Nixon's shock of 71 can help us make sense of Trump's shock

He imposed 10% import tariffs for 4 months at the same time as coming off the gold standard - which partly led to the stagflation of the 70s

My latest @ft

🧵 “My philosophy, Mr President, is that all foreigners are out to screw us and it’s our job to screw them first.” 

Nixon’s Treasury Sec. Connally 

2/7

In honour of Prof Charles Goodhart, @LSEnews is unveiling the "Goodhart Library" today alongside a panel with Lord King,@Isabel_Schnabel @HyunSongShin @scmallaby on financial stability & monetary policy

Sharing my tribute for his 80th birthday summit @ LSE (& in @FT )

a 🧵 "Default is to liquidity what sin is to holiness in religion,"

Charles Goodhart argued wryly.

People default in the real world, if no penalty or are compelled. So too banks. Ignoring banks central functions is neither realistic/helpful.

Today's banking turmoil is proof

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On Mark Carney's final day in office - last of the Central Bankers which also dealt with 2008 - 4 perspectives on his achievements and challenges across crisis mgmt, climate agenda, future of finance, & modernisation of the @bankofengland 1/5 Climate: "Before Mark, it wasn’t in the bloodstream. Now the Bank is seen as leading the world on climate change” BoE Chief Economist Andy Haldane to @PhilAldrick @thetimes thetimes.co.uk/edition/busine… 2/5