ADAM TOOZE

RT @BCoeure: The @FinStbBoard just published a trove of new data on non-bank financial intermediation (“NBFI”, formerly known as “market-ba…

RT @tedfertik: Volcker breaking the US labor movement. @adam_tooze @gabrielwinant. Reading mike Davis on this for first time in a long time…

RT @Jderbyshire: This is a great opportunity for someone twitter.com/sameerahim/sta…

"world’s 3,000 most valuable listed non-financial firms are holding $7.6trn in cash, up from $5.7trn last year. Even if you exclude the cash-rich technology giants, corporate balance-sheets are brimming with liquidity.” What will they do with it? economist.com/business/2020/… https://t.co/hTRl77hT9c

“Original spark that lit capital markets on fire in 2020 was $6.25bn in debt and equity that Carnival Cruise Lines secured in April. Investors reasoned: cruises will one day set sail again—by which time some of Carnival’s flimsier rivals will have sunk.” economist.com/business/2020/… https://t.co/0UI9JFXysv

"In 2020 world’s non-financial firms raised $3.6trn in funds from public investors. IG and HY bonds set records, of $2.4trn and $426bn, respectively. So did the $538bn in secondary stock sales by listed firms, up 70% over 2019." Thanks to central banks! economist.com/business/2020/… https://t.co/oAwp2Xs0W8

Map of planned (purple), under construction (fuschia), new (orange) and operating (yellow) coal plants in Africa and the Middle East. Bubbles sized according to capacity. Adapted from Carbon Brief’s coal map. carbonbrief.org/the-carbon-bri… https://t.co/Pq0YANgyD8

"Right now, for people around the world, it is almost impossible to imagine U.S. policies and institutions as worthy of emulation … the United States can compete effectively with China only through fundamental reform at home.” Arne Westad. foreignaffairs.com/articles/china… https://t.co/RpnXM6Ximq

"The United States Is Not Entitled to Lead the World" foreignaffairs.com/articles/world… "A Democracy Summit Is Not What the Doctor Ordered America, Heal Thyself" foreignaffairs.com/articles/2020-… I like @JimGoldgeier @BWJ777 line in @ForeignAffairs right now! https://t.co/KS2jnDhNXk

Chinese and US manufacturing output are closely correlated. IN part directly linked through supply chains. In part common factors driving both. @PantheonMacro via @SoberLook https://t.co/sb0SBwaYlB

"Wind and solar are intrinsically deflationary, whereas fossil fuels are intrinsically inflationary. This has huge implications for the distribution of value across the global energy system over the next three decades.“ ft.com/content/f2a27d… https://t.co/HtR9qnNNdB

Now Trump is on way out, Goldman joins Bridgewater bandwagon in talking up China investment: “once in a generation opportunity” Recognizing but dismissing US pushback v. China. Keying investments to themes of 14th 5 year plan! cnbc.com/2020/12/16/gol… https://t.co/3DHz0OI09P

Earnings of families in bottom 1/3 of income distribution in the US took a huge hit in spring of 2020. Driven by loss of employment. @ernietedeschi via @SoberLook https://t.co/sfhsyoCLDN

In 2000 US and EU exports were still dominant in most markets worldwide with Japan having a strong position in East Asia. By 2019 no longer! ft.com/content/af4631… https://t.co/e5vd3Xs4PM

"New York long ago eclipsed London as the dominant centre for taking companies public. This year companies listing on Nasdaq and the New York Stock Exchange raised a record $150bn, dwarfing the $6bn or so raised in London" ig.ft.com/mapping-london… https://t.co/nnDR3QKUo4

With 1.5m employees, Walmart is the largest private employer in 21 American states. Healthcare accounts for 16. Universities in 8. @VisualCap via @SoberLook https://t.co/UoyjXVWEpa

“I’m not sure that Bond is a spy. he’s more some kind of international gangster … He’s a man with unlimited movement, but he’s a man entirely out of the political context…It’s the consumer goods ethic, really.” John Le Carré 1965 @DwyerMurphy crimereads.com/john-le-carre-… https://t.co/oqKPUjJobY

City of London is the global hub for trading fx and interest rate derivatives. In fx its share of a surging market has increased since 2000 at least relative to Wall Street. ig.ft.com/mapping-london… https://t.co/nuPmO9jfX2

As EU’s Green Deal gains credibility -> prices in European Emission Trading System have risen to over 30 euro per ton. @SStapczynski via @SoberLook https://t.co/CTctiVHXkb

The geography of finance in London: these maps from @FT of banks, hedge funds, asset managers, insurers, accountants & data services are fascinating. ig.ft.com/mapping-london… https://t.co/ZVjwcXm3lr

Headcount in financial services in Uk has been flat since 2009 v. Substantial growth in both US and Hong Kong. GFC and Brexit have NOT poleaxed the City but there isnt any growth in employment either! ig.ft.com/mapping-london… https://t.co/XmEZhum7c7

Mexico and Brazil are at either end of the spectrum of fiscal policy responses to the 2020 crisis. @CapEconGlobal via @SoberLook https://t.co/VKYBuUD2F8

City of London remains the preeminent GLOBAL financial hub with higher cross-border bank exposure than any other major financial center. But by far simmer margin than in 1980. Wall Street and Paris are narrowing gap! ig.ft.com/mapping-london… https://t.co/a5i0zruIFQ

When future historians look back on the energy transition, will 2020 prove to be a decisive year? The market shift from fossil to renewable energy has been dramatic. Data by @Gavekal https://t.co/Dd8NTMosTr

China’s strong recovery from the Feb corona shock continues to favor state-owned sector. @SoberLook For more on the dynamics of state-capitalism in China, see Chartbook Newsletter #9. Sign up here: adamtooze.substack.com/p/chartbook-ne… https://t.co/nFpea22fta

Figures for low-wage earners in EU are relative measures. They tell you about labour market polarization -> Since early 2000s Germany’s labour market has come to look more like that of Eastern Europe than France or Italy! @EU_Eurostat via @SoberLook https://t.co/UN3SEPtmLq

After a disastrous 2020 with little fiscal response, Mexico’s GDP is expected in 2023 to be level (in relative terms) with that of Argentina, which defaulted this year! @scotiabank via @SoberLook https://t.co/dPrI8U502i

“Inflation staying low is foundation on which everything in markets is currently priced,” K.Ward @jpmorgan Worries for 2021 -> $4.5bn went into inflation protected securities since Nov. How does that fit in ecology of fund flows? @colbyLsmith @TomStub https://t.co/cRAU6sTjH7 https://t.co/UPPMtZPtds

Hospitals (in East) of Germany are hitting point at which they have to triage access to oxygen. twitter.com/ndaktuell/stat…

The US made chips into one of the key frontlines in its Cold War with China precisely at the moment in 2020 when Taiwan’s TSMC decisively trumped America’s Intel in chip technology -> Taiwan becomes crucial frontline. Fascinating report by Louis Gave of @Gavekal https://t.co/ieQFgvOZU9

Even in Latin America there is no expectation of accelerating inflation in 2021 (with exception of Argentina). @GoldmanSachs via @SoberLook https://t.co/irfSlZhJFA

Fed has joined the NGFS following Biden’s commitment to rejoin the Paris climate deal. ft.com/content/008a12… https://t.co/GiZ72uSlV2

RT @BJMbraun: Look, @SchickGerhard and @miguelitoj89, the Economist read my tweet about your conference. (Spotted and kindly shared by @Gre…

RT @nivincent: @adam_tooze“It opens a vista on the next decades, which is radical in the sense of being open-ended. It challenges us to ima…

"For me what’s unrealistic is what we are living in right now!" twitter.com/ericlo/status/…

@KalebNygaard You dont rate the economist cover about the money combined harvester? I thought that was historic!