyone written on this? https://t.co/tP4C8NWB9z

RT @BJMbraun: This, but in 2021: Macron: "There is no reason why the policy of the state should be at the mercy of the bond market." Draghi…

Putting the recent upsurge in US Treasury yields in perspective. @Gavekal Talk of bond vigilantes relies on a largely mythic history as far as the US is concerned. Or at least so argues Chartbook Newsletter #14. Sign up here: adamtooze.substack.com/p/chartbook-ne… https://t.co/WTu1xdEONA

One Colombian study estimated that to effectively kill 1ha of coca by aerial spraying, you must spray 32. Another calculated the cost of doing that at $57,000 — a high price to pay to destroy a patch of coca not much bigger than a football pitch. ft.com/content/03b032… https://t.co/hkWHZD8E8C

RT @bopinion: Walmart’s audacious move to poach Goldman bankers for its fintech unit shows it’s ready for a fight trib.al/ttxuNu9

RT @TheStalwart: I still don't really get the problem. Still seems like all the Fed needs to do is reiterate its current position: No chang…

US inflation expectations in the 2.3-2.5% range have snapped back so hard they are now somewhat above the recent average. @Gavekal https://t.co/35nwIqOptL

Spain is in deflation French consumption falling Retail sales in NL collapsing Is it time for EU policymakers to do more? Yes it is! Chartbook Newsletter #13 lays out data from @RobinBrooksIIF @ErikFossing and others to make the case. Sign up here: adamtooze.substack.com/p/chartbook-ne… https://t.co/1mVKK6nB11