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Atif Mian
@AtifRMian
, 4 tweets, 1 min read Read on Twitter
1/ For the sake of the stability of the Government of Pakistan, I have resigned from the Economic Advisory Council, as the Government was facing a lot of adverse pressure regarding my appointment from the Mullahs (Muslim clerics) and their supporters.
2/ Nevertheless, I will always be ready to serve Pakistan as it is the country in which I was raised and which I love a great deal. Serving my country is an inherent part of my faith and will always be my heartfelt desire.
3/ Moving forward, I now hope and pray that the Economic Advisory Council is able to fulfill its mandate in the very best way so that the Pakistani people and nation can prosper and flourish.
4/ My prayers will always be with Pakistan and I will always be ready to help it in any way that is required.
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Atif Mian
@AtifRMian
1/ What are the financial incentives of the avg billionaire to support/run a "spoiler" campaign that helps re-elect Trump & staves off a Warren-style wealth tax for 4 years?

Avg billionaire net wealth ≈ 4B, growing at >>2%
Wealth tax per year ≈ 80 mil
4-year tax ≈ 320 mil
2/ For comparison, the successful 2016 Trump campaign cost 400 mil. So the average billionaire can underwrite an entire "spoiler" presidential campaign, and potentially make money doing so.

There are 585 US billionaires. Only one, or a few together, can spoil the 2020 election.
3/ This is just one example of why extreme inequality and well-functioning democracies cannot co-exist.
Read 3 tweets
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Atif Mian
@AtifRMian
1/ Some thoughts on @SenWarren proposal to tax wealth above 50 million at 2%.

It is an idea very much worth considering. A number of details (related to design and implementation) will need to be worked out, but it is a step in the right direction.

washingtonpost.com/outlook/2019/0…
2/ People have discussed implications of this proposal for revenue, labor supply and inequality, which is obviously important.

But I would also highlight another angle: proposal's implications for "savings glut", long term interest rate and the broader macro economy.
3/ A somewhat subtle, but important, implication of very high wealth inequality combined with very low inter-generational mobility is a glut of gross savings and very low interest rates.

Beyond a point, this leads to malfunctions such as "liquidity traps" and financial bubbles
Read 4 tweets
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Atif Mian
@AtifRMian
1/ The Saudi economy is in a pickle, and how this unwinds over the next decade or so is likely to have major economic and political repercussions in the region. I'll try to highlight the fundamental challenges and how they may play out.
2/ Oil is on a collision course with technology. Alternative energy is reaching inflection point. Soon it will make economic sense to dump combustion engines in favor of alternatives.

Here's a nice summary by @GregorMacdonald on this:
3/ Prices are forward-looking, so the impending technological switch to alternatives will hit oil prices sooner. SA needs $90+ oil price to continue spending and transfer at current levels. This is unlikely to be sustainable. So what gives?
Read 11 tweets

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Karol 🌿
@karolcummins
☎️Lorber☎️

DonJr.'s blocked phone calls ahead of the 2016 TT meeting went to longtime Trump fam friends: Brian France & Howard Lorber.

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Karol 🌿
@karolcummins
DonJr’s Mysterious blocked calls went to longtime Trump family friends: Brian France and real estate developer Howard Lorber, according to the sources. abcnews.go.com/Politics/block…
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Aabhas K Maldahiyar
@Aabhas24
@ShekharGupta let’s do some #FactCheck for your article. Hope you care to clarify, as there are abundant errors. I’m afraid journalism is getting fact-averse in order to glorify the choice. Cc @vivekagnihotri @RatanSharda55 @RKpanday1977 @amitmalviya
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İyad el-Baghdadi | إياد البغدادي
@iyad_elbaghdadi
More fallout in Pakistan after brilliant economist @AtifRMian is asked to step down from the country's Economic Advisory Council for the simple reason that he's Ahmadi. More economists are quitting the EAC in protest. When you let bigotry rule, you deprive yourself of top talent.
@AtifRMian 1. Even if Ahmadis "weren't Muslim", purging economists out of government for being of a different faith is small minded, stupid, and grossly discriminatory
2. Anyone who believes in the Qur'an and prays towards the Kaaba is my brother in Islam regardless their interpretation
@AtifRMian (Brother/sister).
Read 3 tweets
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Karol 🌿
@karolcummins
🌴TGIF🌴

Time for Mueller to bring out the big guns.

The whole GOP seems to be going to jail. 🤷‍♀️ (Actually a whole bunch on all sides of the aisle)

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🌴TGIF3🌴

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Venture Capital
@kelly2277
🔥BREAKING NEWS🔥Remember Stephen Calk, the executive at Federal Savings Bank who was giving Manafort millions in “loans” and wanted Trump to make him 🎖Secretary of the Army⁉️ Mueller has the emails 💵BRIBE💵 INDUCEMENT 💵
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