I wrote about how unregulated finance is now just, well, finance for @phenomenalworld.bsky.social the center of gravity in finance has completely shifted & our mental models & policymaking approaches need to catch up www.phenomenalworld.org/analysis/fin...

The collapse of auto parts supplier First Brands last fall was a harbinger of a broader trend, as the financial press reports of "stress" in private markets. @lenorepalladino.bsky.social surveys the growth of unregulated finance: www.phenomenalworld.org/analysis/fin...

The $16.6 trillion in net assets held by private funds in 2025 were ultimately managed by just four thousand registered advisors. New from Lenore Palladino, on the unregulated finance at the heart of the American economy. www.phenomenalworld.org/analysis/fin...

thanks @adamtooze.bsky.social for the shout out in adamtooze.substack.com/p/top-links-... to this, which got lost in the holiday 2024 season www.phenomenalworld.org/analysis/a-t... @phenomenalworld.bsky.social

If you haven't read this fantastic piece by @jwmason.bsky.social on the complexities & the path forward for making housing affordable in NYC co-published by @nycpolicyforum.bsky.social & @phenomenalworld.bsky.social @phenomenalworld, really you should!! nycpolicyforum.substack.com/p/the-real-c...

superb piece. among other things a really useful look into how apartment investing actually works www.phenomenalworld.org/analysis/aft...

This is indeed broadly true of rent-stabilized landlords in NYC when they lobby against things like rent freezes or low proposed annual increases. “Rising costs” in general audience stories about this almost always describe those as, like, maintenance or wages. But it’s mostly debt-servicing.

The NYC Policy Forum is a very exciting new project which I am thrilled to be part of.

“Any discussion of rent regulation has to grapple with the fact that owners of residential buildings pay most of their rent earnings not on maintenance or operations, but to service their debts to their creditors.” NEW by @jwmason.bsky.social www.phenomenalworld.org/analysis/aft...

In @phenomenalworld.bsky.social, Steffen Murau discusses four possible futures for the international monetary system.

"Pode-se dizer que o modelo de política ambiental adotado foi parcialmente responsável pela ascensão política de uma extrema direita patrocinada pelo capital do agronegócio" @rugitsky.bsky.social avalia a política ambiental dos primeiros governos petistas phenomenalworld.org/pt-br/analis...

I have a new piece out today in Phenomenal World, on the economics of a freeze in NYC regulated rents. www.phenomenalworld.org/analysis/aft...

"owners of residential buildings pay most of their rent earnings not on maintenance or operations, but to service their debts to their creditors...they borrowed too much to buy...based on an expectation that rents would rise faster than they actually did." www.phenomenalworld.org/analysis/aft...

“But why are building owners facing distress today? The answer in most cases is that they borrowed too much to buy buildings at inflated prices, based on an expectation that rents would rise faster than they actually did.” www.phenomenalworld.org/analysis/aft...

“Any discussion of rent regulation has to grapple with the fact that owners of residential buildings pay most of their rent earnings not on maintenance or operations, but to service their debts to their creditors.” NEW by @jwmason.bsky.social www.phenomenalworld.org/analysis/aft...

New piece for @phenomenalworld.bsky.social, written with @jacktaggart.bsky.social and @tomchodor.bsky.social! It's an attempt at grasping the dismantling of multilateral global governance, in light of intensifying geopolitical rivalries, resurgent state capitalism, and hegemonic crisis. Link below:

"A tentativa de traduzir políticas nativistas em preceitos monetários ignora a natureza contemporânea do dinheiro, baseado no crédito e, muitas vezes, criado fora do território nacional." @steffenmurau.bsky.social analisa a economia e o futuro do dólar www.phenomenalworld.org/pt-br/analis...

New essay by @steffenmurau.bsky.social on Trump admin's misunderstanding of dollar hegemony—and four possible futures for the international monetary system. 1/ www.phenomenalworld.org/analysis/tru...

"The removal of the Federal Reserve swap network would be the ultimate 'chainsaw' event, on a level that Musk’s DOGE never even came close to reaching." @steffenmurau.bsky.social www.phenomenalworld.org/analysis/tru... via @phenomenalworld.bsky.social

Excellent summary of the large body of work @steffenmurau.bsky.social and colleagues have done on the Offshore (US) Dollar Syatem www.phenomenalworld.org/analysis/tru... @phenomenalworld.bsky.social Look here for the bigger body of work: steffenmurau.com/portfolio/in...

“Those who want to translate their nativist politics into monetary precepts have failed to reckon with the credit-based, offshore, nature of money today.” @steffenmurau.bsky.social on year one of Trump’s economic policy and the future of the world dollar www.phenomenalworld.org/analysis/tru...

BNDES sob o Consenso de Wall Street. As transformações do banco de desenvolvimento brasileiro em contexto de mobilização de capital para a transição verde, por Iago Montalvão www.phenomenalworld.org/pt-br/analis...

"Sob Trump, a remoção sistemática de barreiras legais e institucionais à aplicação da lei de imigração foi complementada por investimentos maciços no aparato de fiscalização. O orçamento anual faz do ICE a maior agência federal de policiamento do país" www.phenomenalworld.org/pt-br/analis...

"Sob Trump, a remoção sistemática de barreiras legais e institucionais à aplicação da lei de imigração foi complementada por investimentos maciços no aparato de fiscalização. O orçamento anual faz do ICE a maior agência federal de policiamento do país" www.phenomenalworld.org/pt-br/analis...

“The White House appears to have admitted that Beirut cannot aspire to any enduring hegemony in the South. The best it can hope for is a fragile form of domination.” Francesco Anselmetti on Southern Lebanese resistance past and present www.phenomenalworld.org/analysis/sou...

snapshots from mexico city Claudia Sheinbaum is everywhere. Sky-high approval ratings. If you haven't heard about Morena's ambitious political project and how they have "made power" this is a great essay: www.phenomenalworld.org/analysis/the...

In his new monthly installment for @phenomenalworld.bsky.social , the CWD’s Ben Fong breaks down the profitability of e-commerce and how it truly stacks up against traditional, brick-and-mortar retail. Read it here: www.phenomenalworld.org/analysis/the...

The CWD’s own Ben Fong just announced a new monthly newsletter, “Labor and Logistics” for @phenomenalworld.bsky.social ! Check it out here: www.phenomenalworld.org/series/labor...

“Unconstrained resources have thus enabled the growth of the far-right enforcement regime; reckoning with its budgetary and institutional foundations will be necessary to stop it.” www.phenomenalworld.org/analysis/enf...

“Unconstrained resources have thus enabled the growth of the far-right enforcement regime; reckoning with its budgetary and institutional foundations will be necessary to stop it.” www.phenomenalworld.org/analysis/enf...

Crise econômica, inflação de alimentos e combustíveis, fraturas no interior do bloco no poder e repressão estatal: o que está por trás da recente onda de protestos no Irã e qual o futuro da República Islâmica? www.phenomenalworld.org/pt-br/analis...

Crise econômica, inflação de alimentos e combustíveis, fraturas no interior do bloco no poder e repressão estatal: o que está por trás da recente onda de protestos no Irã e qual o futuro da República Islâmica? www.phenomenalworld.org/pt-br/analis...

“With Amazon and Walmart, it’s King Kong vs. Godzilla. Either way Tokyo’s fucked.” - Whole Foods Vice President Errol Schweizer www.phenomenalworld.org/analysis/the...

“New investments in border security allowed immigration agencies to flourish as unaccountable incubators of a hard-right agenda within DHS. This is the foundation on which the Trump administration has built.” www.phenomenalworld.org/analysis/enf...

This is fascinating! Are e-commerce (profit) expectations too high? www.phenomenalworld.org/analysis/the...

📣 My new article on Iran’s latest unrest for @phenomenalworld.bsky.social www.phenomenalworld.org/analysis/ira... Iran has witnessed another wave of unrest beginning on 28 December—the fourth major uprising since 2017. (1/5)

"The crackdown has done nothing to address the origins of the upheaval, which lie in the country’s political economy." NEW @kayhanvaladbaygi.bsky.social on the crisis in Iran www.phenomenalworld.org/analysis/ira...

…. the late Bruno Latour remarked that “Brazil is today what Spain was in 1936, during the civil war: it is where everything that will be important in the next decades is visible.” read phenomenal world in English and Portuguese! www.phenomenalworld.org/interviews/b...

Excellent analysis by Fernando Rugitsky of the background to Trump's Venezuela raid in US-China competition in Latin America. www.phenomenalworld.org/analysis/mat...

For non-UK, what's more crucial for sovereignty and geopolitical leverage, especially regarding the holdings of US assets, is the creation of a deep market for joint liabilities for a global euro. A great recent piece by the mighty @shahinvallee.bsky.social: www.phenomenalworld.org/analysis/a-g...

“The US is aware of its economic weaknesses—and seems inclined to compensate by flexing its military might. But will the return of the Monroe Doctrine be able to reorder global supply chains?” @rugitsky.bsky.social on the Donroe Doctrine www.phenomenalworld.org/es/analisis/...

“Junto con los aranceles, el control de las inversiones extranjeras y los controles a la exportación, el restablecimiento de la Doctrina Monroe podría interpretarse como un nuevo pilar de la estrategia antichina seguido desde la crisis financiera de 2008.” www.phenomenalworld.org/es/analisis/...

“A hipocrisia está em declínio; o imperialismo descarado parece estar de volta.” Leia a segunda edição da Meridional, coluna mensal de Fernando Rugitsky. www.phenomenalworld.org/pt-br/analis...

When we wrote a year ago about countries organizing "around and without" the US, we didn't realise the extent to which it was western allies that would be doing this most decisively. www.phenomenalworld.org/analysis/pol...

–––NUEVO en español––– La pieza de @michael-macher.bsky.social sobre las agencias que adelantan la campaña de Trump contra la inmigración y su nuevo poder que reside en presupuestos ilimitados y una cultura política de extrema derecha. www.phenomenalworld.org/es/analisis/...

Here’s the better long form on the “interiorization” of the border regime and the coercive side of the US empire: www.phenomenalworld.org/analysis/enf...

this is smart, thorough, and excellent

An absolutely central piece on ICE and its new enforcement regime. www.phenomenalworld.org/analysis/enf...

“New investments in border security allowed immigration agencies to flourish as unaccountable incubators of a hard-right agenda within DHS. This is the foundation on which the Trump administration has built.” www.phenomenalworld.org/analysis/enf...

"The agencies themselves laid the groundwork for this project over the previous decades, as they morphed into rogue actors with increasingly radicalized unions" @michael-macher.bsky.social on how we got here www.phenomenalworld.org/analysis/enf...