remarkable how every investor in this FT piece basically says: a state that heavily controls capital, with a central bank subordinated to government priorities, is a safer heaven in the new geopolitical reality of petrowars www.ft.com/content/7221...

Speaking of USD hegemony, some of us have worried for a while that Trump won't allow the US Federal Reserve to exercise its global dollar lender of last resort function. The downside is flight out of US Treasuries.

1. Germany already said the war is illegal. 2. US now threatening "complete obliteration" of Iran's energy system and, maybe, of desalination plants – i.e., war crimes. 3. Reminder: The war is conducted from Ramstein, Germany: "the nerve center of America’s operations against Iran". What gives?

indians are livid...(this is cover of leading magazine) American global standing was already down after Trump's tariff war and security threats. It will now collapse as the US creates insecurity and scarcity for both rich and poor countries.

Ahem at this point we have about one European leader that is actively trying to stop the disaster that's around the corner.

Trying to not despair at what's coming, I entertain the thought that this an absurd Ionescu play where Trump is trying new ways to get the Fed to lower rates.

With its trademark impeccable timing, our Labour government is pushing pension funds into private equity, just as the smart money cashes out. www.ft.com/content/2143...

Vulture funds, defeated, love to see it.

A week in the US/Israel attack on Iran, I learnt some close observers were concerned that Israel would use its nuclear arsenal on Iran. I thought they couldn't possibly, not even that genocidal regime can go that far. Now I see more and more warnings

Or maybe with his own AIes?

And they complain the Trump Administration doesn't foster high skilled job creation

Kind of nuts that Daily Mail of recent Nazi sympathies has the nerve to accuse a Jewish leader of a British party of antisemitism

Trumpers looking for a way to subordinate the Fed without imploding Wall Street, but guys, I have news for you - the Bank of England has new fiscal powers, and it has systematically deployed against elected governments who dont align with Bailey's brand of monetarism www.ft.com/content/9d18...

ready for redcaju.org Derisking and Alternatives workshop in Senegal! packed program with 23 (!) papers, interactive format (no ppt, all read/comment, two discussants per paper) and great mix of young/ish from the Global South and North. A special issue in the pipeline too.

At this point we can only conclude that the German growth model deserves its inevitable oblivion.

Larry Fink waxing lyrical about the magic 1950s, when American capitalism was oh so dynamic, but leaves out the bit about the heavy repression of finance within and across borders that underpinned it.

The monetary beating shall continue until shock therapy to European industries improves morale.

Following my reporting here I've learned NYCHH will not renew Palantir's contract when it expires in the fall.

17.5% is a Minsky AI Moment threshold.

I often feel seen by central bankers.

TACO Mondays for the win

I wonder why did Volkswagen, and other European capitalists, cheer the Commission's omnibus deregulation push and now they want Chinese style-planning? China can plan because its state can discipline capital into strategic priorities. It has credit policy. It has industrial policy.

at this point, European politicians should take the shell of the Savings and Investment Union and mandate pension capital to finance, via say a European Renewable bond, an aggressive scale up of PUBLIC renewable capacity. this is an energy war, we need war measures not derisking.

Every time I go to Brussels, I am reminded that we Europeans are blessed with elites that have demonstrably pro-cyclical spines, disappearing when we most need them

Oh look, investible tolls on the horizon, hurry Larry!

Do we understand the politics of this kind of cost-shock inflation (and the policies that might help address it)? I think not so much: www.annualreviews.org/content/jour...

think @zackpolanski.bsky.social should ask: 1. why is Labour allowing Bank of England to abdicate its public duties during crisis? 2. How are interest rate hikes going to deal with inflationary pressures triggered by oil shocks without inflicting massive further damage on our battered economy?

Yes, central banks cannot print oil, but the Bank of England can and should shield gilt yields from a combo of speculative positions and commodity shocks - it's part of the toolkit, the market maker of last resort for gilts.

Seeing the scale of economic disaster Trump has unleashed on the world, and his own rating, my prediction is he'll TACO this weekend

we cant trust Big Tech to properly occupy the White House, their guy seems determined to double energy costs for AI data centres and funding costs (middle east capital) for AI data centres but Trump can pride himself with giving the world the AI Minsky Moment.

ok, I didnt expect the hegemon petrostate to strand fossil assets via a middle east war that is escalating to scary proportions www.ft.com/content/3f4a...

of the many stupid things coming out of Sillicon Valley, this is up there in top 3

At the EU Tax Symposium and the US Treasury rep has said 'constructive dialogue' 10 times with no substance, besides 'no rushing to a solution' that the US will not adopt

There is something fin de American hegemony in this deranged proposal to solve the problems created by bombing a country for imaginary nuke threats by nuking the middle east.

This is very exciting, was hoping for this. Congratulations @helene-rey.bsky.social , can't think of anyone better www.bis.org/press/p26031...

very, mind-blowing bad, and possibly the future given this Labour government is determined to run us into the ground: if you're not REFable, you're precariously employed by a firm that subcontracts your teaching to the university.

Andrew Bailey is a TINA Thatcherite and he killed the climate policies of the Bank of England with the same 'the market knows better' line. every critic worries that we're heading to a new (old) world of credit policy and financial repression. They cant stop it. www.ft.com/content/9516...

bizarre hatchet job on @greenparty.org.uk economic policies, with quotes from a bond vigilante scaremongering Geoff Hodgson who should stay in his 'institutions matter' lane and a Farage-lite IPPR guy who should be ashamed of himself www.ft.com/content/a60e...

oh look, price targets!

market maker of last resort now activated, as the fallout from the US/Israel illegal war spreads uncontrollably

not only a monstrous, illegal war, but also profoundly stupid self-own unless your only goal is to distract from the Epstein files

still my very excited heart

excellent Note by ISRF Director @cnewf.bsky.social on our Redesigning Finance for Climate Justice project, in preparation for workshop on Coercing Finance, where we explore the macrofinance/political economy of credit and sketch futures of socialised investment isrf.org/blog/coercin...

New levels of cruelty in this Labour government's pointless pursuit of Reform votes

Great resource for anyone engaged or interested in US AI policy and governance from @geomblog.bsky.social and his team www.brown.edu/news/2026-03...

two weeks from now, I will join EU Tax Symposium of European Commission/European Parliament to talk about Savings and Investment Union, curious how the 'love capital markets like Americans do' consensus in European capitals holds if Iran continues to wreak havoc on world economy/soon US stocks

Who stands to profit as energy prices are rising due to the escalating war in the Middle East? NYT and FT quoting our research on the 2022 energy crisis! Spoiler: in the West it's mainly affluent shareholders. High time to dust off the discussions on excess profit taxes & strategic price controls.