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Joe Weisenthal Profile picture
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Oct 23 • 4 tweets • 2 min read
People think MMT Thought is of the left, but I don't think that's quite right. I increasingly see it as an effort to convince the left to adopt the fiscal stance that conservatives have embraced for much longer.
Historically speaking, if you look at who actually rejects The Deficit Myth, it's the right (Reagan, Cheney, Shinzo Abe, Marine le Pen, Liz Truss etc.).
thenation.com/article/archiv…
Oh and of course Trump, duh vox.com/2016/5/9/11639…

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More from @TheStalwart

Joe Weisenthal Profile picture
Oct 20
NEW ODD LOTS:

It's @Nouriel.

The last time @tracyalloway and I talked to "Dr. Doom" was Spring 2020. At the time he predicted raging inflation due to supply side constraints + stimulus.

And now what comes next, he says, is going to be even worse.

bloomberg.com/news/articles/…
@Nouriel @tracyalloway Nouriel has a new book out this week, in which he argues that beyond the acute supply chain disruptions that we're seeing these days, that much bigger trends are in motion that will constrain output for years to come littlebrown.com/titles/nouriel… Image
@Nouriel @tracyalloway Check out the episode on:

Apple: podcasts.apple.com/us/podcast/odd…

Spotify: open.spotify.com/episode/396tdc…
Read 4 tweets
Joe Weisenthal Profile picture
Oct 13
FULL TRANSCRIPT

Text of our chat with @danwwang is out. So many good insights on China right now.

I thought this was particularly fascinating, on Beijing's strategic bearhug of US multinationals. Why retaliate, when you can instead make them your allies? bloomberg.com/news/articles/… Image
@danwwang Here's Dan on the severeity of Biden's latest chip actions against China Image
@danwwang Anyway. As always, learn a ton when talking to @danwwang.

And if you prefer to listen, rather than read, check out the ep on

Apple: podcasts.apple.com/us/podcast/dan…

Spotify: open.spotify.com/episode/7KXIdO…
Read 4 tweets
Joe Weisenthal Profile picture
Oct 13
BREAKING:

IT"S HOT: CORE CPI RISES BY *0.6%* MONTH OVER MONTH, WELL ABOVE EXPECTATIONS

HEADLINE CPI UP 8.2% YOY

FUTURES INSTANTLY TANK

Economists had been looking for a 0.4% MOM core number and a 0.2% increase on headline.

bloomberg.com/news/articles/…
NASDAQ 100 futures already off over 2.5%
New cycle high for 2-year yields. Highest level since August 2007
Read 6 tweets
Joe Weisenthal Profile picture
Oct 7
BREAKING:

BOOM. IT'S A BEAT. 263K NEW JOBS. UNEMPLOYMENT RATE FALLS BACK TO 3.5%.

Economists had expected 255K jobs and a 3.7% unemployment rate.

bloomberg.com/news/live-blog…
Aaaand. Futures immediately slide on the unemployment rate falling again. Image
2-year yields heading back up, closing in on the highest level of the cycle, as more hikes get priced in Image
Read 6 tweets
Joe Weisenthal Profile picture
Oct 6
NEW ODD LOTS:

It's the big gilt market episode everyone's been asking for.

@tracyalloway and I spoke with @toby_n about what pension fund accounting, government bond trading, the Bank of England, and everything else. bloomberg.com/news/articles/…
Nobody is better at explaining this stuff than Toby. So if you want to understand what the last two weeks means, it's a must listen.

Check it out on Apple: podcasts.apple.com/us/podcast/tob…

Spotify: open.spotify.com/episode/0Izrk5…
Two themes from the chat:

1) There really are times when liquidity and solvency concerns are different. We've seen a lot of that in 2022. The commodity producers who got margin-called on their hedges were another example.

2) Not all central bank interventions are "bailouts"
Read 4 tweets
Joe Weisenthal Profile picture
Oct 4
White collar workers may finally be getting anxious about the state of the job market.

I wrote JOLTS and the two job markets.

There's one job market where $META is slashing hiring for the first time. The other one is printing sub-200K jobless claims bloomberg.com/news/articles/…
Here's the chart from JOLTS today that really stood out to me.

The quit rate at restaurants and hotels actually spiked in August.

The quit rate in professional/business services fell to its lowest level since March 2021 Image
Amazon has frozen corporate hiring in its retail business bloomberg.com/news/articles/…
Read 4 tweets

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