Transatlantic Families. The Lives of German Revolutionary Emigres, 1848/49–1914. What a fantastically interesting project @harasp82 has got going at @IEG_Mainz I pay my respects to Franz Sigel every evening on Riverside, NYC when out walking the pup. ieg-mainz.de/en/research-pr… https://t.co/N4z4oBt4OZ
As BHP exits thermal coal it needs to talk up assets it is selling. How? “Don’t worry the mines will thrive through capital investment from new owner. It is only IN BHP that they won’t be able compete effectively for capital". Enter dirty money. ft.com/content/82c407… https://t.co/1RG1njuEL8
Comparing M2 money supply expansion in US v. Europe one would be a tad surprised if there was not at least some adjustment in exchange rates in 2020. Of course, not a 1:1 relationship, but nevertheless. Thats pretty stark! @AndreasSteno @MacrobondF @NordeaMarkets via @SoberLook https://t.co/U1xyt9lmIe
Bank of Canada v. Bank of England: in UK, 2020 crisis response is a step up, but not unprecedented. V. Canada which plunges into HUGE asset purchases in 2020 for first time. @MorganStanley via @SoberLook https://t.co/E9IfekUwBG
Because Canada came through 2008 GFC relatively unscathed (in part thanks to cross-border help from the US Fed), the scale of the COVID shock to the Bank of Canada balance sheet is particularly staggering. Eyeballing it, close to a 4-fold increase. @MorganStanley via @SoberLook https://t.co/11ReNWazu8
“This is an iconic industry . . . I believe we can own the 21st-century market again by moving to EV.” It’s Biden’s version of “Make America Great Again”, wrapping his green message in the nostalgia of a car-obsessed culture.” @OilSheppard Keyword: "Again" ft.com/content/a69ad1… https://t.co/QyOfGHpIWZ
The current regime of accumulation in the US does not just depend on monetary “indiscipline” as identified by @JBRGreen The question now is whether a return to fiscal orthodoxy of 1990s is even imaginable. @SoberLook https://t.co/aO8XYbWLtb
Mortgage delinquencies spiked in the second quarter. As the unemployment crisis deepens, will the surge continue? Data from the invaluable @SoberLook thedailyshot.com/2020/08/18/the… https://t.co/vPY2caulW9
So, clothing lines are in deep trouble -> dont pay rent _> undermines viability of malls -> richer malls buy up bankrupt clothing firms -> close branches in other malls. Q: do we end up with rival own-brand malls? ft.com/content/f25ff5… https://t.co/Wqx7kF1IwF
“US government has passed a death sentence on Huawei,” said Wang, an analyst at Gavekal Research.“ @KangHexin I am struggling to come up with another e.g. of this kind of relentless pursuit of a single company? Implications for any other non-US tech firm? ft.com/content/cfbf94… https://t.co/JEGfI72xlI
Faced with tech threats & industry coalition building, in early in 2020 Japanese officials tried to broker a marriage btw Nissan & Honda. But no dice. Renault fall out + no engineering synergy: Nissan EV v. Honda hydrogen, Nissan-Waymo, Honda-Cruise/GM ft.com/content/89efb0… https://t.co/wWNw9pBEtb
Should explain my ambiguous shorthand. Was using combinations of ?! not to signal my surprise, but, as in chess notation, “dubious move”, “blunder” etc en.wikipedia.org/wiki/Chess_ann… Sources like @scmpeconomy have gone into some depth on issues with Chinese unemp data. twitter.com/adam_tooze/sta…
Currently there are 2.1 m recipients of unemployment benefit in China!??!? Its amazing they even publish these data. How long before Beijing acts on need to create an adequate social safety net that actually supports incomes of 100 m+ migrant workers? ft.com/content/e0e294… https://t.co/3HhWFiLad4
Honda’s scooters were a workhorse of 1st stage motorization across much of the world. Still today sales of 20 m bikes/scooters pa, of which 18+m in India, Vietnam and Indonesia help to prop up the balance sheet. ft.com/content/acd2ab… https://t.co/K8MUFz73X7
On and on: as has been the case since May, there is the COVID crisis of the Americas and then there is the rest of the world. H/t @jburnmurdoch ft.com/content/a2901c… https://t.co/4rbxrl7W4b
BMW dealerships in Shanghai are having a really good rebound. But the same cannot be said for the rest of urban China. Great review piece by @FT Sun Yun & Yuan Yang. ft.com/content/e0e294… https://t.co/XqV21IQm9J
At just over $40/b, oil price is above shale pain threshold -> risk of a large supply response just as OPEC discipline is breaking down. @NordeaMarkets @MacrobondF e-markets.nordea.com/article/59373/… https://t.co/AFVk4euSGB
"Japanese investors almost never sell foreign assets during turmoil. March-2020 showed biggest monthly Japanese net purchase of foreign assets on record.” @MacrobondF @NordeaMarkets So it looks like they took @Brad_Setser advice to "shelter in place"! e-markets.nordea.com/article/59373/… https://t.co/YeVnTmnK2Q
China’s affluent consumers are shopping so hard they are having to restrict the crowds at Prada. Meanwhile overall urban consumption is still declining. ft.com/content/e0e294… https://t.co/XG8xSXhXiC
Is political uncertainty about US election showing up in markets? One way that it might is in underperformance in stock vulnerable to corporate tax hikes. @SoberLook thedailyshot.com/category/the-d… https://t.co/xt2UB8siCo
In terms of global oil demands there are three worlds: OECD, non-OECD ex-China, China. Since 2019 growth in Chinese demand has more or less made up for shock to the other two. wsj.com/articles/coron… https://t.co/vmab1DsO8r
The recovery in China is two-speed, strongly favoring the better off. Sun You & Yuan Yang give great details. But why, despite all its rhetoric, is Beijing not counter-steering to boost low incomes? Even USA was actually doing better on that score! WAS! ft.com/content/e0e294… https://t.co/EQ0BZu6cgd
Does Trump only reach for “god”/bibles/churches when he is really, really desperate? Can anyone suggest anything good to read, specifically on his relationship to religion. twitter.com/thehill/status…
RT @mark4harrison: Since @DanKaszeta circulated it, I’ve been thinking about this meme twitter.com/DanKaszeta/sta…. It's attributed to the olde…
RT @greg_ip: @Birdyword @jbarro Yves St Laurent having same effect on me
RT @Birdyword: @greg_ip @jbarro 'Hail Europe's Central Bank' at the top there is making the hair on the back of my neck stand up
Eight of the 10 American counties with the highest food-insecurity rates are more than 60% Black, according to Feeding America. Those eight are located in the deep South. bloomberg.com/news/articles/… https://t.co/kzLu1Ncie3
c. 1/3 of Black tenants, tenants with less than high school and incomes < $25k missed rent payments in the US July 16-21 2020. The tenancy crisis is already upon us. bloomberg.com/news/articles/… https://t.co/vppA7FOGrF
Almost a third of people in some states of the US have little or no confidence they can pay August's rent or mortgage. bloomberg.com/news/articles/… https://t.co/lFOYNPkjnY
RT @Samir_Madani: I just learned the NASA will launch the long-awaited LandSat 9 satellite on my birthday; April 8th, 2021. LandSat 5 snap…
RT @AdamPolitics: @davies_will It's the paradox of depoliticization – obscuring the political nature of decisions tends to define the very…
RT @schieritz: Ein Masterplan mit dem Ziel "Diskussionen so zu lenken, dass ein rot-rot-grünes Bündnis mit großzügiger geldpolitischer Begl…
Peter Clarke is always an elegant historian with a fine sense of judgement. In his Keynesian Revolution in the Making you also see a truly profound reader of economics and a brilliant intellectual historian at work. @frankr_colson @JohnRentoul twitter.com/frankr_colson/…
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