ADAM TOOZE

Anthropocenic stress-monitoring of Euro area banks by @ecb maps emissions intensity of bank assets v. Sectoral coronavirus sensitivity. Trick. But I am not sure about the logic of this. ecb.europa.eu/pub/financial-… https://t.co/BOA8xxmKUC

So far Europe’s banks have made far less provision for losses than a model would predict based on severity of 2020 shock. @ecb is worried that there is more to come especially if gov support is pulled away. Growth outlook is increasingly grim. ecb.europa.eu/pub/financial-… https://t.co/ME4padEouf

"An abrupt end to gov policy support schemes would pose cliff-edge risks to the debt servicing capacity of euro area firms and households.” Knock-on effect on economy and banks’ balance sheets and capitalisation. KEY warning from @ecb to European govs! ecb.europa.eu/pub/financial-… https://t.co/1IcuiCevVQ

Average of professional forecasts for Euro area economy puts it below 2019 level until 2022-3. ecb.europa.eu/pub/financial-… https://t.co/noJgDK1LVd

ECB totting up funding flows in Euro area. But look closely at the timeline and you see: 1 trn euro in new national debt in 2020, c. 300bn in bank loans to firms. And all that new supranational EU funding? Spread out over 2021-7. ecb.europa.eu/pub/financial-… https://t.co/ZQm9mCZN0a

RT @oliverbeige: Is now a good time to talk about the other two Cambridges controversy (MIT Sloan vs MIT Econ), the technology & growth dis…

RT @oliverbeige: @MGSchmelzer @CleoCZ @ClubOfRome @oecd_naec @zeithistoriker @adam_tooze @parents4future @R_Degrowth @KateRaworth @ProfTimJ…

Looking back at the American century from 2020 one really begins to feel the significance of the unique constellation of Democratic Party control of WH and Congress 1932-1952. A piece in the @guardian theguardian.com/commentisfree/… https://t.co/Zcw78xrSkA

RT @clark_aviation: The final resting place for Douglas and Connie? 😟 A massive collection of American prop-liners, parked up and awaiting…

Which states in the US generate most of their power from renewables? 7 of top 10 are red-states and I mean DEEP red states. In those places, why not uncouple case for renewable energy from climate diagnosis? energymonitor.ai/technology/ren… https://t.co/kf90zKZXza

RT @GarconsOfficiel: Entrer dans la légende.. Gary Cooper photographié par Edward Steichen en février 1930. C'est son 1er film parlant en 1…

In 1916, 1932, 2008 and 2020 Americans elected a Democrat President amidst a major national and global crisis. This is the first time they do not have assured control of Congress. A NEW piece for the @guardian theguardian.com/commentisfree/… https://t.co/qU8f99qiet

Like cheap power? Like heavy vehicles with engines that have massive torque? Prefer not to waste money in cold winters and hot summers? Why doesnt the case for insulation, wind/solar and f***-off electric trucks make itself in a large part of the American heartland? https://t.co/TPqi2zdpKc

Nuclear’s share of US power generation has been flat for a generation. Apparently one wing of the Biden coalition, spearhead by Cory Booker, wants to reenergize the industry with small, “mass produced" nuclear reactors or SMRs. Will it stir a fight? ft.com/content/a64cd0… https://t.co/4nb15MkIfV

They were always at the table: Must read by @DaveKeating on how a Biden Presidency changes US relation to climate diplomacy and how it doesn’t e.g. on gas and loss&damages. Great insights from the brilliantly sharp @jennytollmann energymonitor.ai/policy/interna… https://t.co/MokhOSxLBQ

The Perfect Fascist: A Story of Love, Power, and Morality in Mussolini’s Italy I heard Vicky de Grazia talking about her new book again last week. What a great project! amazon.com/Perfect-Fascis… https://t.co/5dQYoVH8qd

During the critical spasm in US Treasury market in March 2020 customers wanted to sell c. $180bn more in securities than were wanted for purchase. newyorkfed.org/newsevents/spe… https://t.co/4GC0RbdHWY

Open-end mutual funds engage in liquidity transformation because promise one-day redemptions on assets, even when the invested assets have low or uncertain liquidity -> in March 2020 they became major drivers of the “dash for cash”. We need REGULATION! federalreserve.gov/econres/notes/… https://t.co/asTbMYXP3i

"it was not anthropomorphic, but rather angelomorphic! To combat Cartesian tourbillons, Newton had to think of an agent able to transport action at a distance instantaneously … angels.” @BrunoLatourAIME on Simon Shaffer’s reading of Newton’s angelology. https://t.co/QfXcGmI4nA

Prior to Paris agreement, firms in energy sector were significantly less likely to mention climate related themes in corporate earnings calls. Since 2016 the gap has closed rapidly and Covid has everyone talking about catastrophic risks. @IMFNews GFSR imf.org/en/Publication… https://t.co/hv1UFX3vO7

If you own a dog, especially one who has a regular Friday night “pod date” with her boyfriend, you kinda have to read Donna Haraway’s "Awash in Urine DES and Premarin in Multispecies Response-ability” What a mind-bending piece. https://t.co/kTJiVHSSvL

Read @Brad_Setser on the "absolute failure of bond holders to step up and “voluntarily” contribute to the World Bank’s Debt Service Suspension Initiative” despite urging of @IIF their own lobby/think tank. cfr.org/blog/reframing… https://t.co/0HLtq8e49P

Corporate climate talk: mentions of climate related terms have surged in Earnings Call transcripts since Paris, Greta, GND and corona raised awareness of catastrophic risk. Great stuff from @IMFNews GFSR imf.org/en/Publication… https://t.co/M9ShhSTSpj

Green monetary policy? In May 2020 Fed purchased $178.4 bn in GSE-backed MBS in a single week. Most of those houses are “brown assets”. What if that entire chain of government support was tied to a socially equitable program of green upgrades? crfb.org/blogs/fed-mort… https://t.co/oVwhuuhXeQ

When you argue for green monetary policy, counter is “neutrality”. But, since New Deal US has maintained a giant subsidy regime to promote homeownership. Why not use it as a greening machines? Insulate your McMansion, or risk it becoming a stranded asset. capmrkt.fanniemae.com/portal/funding… https://t.co/fh9FxTgC34

I love listening to Marilyn Strathern the great anthropologist. Here her lecture at @CRASSHlive on “Taking care of a concept: anthropological reflections on an assisted society”. youtube.com/watch?v=xDavTW… https://t.co/CrQqO8Jkts

Time to redefine America’s idea of a “conforming mortgage”. Set a date by which the GSE will underwrite only houses that meet key energy efficiency criteria. Housing finance is politically shaped all way down. H/t @BobbyPillote @MehrsaBaradaran @LevMenand capmrkt.fanniemae.com/portal/funding… https://t.co/P6FIKmIJXT

Only 29p for every £1 of capital expenditure on offshore wind farms goes back into UK economy. When development and maintenance spending are taken into account this rises to 48p. PM Johnson has set a target of sourcing 60 per cent of content from the UK ft.com/content/26d70b… https://t.co/1PnLxmaOln

Bank lending has shifted to green firms over the past decade @IMFNews GFSR imf.org/en/Publication… https://t.co/A47OfEj1w3

How the renminbi-dollar rate has swung for last 15 years. Just in case there should be chatter about currency manipulation etc. ft.com/content/b80045… https://t.co/nzZobMsml1

Last night I was wondering whether anyone had ever proposed using GSE to back green-conforming mortgages in the US. GSE are legacies of New Deal/Great Society. Lets make them vehicles for Green New Deal. Just a thought. @yayitsrob @70sBachchan @KateAronoff https://t.co/Xi4H6NqNhz

Once a vaccine is granted emergency approval, there is pressure to offer immunization to trial participants who received placebo. But if too many people cross over to vaccine group, companies might not have enough data to establish long-term outcomes, nature.com/articles/d4158… https://t.co/UmW33iCr3l

Green bond issuance dropped in the first quarter of 2020 before picking up again beginning in April 2020. @IMFNews GFSR imf.org/en/Publication… https://t.co/nA3qAG8KJC

RT @alexmarrow57: Red Square this morning, before the snow clearers descended. https://t.co/7IoYJEPFLO

RT @ClausKleber: Just in from the WhiteHouse: Presidential Pardon for Thanksgiving Turkey 2020 verzögert sich. #RudyGiuliani fordert, das…

RT @ForeignPolicy: The firewall between politics and monetary policy has once more been breached, FP’s @adam_tooze writes. https://t.co/FI…