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Joe Weisenthal
@TheStalwart
, 4 tweets, 2 min read Read on Twitter
Negative yields are basically the market's way of taxing people who oppose fiscal stimulus because they don't want to be taxed.
Chaser ft.com/content/6315b4… (HT: @CNBCJou)
@CNBCJou This probably all ends when rich people find that @ewarren-style 2% wealth taxes offer a better return than holding money in a bank.
Member Of The Investor Class: "These negative yields are penalizing me for saving and are worse than communism."

Me: "Well, maybe we should boost growth by stepping up public investment"

MOTIC: "But why should I have to pay for that?"

Me: ...
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More from @TheStalwart see all

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Joe Weisenthal
@TheStalwart
This tweet, more than anything else I've said about negative yields, has pissed a lot of people off, so I'd like to offer a brief non-troll explanation of how I'm thinking about the topic...
If you think about massive wealth accumulation back in history (before the world became financialized), getting rich meant acquiring lots and lots of stuff (palaces filled with art and wine etc.)
But as folks like @teasri have noted, in a more financialized world, the ultra-wealthy don't need to acquire lots of land and stuff. They just acquire pieces of paper (or not even paper, entries on a computer entitling them to financial assets)
Read 11 tweets
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Joe Weisenthal
@TheStalwart
On some level, it's hard to overstate what a big deal this is. Who knows if this will end up going anywhere, but Facebook attempting to launch a new global cryptocurrency is just a massive endeavor either way libra.org/en-US/
"The Libra Blockchain is pseudonymous and allows users to hold one or more addresses that are not linked to their real-world identity." libra.org/en-US/white-pa…
"The assets in the Libra Reserve will be held by a geographically distributed network of custodians with investment-grade credit rating to provide both security and decentralization of the assets."
Read 6 tweets
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Joe Weisenthal
@TheStalwart
Rare earths are all over the place. Not rare at all. And if China restricts their export, then it's only a matter of time before they start getting mined elsewhere. bloomberg.com/news/articles/…
Here's a guide to all the rare earths bloomberg.com/news/articles/…
A bunch of people roasted me yesterday for sounding pollyannaish about the Rare Earths threat. It was bound to happen that after 318,000 tweets, I finally had a mediocre one. Nonetheless, this from @davidfickling makes the case that the threat is overblown bloomberg.com/opinion/articl…
Read 3 tweets

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Financial Times
@FinancialTimes
FT Exclusive: The Israeli company whose software hacked WhatsApp is now said to claim its spyware can secretly harvest all of a targeted individual’s data from the servers of Apple, Google, Facebook, Amazon and Microsoft.

Here’s what we know 👇 ft.com/content/95b914…
In May, the FT discovered that a vulnerability in WhatsApp, the end-to-end encrypted messaging app used by 1.5bn people around the world, allowed attackers to inject iPhones and Androids with malware. ft.com/content/95b914…
But we’ve been told this goes beyond WhatsApp. The malware in question, nicknamed Pegasus, is now said to be offering a technique to scrape way more cloud information — including the full history of someone’s location data, archived messages or photos. ft.com/content/95b914…
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Sebastian Payne
@SebastianEPayne
Following its Euro elections victory, Nigel Farage’s Brexit party plots course for Westminster.

First the Peterborough by-election next week then a snap general. But the insurgent party will find both much tougher to crack.

My latest ft.com/content/5dd632… via @financialtimes
@FinancialTimes How did they do it?

“We fought one of the most effective air wars in British electoral history”

The Brexit party is a more serious outfit than Ukip. Not a single staffer - including Farage - went to the pub last night. Party HQ was back to work at 8am.

ft.com/content/5dd632…
@FinancialTimes The Peterborough by-election will be a “massive hill to climb”, Brexit party insiders concede.

But local Tories are worried their voters will “get on the bandwagon”:

“Although we have a good strong candidate my gut instinct is that they will edge it.”

ft.com/content/5dd632…
Read 4 tweets
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Sebastian Payne
@SebastianEPayne
FT Weekend interview: @heidiallen75 predicts more defections to @TheIndGroup if a hard Brexiter becomes PM:

“If the party actively chooses someone like Boris Johnson, or whoever it might be, then that will tell them I think that the game really is over.”

ft.com/content/f2352c…
.@heidiallen75 on why more haven’t defected to TIG/CUK:

“There are some MPs who want to come and join us but they represent Leave constituencies. [We] will prove that we are developing policy...but right now Remain and the EU is our big first test.”

ft.com/content/f2352c…
.@heidiallen75 said discussions with the Lib Dems took place about a joint list or non-aggression pact.

But TIG/CUK aren’t worried about Remain vote cannibalisation in the Euro elections. ft.com/content/f2352c…
Read 4 tweets
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Joshua Philipp
@JoshJPhilipp
My analysis on the Chinese woman arrested for sneaking into Mar-a-Lago: theepochtimes.com/was-the-chines…
A Chinese woman was arrested at President Donald Trump’s Mar-a-Lago club in Florida, after telling a series of lies to gain access.

Included in her possessions were four cell phones, a laptop, an external drive, two passports, and a thumb drive with malware.
Yujing Zhang, 32, is being charged with making false statements to federal agents and illegally entering a restricted area.

It doesn’t appear she was anywhere near Trump, and it’s unclear whether her actions were targeting the president.
Read 29 tweets
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Led By Donkeys
@ByDonkeys
Okay, we’re booked into multiple sites across the country next week. We’re doing this 👇 (styling the historic quotes of our Brexit overlords as tweets then slapping them up on massive billboards). Which ones do you wanna see go up and where? Vote below by liking & RTing 🤜🤛
1. ‘There is no plan for no deal, because we’re going to get a great deal’
@BorisJohnson 11 July 2017
theyworkforyou.com/debates/?id=20…
2. 'The day after we vote to leave, we hold all the cards and we can choose the path we want’
@MichaelGove 9 April 2016
ft.com/content/ffaf17…
Read 25 tweets
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Musso
@Musso___
Franco Bruni : <la capacità e l’esperienza del tedesco Weidmann non sembrano accompagnarsi né a speciali abilità nel creare consenso né a un deciso appoggio del suo governo>
👉 Allora Jens è perfetto.
#TeamWeidmann
ispionline.it/it/pubblicazio…
<Il più probabile è forse il finlandese Erkki Liikanen
🔹[segretario PSE] finlandese e ministro
🔹Commissario europeo
🔹Governatore bc finlandese
🔹nel 2012 presidente di un gruppo di esperti per la riforma del settore bancario UE>
👉 Un politicastro partitocratico del PSE
Erkki Liikanen un politicastro PSE, piazzato per lottizzazione a governatore della Banca Centrale, dove era nel 2012 mentre il ministro delle finanze dello stesso partito PSE Jutta Urpilainen ... diceva cose terribili sui Greci.
telegraph.co.uk/finance/financ…
Read 21 tweets

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