“There’s no time for playing politics right now. It is time to focus on our economy.” How attorney generals rallied big New York-based donors to pressure Trump to begin transition. @Edgecliffe ft.com/content/8c7745… https://t.co/q4TE7Z04vH
“Digital strike”: Chinese tech companies write off India Start-ups face huge losses as New Delhi issues fresh bans on Chinese apps following Himalaya clashes in the summer. ft.com/content/eccb0e… https://t.co/xlOQHqTbZl
RT @fwred: Great news for the ECB. Plenty of additional room to extend asset purchases, including the APP. twitter.com/DeItaone/statu…
RT @OBR_UK: Debt has risen above 100% of GDP for first time since 1960-61, but the cost of servicing that debt falls to new historic lows.…
Buried in @IMFNews GFSR is a remarkable global bank stress testing exercise, which yields some alarming results. Check out the NEW Chartbook Newsletter #4 adamtooze.substack.com/p/chartbook-ne… Sign up for regular email deliver here: adamtooze@substack.com https://t.co/BuzLYIG3iF
Eurogroup Finance ministers need to overcome longstanding concerns from northern hawks about reforming the ESM to be able to make progress on banking union which is urgently necessary given @ecb warnings about losses to come. ft.com/content/2c97c3… https://t.co/m8EZITBZ6L
Talking to @ewaldeng was an absolute pleasure. Truly grateful to have the chance to reflect with him on the trajectory of the last few decades. twitter.com/ewaldeng/statu…
Released within weeks of each other, the Fed’s Financial Stability Report and the ECB Review are very different beasts! A comparison in the NEW chartbook newsletter #4 adamtooze.substack.com/publish/subscr… To get it to your inbox directly subscribe here: adamtooze.substack.com https://t.co/4A7WCzZe4c
How stable is the financial system? Chartbook Newsletter #4 compares the Fed, ECB and IMF Financial Stability Reports. adamtooze.substack.com/p/chartbook-ne… To get the newsletter regularly in your email inbox sign up at adamtooze.substack.com https://t.co/LYI9WXxsDA
NEW: Chartbook Newsletter #4 "Financial Stability Three Ways" Just dropped. A first look at the recent reports by Fed, ECB and IMF. To get the newsletter regularly to your inbox, subscribe here adamtooze.substack.com adamtooze.substack.com/p/chartbook-ne… https://t.co/fmp1df0TxJ
Released within weeks of each other, the Fed’s Financial Stability Report and the ECB Review are very different beasts! A comparison in the NEW chartbook newsletter #4 adamtooze.substack.com/publish/subscr… To get it to your inbox directly subscribe here: adamtooze.substack.com https://t.co/zojcUJMerj
How stable is the financial system? Chartbook Newsletter #4 compares the Fed, ECB and IMF Financial Stability Reports. adamtooze.substack.com/p/chartbook-ne… To get the newsletter regularly in your email inbox sign up at adamtooze.substack.com https://t.co/uOJWSFHVUH
ECB's Financial Stability Review just dropped today. In the NEW Chartbook Newsletter #4, I compare it to Fed’s Financial Stability Report of earlier this month & the IMF’s GFSR. adamtooze.substack.com/p/chartbook-ne… To get the newsletters to your inbox subscribe at adamtooze.substack.com https://t.co/KSLCnHQHrJ
NEW: Chartbook Newsletter #4 "Financial Stability Three Ways" Just dropped. A first look at the recent reports by Fed, ECB and IMF. To get the newsletter regularly to your inbox, subscribe here adamtooze.substack.com adamtooze.substack.com/p/chartbook-ne… https://t.co/QSiWVszL49
Europeans banks have suffered a painful shock in 2020: rate of return on equity has fallen from 5 to 2% driven largely by margin compression. @ecb warns of potential losses ahead. ecb.europa.eu/pub/financial-… https://t.co/SDXSFKk7Xe
This year’s spike in the nation’s money supply has been unprecedented. 21 % of all dollars in circulation were printed in 2020. @KatusaResearch via @SoberLook https://t.co/5UJ2ASNwW5
For 1/3 of Americans, reducing the US deficit should be a priority for incoming Biden administration. Which way will Yellen swing? @MorningConsult via @SoberLook https://t.co/inNIwuk7Zt
Of countries with the largest number of refugees in Europe, W. Asia and Eat Africa, Turkey is way ahead of all the rest. Data from @SoberLook https://t.co/hwetSm4n7I
Under pressure from corona shock, Hershey’s is using trades on the cocoa futures market to sidestep the premium being charged by Ivory Coast and Ghana for cocoa beans -> upended the futures market. bloombergquint.com/onweb/hershey-… https://t.co/oAeBrN9a6q
Cliff edge? @ecb does interesting & alarming juxtaposition of corporate loans & household debt v. corona support measures, guarantees, job support etc Premature withdrawal of support -> credit risk. Nothing like this in Fed Financial Stability Report. ecb.europa.eu/pub/financial-… https://t.co/NKMx4NUHJ5
Despite shock of 2020, a record 90 percent of fixed income assets offer less than 2 % yield and yields are compressed. @ecb Financial Stability Review ecb.europa.eu/pub/financial-… https://t.co/jaB8QyoFrh
The dollar debts that helped to end the Cold War. By 1988, the Soviet Union and its bloc owed $112bn. Of the bank loans the majority came from Europe and Japan. jstor.org/stable/pdf/234… https://t.co/YtR6P5GXGs
Divergence btw sectors and national economies in Euro area as measured by weighted standard deviation of year-on-year growth. Surged after 2008 and even more dramatically in 2020! ecb.europa.eu/pub/financial-… https://t.co/77YzXrTprE
Japan breaks the correlation btw debt/gdp & 10 year Treasury yields visible for other advanced economies in 2019. @AdamPosen ft.com/content/f478f5… https://t.co/XybEqKjBw3
The real effective exchange rate of the renminbi benchmarked against its 5 year average -> despite the recent appreciation it is not overvalued. @PantheonMacro via @SoberLook https://t.co/FnVIkGTsff
"between 1990 and 2002, Japan had the lowest average per capita gross domestic product growth rate in the G7, and from 2003 through 2019, it has had the third highest and the second highest productivity growth rate.” Policy matters! @AdamPosen ft.com/content/f478f5… https://t.co/Yh3RO7ibie
In 2020 both EU and US suffered huge hits to labour market. In US the result was a vast surge in unemployment. EU, instead, absorbed the hit through a huge cut to hours worked (blue) v. Much smaller increase in unemployment (orange). One for @hshierholz ecb.europa.eu/pub/financial-… https://t.co/NXyj4yoVsc
When BlackRock offered to advise the EU on sustainable finance regulations for as little as €280,000 someone should have smelled a rat, EU ombudsman finds. One for @DanielaGabor ft.com/content/44948a… https://t.co/n1SpRwO9uQ
As the markets digest the news of defaults on Chinese SOE backed by provincial governments, investors have been selling high-rated state-owned-enterprise (SOE) bonds in provinces where local governments have poor reputations. @Gavekal via @SoberLook https://t.co/kljh0fI1Z8
What to learn from Japan? @AdamPosen asks 1. Do not exoticize 2. Do not be fatalistic 3. Policy makes a big difference in addressing problems common to advanced economies. ft.com/content/f478f5… https://t.co/Ki8XcY1nF7
RT @MESandbu: In the 1980s we thought we needed central bankers who were economically more conservative than the public. Now we are learnin…
France has sent out bills for digital service tax, UK is due to start in April. US pulled out of OECD negotiation in June. Lighthizer has nothing to lose. Congress up in arms. Could be a hairy few months on the trade front. ft.com/content/2cfe3d… https://t.co/KY37m63CjY
2020 shock -> public debt/gdp ratios have surged. In Euro are from c. 85% to 100%. How much of that is due to new debt and how much to fall in gdp. @ecb has done the decomposition. Answer? c. 2/3 new debt v. 1/3 gdp. ecb.europa.eu/pub/financial-… https://t.co/62iQSnOl6T
The wobble in China’s bond market has been one of the big stories of the last few weeks. A healthy shakeout or a more worrying destabilization? @ANZ_Research via @SoberLook https://t.co/no6I0jwveq
"A fiscal tightening at a time when output gaps are still projected to be negative could exacerbate the current economic situation.” And what does the @ecb foresee for 2021? Exactly that! @RobinBrooksIIF ecb.europa.eu/pub/financial-… https://t.co/bigif92qlC
Sectoral dispersion of growth rates across the euro area, the dramatic hit to service sector in 2020 is clearly visible in the comparison to 2008-9. ecb.europa.eu/pub/financial-… https://t.co/8KnY1T6oQn
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