Debt delinquency in the USA. Putin's top technocrat and preparing for the next fight in the Pacific.
The latest Top Links from Chartbook Newsletter just dropped. Check it out and sign up:
open.substack.com/pub/adamtooze/…

It simple does not matter what American musicians actually mean. If they make a sardonic reference to American patriotism ... it becomes a patriotic song!
Born in the USA
Now: Keep on Rocking in the Free World.

Here are the darkly ironic lyrics:

There’s colors on the street…

Great to be involved in this debate with Michael Pettis more to follow!

1/9
Adam Tooze responded to several recent articles and comments, and as always, his response is very thoughtful and very illuminating. As he says 'clearly, Pettis and I are maneuvering around the same set of issues.'

adamtooze.substack.com/p/chartbook-28…

How China escaped the shock therapy that brought down the Soviet Union | Adam Tooze in Noema Magazine noemamag.com/how-china-avoi…

Wann folgt mein Verband der Historiker:innen VHD , um klar gegen die öffentliche Diffamierung von Wissenschaftler:innen durch BILD und Bettina Stark-Watzinger Stellung zu beziehen?

I'd also note that China is not dumping excavators. Sany's foreign margins are higher than its margins on domestic sales, for example. The new China shock is a lot more complicated than 'dumping' implies.

Protest der Studierenden & Brief der Lehrenden waren ein Riesenerfolg. Diese Mini-Disruption des status quo reichte aus, um zweierlei für alle sichtbar zu machen:

1) „Staatsraison“ exceptionalism hängt am Tropf, am Leben gehalten von Springer und jenen, die’s noch werden wollen.

Berliner Uni-Leitungen TU Berlin 1337 kritisieren BILD und Bettina Stark-Watzinger - klare und notwendige Worte!
tagesspiegel.de/wissen/reaktio…

Cet important texte d’Adam Tooze sur les dernières péripéties de la 'pensée Lighthizer' est 'à lire absolument' (comme aime à dire le Le Grand Continent) pour compléter cette analyse: The Lighthizer-Pettis connection
adamtooze.substack.com/p/chartbook-28…

.Adam Tooze vs la convergence politique Lighthizer-Pettis sur l’obsession mercantiliste du 'choc de la Chine' et le contrôle de la balance des capitaux comme formule magique pour réduire les inégalités aux États-Unis
adamtooze.substack.com/p/chartbook-28…

Adam Tooze discussed Chris Miller's argument together with Isabella Weber's here
noemamag.com/how-china-avoi…

Will overuse of financial sanctions undermine $-system? Perhaps. But far more comprehensive threat comes from operation of the system itself and its impact above all in the USA.
Check out Chartbook 283 with cameos by Brad Setser & Michael Pettis
adamtooze.substack.com/p/chartbook-28…

Homer flying first class:

'Look at me Marge I'm reading the Economist! Did you know Indonesia is at a crossroads?'

'Perhaps the secret of living is not in having all the answers but in pursuing unanswerable questions in good company' -Rachel Naomi Remen

Sobering picture from Jack Watling. Russia's offensive will stretch Ukr all along the front, with a main push in Donbas. 'Russia’s aim is not to achieve a grand breakthrough, but rather to convince Ukraine that it can keep up an inexorable advance' rusi.org/explore-our-re…

My take on the green subsidies trade war. Put up tariffs if you must, but the moral, economic, environmental arguments are on the side of those that subsidize green products, not those who want to tax them. project-syndicate.org/commentary/gre…

Did a piece in Financial Times on future of $ in response to flurry of speculation about Trump admin, only for Michael Pettis in space of 24 hours to review my op-ed & to endorse Lighthizerism.
If that isnt worthy of a Chartbook newsletter I dont know what is!
adamtooze.substack.com/p/chartbook-28…

'... US policymakers have blended industrial policy, trade policy, green energy and geoplitics into a potent nationalist formula. Adding the currency system into the mix would make for a truly explosive cocktail.' Adam Tooze via Financial Times
ft.com/content/ad0e04…

'There is a deep social conservatism embedded in the view that insist on the priority of manufacturing as essential to the restoration of social balance in America.' - Adam Tooze though Adam Posen has said similar I think. Same in Europe? adamtooze.substack.com/p/chartbook-28…