Broke: Homo sapiens faffs about trying to put a put a price on Carbon while consuming 100 million barrels of oil per day.
Woke: Coronavirus takes matter into its tiny DNA hands & unilaterally imposes Global Carbon Tax. Oil Falls 3mbd. Most since Crash bloomberg.com/news/articles/…
Woke: Coronavirus takes matter into its tiny DNA hands & unilaterally imposes Global Carbon Tax. Oil Falls 3mbd. Most since Crash bloomberg.com/news/articles/…
#CoronavirusImposesCarbonTax morbid short-term natural experiment that illustrates decarbonization politics. Shock to MNCs who make or sell in China, but also 🌏 as 🇨🇳is largest importer of Oil (middle east), Iron (australia), Copper (chile), Soy (brazil)
nytimes.com/2020/02/03/bus…
nytimes.com/2020/02/03/bus…
Why are German Autos, Steel & Chemicals companies worrying about Coronovirus? Chinese demand has fueled German export sales for 20+yrs. It is a bigger trading partner for Germany than any country in Europe. #CoronavirusImposesCarbonTax atlas.media.mit.edu/en/visualize/t… 
Lloyds, London's Insurance giant, warns Shippers that "Restarting the Chinese steel mills & construction sites will be delayed, hitting the demand for dry bulk commodities, especially iron ore & coal". #CoronavirusImposesCarbonTax …list.maritimeintelligence.informa.com/LL1130870/From…
Brazil's iron exporters may be glum but its meat giant JBS thinks fears in China about domestic meat could boost their sales. 🇨🇳's imports of frozen 🇧🇷 meat had jumped in 2019 after African swine fever decimated domestic pigs #CoronavirusImposesCarbonTax reuters.com/article/us-bra…
African Swine flu killed off 100 million Chinese pigs??? Yep. Viruses have an, umm, systems perspective on Carbon. Have been imposing Carbon taxes across world's Agribusiness sector. Pork prices spiked 70% in China last year. #CoronavirusImposesCarbonTax cnn.com/2019/09/04/bus…
As China's oil demand falls 20% -- by 3 milliion barrels/day -- its biggest supplier Saudi Arabia calls for emergency OPEC+ meeting tomorrow.
"Who Da Man?" bellows Coronavirus, MBS/Putin: "You Da Man!" #CoronavirusImposesCarbonTax aljazeera.com/ajimpact/saudi…
"Who Da Man?" bellows Coronavirus, MBS/Putin: "You Da Man!" #CoronavirusImposesCarbonTax aljazeera.com/ajimpact/saudi…
Coronavirus to OPEC+: "Nice looking Cartel you have there. Would be a shame if something were to happen to it..."
#CoronavirusImposesCarbonTax aljazeera.com/ajimpact/saudi…
#CoronavirusImposesCarbonTax aljazeera.com/ajimpact/saudi…
Both Climate shocks & Coronavirus shock illustrate Hobson's choice for Homo Sapiens: You can either do it or have it done to you.
Hyundai said it had to temporarily shut down all its car factories in South Korea after running out of components from China. #CoronavirusImposesCarbonTax on "just in time" supply chains pioneered by Japan's 'Flying geese model'. nytimes.com/2020/02/04/bus…
Beautifully put. #CoronavirusImposesCarbonTax
#CoronavirusImposesCarbonTax on Tourism. Countries like Malaysia are divided on closing borders as don't want hit to tourist revenue. Jet fuel prices crash along w demand as reduction in flights to, from & within China represent 4 million fewer air seats. latimes.com/business/story…
🤣🤣Cabin-fever induced goofiness in Wuhan. Less time for spewing Carbon = more time for laughter & art & music #CoronavirusImposesCarbonTax
#CoronavirusImposesCarbonTax on Luxury brands. After China's stimulus post Crash it overtook US as largest car market. Soaring inequality => consumers became biggest spenders on luxury brands.
German cars; French, Swiss, Italian brands hit hard ht ft.com/content/f3fcdc…
German cars; French, Swiss, Italian brands hit hard ht ft.com/content/f3fcdc…
#CoronavirusImposesCarbonTax on LNG. Commodity chaos deepens as China buyers invoke force majeure to cancel contracts. Glut of US gas & warm winter in Europe+Asia had already led to record low prices. Shell & Exxon, now face crippling hit to profitability. bloomberg.com/amp/news/artic…
Structure may be uncovered from how shocks propagate thru a system. Crash revealed NY-London centrality to Finance. Coronavirus reveals the Fossil-fueled 𝘴𝘺𝘴𝘵𝘦𝘮𝘴 that undergird world economy #CoronavirusImposesCarbonTax
#CoronavirusImposesCarbonTax on Frackers as wave of bankruptcies surges. Oil&Gas prices fall just as frackers face mounting maturing claims by creditors. Its only when the tide goes out that one finds out who is swimming naked...
ht @liamdenning @yayitsrob bloomberg.com/opinion/articl…
ht @liamdenning @yayitsrob bloomberg.com/opinion/articl…
#CoronavirusImposesCarbonTax on Latin America's sputtering economies. China's resource demand had downshifted them towards primary goods since 2000s. Chile & Peru hastily try to offload shipments of Copper, wine, & seafood elsewhere. qz.com/1798520/corona…
#CoronavirusImposesCarbonTax on Flying: "2/3rds of China’s passenger planes have been grounded as travel restrictions & fear sparked by the coronavirus batter passenger numbers & force airlines to scale back operations dramatically." GIF ht @flightradar24 ft.com/content/2caa82…
#CoronavirusImposesCarbonTax on passenger flights, but not on Air Cargo. German logistics group DHL, American UPS & FedEx decision is to continue flying hi-value freight (automotive, pharma, high-tech manufacturing, flowers, fruits etc). cnn.com/2020/02/05/bus…
Countries blaming coronavirus for bad economic news is turning into a parlor trick. Refreshingly @johnauthers bucks the trend. Euro is at its lowest since 2016 due to a good ol' fashioned manufacturing slump & political turmoil in Germany, France & Italy bloomberg.com/opinion/articl…
China's economy Quarantined. “Every city has turned into a little Alamo. You need a lot of permits just to get things from point A to B. It is unbelievable the challenges logistics depts are dealing with”
Comprehensive FT #CoronavirusImposesCarbonTax ft.com/content/a7a8bf…
Comprehensive FT #CoronavirusImposesCarbonTax ft.com/content/a7a8bf…
#CoronavirusImposesCarbonTax on Coal&Oil. CO2 emissions down by a quarter or more over the past 2 weeks. A coronavirus coup de grace on ailing Carbon? Key Q: Stimulus after economic slowdowns has been Brown; will it be a Green Stimulus? ht @laurimyllyvirta carbonbrief.org/analysis-coron…
Lockdowns -> emissions down 25% are a reminder that CO2 doesn't just come from machines, but from large-scale pattern of behaviour — driving, flying, commuting, workplaces. Society & production can be reorganized.
Case for a 4-day workweek ht @KateAronoff newrepublic.com/article/156626…
Case for a 4-day workweek ht @KateAronoff newrepublic.com/article/156626…
Large virus fall in oil prices suggests key issue was mkts expectation that Asian Demand will prop them up. But China & India's EV push & plastic bans will push demand down in 2020s. Mkts "tragically sensitive at margins" ht @croselund @GregorMacdonald theenergytransition.org/article/oil-sh…
'Beneath furnace undergirding the industrial hubs of 🌍: the evolutionary pressure cooker of capitalist agriculture & urbanization. This provides the ideal medium through which ever-more-devastating plagues are born, transformed, induced to zoonotic leaps' chuangcn.org/2020/02/social…
Broke: Homo sapiens faffs about trying to tax the Wealthy.
Woke: Coronavirus takes matter into its tiny RNA hands & unilaterally imposes Global Wealth Tax. #CoronavirusImposesWealthTax
Woke: Coronavirus takes matter into its tiny RNA hands & unilaterally imposes Global Wealth Tax. #CoronavirusImposesWealthTax
What remains unaffected in coronavirus shock to oil & gas companies is revealing -- Saudi Arabia's ARAMCO. Even as Rosneft, Petrochina, Petrobras etc fall 10-20%. World's oil market is dominated by national giants in a hierarchy. #CoronavirusImposesCarbonTax ht @davidfickling
Saudi Arabia and Russia are in an interesting standoff over size of OPEC production cuts to contain falling prices. Saudis imagine scary scenario of virus snowballing in Europe & N America hitting oil demand even more than 2008 Crash. Russia more sanguine. wsj.com/articles/russi…
#CoronavirusImposesCarbonTax OPEC 𝘱𝘦𝘳𝘮𝘢𝘯𝘦𝘯𝘵𝘭𝘺 extends cuts by 1.5 million barrels per day till end of 2020. Russian agreement may not be necessary as Libyan oil production is in freefall anyway (dropped 1.1 mbd) opec.org/opec_web/en/pr…
noc.ly/index.php/en/n…
noc.ly/index.php/en/n…
#CoronavirusImposesCarbonTax on global airline industry. As passengers stop flying in each of the biggest markets — Asia, US, EU — airlines could have their worst year in history. Worse than after 9/11 and & financial crisis! bloomberg.com/news/articles/…
OPEC+ breaks. Neither Riyadh nor Moscow will cut but both boost production; Saudis offer discounts in US, Europe & Asia to entice refiners to use their crude. Crashing price will hit hi-cost producers (Canada Tarsands, Arctic,Brazil deepwater, US Frackers) bloomberg.com/news/articles/…
Never doubt that a small group of thoughtful, committed microbes can change the world: indeed, it's the only thing that ever has.
30-year US Treasury falls below 1%. It was trading at 3% in March 2019. Coronavirus crash has made the macroeconomic case to debt-finance a #GreenNewDeal even stronger. Borrow and invest in a green fiscal Stimulus. @jwmason1 @MarkVinPaul rooseveltinstitute.org/wp-content/upl…
Fear index? Corona crash more 'Welcome to the Terrordome'.
MBS doubles down. Its a long war of attrition now. foreignpolicy.com/2020/03/09/ope…
Common to 2008 financial crisis & 2020 Corona crisis - MBS. Mortgage backed securities and Muhammad bin Salman both turned out to be world historical figures. Both require extraordinary action by US State Fed+Treasury. @policytensor policytensor.com/2017/11/09/doe…
Wartime panic in oil company boardrooms. Its a Crude world.
Wickedly funny Downfall meme ht @Ochefedoboss1 captiongenerator.com/1694052/Its-a-…
Wickedly funny Downfall meme ht @Ochefedoboss1 captiongenerator.com/1694052/Its-a-…
#̶G̶r̶e̶e̶n̶N̶e̶w̶D̶e̶a̶l̶ Crude New Deal. The throughly bipartisan commitment to the fracking boom pays out for oil & gas companies. Get cash injections, tax cuts etc. Soon to be laid off million+ workers or contaminated public lands... washingtonpost.com/business/2020/…
Corona crash is unprecedented because nobody has seen a simultaneous shutdown of so many parts of the global economy. Emerging, advanced, credit, fossil-fuels. Economy set aside Nature as 'externality'. Nature bats last.
Contradictions of American hegemony (1) Credit markets flight to safety out of EM towards US/UK safe assets (2) Stock mkts selloff from 'exogenous' shock of Oil/belief that public health response in US/UK inadequate as State capacity has been stripped down ft.com/content/856241…
Nitrogen dioxide emissions over the Po Valley in northern Italy drop sharply as industrial production and traffic stop during shutdown. ht @CREACleanAir @CopernicusEU #CoronavirusImposesCarbonTax
"It's throwing trillions at the banks. But nothing can stem the herd's panic because everyone knows there is nothing that the almighty Fed, or even all the hard currency sovereigns put together, can do about this one. It's completely crazy...Total implosion." -@policytensor
2020: Global system Capitulates to our RNA overlords. Nature Bats Last.
ht @vtchakarova #CoronavirusImposesCarbonTax #CoronavirusImposesWealthTax #CoronavirusImposesSystemChange
ht @vtchakarova #CoronavirusImposesCarbonTax #CoronavirusImposesWealthTax #CoronavirusImposesSystemChange
Common to 2008 financial crisis & 2020 Corona crisis - MBS. Mortgage backed securities and Muhammad bin Salman both turned out to be world historical figures. #CoronavirusImposesCarbonTax
"A recession is different from a panic.And a financial panic is what we began facing the week of March 8. It is that threat that continues to haunt the markets.. immediate trigger was the breakdown of oil talks & Saudi Arabia’s announcement of a price war" foreignpolicy.com/2020/03/18/cor…
Pandemic disruption in Asian supply chains & dollar/yen trade payments led to $ funding shortage. Unlike the 2008 global financial cycle whipsaw (ala Helene Rey), a financial shock wave went “uphill”, from the periphery back to the center. ht @policytensor policytensor.com/2020/03/20/the…
The "attachment to business as usual that induced fatal delay. Shutting down comes at a price. No one wants to do it. But then it turns out, in the face of the terrifying predictions of sickness and death, there really is no alternative." ht @adam_tooze theguardian.com/commentisfree/…
Corona Oil price Shock unravelled the market-based oil order constructed after 1973. Its back to cartel between major oil producers - Texas Railroad Commission, Saudis & Russia. Politically negotiated production cuts opens path to eventual decarbonization. bloomberg.com/news/articles/…
"Since the outbreak of the COVID-19 crisis, international investors have withdrawn large sums from developing and emerging country assets, leading to dramatic currency depreciation..."
Intolerable situation with loss of hard currency export mkts in US&EU criticalfinance.org/2020/03/24/dev…
Intolerable situation with loss of hard currency export mkts in US&EU criticalfinance.org/2020/03/24/dev…
Whats in US Congress $2 Trillion (~10% of GDP) Rescue package. bloomberg.com/news/articles/…
Under pressure from Oil industry, US Environmental Protection Agency (EPA) is "suspending enforcement of ALL environmental laws". Companies will not need to meet standards during outbreak. The American regulatory state is in a full-blown crisis.
thehill.com/policy/energy-…
thehill.com/policy/energy-…
The extraordinary monetary & fiscal interventions of the past three weeks have struck a blow against mantras of "efficient markets" & Austerity politics. But these emergency actions only cure symptoms. @mkblyth @ericlonners set out a Reconstruction agenda. foreignpolicy.com/2020/03/20/thi…
Why were there UST firesales over past 2 weeks? "..in a crisis, repo markets don’t just act as a vortex sucking liquidity out of the financial system, but that this vortex is so strong that not even Treasuries can be treated as “safe assets” ht @csissoko justmoney.org/c-sissoko-a-fi…
Unreal. Oil Prices have gone negative in some places -- producers pay consumers to take it away! Demand was sustained by Asian Growth, EU/US steadiness. With shutdowns, one by one, the lights are winking out.. #CoronavirusImposesCarbonTax ht @JavierBlas bloomberg.com/news/articles/…
Dirge for the oil free market. "Storage tanks at capacity; supertankers full of unwanted oil floating...& producers forced to shut wells because they have simply run out places to put any crude they pump out of the ground." #CoronavirusImposesCarbonTax bloomberg.com/opinion/articl…
MBS & Corona brought forward endgame of oil from 2030s to 2020 — phaseout managed by cartel of Texas, Saudis, & Russia. There was too much oil reserves, too little demand & too warm a planet. House of Saud may well be Realpolitik wing of the Green New Deal
Bells are tolling for fossil fuel industry - Autos, Coal, Oil, Airlines - at they enter bankruptcies & bailouts . They are de facto nationalised as the "systemically important financial institutions" were after 2008. Carpe diem for Greens! ht @Guay_JG medium.com/@Guay_JG/could…
Capitalism, red in tooth & claw, Texas style. Supermajors lobby against federal bailouts so they can raid the assets of bankrupt smaller frackers with help of their credit lines in Wall Street. Shakeout in Oil isn't only about Sheikhs! Fully transnational. desmogblog.com/2020/03/27/sha…
"Its [US BigOil] market interests..have effectively converged with those of Russia and Saudi Arabia. By threatening to open the floodgates, the latter can compel it to join their club" Things have gone mad when Maths Field medallists clarify Oil strategy!
ft.com/content/1da60f…
ft.com/content/1da60f…
BigOil owns both storage & transport pipelines. "The fuller storage capacity gets, the closer oil prices will get to zero. When and if capacity is maxed out, oil prices will turn negative. On current trends, this could happen within months if not weeks."
RIP Oil Free Market,1980s-2020. "Above this layer, comes the zone of the 𝙖𝙣𝙩𝙞-𝙢𝙖𝙧𝙠𝙚𝙩, where the great predators roam and the law of the jungle operates. This –today as in the past, before & after the industrial revolution–is the real home of capitalism.”-Fernand Braudel
"As investors everywhere run for safety, the dollar has surged, making $ debts more expensive. Commodity prices have tanked. With China, Europe, and the US shut down, exporters of manufactured goods and commodities have no one to sell to" ht @adam_tooze foreignpolicy.com/2020/03/28/cor…
'To understand the factors at play in this giant unwinding of investment in emerging markets, consider a business proposition that was iconic of 21st-century globalization' foreignpolicy.com/2020/03/28/cor…
Now that we are in the Oil Endgame, the incentives of all actors in the system are changed permanently. Banks, Pensions funds, Petrostates invested in Carbon find "Stranded Assets" warning of divestment movement has arrived. Who dares invest in Carbon now?spglobal.com/marketintellig…
