THREAD: on.wsj.com/3hHsJHl you might not think so, but this is also part of the #QE side effects. Artificially suppressed rates defer costs way after an incoming administration bent on wayward spending has come and gone. (/) @bondstrategist @nglinsman @Halsrethink
on a practical policy level, #QE is akin to trying to solve your house bug problem by liberally spraying carpets with breadcrumbs. do YOU eat bread? sure. But that's no reason to behave like that.(/)
But the best is for later. There is a feedback loop where through higher taxes, regulation and legislation, money must be kept in political hands, be they "private" or directly public. Ladies and Gentlemen here's the deal:(/)
#China will have no trouble exporting its social model overseas.... because it's been here already for decades. What China can sell is a "no return" policy, its repressive apparatus to make sure of no Prop 101. @BaldingsWorld

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More from @gbponz

2 Jan
Io ho vissuto la crescita del luddismo italiano dagli albori. non tutti quelli della mia età sanno chi fosse, ad esempio, Felice Ippolito. it.wikipedia.org/wiki/Felice_Ip… (/)
L'italia è un paese con scarse risorse naturali che si è sempre tenuto su con l'ingegno e l'inventiva. Ma l'inventiva è come un seme: il terreno non deve essere avvelenato. (/) doingbusiness.org/en/rankings
Read 8 tweets
1 Jan
THREAD: first we must define courage proper: dafties would call people like ANTIFA "courageous" simply because they put themselves at risk. If you define courage as the ability to be afraid and still think, I'm your man.(/) @nglinsman @amlivemon @Halsrethink
The best definition is widely quoted in an author I find myself thinking of more and more these days, Tom #Clancy: at odd points, Jack Ryan is defined as "a good man in a storm". That, of course, includes providing for the fact storms occur.(/)
MORAL courage, as in "trying to be objective", has been noticeably absent. I love strong opinions, provided that one can agree to be as fact based as it's possible and proves to have a coherent moral compass. I have an example of that: (/)
Read 11 tweets
30 Dec 20
THREAD: THAT is the Mother's milk this political generation has been raised on. For them, "Price" is not something born out of an heuristics no participant needs to know much for it to work. (/) @nglinsman @amlivemon @Halsrethink @bondstrategist @jeuasommenulle
Hence authorities' daft approach to market rules, for which look no further than #NIRP: Their beloved "professional" money is buying something that would have had my illiterate grandmother grab her shotgun. (/)
Yet, the main culprit of that is not the political class. It's the Central Bank, which abetting the loss of power of savers in favor of authorities and banks, and adding NIRP, excised the continuous test policy had to pass. (/)
Read 4 tweets
23 Nov 20
THREAD on #ECB digital currency:
According to Italian media, there is a relevant news item. (1/7) @nglinsman @Halsrethink @amlivemon @mtmalinen @bondstrategist @chigrl @RobertMCutler
A paper reported that Frascati has been selected as the central repository for all #ECB Central Bank Digital Money transactions. That implies a number of possible inferences:
(2/7)
1. As always, the #EU "Consultation process" is a pathetic farce. Unless you were part of that microscopic part of the population, professionals not compromised with involved entities, no one told you diddly squat.(3/7)
Read 7 tweets
21 Nov 20
THREAD: bit.ly/39aYZQK I am on @parler_app , with the same handle, and I post on either. #Parler is not yet up to spped relative to #Twitter, apart on one thing... which is the reason it will be kept alive. (1/)
Twitter has done things that at inverted roles would have caused mass demonstrations, Parliamentary inquiries, and a total fracas. to name one, Blocking the @nypost twitter page for having published articles from said journal not "approved" by Twitterverse.(2/)
That was imho the starting point of the huge number of people opening a Parler account (mine is from 2019. But I am more paranoid than a Russian). Those, however, have not dented traffic on twitter by those accused by the establishment of "setting up their echo chamber".(3/)
Read 5 tweets
21 Nov 20
Mmm... it's not built to wage war, but as a political ship it's far from harmless. For example, it puts the #IRGC s finger on the Jugular of the rest of the regime by threatening to fire those missiles.(/) @RobertMCutler @shaun_riordan @vtchakarova @BaldingsWorld @nglinsman
Until now, the IRGC had two roles, an open "bodyguards of the Mullahs" internally, and a more or less covert "instigators of trouble" abroad. That makes sense in an asymmetrical world where no one retaliated by establishing similar troubles in your country.(/)
After the "Green Revolution" demise, Mullahs and IRGC take it as a given that their house is secure, and now that Turkey is a friend that's taken to the bank. But Brown Shirts tend to tragically cut their heads off while shaving at the behest of pesky political masters.(/)
Read 8 tweets

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