ADAM TOOZE

RT @ojblanchard1: I have had the same reaction. Dramatic differences between the two. Is pre-tax inequality roughly the same in the US and…

We need summit on inequality measurement and trans-Atlantic difference to resolve this huge difference in results! One says US welfare/tax is problem The other says US economy! @WIL_inequality @OECDeconomy @LauBooneEco @AdamPosen @lucas_chancel @amorygethin @PikettyLeMonde https://t.co/JmcHS4UYIU

@Garsen @Time2Coach Oh I am not sure I would recommend it. Just standard blended-finance fare of 2017 vintage.

@GuyInAfrica @OECDeconomy Of course. I am sure that was crucial work. And no doubt this is a crucial path for state-building. But the blunt way the question is put and the word-choice in German. “Nicht mehr vermittellbar” is truly crass!

The 2017 German Marshall Plan WITH Africa is a trip! Did same people write this who did Greek programs? Why might you think that tax take would be lower in poor countries than rich @OECDeconomy ? Scratches head … because they are poor perhaps? bmz.de/de/mediathek/p… https://t.co/reg3ETOf8q

RT @CarlZha: You’re looking at the future https://t.co/5tvlv2Tr4m

Is problem of US inequality down to tax/welfare or underlying income distribution? Two contrasting views need sorting out URGENTLY! @OECDeconomy @LauBooneEco endorsed @PIIE @AdamPosen piie.com/microsites/how… @WIL_inequality @amorygethin @lucas_chancel wid.world/wp-content/upl… https://t.co/PPwUm6sZ7v

RT @Birdyword: I think it would be difficult to explain to someone looking at this from the Summer that we had the best possible outcome on…

These dudes are NOT military or SWAT! Just “ordinary” Kentuckyians who have put some thought into preparing for civil war … … hanging out at the state Capitol …. with zip ties …. presumably for POW. twitter.com/RedTRaccoon/st…

RT @Mark3Ds: @adam_tooze Note three-bladed props! #Lockheed #C130 from @AndyNetherwood twitter.com/AndyNetherwood… #AvGeek @TheNatlInterest

@michaelxpettis @ExanteData @jnordvig Thanks @michaelxpettis for that very illuminating point. So, if I understand you correctly, you see the monetization/QE debate that took place in China around April/May 2020 as shadow boxing?

America’s extreme levels of inequality are a choice. Not news. But cant say this often enough. 2020/CARES once again confirmed it. Pre-tax/benefits France, Germany, Italy all have inequality at least as bad as the US, if not worse. Post-tax far less! piie.com/microsites/how… https://t.co/oNJSt59bJA

Government funded energy R&D in China is twice that of either Germany or the US relative to GDP. Energizing America Agenda-setting report by @vsiv @ColumbiaUEnergy energypolicy.columbia.edu/sites/default/… https://t.co/hWqXMnvcKf

The problem of decarbonizing the Chinese economy by 2060 is preeminently a problem of regional policy. Carbon-heavy middle-income provinces are facing wrenching structural change. @WorldBank pubdocs.worldbank.org/en/26442160862… https://t.co/7mfSQ1aeRA

Due to toxic combo of flooding and shortfall of rain, about 2.55 m people in Malawi (14% of population) faced high levels of acute food insecurity (IPC Phase 3) and required urgent humanitarian action! @reliefweb reliefweb.int/report/malawi/… https://t.co/DNRfbFrvcf

Since the 1990s subnational government expenditure has been a driver of investment surging to over 20 % of GDP. But revenue remains concentrated at center. @WorldBank pubdocs.worldbank.org/en/26442160862… https://t.co/NOYaLNIpXd

The US energy sector spends a trivial 0.5% of revenue on R&D compared to 14% in Pharma & 11 % in IT. We have seen what they can do. We need a HUGE push in every aspect of energy sector. Important report by @vsiv @ColumbiaUEnergy energypolicy.columbia.edu/sites/default/… https://t.co/5YFuWpWJ7S

"We should increase the dependence of international supply chains on China and establish powerful retaliatory and menacing capabilities against foreign powers that would try to cut supplies,” Xi giving “dual circulation” an offensive spin @jamescrabtree ? asia.nikkei.com/Spotlight/Comm… https://t.co/b0OOJHd6uC

Big ME/SAA telecoms players like Safaricom are corporate success stories that have shaped the private-sector “new Africa” narrative. @CepheusCapital cepheuscapital.com/wp-content/upl… https://t.co/Yc4OTg9vbD

Almost half of China’s 1.4 bn people spend less than US$150 pa on leisure activities. Average leisure spending was US$863 pa but of 12,000 people questioned, 44.4 % – equivalent to 620 million people – said they spend less than 1,000 yuan pa on leisure scmp.com/economy/china-… https://t.co/grwyQBz6hV

Is the age of dithering over? To date (long before Trump) clean energy R&D spending in US (and elsewhere) has been tiny relative to challenge we face. Only $5bn pa! Will we now start ramping it up? @vsiv @ColumbiaUEnergy ask in their important report. energypolicy.columbia.edu/sites/default/… https://t.co/VC9lbJ76l6

In 2018 the investment rates in Ethiopia, Tanzania, Cameroon were all above 30% of GDP without (I think) boosts from huge mining/oil revenues. @CepheusCapital cepheuscapital.com/wp-content/upl… https://t.co/pxV3JAxDfr

In less good news the price of globally traded thermal coal is surging as China’s heavy-industrial demand roars back. Risk is that big mining firms that offload coal will find willing buyers. We need HIGH carbon prices, CBA and regulation. ft.com/content/ceffda… https://t.co/PINXEUSNzm

Which donors/concessionary lenders support Ethiopia? "Total external support includes 33 donors anticipated to provide $1.2bn in budgetary grants and 13 lenders expected to provide $1.4bn in low-interest budgetary loans” @WorldBank by far most important! @CepheusCapital https://t.co/csm204ZDT0

Interest of US firms in China go well beyond exports. Sales of affiliates are four times larger. imf.org/en/Publication… https://t.co/5mPFyG0lww

RT @holdengraber: “Of the three things remain: the certainty that we are always starting, the certainty that we need to continue, the certa…

The moneyinsideout newsletter from @ExanteData is outstanding! Check out this extraordinarily interesting piece about PBoC policy with a huge list of further reading. Thanks @jnordvig Grant Wilson. moneyinsideout.exantedata.com/p/chinas-digit… https://t.co/4jvyNqwBlh

@ExanteData @jnordvig Most welcome. GREAT newsletter. No coincidence that you people are in the same space that the much-missed @Brad_Setser was always in. Truly in-depth digging. MUCH appreciated.

"In 2019 China was still designated as a currency manipulator by the US. Yet a year on, the PBOC is the only major central bank that did not resort to quantitative easing." @ExanteData @jnordvig moneyinsideout.exantedata.com/p/chinas-digit… https://t.co/MjyI7j6s4D

The dysfunction in Treasury markets in March 2020 was quite general. This is South African Bid-offerer spreads (left panel) and daily trading ranges (right panel) for selected government bonds resbank.co.za/content/dam/sa… https://t.co/dYXCXcnu1u

Samsung Electronics looks set to invest more than $30 bn in its semiconductor operations Pyeongtaek main campus near Seoul, where the company plans to install state-of-the-art equipment for memory chips and foundry production asia.nikkei.com/Business/Techn… https://t.co/filF53dXbV

How comprehensive is broadband access across the US? FCC data suggests there is good coverage. Microsoft data is much less optimistic: In Nov 2019, c. 157 m weren’t using internet at broadband speeds of 25 megabits per second = 1/2 population. bloomberg.com/opinion/articl… https://t.co/crrkp49HMN

South Africa is one of the largest emitters of carbon per unit of output in the world. Devising a just transition for S Africa is a key challenge! resbank.co.za/content/dam/sa… https://t.co/oFkOq8IFrZ

Since 2000, Chinese companies have raised more than $140bn through share sales on US shores ft.com/content/26d50e… https://t.co/ZFVfUXI1D7

"According to @IIF global debt has surged by over $15tn since 2019, hitting a record of more than $272tn in the third quarter of 2020. It expects that figure to rise to $277tn by the end of 2020, equivalent to 365 % of GDP” Plender ft.com/content/91efe8… https://t.co/7QKharpVsQ

“Interconnectedness between the financial sector and the sovereign has emerged as a major threat to financial stability in South Africa.” Warned South Africa’s central bank, back in Nov. Local currency sov debt ends up on financial sector balance sheets. bloomberg.com/news/articles/… https://t.co/3q3DeL8msE