I am horrified. If you use US material, download all old reports you use. The record will be erased. Even that might not save you: every report sourced from the US will now have to be suspected of politicised manipulation and will in the future the same credibility as Iran’s human rights reports

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Frankfurt. Who buys a house today and has to pay all fees&taxes at purchase (11-12% of agreed price) and gets a mortgage at 3.5% p.a. either doesn’t care about money or is very bullish on the local real estate market.

No matter your interpretation of the categorical imperative, we can’t have a functioning society if lying isn’t penalized.

Trump says the bad jobs numbers out today are fake and from a Biden appointee. “I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified.”

One of the legends of Rock music passed away today. R.I.P. Ozzy! You’ll be greatly missed.

Guitar Gods

brilliant

The ten-year yield's noticeable rise today further reinforces the historically unusual behavior of US government bonds. This is occurring amidst continued Israeli attacks on Iran and, more generally, a thickening geopolitical cloud hanging over the global economy and markets. #economy #markets

Wopke Hoekstra, the European Commission’s climate chief, successfully lobbied Germany’s government during their coalition talks to endorse the use of international carbon credits for the EU’s 2040 climate target. www.politico.eu/article/eu-c...

Glad to see JPMorgan has hired the top climate scientist from NOAA - every financial institution should beef up climate science capacity. But really disappointed to see her dodging questions about Trump's decimation of her former agency & overall federal capacity. www.cnbc.com/2025/05/31/w...

The US Administration has indefinitely blocked *all* student visa applicants from getting a visa interview. Worldwide, unconditional, no end date. All. International students are crucial to the US university system, American innovation, and future US prosperity.

This guy stole $10 million from the employees of his nursing home to buy himself a luxury yacht and Cartier watches. He PLED GUILTY. And because his Mom gave Trump $1 million, he just got a pardon. And this story barely makes the news today. WTF. www.nytimes.com/2025/05/27/u...

Political ads don’t work www.nber.org/system/files...

Apparently it is still not clear to everyone that exporters to the EU don’t have to pay yet for CBAM allowances.

Republicans are taking us back at least 20 years on energy and climate policy. They effectively killed all of the IRA tax credits last night. Now the Senate is ignoring the Parliamentarian to rescind the California Clean Air Act waiver that allows California to establish strict emissions standards.

This is so sad and annoying

💥 Coup dur pour la transition énergétique ➡️ trib.al/oF2ausO

A new study has found that 85% of insurance firms could be exempt from the EU’s climate reporting rules under proposed omnibus changes. greencb.co/4k2WLEZ

#EU2040 Ziel: Der #Koalitionsvertrag unterstützt das EU-Ziel von -90% für 2040, u.a. wenn auch CO2-Reduzierung durch Projekte in außereuropäischen Partnerländern anrechenbar sind. Als @expertenratklima.bsky.social sehen wir das eher kritisch, siehe RZ 371 hier: expertenrat-klima.de/content/uplo...

2025, the year of the gullible voter

Very timely: new Q1 2025 Clean Investment Monitor out today www.cleaninvestmentmonitor.org/reports/q1-2... Shows a cool half a trillion dollars in announced projects and more than 100,000 jobs across 2,217 facilities currently threatened by potential IRA repeal.

New out today from my team @rhodiumgroup.bsky.social - $321B has been invested since the passage of the IRA in Q3 2022 and $522B is currently outstanding, including projects that are announced or under construction. 75% of outstanding investment is in R districts. (fig below from NYT)

“An Israeli government minister has vowed that “Gaza will be entirely destroyed” as a result of an Israeli military victory, and that its Palestinian population will “leave in great numbers to third countries”.” www.theguardian.com/world/2025/m...

The biggest thing modifying our weather is CO₂ emissions from burning fossil fuels. subscriber.politicopro.com/article/eene...

The practice of asking customers to send copies of their ID per email should stop

How elegantly people had to switch from “deglobalisation is inflationary” to “US tariffs are deflationary (in Europe)”

How Tariffs Affect Trade Deficits... ... a new paper with amazing trade economist Arnaud Costinot. Many politicians and the general public expect tariffs to reduce imports lower imports and thus work to close a trade deficit. Economists typically say "not so fast"... 🧵1/n

There is no bad weather only bad clothing is like there is no bad food, only snobbish taste

For the climate & trade nerds. In this paper we showed that carbon border adjustments (CBAM) can be counterproductive and we contradict the highly-cited Babiker (2005) on carbon leakage rates. www.journals.uchicago.edu/doi/abs/10.1...

If it weren't for the tariffs, this would be one of the biggest stories right now.

If you've heard talk over recent days about bond market movements really mattering, let me explain what's going on, and why it matters.

• 2025 tariffs raise the average effective tariff rate by 22.9pp *pre-substitution*, before consumers & business shift purchases, similar to pre-Apr 9 announcement. • *Post-substitution*, China imports collapse to 4% of imports, so 2025 becomes a 15.7pp increase in avg. 2/7

And so it begins.

“Tariffs are bad, but this is very very bad”

But aren’t the Japanese doing you a favour giving you cars in exchange for pieces of paper?

📈 - Liberation Day has taken US tariffs back to levels last seen in the late 1800s • US imports will now face a weighted-average tariff rate of 24%, up from 2% or so last year • Global retaliation measures (see: China's own 34%-tariff) will prompt hike in global tariff rates, fuelling inflation

What’s the objective of “Liberation Day”? Force others to devalue the dollar? The Fed to cut rates? Eliminate the trade deficit? Reshore manufacturing? A leverage for international deals?

When you’ve been a net seller of equities for two years and are sitting on $300 billion in cash. 🫡 www.wsj.com/finance/stoc...

Response rates to statistical surveys have been plummeting. www.frbsf.org/research-and...

Preliminary data suggests that the global average increase in atmospheric CO2 concentration in 2024 will be a record. Not just a little record, but 25% higher than the previous record. (This is the global average, as opposed to Moana Loa) gml.noaa.gov/ccgg/trends/... 1/

🎯Don't shoot the messenger! @philippasigl.bsky.social points out that new German fiscal framework does not allign with 🇪🇺 and that reforms are yet to come [EU & GER]. Watch her entire take on the flipside of the coin (gaps, complexity etc) @cnbc.com. www.cnbc.com/video/2025/0...

Astonishing historical revisionism going on. The United States played the role of a global empire and they had huge benefits from this. New narrative is that the US was doing Europe a favour protecting it out of charity. Journalists and commentators would really ride any BS to get some visibility.

Who uses this? Nobody

The American government is now our enemy. Unbelievable. Terrifying.

Maybe people like Bluesky more than X because it’s an echo chamber. Very comforting.

Etwa 40% des gesamten maritimen Gütertransports dient dem Verschiffen von Kohle, Öl und Gas.

86% der Weltbevölkerung lebt in Ländern, die Nettoimporteure von fossiler Energie sind.

Fantastically detailed, step-by-step telling of the DOGE takeover, with each agency falling like dominoes as the minions moved in. "Initially turned away for lack of security clearance, they came back with a handwritten note...from the Executive Office of the President saying they were suitable"