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Daniela Gabor
@DanielaGabor
, 4 tweets, 2 min read Read on Twitter
this is a terrible attempt at a Keynes - Lagarde dialogue, that says a lot more about IMF 'full capital mobility' ideology than Keynes. h/t @adam_tooze imf.org/external/pubs/…
Keynes was scathing(ly witty) about powerful politicians armed with wrong economic ideas - here on Churchill's misguided return to gold standard
the man who coined 'euthanasia of the rentier' would have been scathing about 'no capital control Argentina, Pakistan, Mozambique, Ecuador' Lagarde instead of shrugging it off like a friendly journalist who wants to visit again.
the PR exercise in full flow: at the IMF we care about women (but push austerity), climate (but push private ESGs and PPPs), world peace, and a pony
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Daniela Gabor
@DanielaGabor
Brilliant work on the plumbing of global finance, rich in detail and with clear graphs!
Japanese banks borrow USD via repos to lend to HQ
how does that square with another BIS argument that Japanese banks borrow about USD 1 trillion via fx swaps @i_aldasoro? criticalfinance.org/2018/05/03/the…
Read 3 tweets
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Daniela Gabor
@DanielaGabor
when you think @Electrolux you probably think nice corporation of a nice social democratic model. Well, you're wrong.
for the past few months, Electrolux has been engaged in a vicious labour dispute with Romanian workers, who complain about low wages, 5 minute toilet breaks (!) and bullying against strikers
Electrolux tried every trick in the book to break strikers, but failed. Yesterday they announced an agreement, but it turned out to be a Trojan horse - company made wage increases offer conditional on a new collective wage contract that has not been negotiated with the union.
Read 5 tweets
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Daniela Gabor
@DanielaGabor
Kalecki (1943) on why big business would abandon doctrine of 'sound finance' (austerity) if fascists take over: 'in a democracy, one does not know what the next Government will be like. Under fascism there is no next Government'. Puts recent embrace of fiscal activism in context.
so when #MMT gets on every business page, you shouldnt worry about its theoretical validity. You should ask what its rise tells us about the political context we live in. Economic ideas can have political power in hands of democratic socialist as much as in the hands of fascists.
and fascists, Kalecki tells us, are pretty good at reassuring big business by repressing opponents
Read 3 tweets

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Rooshan Aziz
@rooshanaziz
With rise in fakenews/data manipulation its only human 2 make mistakes. @TheEconomist's Espresso publication mistakenly stated Pak's economy is contracting. A recession/contraction means negative growth in an economy’s output & is very different from a slowing *growth* rate & 1/9
However I reached out to The Economist & they were professional enough to admit their mistake & issue a correction. Funnily an ex-Fin.Minister & some journalists have been pushing the contraction/shrink narrative in nominal $ terms even tho PK’s real GDP is expected to grow. 2/9
You see being a leading agenda-setting newspaper globally, The Economist could have ignored me (a nobody) but still chose to reply & correct itself because truth must be upheld. Misrepresentation of facts is plain dishonest, especially if it misleads & scares the avg. reader 3/9
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Rohan Grey
@rohangrey
Thread on @dylanmatt's Vox piece on MMT (vox.com/future-perfect…):

It's long, so here goes:

1. Dylan’s clarification that many mainstream critics have been engaging with a strawman is much appreciated. The amount of uncritical echo chamber-esque repetition by journalists 1/n
of these strawman attacks has been disappointing, perhaps encapsulated most starkly when Fed Chair Powell was quoted as saying “MMT is just wrong” when in fact the “wrong” claim he was referring to was something no MMTer would ever claim.

2. Dylan is absolutely right about 2/n
3. the importance of MMT’s insights in emboldening the Democrats to stop being ‘suckers’ in debates with Republicans fiscal responsibility. This fits squarely with the history of deficit politics that @JoshuaMound explained here: jacobinmag.com/2017/07/trump-…. 3/n
Read 33 tweets
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John Lee (The Korean Foreigner)
@koreanforeigner
I was born and raised in Brunei, and I lived there until I was 19. So believe me when I tell you that I know a thing or two about that country. So let me begin by explaining why boycotting a few luxury hotels won't help achieve anything.

This thread won't have a happy ending.
Brunei has been exporting oil and natural gas since the 1930s, and it produces about 200,000 barrels of oil per day. It's also one of the largest exporters of Liquefied Natural Gas (LNG).

imf.org/external/pubs/…
Brunei uses little of that oil domestically. It has a tiny population of less than 450,000 people. It's industries are negligible. Although it has been trying to diversify its economy for decades, it has failed. So oil is its biggest industry and most of the oil is exported.
Read 34 tweets
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panek
@panekkkk
1/ Holy s&!@ this IMF report is a master class on #crypto macroeconomics. This needs way more attention!

"Monetary Policy in the Digital Age. Crypto assets may one day reduce demand for central bank money."

Dat subtitle tho...

$BTC $ETH

imf.org/external/pubs/…
2/ The premise:

- Crypto has rekindled the debate about whether advances in IT can render central banks obsolete
- Author: "To fend off potential competitive pressure from crypto assets, central banks must continue to carry out effective monetary policies"

Whaaat!?
3/ Current state:

- For now, crypto assets are too volatile and risky to pose a threat to fiat
- And they do not enjoy the same degree of trust that citizens have in fiat
- However, continued innovation and longer track records may reduce volatility and boost adoption
Read 17 tweets
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Stanley Pignal
@spignal
INDIA CHART AND DATA EXTRAVAGANZA THREAD. I collated tons of data from various sources for my India's Missing Middle Class package (links below). Not all of it was referred to or useful, some is contradictory. Here are 34 good ones.
(btw here are the articles, which you should check out)
- Leader economist.com/news/leaders/2…
- Briefing economist.com/news/briefing/…
This is top share of income of the top 1% since 1922. Source: Piketty and Chancel wid.world/document/chanc…. And look in second chart how the rest fared: The 300m or so Indians above the median but below richest 10% have been left behind.
Read 25 tweets
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Michael Linden
@MichaelSLinden
By now, most Americans know this tax bill is terrible. We know it's unfair, it's a giveaway to the rich, it cuts health care & puts other services at risk.

What hasn’t sunk in yet is how it could also harm the economy, costing jobs and prosperity.

I count at least 5 ways. 1/
First and most directly, by cutting taxes on the super-rich and asking everyone else to pick up the tab, this bill will exacerbate our already sky-high levels of income inequality, as @DLeonhardt correctly points out. 2/
nytimes.com/2017/12/17/opi…
Beyond being morally repugnant, increasing our income inequality will also cause the economy to grow more slowly and will result in more fragile growth, bringing recessions on more rapidly. 3/ imf.org/external/pubs/…
Read 18 tweets

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