December 8, 2020
2020 crisis amplified downward trend in nonresidential construction in US and only briefly interrupted upward surge in residential. @MizuhoAmericas via @SoberLook thedailyshot.com/2020/12/02/us-… https://t.co/dDTxPsnjZK
2020 crisis amplified downward trend in nonresidential construction in US and only briefly interrupted upward surge in residential. @MizuhoAmericas via @SoberLook thedailyshot.com/2020/12/02/us-… https://t.co/dDTxPsnjZK
Bolsonaro botched public health response to corona. But run generous stimulus prog. Huge deficits & elections 2022 Brazil borrows 90% domestic currency. Lenders jittery -> yield curve = one of steepest in world. Now CB is asking for a consolidation plan. ft.com/content/dfc8ba… https://t.co/xb8sv3FwWq
Since 1990s crises EM sovereigns have borrowed as far as possible in local currency -> transfers exchange rate risk to lenders, who have taken a hit in 2020. One for @HyunSongShin @blackrock via @SoberLook https://t.co/WMt9jA2Xqb
“Why, for example, should it be a U.S. negotiating priority to open China’s financial system for Goldman Sachs?” Asks Jake Sullivan … well …. Fascinating this by @Lingling_Wei @bobdavis187 @dawnmlim wsj.com/articles/china… https://t.co/jPGsZTBffs
Glencore is in unique position at both ends of carbon spectrum = world’s biggest exporter of thermal coal but also a big producer of metals crucial to the energy transition — copper, cobalt, nickel and zinc -> ditching coal would not be end of business. ft.com/content/2241a2… https://t.co/JV5Nc088xg
With Americans switching spending from services to stuff, US trucking companies have placed a record 52600 orders for class 8 big rig trucks. wolfstreet.com/2020/12/02/her… https://t.co/xRk1UEEL03
The word “apocalypse” derives from the Greek apokalypsis, which means “something uncovered” or revealed. Klein, Naomi. This Changes Everything: Capitalism vs. The Climate (p. 105) https://t.co/X8ybGDy3Dg
RT @kenvogel: BIDEN WH STAFF SO FAR: ➡️Venture capital executive (@RonaldKlain). ➡️Former pharmaceutical, insurance lobbyist (Steve Ricche…
Since 2017 Blackrock has been pushing for MSCI global stock indices to give a heavy weight to Chinese A shares. Positions it as a “friend of China” and keeps hope alive of becoming major face in fund management in China. wsj.com/articles/china… https://t.co/O6lyVIQCaf
RT @charliebilello: Tesla Market Cap: $609 Billion Other Autos… Volkswagen: $96 bil. Audi: $83 bil. Daimler: $74 bil. GM: $63 bil. BMW:…
How do you get a freezer to minus 80? You couple two freezers in sequence! ft.com/content/21db20… https://t.co/tPtcN1kcZw
Thanks to central bank intervention, 2020 has been a huge year for bond issuance. @DeutscheBank via @SoberLook thedailyshot.com/2020/12/02/us-… https://t.co/OsFbocTBG8
2015 stock market shock was a defining event in Xi’s regime. Came to power in 2012 promising to give markets a bigger role in economy. But following chaotic summer of 2015 he put further market liberalization on hold. @Lingling_Wei @bobdavis187 @dawnmlim wsj.com/articles/china… https://t.co/6T1E7Hbt3S
"Toulouse Lautrec’s Pierreuse (1889), which had belonged to automotive head Henry Ford II. This work attracted at least five bidders, all in New York, before selling well above estimate for $9 million.” @artnews artnews.com/art-news/marke… https://t.co/nuOLlK6ETE
RT @DinaPomeranz: Hearing mostly bad news about Africa? That's a function of selective news reporting. Here are the long-term trends: http…
The greater the wealth of American investors in 2004 the better their rate of risk-adjusted rate of return. @IMFNews via @SoberLook thedailyshot.com/2020/12/02/us-… https://t.co/q52ppNNhFd
China’s asset management industry is huge and has grown rapidly even as foreign share has remained tiny. Big American asset managers would love to change that! Must be waiting to hear new tune of the Biden admin! @Lingling_Wei @bobdavis187 @dawnmlim wsj.com/articles/china… https://t.co/FlQAEXffso
Huge divergence in innovation spending by large v. Small and medium-sized German companies. Will this be a driver of widening productivity differentials and inequality? @Danske_Research via @SoberLook https://t.co/xb1LA7pLsH
Worst car ever made? All this talks about state aid and level playing fields, someone just had to bring up the Austin Allegro didn’t they! Great illustration by @beePencil ft.com/content/ad14d8… https://t.co/xjlR5gEczC
RT @mmasnick: Holy shit. Rebekah Jones, the whistleblower who refused to fake COVID data in Florida, had her house raided this morning at g…
RT @CentralEuropean: CEHS is proud to award the 2019 Rosenberg Book Prize to Astrid M. Eckert for her work 'West Germany and the Iron Curta…
RT @elinaribakova: The EM policy response to #COVID19 represents a break from past crises. EM central banks eased monetary policy providing…
"By 2000 half of Russian lived below the official poverty line of just $45 a month and another 25–30 percent close to it.” Excellent essay this by Kevin Murphy on Stephen Cohen. jacobinmag.com/2020/12/stephe… https://t.co/z6MGxwLkF5
RT @JuddLegum: "Both Pfizer and Moderna, the two major drug manufacturers likely to receive emergency authorizations for a Covid-19 vaccine…
RT @fwred: My estimates of Germany's share in ECB QE programmes (% of eligible universe; November): PSPP: 27% PEPP: 8% Total = 35% Above…
RT @JWMason1: A question that comes up now and then in discussions of US macroeconomic policy is whether the Congressional Budget Office ma…
I know who these folks are. But the point they are making is worth thinking about. twitter.com/qiaocollective…
If hedge funds were big sellers in US Treasury turmoil in March 2020 one has to ask why. adamtooze.substack.com/p/chartbook-ne… Part of problem was a $90bn funding squeeze from repo. But as @StevenKelly49 points out, cut to prime broker accounts was $275bn -> Were big banks the real drivers? https://t.co/rRu2dmBUR0
Every new installment of the Chartbook Newsletter series of March 2020 Treasury turmoil elicits new and interesting reactions. Get the series here: adamtooze.substack.com This one from @StevenKelly49 at Yale based on the latest FSOC report for 2020 out a few days ago:
“Anything we can actually do we can afford.” Keynes: 1942 How much does finance actually matter. Revived recently by @AnnPettifor in Case for Green New Deal. (Sadly) apt in 2020! twitter.com/tomgara/status…
Stratospheric Controlled Perturbation Experiment (SCoPEx) is a scientific experiment releasing materials at high altitude to test possibilities of geoengineering. Based at Harvard with Gates backing. projects.iq.harvard.edu/keutschgroup/s… https://t.co/8INtRHaRY6
“The Fed just overwhelms everything,” says Rick Rieder, chief investment officer of global fixed income at BlackRock. Nice piece by @jmackin2 on figuring out the weird new world post-nov 2020. wsj.com/articles/stock… https://t.co/MwLG6FfObP
Ok … Barnier’s fabulous scarf is a regular item. Can anyone id it? Asking as a man with a bit of a scarf habit/problem/collection …. Ok, back to climate, Brexit, corona, bond markets … https://t.co/fDKOvN3R4H
That is a great scarf Barnier is sporting …. twitter.com/Brexit/status/…
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