ADAM TOOZE

So, Russia is not defaulting after all?  As of 20 minutes ago the news is that JPMorgan processed interest payments from the Russian government. Acting

On March 8 as the global market for Nickel seized up and commodity markets spasmed, the European Federation of Energy Traders, a leading industry group,

There is a changing of the guard in Beijing. Premier Li Keqiang is retiring and Vice Premier Liu He cannot be far behind. Once they

In 2008 Eastern Europe was caught up in the global financial crisis. In 2021 it was hit late by the COVID crisis. In 2022 Eastern

How do you weigh the effectiveness of an economic weapon? How do you gauge the likely impact on your antagonist? How do you assess the

In the urgency of the present, our thinking about Ukraine is drawn to the immediate past. We place the current crisis against the backdrop of

Yup. You read that correctly. That is apparently a van blasting a speech given by Chicago University professor of international relations John Mearsheimer on the

How will the confrontation in Ukraine affect the global balance? Specifically, how might it shift the balance between the US and China.  The immediate diagnosis

Like most folks I’ve been staggered by how rapidly the West has escalated the economic war against Putin’s regime.  But, we must remind ourselves that

This arresting and mysterious image is one of many captured by Reuters photographers in Ukraine. Check out this amazing gallery It adorns the mast head of

… or to wartime Keynesianism? Sanctions are the chosen weapon of the West against Putin’s aggression. Rather than starting small we have gone immediately to

Adam ToozeMar 1 447 Gustave Doré L’Énigme, 1871 As Russian forces begin to resort to heavy artillery “fires” in their assault on Kharkiv, the character

Adam ToozeFeb 28 642 The Western sanctions on the Russian financial system announced over the weekend are doing their work on Monday. As far as

That was Saturday evening, after the news began to sink in of another day of heroic Ukrainian resistance, a new wave of arms supplies from

As Russia’s aggression in Ukraine escalates, so too have the deliberations in Europe and the United States over financial sanctions. It is only 48 hours,

On the afternoon of February 24 2022 East Coast time, the day Russia launched its full-scale invasion of Ukraine, after a morning of consultation with

When I was asked to review Christopher Leonard’s The Lords of Easy Money: How the Federal Reserve Broke the American Economy I was not enthusiastic.  I don’t like

A modern, North American semi-truck is a substantial physical object. On average they stand 13.5 feet tall, 8.5 feet wide. With trailer attached, a truck

As a fiat-money person interested in the democratic politics of money, I’ve always viewed crypto primarily in terms of two aspects:  a. The mistrust towards

We live in a remarkable world. As of July 20 2021, three asset managers, BlackRock, Vanguard Group and State Street Corp. collectively owned about 22%

Military experts warned us that the tension on Ukraine’s borders would reach its height in early February. Here we are and it is unbearable. How

On Nick Mulder’s new history of the interwar period. “(W)e tried, just as the Germans tried, to make our enemies unwilling that their children should

Did a piece for the New Statesman that started out as a reflection on the fact that when prices change on a large scale, in

Afghanistan is in the grip of an escalating humanitarian disaster of epic proportions. More than half of the population is facing “extreme levels” of hunger.

The @jburnmurdoch FT graph of COVID deaths is set to become the Minard-“1812”-graph of the COVID pandemic. Source: FT This is our reality folks. In

First off, a reminder. Ukraine is huge. Over the last week, the most remarkable diplomatic development has been the emergence of a stark difference in

Further to a review of van Middelaar’s Pandemonium After Perry Anderson devoted 19,000 words to Luuk van Middelaar’s analysis of the EU in the LRB

I’m not into crypto. I talk about it reluctantly. I don’t like repeating myself but I still like these lines from Chartbook Newsletter #15 Money

Yes, I know it is relentless. That is also a feature of the polycrisis we are in. It comes from all sides and it just

On the US inflation debate in January 2022 After the record series of “prints” for US CPI inflation in October, November and December 2021, there

Some notes from New York Rising prices have unleashed an intense debate about inflation risk. Predictably this is particularly intense in Germany. The leadership trio

Exploring Italy’s material constitution.  Last week I did a new piece on the current political situation in Italy for Foreign Policy. Will Mario Draghi make a