Adam Tooze

Adam Tooze


History, economics, politics, theory. Prof. Columbia University. Director of the European Institute. Born UK, raised FRG. Mensch mit Migrationshintergrund.

104889 followers  •  5326 follow  •    •   https://t.co/LcKkHmWNTD

50 ships laden with Australian coal worth $500m are stranded off Chinese ports with 1000 crew on board, as tensions between the trading partners increase. Barley, beef, wine hit too.

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"Why, then, has the economic damage of such a comparatively mild pandemic been so huge?” @martinwolf_  asks Answer "because it could be.” We are rich "The response to the pandemic is a reflection of economic possibilities and social values today"

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Vaccine news triggered the largest 2-week inflow into stock markets worldwide, ever recorded. And the biggest sell off of gold! @BankofAmerica  via @SoberLook 

Choice in dealing with COVID was "suppression, or trading off deaths against the economy.” Suppression did better in every respect. Those that sacrificed lives have tended to end up with high mortality AND economic costs. INET via @martinwolf_ 

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"Even with highest debt/GDP ratio in decades, cost to UK gov of servicing that debt is lowest since WWII, and falling. So what need is there to make “tough choices” to put public finances on sound footing?” @MESandbu  Now is time to focus on recovery!

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"Newly developed indicator highlights that corporate sector vulnerabilities have increased to levels last seen during sov debt crisis. Financing risks have not materialised thanks to support measures” @ecb  Financial Stability Review is very alarming! See:

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Economic emergency: "Not since the second world war has a UK chancellor had to come to the House of Commons and announce such a large downgrade to the outlook for Britain’s economy and public finances.” @ChrisGiles_ 

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Salus populi suprema lex esto (Latin: "The health (welfare, good, salvation, felicity) of the people should be the supreme law”, Cicero De Legibus H/t @martinwolf_ 

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Likely impact of a no-deal Brexit, broken down by negative effect. 1.5 % of GDP In medium term of which half is due to negative productivity effects. OBR via @ChrisGiles_ 

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The Millennial generation, born between 1981 and 1996, control just 4.6% of U.S. wealth even though they are the largest in the workforce with 72 million members. @BSteverman  @atanzi 

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Looking at this scatter plot of Covid mortality and GDP loss across EU, rather than a trade off, you might be tempted to say that there were simply some countries that handled the crisis well and others that did not.

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UPS and DHL are building football field-sized ‘freezer farm’ for cold storage of Covid-19 vaccine deliveries.

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International evidence could hardly be more clear: if you control the virus, spending in restaurants, entertainment venues etc bounces back. If not. It doesn’t. @FT  tracker

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"There’s no playbook for this kind of crisis!” … well, now you mention it … What about the 69-page color-coded 2016 NSC document helpfully labeled ... “PLAYBOOK for Early Response to Infectious Disease Threats" @ddiamond  @nahaltoosi 

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The US is the only advanced economy in which maternal death rates are rising. US death rates are now higher than those in Russia. Italian death rates are c. 1/9th of those in the US. Can this be right? If it is, why is it not a HUGE public health issue?

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The @OECD  predictions for GDP collapse are astonishing. Japan hardest hit.

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When we say that the German car industry is in trouble, we mean 2008 kinda trouble! @yardeni  via @SoberLook 

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Because Florida’s online unemployment insurance application system has broken down, hundreds are forced to stand in line and risk corona exposure. Shameful!

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