My sense is that many folks think that Japanese fixed income flows are driven by the absolute differential between Japanese yields and US/ French (ha!) yields -- whether 10y JGBS v Treasuries or 20y JGBs v Agency MBS ...

2/

Is Putin doomed?

An interesting fact about the falling ruble and rising inflation: Chris Miller, in his fascinating book The Struggle To Save The Soviet Economy, suggests that rising inflation, at the end of the 1980s, was the key thing that caused the government to lose…

Cada vez que hablamos de jornadas excesivas de trabajo en México, siempre sale alguien de alguna alcantarilla a decir que 'no somos productivos porque no le echamos ganas'.

Pero no, la culpa no es de las y los trabajadores mexicanos, sino de nuestros parásitos empresariales.
👇

Stalin disagreed with this, and so did Khrushchev

The US 🇺🇸 economy and the EU 🇪🇺 were roughly the same size in 2008.

The US is now nearly twice as big 📊

Gloria Cházaro fue la primera mujer en comandar un buque de la Armada en México, pero el orgullo de una nación se convirtió en silencio cuando apareció muerta. Las autoridades hablaron de un suicidio, pero lo que pasó antes cuenta otra historia
elpais.com/mexico/2023-07…

Map shows the spread of Christianity in the first 600 years of its existence. The faith spread through maritime travel. The Mediterranean was paramount. Cool to see Crimea also being reached (obviously by boat). Source: buff.ly/3O4fRg6

India's Chance for Chips - The Wire China thewirechina.com/2023/07/09/ind…

Yellen's sterile visit to China

This is how Yellen negotiated with China. She proposed to cancel the additional tariffs imposed during the Trump era, but required China to meet three conditions:

1. Buy $850 billion US treasury bonds

2. Withdrawal of China's counter-sanctions

OpenAI's newly released Code Interpreter changes everything.

Every business on the planet now has access to an on-demand team of McKinsey consultants for $20/month.

To see why, here's what I was able to do in 10 minutes with my own company's data:

The key is not that your military or economic size crosses a particular numerical threshold (though bigger is better in this regard).

Instead, the key, captured well by Levy (p 16), is that a Great Power can't be conquered by a non-power and need only fear other Great Powers.

Edward W. Walker A 'Chernobyl II' is not possible. The fuel in the ZNPP reactors is hard oxide, and there is no graphite to burn as it did in Chernobyl. Additionally, the containment is a reinforced concrete building around a stainless steel vessel, unlike the containment of Chernobyl.

New interview with Gen. Valery Zaluzhny, the top officer in Ukraine’s armed forces. It contains interesting details on his relationship with 🇺🇸Gen. Milley, chairman of the Joint Chiefs of Staff, the impact of Prigozhin's mutity on the counteroffensive etc.
washingtonpost.com/world/2023/06/…

Turkey's life expectancy has overtaken that of the USA. Sarah O'Connor
W Virginia's life expectancy is that of N Korea!
ft.com/content/13c66e…
pairs well with Ones and Tooze of a week back.
podcasts.apple.com/ca/podcast/the…

China will implement new export controls on gallium and germanium, going into effect Aug 1. These critical inputs into chips further highlight the intensely interwoven and globalized nature of semiconductor supply chains and expose 📈 retaliation risks. bloomberg.com/news/articles/…

Gallium used in modern military AESA radars, 5G base stations, chargers & other power modules

China produces 95% of world's Gallium

Germanium used in fibre-optics, IR optics, solar cells & LEDs

China also has world's largest Germanium producers w/ Yunnan Germanium at 25%…

The graph below shows how well the richest Top 1% have done across different countries over the past 200 years.

Some interesting patterns explored in 🧵.
#dataviz

issuing correction on our previous Russian state TV reports, regarding the Wagner paramilitary group. you do not, under any circumstances, ‘gotta hand it to them’