A única maneira de ler este livro é com uma caneta daquelas ao lado e a tentar não hiperventilar.

Jesus Fucking Christ.
Leiam. Leiam. Leiam.

E os autores andam por aqui @mkblyth.bsky.social e @ericlonners.bsky.social ✊

Our September/October issue is out now, w/ articles by @adamtooze.bsky.social, @iangoldin.bsky.social, @ericlonners.bsky.social, @margitschratz.bsky.social, @heimbergecon.bsky.social, @monika-schnitzer.com, @prof-peacock.bsky.social et al.
Read the full issue at www.intereconomics.eu/archive/year...

Tier. Magnitude, BoJ. Interest rate, ECB. Also ring fence balance sheet and stop making transfers/adjusting net debt. It’s absurd, and dominating fiscal policy.

Why ignore the biggest discretionary line item, which can go at the stroke of a pen: IoR?

If this is America’s Brexit, there is one big difference: they are not blaming ‘remainers’ for it going wrong. They are explicitly owning it.

This is great news.

Someone also tell him there are lots of alternatively safety assets to Treasuries, and BTC ain’t one of them 😂

Someone tell Trump he’s threatening the capital account surplus.

Spot on.

1) The British public (via the Bank of England) pays base rate on bank reserves. Roughly £38bn annually. This is optional. Why?

There are multiple town squares. Why go to the one where the guy with a megaphone drowns out everyone else?

Did anyone listening to BoE testimony at the treasury select committee today. Apparently a ‘quirk’ in our accounting is costing the UK around £38bn a year. 🤫

Bluesky now has over 20M people!! 🎉

We've been adding over a million users per day for the last few days. To celebrate, here are 20 fun facts about Bluesky:

@darioperkins.bsky.social ?

7) Not necessarily a bad thing - may explain avoiding recession: fiscal deficit = private sector surplus, monetary tightening easier to absorb.

6) Fiscal stimulus at full employment raises real rates across the yield curve.

5) Fiscal policy stance has only really change in US, since Covid. US is only major economy to back running economy hot - via fiscal policy. Real rates now at a critical juncture.

4) Is anything really changing to buck this trend?

3) Europe has replicated (sort of) Japan … so (bizarrely) has China.

2) Root cause may be private sector preferences/demography: Japan clearest example of arithmetic - if private sector runs surplus, public sector runs deficit.

1) Global developed market time series of the last 30 years show that as public sector debt/GDP ratios rise, real interest rates decline.

Might be possible to have an intelligent debt/deficits discussion here … thinking out loud:

So much misinformation around today on who will be affected by changes to inheritance tax - and lobbyists pretending the data isn't clear to obfuscate. We have detailed data on estates so the truth is in fact very clear if you care to look 🧵

Trump actually outspent Kamala 40:1.

Evening. Good times … hope all is well!

Free speech is premised on good faith.

Checks and balances include the bond market. Thankfully.