The philanthropist, a longtime listener, donated $80 million to the media organization after the Trump administration cut funding. on.wsj.com/4vDjn4U

This is very good. Abundance is a good book about the US but not very relevant for the UK. Also populism = 'avoiding difficult choices' is a great definition.

Merchant vessels report gunfire as they attempt to cross Hormuz, shipping sources say reut.rs/3QLIUJa

Shocking new diet reported in the FT "The Royal Bank of Canada reported this month that Canadians returning from the US shrank 25 per cent year over year in 2025"

Rice is the really obvious way to see how dumb this policy is. If global prices rise above the cap, Scottish supermarkets will stop importing rice. Process is more complex for UK produced goods but the effect is the same: you can avoid price rises, but only by creating shortages.

Efficiency with tech, EU style

Tillis, on the social media site that shall not be named, posts a picture of the Three Stooges to represent Pirro's office

Simply skipping the odd desert ski resort opportunity or insane new city construction would do it www.bloomberg.com/news/article...

Yes London is expensive but tomorrow you can watch a one-day cricket match at the Oval and see the London Symphony Orchestra at the Barbican and it will cost you a grand total of less than than £30.

Andrew Bailey on good form in today's speech in NY:

Insights from economics, IMF edition: "The analysis shows that conflicts generate large and persistent output losses in economies where fighting occurs"

Nothing says you care about freedom of navigation more than a total blockade of international waters www.wsj.com/livecoverage...

It would certainly be harder for Russia to attack there.

Great FEDS Note estimating ~100% cumulative pass-through of tariffs to consumer prices and negative core goods prices if not for tariffs. www.federalreserve.gov/econres/note... The good news? "We also estimate that pass-through from the 2025 tariffs is effectively complete."

Surprising how often Americans forget that their late entry into both world wars was because they were attacked, and not because they just wanted to help out. (Also the Germans quite like speaking German...)

For London's truly multinational election, look to the Oval ward. Among the candidates: Chris French Derek Germon [sic] Claire Holland

IPO time www.wsj.com/world/middle...

TLDR:

www.wsj.com/lifestyle/wo...?

Ironically enough, it was the US that led to the end of the last maritime toll on a sea passage (Denmark's Sound Dues). This from the Chancellor of the Exchequer in 1857

stares in Danish...

@chrisgiles.ft.com Feels odd comparing oil now to 2020 - then it was a demand shock for oil, and for the economy it feels like WFH offset most of the supply shock, leaving mainly a demand shock. Supply issues only became notable once lockdowns ended and demand returned. Does that make a diff?

One of the last places to hide from this year’s stock-market turbulence—value stocks—is in danger.

Bondi Beached www.wsj.com/us-news/law/...

S&P 500 eps by year - look at the jumps in 2026 and 2027

TAP: known by frequent visitors to Lisbon to stand for "take another plane"

So it turns out horseradish *does* go with Marmite

MPs really need lessons in the price signal - giftarticle.ft.com/giftarticle/... via @FT

Maybe King Charles could seize some jet fuel on his state visit

Fingers crossed some UK oil importer got their decimal point wrong too BBC News - Bananas galore in Orkney after store orders 38,000 by mistake www.bbc.co.uk/news/article...

I’ve been thinking about how inequality in the UK has if anything declined in recent years and yet the perception seems to be that it’s going up. This IFS charts offers a clue as to why ifs.org.uk/living-stand...

@jemima.bsky.social how can you say there are no new fashions when the City is full of gilets? Banker bros have moved on from suit and tie since 2008

It’s just so stupid on so many levels. The *fundamental* problem is that the world has less oil. We need to use less to account for that. Making petrol a fraction cheaper doesn’t help with the real issue, costs the government money and does very little for households.

Nice to see Gemini gives similarly helpful instructions to visiting Americans as the average Londoner asked where Lie-sester Square is www.wsj.com/lifestyle/tr...

By my estimates*, the oil shock underway represents the biggest supply disruption ever, but is (so far) short-lived, and is hitting a world economy that's less energy-dependent than at any point since the 60s. At the current burn rate, it will cross the 1973 threshold somewhere in late August:

@dsquareddigest.bsky.social not quite songs round the campfire but the modern Club Med still has gentils organisateurs leading the guests in line dancing...

www.wsj.com/politics/ele... "We negotiate with bombs", said Gen. Jack D Ripper, no sorry Pete Hegseth

This should be real so Germans can hedge their risk of delay

supreme accidental comic timing in Commons just now during PMQs: Keir Starmer: “there is only one party leader who has shown he will say anything, no matter how divisive, if he is paid to do so” Speaker (calling the next question): “Nigel Farage”

My cat's 15-point plan is clear

Ares: It's war! (Sorry, but also not sorry) www.wsj.com/livecoverage...

Relevant for the interminable UK argument about drilling for oil is the rush by Norway (Equinor) to drill more. Presumably we will buy at least some of the oil and gas that results. Former UK ESG champion Mark Carney has ofc U-turned on becoming Canada's PM and is piling C$s into oil export pipes

Things are so bad that Dubai Crude no longer includes crude from Dubai. www.wsj.com/business/ene...

Just to mess things up completely, today: 1. Oil is up 2. Treasury yields are up 3. Dollar is up Yet... Gold is up! Weirdness today is oil up yet still a risk-on day. Gold has just become a risk asset, for now.

Labour MPs frequently argue there's no point in drilling North Sea as the oil would be a drop in a global market. This is the same logic as the claim that there's no point in cutting UK carbon as China, US etc keep emitting whatever UK does (though not a market)

"He makes my personal top 50," Grammer (didn't) say

Hi, I’m the constructive conversations witch.

TACO Monday