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🛑 All capital dies; the accounts merely argue about the date. The argument is called depreciation, and in most years nobody attends it.
unstableequilibria.substack.…
jck✨ retweeted
Impressive charts in the latest ECB BLS: the sharp tightening in financial conditions is feeding through quickly in France, while heightened uncertainty is weighing heavily on loan demand.
🛑 Ouch... US 5-year Treasury auction (Oct. 27) — share of awards at the stop-out yield 98.6%, prior 30.34%.
jck✨ retweeted
🛑 "you don't need to be an economist to see his mistake" because taxpayer fear dictates behavior. Even if a future recurring tax never materializes, if billionaires leave California today out of fear that it will, the state permanently loses their future income and business tax revenue. Consequently, the billionaires' defensive migration is entirely rational, and Zucman's modeling ignores the foundational psychological reality of how wealth reacts to shifting policy landscapes.
🛑 Gabriel Zucman and California's not-so-irrational billionaires
🛑 You don't need to be an economist to see the mistake of Proposition 40's leading evangelist.
washingtonpost.com/opinions/…
🛑 France’s Debt Reliance on Foreign Investors Exposes Risks
bloomberg.com/news/articles/…
🛑 Maersk will temporarily impose an emergency inland fuel/energy surcharge on all inland transport cargo in Northern Europe until further notice; electric trucks and rail solutions are currently exempt.