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Jan 30 • 4 tweets • 3 min read
Our newsletter on Yellen’s geo-economic speech ratcheting up Cold War in Africa

“Countries need to be wary of shiny deals that may be opaque,” she said, which “can leave countries with a legacy of debt, diverted resources, and environmental destruction.”
phenomenalworld.org/analysis/dont-…
What 'scramble to Africa'? It is a travesty, as
@FofackHippolyte the director of African Export-Import bank points out, that Canada got more FDI in 2020 than fifty-four African countries put together

Our newsletter on 'New Cold War':
phenomenalworld.org/analysis/dont-…
Africa has a mountain of debt, estimated at $645 billion. Growth needs cancellation.

China has been adamant that multilateral development banks, as well as private creditors like BlackRock, which is the largest owner of Zambian bonds, accept losses too.
phenomenalworld.org/analysis/dont-…
How to #CancelTheDebt? Most bonds are governed by English or New York law.

@tim_jones6 suggests legislation in UK/NY to compel private bondholders to take part in debt relief for developing countries. Can Western progressives push legislatures?
ft.com/content/889fec…

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More from @70sBachchan

Albert Pinto Profile picture
Jan 30
Export controls are back. Sometime in the last month the US coordinated chips controls on China with Japan and Netherlands.

Thread on history of Export Controls. "A Risky Tactic That Requires Cooperation From Allies." ht @Chadbow foreignaffairs.com/united-states/…
Companies want to maximize profits. Capitalism means companies are constantly trying to enter new markets to earn new profits.

Enter National Security. A series of technologies - nuclear, oil pipelines, quiet submarines, now chips - have been controlled
tradetalkspodcast.com/podcast/176-th…
3/ Europeans wanting Russian energy/mkts & Americans warning them about dependence is a long story

JFK in 1963 tried to sanction Europeans for their "pipes-for-oil" deal with Soviet bloc

Reagan in 1981,sanctions Siberian gas pipeline

Trump in 2019, NS2 juancole.com/2022/02/overca… Image
Read 4 tweets
Albert Pinto Profile picture
Jan 28
slow clap for everyone who wanted "competition with China but cooperation on climate change".
"Considering China’s dominant position in wafers & the segment’s relatively high barriers for entry, it’s reasonable for China to consider the ban to avoid leaking tech to overseas players"
bloomberg.com/news/articles/…

How much could solar installations slow?
slow clap for Biden's National security advisor Jake Sullivan who chose Cold War with China over climate cooperation. Opposed by so many of us who bluntly said that would not work. It was a fork in the road. policytensor.com/2019/05/23/fea…
Read 15 tweets
Albert Pinto Profile picture
Jan 18
I talked with @africasacountry about the new nonalignment & polycrisis in global south
-policy induced global recession
-breakdown in West-China-Russia relations.
-societies boil coz of inflation
-explosive electoral politics of dollar debt crisis
podcast:africasacountry.com/2023/01/third-… Image
2/ Thanks to @africasacountry for interviewing me about my Nonalignment article where I argued stance of middle powers is a bargaining chip

Delhi, Jakarta, Brasilia, etc want tech transfer,military hardware etc. They want to play US & China off each other
phenomenalworld.org/analysis/non-a… Image
3/ Uprising in Sri Lanka illustrates age of "polycrisis"
Mask - Corona crisis.
Bread - Food crisis
Fire - Petrol crisis
Banks - Dollar debt crisis

Thread tracking explosive politics of debt esp in global south @africasacountry
africasacountry.com/2023/01/third-… Image
Read 34 tweets
Albert Pinto Profile picture
Jan 9
1/ For as long as there has been UN global climate diplomacy, developing countries have had 2 asks - rich countries should go green first & fast.

While they have argued for gradual transitions. 2022 showed developing countries underestimated 2 big factors
africanclimatefoundation.org/wp-content/upl… Image
2/ Firstly, energy transitions do not happen in a vacuum. Each country is highly exposed to decisions made by others.

Decisions to launch wars,interest rate decisions, Industrial policy legislation in rich countries that can make developing countries export sectors uncompetitive
3/ Secondly, cost of capital is cheaper in rich world, pricier in developing countries. While Climate damages are concentrated in global south

So when climate risk is taken into account,developing countries have to pay even higher capital costs -> slowing their energy transition Image
Read 6 tweets
Albert Pinto Profile picture
Jan 5
Almost no Indians drunk tea before 1930s.

Drinking chai in India only becomes popular in the 1930s. The Great Depression collapses prices just as British Indian tea plantations production surged. So tea marketing boards tried to create a domestic market
seriouseats.com/indian-tea-his…
tea explodes in India 1930s: "Traveling salespeople promoted tea everywhere, from train stations & factories to the countryside. At public demonstrations, they showed how to brew tea & urged people to drink free sample cups or take home single-use packets"
seriouseats.com/indian-tea-his…
"most dramatic expansion of tea consumption... chai (produced by boiling tea leaves in a mixture of milk, water, sugar...cardamom, cinnamon, clove, ginger)—only occurred after 1947 & the ensuing transfer of majority ownership in tea estates"

tasveergharindia.net/essay/chai-why…
Read 8 tweets
Albert Pinto Profile picture
Dec 16, 2022
Mario Draghi warned that inflation “can wear down the commitment of our countries toward Ukraine” & lost his premiership in Italy.

Societies boil when the price of essentials like energy soar. We look at what EU politicians are doing to save their skins
phenomenalworld.org/analysis/europ…
There are worse things in a democracy than politicians acting to save their skins.

Are these subsidy, tax, & nationalize precedents for "more Europe" asks our Polycrisis #5. What political fights are they unleashing? ht @leee_harris @kmac
phenomenalworld.org/analysis/europ…
Germany's €200 billion plan to freeze energy bills & subsidize households & industries sparks ‘animosity’ within EU

Its largely financed by new borrowing and imposing taxes on fossil fuel companies profits. Fiscal "rules" for thee not for me. Check out: phenomenalworld.org/analysis/europ…
Read 8 tweets

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