Two amazing Global South progressives and a Nobel prize winner walk into an Oxfam panel on post-neoliberalism Stiglitz: w neoliberalism, the growth of financial markets changed the political game tremendously

missing from this @FT account of the rapid rise of infrastructure as an asset class is the sustained effort that G20 governments have put into derisking infrastructure assets for institutional capital - this is the derisking state in action #WallStreetConsensus @FT with @BJMbraun we've termed this a weak derisking macrofinancial regime - a set of policies (as in the G20 Infrastructure as an Asset Class agenda, or World Bank Maximising Finance for Development) that seeks to mobilise private capital into infrastructure
osf.io/preprints/soca…

I did not expect this, but Rachel Reeves' Mais lecture is a lot more interesting - and dare I say, promising - than either the commentariat focused on fiscal rules or the past weeks of 'maxxed credit cards' would have us believe

labour.org.uk/updates/press-… some parts are taking a direct swipe at us advocates of Big (Green) State, but it's a careful articulation of the alternative rather than the empty austerity ideology of 'maxxed out credit cards'

Carbon wealth taxes are for the left what carbon prices are for the right - distractions consuming political energy

https://twitter.com/chiaramariotti/status/1726888456872423875

it is a strategic and tactical mistake for progressives to centre the superrich in climate politics.
Tactics - global tax system is organised to enable rampant tax avoidance + evasion for both high net worth individuals & corporations.

Global South voices - here the President of Colombia - read in the European/US support of the genocide in Gaza a blueprint, an experiment for ecofascism that 'treats us as disposable lives'.

https://twitter.com/petrogustavo/status/1713621633812791383

not mincing words

'we are heading to barbary. Humanity, especially in the South, depends on the road we choose to address the climate crisis produced by the Global North. Gaza is the first experiment to treat us as disposable lives.'

the @ecb hiked rates to highest level ever today, but this matter less.
@Lagarde promised European Parliament to return ECB to Paris climate commitments but still nothing!
in a new report we show it can do Green Unwinding @AuroreLalucq @henrikehahn
greenpeace.de/publikationen/… we are in the middle of a climate emergency, and the @ecb has stepped back from cleaning its portfolio of dirty bonds -

for no other reason except the (imagined) danger that @lagarde may be seen as 'Mme Climate' instead of fighting inflation.

https://twitter.com/PositiveMoneyEU/status/1668942609559977985?s=20s

not sure we disagree that much @adam_tooze

you stress domestic politics that shaped the US IRA - which is often how US interlocutors defend derisking, but I cannot quite grasp where your analysis is critically different

https://twitter.com/adam_tooze/status/1670064204978479104

@adam_tooze we agree that US IRA is not your 'neoliberal derisking' - a concept that I would apply to say German 'markets not industries' Energiewende, incidentally very much alive today in the German Green-SPD coalition approach

the @ecb, despite hopes to the contrary, really does not want to talk about profits and continues to
a) blame workers for inflation
b) ask workers to continue to take the distributional pain

https://twitter.com/ecb/status/1669324976472698884

@ecb the class struggle ratio lives on in this June conference too

https://twitter.com/DanielaGabor/status/1631338211787038720?s=20

today is @ecb 25th birthday.
the really interesting story, which is less told - its history as political struggle over sovereign bond collateral.

https://twitter.com/ecb/status/1664179981784678402?s=20

@ecb the @ecb was born in 1998, just as LTCM was building massive repo leverage. LTCM would collapse three months later, triggering a global margin call, and the first central bank attempts to grapple with question of systemic collateral markets.

So @BJMbraun what do you think is the probability that German train operator will respond favourably to a French Eurostar request to delay departure so we can make the connection?
A new milestone for the Franco-German Engine State capacity - a punchy concept at the Eurostar boarding gates in London.

Montevideo and several other regions in Uruguay are going through a serious water crisis -this is a stark warning of how the right mismanages the climate crisis.

https://twitter.com/tiempoarg/status/1660367368021762048

Cronica de una crisis anunciada:
the Lacalle Pou administration had warnings about water shortages, but discarded existing plans to extend water shortage, and instead went for the more expensive 'let's import a desalinisation plant from the US'

how it started: how it is going: guys, maybe interest rates are not the instrument to address imported/cost push inflation, unless, of course, you want to inflict even higher social pain

we live in post-ordoliberal times, and a new derisking global order is getting build

ft.com/content/9e2e0c… this piece is amazing in the rhetorical tricks it performs
1. Derisking is, apparently, reversing capital-labour relations, and is no longer consistently prioritising the first

The German male professors response to @IsabellaMWeber is both shocking and a timely reminder of the ferocious gatekeeping.
They really cannot stand that a young woman gets so much public attention for her insightful research.

https://twitter.com/IsabellaMWeber/status/1658815490486157312

'hey, do I care that I confirm all critiques of sexism in economics? Nein.'

The green capitalist state in the Global North is a derisking state!

in a new paper, I examine the political embrace of derisking in European/US green industrial policy, and consider the implications for decarbonisation.
osf.io/preprints/soca… derisking has mutated from co-producing investible infrastructure to investible productive capacity;
- that is precisely how the European Commission @ThierryBreton thinks of it

we're now discussing Finance and Nature as an Asset Class at the #BeyondGrowth2023 - with Vandana Shiva, Fred Hache, WWF (!) Marie Toussaint and other.
is the question 'how do we finance the protection of nature' the right one? MT: 'we're opening new frontiers for capital accumulation, in the debt-for-nature swaps in Ecuador's Galapagos Island...betting on capital to solve the problems capital has created'

At the #BeyondGrowth conference in Brussels, with another 2000 participants, curious to see what's the discourse in the new geopolitics Last time I was here at a large scale event, in 2018/19, it was for Sustainable Finance, where Europe was organising to discipline carbon capital.
4 years and a US IRA later, that political project is dead.

Yes Sweden, proper Eurovision esthetics and drama And Albania, proper Eurovision nostalgia for the good days of love.

at the Prof. Victoria Chick memorial conference, we learn that she got her male economist visitors to hoover and clean her flat. I would like to think that this was guided by concerns w redressing historical injustices, since she never got me to do any housework,

instead the challenge was to engage in monetary theory/history after a bottle of wine (she always won)

New @ecb data shows that corporate profits have had a fantastic 2022, unlike European workers. A war economy indeed. At least we no longer pretend we don't know who's winning the distributional struggle, and can now ask why is the @ecb taking the side of capital.

https://twitter.com/DanielaGabor/status/1631267810218332160?t=0sTRanMA0I_YI01o9bpHrg&s=19

sorry to inform you, but the new Washington Consensus is the old Wall Street Consensus

ft.com/content/8efb6b… ahem