Hear hear. Industrial policy under state aid rules is a misnomer.
miss the days of rigorous neoliberalism, when the guys didnt play language games and celebrated the market instead of disguising it in some faux Keynesian/interventionist clothing
take the derisking state:

one litmus test for this faux Keynesian revival of the state is to ask financial capitalists now speaking the language of just transitions if they would co-finance a local Ugandan green bus company.

of course not.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Daniela Gabor

Daniela Gabor Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @DanielaGabor

25 Apr
15 months ago, in conversation with @MESandbu I warned that EU's Green Deal, with its Green Third Way approach to nudging the market in the right direction, threatened to end up into subsidised greewashing

this week my fears proved legitimate.

ft.com/content/74fe73…
the Taxonomy is now even more indefensible than the private ESG metrics for green financial instruments

that the 'Sustainable' taxonomy now includes fossil fuels and deforestation is not just a failure of (national) politics, as it's been reported -

it is a consequence of the macrofinancial order we have in place, that doesnt allow for big, bold and just transitions
Read 12 tweets
22 Apr
the Biden Administration is now putting its weight behind #WallStreetConsensus and the project of the derisking state
a two state solution from the Biden Administration:
- green investment state for the US
- derisking state for the Global South - derisking development assets for financial capital, not for local populations Image
Read 5 tweets
22 Apr
The infrastructure age is here, and God does it come with empty promises of radical transformation ft.com/content/29d4b2… via @financialtimes
I blame the vacuousness of the neoliberal imagination - once the script of 'structural reform' doesn't serve any more, what do you do? Infrastructure. All roads lead to nowhere in financial capitalism.
Read 5 tweets
21 Apr
the new exogenous money is exogenous transition shocks in the climate change debate.

fortunately, Bank of England cannot hide behind that rock because of their new climate mandate.
this captures well the fact that central bank action on climate = endogenous transition risks

ft.com/content/e5be56…
remember, Mark Carney's 'tragedy of the horizons' speech identified two main risks of climate crisis:
- physical risks (climate events)
- transition risks - from green policies to accelerate transition to low-carbon
Read 7 tweets
12 Apr
Ben is of course right - #WallStreetConsensus is a development paradigm invented for the Global South, but could easily travel up North to satisfy the portfolio glut's hunger for infrastructure assets.
'give us infrastructure assets!' clamour institutional investors, who wont tell you that partnerships with private finance means the de facto privatization of infrastructure - you have to pay for it to access it, otherwise where are those handsome cash flows gonna come from?
and a visual guide to how the Biden Infrastructure Plan according to BlackRock would look like, with a nod to @KatharinaPistor
Read 8 tweets
12 Apr
good morning to the Bank of England, who's showing us what a committed monetary financier looks like
and a reminder not all monetary financing is the same: this modern/new Keynesian entrenches weak framework for monetary-fiscal interactions, one that actively undermines both the rethink of fiscal rules, and fiscal support for the low-carbon transition.

osf.io/preprints/soca…
music, music to the (post-Keynesian/MMT) ear: the ultimate driver of government financing costs is the central bank.
Read 4 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!