21/ "While policymakers in advanced economies...argue about whether...aggressive fiscal stimulus...will generate inflation...inflation has already reached the developing world in the form of rapidly rising global commodity prices incl food"
ht @Jayati1609 foreignpolicy.com/2021/08/05/eme…
22/ "Once it is recognised that the US external accounts are driven less by relative goods and service demand—that is by real goods and services—and more by global demand for US financial assets..."

@GeneralTheorist on the world dollars make & unmake moneyinsideout.exantedata.com/p/the-end-of-b…
23/ EM banks borrow heavily in dollars.Dollar appreciations lead to contraction in EM banks net worth because the currency value of local assets declines while $ liabilities increase.That leads to declines in credit & invtmnt in EM federalreserve.gov/econres/ifdp/f…
24/ 50 years to the week that Nixon ended the dollar-gold window. Since then, the dollar globalized. Companies, banks, & individuals borrow in dollars, save in dollars, pay in dollars,& get paid in $.

World market sloshes back & forth to the Fed's tune.
alchemistmag.com/past-editions/…
25/ Burdened by Covid, Debt & Climate crises, Latin & Central Am are at frontlines of 21stC system-level shocks. Green investment, debt write-offs, and bigger welfare states are solutions.

Must-read by Tooze on dollar world-order adamtooze.substack.com/p/chartbook-ne…
26/ US has made the world's dollar-order foundations firmer. Foreign central banks can swap their currency for dollars & foreign counterparties(banks, companies) can post collateral for US Treasuries

@dhneilson on Fed's new standing facilities post Corona neilson.substack.com/p/administerin…
27/ Former WB/IMF chief economist Krueger on debt writeoffs:"It’s not rocket science. If a country’s debt is so large that it cannot grow,you need to retire debt" Instead of bailouts and lost decades of austerity they should be able to wipe the slate clean ft.com/content/e3fb48…
28/ Why can't rest of the world have what rich countries are having: vaccines, deficit-financed social & climate spending?

@UNCTAD Report: developing countries will be $12 TRILLION poorer by 2025. Global vaccine inequality knock another $1.5 trillion off!
unctad.org/news/recovery-… Image

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More from @70sBachchan

8 Aug
Everyone please read Project Drawdown drawdown.org/solutions/tabl…
We need to weave many different climate solutions in this decade & all hands required on deck! ht @GlobalEcoGuy globalecoguy.org/we-need-4-wave…
1 Quick Wins
2 New Infrastructure
3 Growing Natural Sinks
4 Deploying New Tech
2/ " “Quick Win” solutions focus on halting highly destructive practices, such as widespread deforestation, flaring and fugitive emissions of methane, and “black carbon” emissions from dirty cookstoves, biomass burning, and other sources" drawdown.org/solutions/tabl…
3/ There are obstacles to implementing all of these "Quick Win" solutions, of course, but they offer large and immediate emissions reductions, plus strong economic returns. They are among the lowest hanging fruits globalecoguy.org/we-need-4-wave…
Project drawdown: drawdown.org/solutions/tabl… Image
Read 9 tweets
28 Jul
"Obama attempted to accelerate the completion of seven major new transmission lines. Only two were finished. Since 2009, China has built more than 18,000 miles of ultrahigh-voltage transmission lines. The U.S. has built zero."
@yayitsrob on ELECTRIC MAGIC
theatlantic.com/science/archiv…
2/Like many countries, China's demand centers (on coasts) are far away from wind,solar & hydro regions (North,West). Engineering solution to Renewables variability problem is to connect large regions w Hi-Voltage Grids. But politics gets in the way. Thread
3/ You must keep the largest interconnected machines on EARTH alive while it is being whacked by heatwaves, floods, hurricanes, thunderbolts from the sky, and even hackers in basements god-knows-where.
Thread on the US GRID
Read 11 tweets
6 Jul
65/ "Economic policies are climate policies now"
Heavyweight fight between NDRC and Ministry of Environment over authority to shut coal power & heavy industry.

China puts its most powerful government agency in charge of cutting greenhouse gas emissions
bloomberg.com/news/articles/…
66/ China launches national emissions-trading program. At a stroke, creating the world’s largest carbon market & doubling the share of global emissions covered. It will have ripple effects in every country. Great WSJ explainer video @shashamimi @ByXiaoXiao wsj.com/articles/china… Image
67/ "Chinese nuclear capacity has to grow by 5x (at least) if the 2060 carbon neutrality goal is to be realized
...don't see how that will be done with conventional U-235 fission tech. It will be thorium,or natural uranium,in one of these 4th gen reactors"
Read 6 tweets
5 Jul
Historic verdict: US-trained former Honduran army intelligence officer who was the president of an internationally-financed hydroelectric company has been found guilty over the assassination of the indigenous environmentalist Berta Cáceres. theguardian.com/world/2021/jul…
2/ Lawyers: "murder was the grand finale in a campaign of terror carried out by a wider criminal structure including company executives & state officials against Cáceres & her organization Copinh (Council of Popular & Indigenous Organizations of Honduras)" theguardian.com/world/2021/jul…
3/“Their audacity, determination & dignity to resist, defend and triumph over this corrupt system sets a precedent. We have nothing to thank the justice system for. It was they who persecuted Berta; they criminalized her & displaced her. This victory is a result of our militancy”
Read 4 tweets
4 Jul
We aren't made of stars as much as we are made of fossil-fueled fired Nitrogen fertilizers!

No Haber-bosch, no population boom & ironically no mass bombing in WW1/2 (fertilizers, bombs are both nitrogen-based. H-B first used to make explosives, per Smil) nature.com/articles/22672
2/ "What is the most important invention of the twentieth century? Aeroplanes, nuclear energy, space flight, television and computers will be the most common answers. Yet none of these can match the synthesis of ammonia from its elements"
Smil on NITROGEN
vaclavsmil.com/wp-content/upl… Image
3/ Agricultural yields are proportional to use of Nitrogen fertilizers. Making Nitrogen via Haber-bosch's fossil fueled process was key to 20thC population boom.

1 in 2 ppl alive on planet today wouldn't be here without Haber-Bosch
nature.com/articles/ngeo3…
pdfs.semanticscholar.org/9ef1/254c1b762… ImageImage
Read 4 tweets
2 Jul
45/ Bulletin of the Atomic Scientists @BulletinAtomic
,the premier scientific advisors, have warned humanity that nuclear weapons & #climatechange are existential threats.
Both are escalating by active choice of the world's great powers #GeopoliticsOfGHGs thebulletin.org/doomsday-clock… Image
46/ In 2020,US missile defense test became only the 2nd to successfully destroy an ICBM target. "Moscow & Beijing fear the potential for an overnight qualitative breakthrough that may seriously upend their confidence in their nuclear delivery capabilities"
carnegieendowment.org/2020/11/19/new…
47/ "We are concerned with the current direction of US-China’s policies, but we believe that the pessimists both overstate the possibility of a US-China war and understate the consequences of possible armed conflict."

@BulletinAtomic on Taiwan Question: thebulletin.org/2021/02/how-th…
Read 6 tweets

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