G20 debt service suspension initiative of April on official debt was supposed to offer $11.5bn in relief to 73 poor countries. But only 42 have received $5.3bn in relief & no contribution from private sector. Fear of stigma is strong. @Jonthn_Wheatley ft.com/content/1466fd… https://t.co/MCV53LPAco
The roadblock on climate politics at the national level in the US is broken at the state level in interesting ways. New York state has European-style green energy plans and local opposition to solar plants and wind turbines to match. @meyer_g6 ft.com/content/61a07f… https://t.co/3G9QfQsUlO
“Announcement of evictions moratorium came from CDC, & was cast as a measure to contain virus. It would facilitate “self-isolation”, allow “social distancing ” & prevent congregation of Americans in homeless shelters.” Hey but its all good! ft.com/content/045f92… https://t.co/WMJXHgHFwJ
Head of Deutsche Bank warns that European state aid to shield economy from COVID risks creating a horde of “zombie companies” and losing competitiveness against the US. Yes! You read that right. Not The Onion. Head of Deutsche Bank. Shameless! ft.com/content/dda180… https://t.co/NjKDWoF7CC
The East Coast of the US Is blue, but it is also highly variegated in socio-economic & political terms -> states with ambitious green energy plans find it very difficult to overcome local opposition. @meyer_g6 ft.com/content/61a07f… https://t.co/TpdeVmshcw
@MacroEdge1 @GregDaco @SoberLook @georgemagnus1 Thank you so much for taking time to share your fascinating data. Really appreciated!
RT @UliVolz: .@MESandbu on the @ecb's secondary mandate: "the ECB is not only allowed to incorporate climate change considerations into its…
RT @MSchularick: Der @SchickGerhard wäre doch mal ein großartiger BaFin Präsident. Es steht schließlich nirgends, dass es immer ein Insider…
Extraordinary job listing for Amazon intelligent analysts to monitor “labor organizing threats against the company”, activist groups etc. twitter.com/lmatsakis/stat…
RT @georgemagnus1: @adam_tooze @GregDaco @SoberLook Yep. The z1 flow of funds data show HH net lending ( =savings) of over $2 trn or 13% gd…
US balance of trade slides towards record deficit @SoberLook https://t.co/eJi7KezioS
Great American Land Rush: working from home and anxious to avoid COVID hotspots, Americans are moving out of city center to less dense areas. H/t @SoberLook aei.org/centers/center… https://t.co/yOZKIg1lRD
@johnnyfreitag @GregDaco @SoberLook Household savings rate is steady but not insane by Asian standards. Corporate sector added a surplus too. The difference is made up by the rest of the world.
The US personal saving rate has surged. We know this is offset by big surge in gov deficit. Does anyone have handy data on what has happened to corporate sector financial balance? @GregDaco via @SoberLook https://t.co/bEQwSdMZcl
Unemployment benefits and federal checks outweighed wage losses March-July 2020 PLUS unprecedented reduction in consumption -> US households built up reserves to tune of c. $1.7trn. @TCosterg via @SoberLook https://t.co/npfzQWbu3k
The remarkable COVID seesaw in the US: personal income surged in April under impact of stimulus and then shrank v. consumption which shrank in March and April and has since rebounded. @SoberLook https://t.co/QVPKnkFowP
In 2000 Clinton admin signed off with an Economic Report which ALMOST included a chapter exploring a future in which there US had paid off all its national debt. What would a world without debt look like? Too weird for public consumption it turned out! npr.org/sections/money… https://t.co/rVyLfSNsGx
The City of Chicago has its plate full with problems. Now add a $1.2bn record fiscal deficit to a difficult mix. $ 2bn by 2021. bloomberglaw.com/product/tax/do… https://t.co/evM0yjPeIR
Significant anecdote from @StephanieKelton Mike Enzi R Wyoming Finance Cttee didn’t think debt numbers with decimal points were dramatic enough -> suggested that @USCBO be required to write numbers out in long form: $1,100,000,000,000 and $27,300,000,000,000. https://t.co/P9qHsbcbrx
It costs up to $160 a tonne more to scrap a ship in Europe than in Asia. For a cruise ship, which averages 25,000 tonnes without fittings or passengers, that could amount to $4m. ft.com/content/b0d092… https://t.co/f74XKr81qN
Almost 350 very big ships make up the global cruise line fleet of the $150bn industry. Carrying 30 m passengers per year. How many will be scrapped? @alicemhancock ft.com/content/b0d092… https://t.co/cywHvn5ltr
In U.S., the richest country in the world, almost 2% of population, more than 5 m people, can’t afford a diet that protects against all forms of malnutrition.. More than 3 m can’t afford to even meet basic energy needs. @megandurisin @ekrembert @tatifre bloomberg.com/news/features/… https://t.co/TvvtDGmm09
A while back I did an essay about Ulrich Beck, risk society and the COVID condition for @ForeignPolicy foreignpolicy.com/2020/08/01/the… Rodrigo Cantu of Universidade Federal de Pelotas very kindly translated it into Portuguese. blogdolabemus.com/2020/08/31/o-s… https://t.co/JCwVXiWbOs
“Once upon a time there was a brave man who imagined that the only reason men drowned was because they were possessed by the thought of gravity.” Marx in the German Ideology H/t @AaronBastani tribunemag.co.uk/2020/08/why-ce… https://t.co/13WwVTgZWL
The number of international tourists visiting Spain collapsed 75 per cent in July compared with the same month in 2019 -> 38bn euro cumulative shortfall in a sector that accounts for 12% of Spanish economy. ft.com/content/374c44… https://t.co/2HgxqkBQNW
The world has a food problem. But it is NOT a problem of production. There is plenty of food but in wrong hands. @megandurisin @ekrembert @tatifre bloomberg.com/news/features/… https://t.co/0DEnm9Wjkg
RT @RobinBrooksIIF: @marcmakingsense @adam_tooze Absolutely, you are quite right. That's why a dovish shift at the ECB needs to start with…
German economists have recently assumed far more prominent place in public debate. But this has also exposed divisions. @Lars_Feld v. @MFratzscher arguing over 2-year extension of short-time working model & about Austrian v. ordo positions. spiegel.de/wirtschaft/soz… https://t.co/fpvtVHpmt2
The locust attack earlier this year did terrible damage inIndian Ocean region. I dont know why this story @davidpilling @EmikoTerazono from April was reupped in my @FTtimeline. But it is important. So here it is again! ft.com/content/b932 93d4-3d73-42bc-b8b7-2d3e7939490e https://t.co/u6WxGuK9oo
Despite a glut of global food production, initial United Nations forecasts show that in a worst-case scenario, about a tenth of the world’s population won’t have enough to eat this year. @megandurisin @ekrembert @tatifre bloomberg.com/news/features/… https://t.co/x1rhGpK43K
Is COVID emergency over? How important is sustained income support? How large will the shock be from precautionary saving? Anyone who thinks this debate is limited to polarized US should put this @handelsblatt column by @jsuedekum through google translate handelsblatt.com/meinung/gastbe… https://t.co/AYmXJ7nS0K
If taken too literally, Fed inflation averaging begs range of questions over dates that will be considered. It is best to read it, as it is intended, as a sign of long-run dovishness in response to failure of existing inflation models. @jmackin2 wsj.com/articles/a-fle… https://t.co/9de2ZKLP2S
Hunger Is Threatening to Kill More People Than Covid This Year As many as 132 million more people could go hungry as the pandemic exposes ‘cracks in the system’ @megandurisin @ekrembert @tatifre Sound the alarm! bloomberg.com/news/features/… https://t.co/nImI6UGvKq
Inflation v. Deflation: As far as the Eurozone is concerned the debate is surely over. Core inflation slumps to record low. And pressure from EUR exchange rate is only likely to reinforce this. twitter.com/fwred/status/1…
History of the electric kettle? For reasons that are obscure and involve a debate with the teenager I was looking into this issue this morning. Stumbled on this by @timehayward ft.com/content/48fbc7… https://t.co/qFDwz6gZwN
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