He’s right. Extracting rents from the services a society needs is exactly what is happening.

Rhapsody in Blue, tonight.

Un bebé con signos de tortura. Esto es lo que está haciendo el ejército de Israel. Esto es lo que amparan quienes les defienden.

Chernobyl continued to remind us of the dangers of using nuclear power. It is distressing to think that once again plans are being made for new nuclear in Scotland. www.ft.com/content/c0f1... The €500mn hole in Chernobyl’s roof

Ann Pettifor: "Tackling inflation with rate hikes while refusing to take regulatory action to deal with spiralling food prices, rocketing profits and falling real wages - means central bankers are acting politically." @annpettifor.bsky.social open.substack.com/pub/annpetti...

This is an extremely good insight into the finalisation of populism. It adds another reason for urgent reform of the finance industry - as a way of combating right wing populist. www.ft.com/content/a47f... Time to scrutinise populism’s ‘supply side’

2/2 accommodates) the tensions that result,” he writes." Dani Rodrik has always been ahead of the curve on globalization, and the point he makes here is one that everyone, even mainstream economists, will eventually recognize.

With implications for the UK.

Data? www.ft.com/content/6a67...

End of a busy week with a book launch, a 10 course taster menu at Nico, a play and now the RSNO with a bit of Tchaikovsky.

Huge missed opportunity that these new trains will not be owned by ScotRail They are being leased by Beacon Rail which is owned by JP Morgan Asset Management Rolling stock is the most profitable bit of the railway Scotland should own its own trains! www.bbc.co.uk/news/article...

This is excellent and practical. It gives a route to charging consumers the average cost of electricity rather than the much higher marginal cost used currently. A saving for customers and an end to economic rents.

This looks interesting.

The government needs to get serious about reform of the financial sector. As we learned in 2007 too much leverage and too little regulation can do damage to society. #EconSky www.ft.com/content/f77b... Wall St underestimates private capital problems, says top credit hedge fund

The coming storm. www.ft.com/content/f77b... Wall St underestimates private capital problems, says top credit hedge fund

Members of the #LabourParty should know that the national policy forum consultation is underway. One question asks members what they want the government to do about water cos. YOU are invited to comment. nationalpolicyforum.labour.org.uk/wp-content/u...

“Should investors worry about a 2008-style shock?” Gillian Tett sets out all the reasons for worrying and concludes with a no. I read her piece and ended up worried. www.ft.com/content/d8d1...

Members of the #LabourParty should know that the national policy forum consultation is underway. One question asks members what they want the government to do about water cos. YOU are invited to comment. nationalpolicyforum.labour.org.uk/wp-content/u...

Happy Friday. 🎶

Imagine if UK ministers spoke like this.

“We are caught in a political economy impasse where the needed change is blocked by the beneficiaries of the old model.” #EconSky substack.com/@josgallache...

My take on the political economy of UK stagnation. #EconSky substack.com/@josgallache...

Fails to mention that slumping or collapsing Gulf states economies could fuel another global financial crisis, as asset values and economic viability plunge with the war. Any heavily Gulf-invested western banks or funds could fall over, with big domino effects. www.theguardian.com/commentisfre...

tl;dr it’s rent-seeking and an outdated model. substack.com/@josgallache...

New substack: "Being a lawyer, Sir Kier knows well the old saying, “never ask a question to which you don’t know the answer.” How to fix capitalism is one of those questions." chrisdillow.substack.com/p/wanted-a-n...

Shed a tear with me tonight. www.bbc.com/news/article...

I have no words.

Due to be available on BBC Sounds later today👍

Cruelty to immigrants is not what my party stands for. It’s time for True Labour, not Blue Labour www.theguardian.com/commentisfre...

4/5 He notes that just as income inequality in the US leads not to more investment but to more debt, net capital inflows into the US also lead not to more investment but rather to more debt, and for the same reason.

Oh definitely. The same hedgies buy remote plots in New Zealand as apocalypse insurance. But surely the point of being rich is that when the shit hits the fan you don’t have to fly into a war zone to optimise your tax bill?

Of course we don’t need private investors in water supply. To claim otherwise is economic illiteracy.

“China spying arrests raise awkward questions about Labour Party links” Like what are they doing linking up with the former chair and finance director of the cocaine cartel’s favourite bank? www.ft.com/content/2918...

A statement of fact with no emotion or moral judgement. It calls out for a response and a questioning of law and morality.

Did you watch Dirty Business? I can't believe how much water companies have gotten away with. They're putting profit before public health - it’s a scandal and the Government MUST take action! Sick of sewage? Add your name to the petition today: you.38degrees.org.uk/petitions/en...

Labour's Cat Smith MP last night: "There are still huge gaps re. cryptocurrency and the potential for illicit funds to bypass traditional checks. We should be bold enough to start talking about a donation cap, too. There is no plausible argument against introducing caps on political donations."

The tail wagging the dominoes is a good description of the chaos in the Middle East. Israel is the tail wagging the US dog. Iran’s response attacking US bases and the allies hosting them brings in their allies. Someone needs to say no, we will not join in this escalation and call for a halt.

Has there been a leak? #SpringStatement www.ft.com/content/0f8b... Stronger UK public finances can withstand Iran war shock, Reeves to say

El presidente del Gobierno de España, Pedro Sánchez, rechaza la ofensiva de EE.UU. e Israel contra Irán al considerarla "fuera de la legalidad internacional". La sociedad española está contra el "régimen odioso" iraní, pero pide respeto al derecho #España #PedroSánchez #Irán

Setting electricity prices at the marginal cost is absurd. A shift to average cost would reduce prices and could be done in various ways. My preference would be a national buyer negotiating “cost plus” prices and selling on at average cost. #EconSky www.ft.com/content/86fd...

The implications for UK policy are huge. Far from being a driver of growth, the City is a drag on the British economy. British industrial policy promotes further growth in finance. Post 2008 guardrails on finance are being removed. The exact opposite of what would help secure growth. #EconSky

It’s an unusual approach to making peace. I don’t think it will work.

And some @aptshadow.bsky.social. Never bet against there being one of his in the monthly sales. Shards of Earth is the first book of his final Architecture series and a great rollicking space adventure. www.amazon.co.uk/Shards-Earth... Not reduced on Kobo

US-Israeli strikes ‘undoubtedly an illegal aggression’ – former British Ambassador to Iran www.channel4.com/news/us-isra...

amazing Merz came back from China peddling neoliberal 'we dont work hard enough' nonsense instead of ' the Chinese State can do industrial policy like no one else' He's the Keir Starmer of Germany, learning nothing, doubling down on the same disastrous strategy

Guesswork about guesswork.

“Iran can end this now.” via BBC news I’m not sure that’s true.

Condenamos sin paliativos los bombardeos de EEUU e Israel en Irán. Esta agresión generará una escalada que vuelve a situar a Oriente Medio al borde del abismo. La espiral de violencia solo trae más caos y más sufrimiento para los pueblos de la región.