Professor of Economics/MacroFinance. Critical macrofinance, central banks, repos, shadow banking, WallStreetConsensus goo.gl/Gqbtll criticalfinance.org
Joined February 2010
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Pinned Tweet
27 Mar 2024
It's now official.
The #WallStreetConsensus will soon be a book - about the return of the transformative state.
There may be some Taylor Swift/Travis Kelce macrofinancial jokes (she inflation targeting, he Big Finance) in it.
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Jun 13
I see we're in day 7 of the
'we're scientific economists, the other are lefty cranks' discourse of the status-quo evangelists.
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Daniela Gabor retweeted
Jun 12
This link between the Opium Wars and Huawei—connecting back to Howard Lutnick’s call to get China “addicted” to the US tech stack—is a such a genius way to open.
Bravo on this piece @selinaxuxinyue!
The People’s Republic of Techno-Optimists: theideasletter.org/essay/the…
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Jun 11
Ai;dr
Jun 10
Last week I published "The Fatal Conceit, Renewed." Today I publish its companion: a catalogue of the methodological errors in the work of Thomas Piketty and Mariana Mazzucato.
The errors are not peripheral. They are devastating — and they all lean in the same direction. In econometrics, we have a name for an estimator whose errors all point one way: biased. In politics, we also use the same name.
Why spend the effort taking these two apart? Because they are dangerous. Piketty and Mazzucato are the intellectual darlings of today's left. They supply a veneer of scholarly respectability to what the left is forever seeking: a justification for higher taxes and more state intervention. The oldest idea in politics — that a few enlightened people know better than the rest of us what to do with our money.
The fame is real. The findings are not. Here is the audit.
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Jun 11
A textile historian at the wheel and a monetarist steering it, what joy!
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Jun 11
Unpopular opinion I get a right to as a migrant - no, we shouldn't get to vote in our home country's elections.
We don't live there.
Jun 11
Peru's indigenous Aymara region will not recognise the elections if Fujimori wins, because she has already lost the popular vote within the country. If she wins it'll be due to those from abroad, not in Peru.
Protests & strikes are coming to defend the country's majority.
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The same Viscount who recently joined a neonazi, white supremacist blogger on stage in a plush hotel in Germany.
Jun 8
The latest @LRB positions David Runciman (aka the Viscount of Doxford) defending the gamified metrics of the neoliberal university next to Stefan Collini's meticulous detailing of that university system's near total collapse. A jarring juxtaposition native to physical magazines.
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DeepSeek is becoming more popular among US enterprises as companies look for cheaper alternatives to Anthropic and OpenAI
“DeepSeek takes top spot on 'trending' list as companies look for alternatives to OpenAI and Anthropic, spending tracker's report says Chinese artificial intelligence start-up DeepSeek took the top spot on a major US business spending index in June, surging as more companies swap out expensive American options like OpenAI and Anthropic in favour of more affordable alternatives.”
Nothing to see here
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Jun 7
This is a pretty striking shift toward Chinese models by American AI startups since the start of the year. substack.com/@profgmarkets/p…
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Daniela Gabor retweeted
Hard to think of a greater honor than to be considered The Economist‘s intellectual enemy #1.
My work is “intellectual ballast” for the largest number of Americans since 1975 wanting government to “improve the standard of living” of the poor, cut their costs, raise their incomes and stop AI from wrecking society, they say. Dream of an endorsement. Thank you @TheEconomist!
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Brussels panicking!
Notre force, c’est notre nombre !
Nous sommes 26 000 à Saint-Denis.
Rejoignez-nous !
Aidez-nous !
Ici est la force !
#JLMSaintDenis #Melenchon2027
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On my way to Paris for a keynote on 'Michel Aglietta and the ambivalence of money'
and I am going to risk a joke about objet petit s
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All this time I could have made Lacanian jokes about repos!
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the AI Derisking State, brought to you by the Trump Administration -
like its Biden IRA predecessor, this derisking-based industrial policy cannot match China's industrial/credit planning machine
ft.com/content/8559a3f9-86de…
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OpenAI is going public soon and this is a shameless attempt to prop up share prices
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ahem, why do so many progressive tax proposals end up with a derisking vehicle?
Jun 4
We envision a new institution, the Global Justice Fund to finance this sustainable convergence path. The fund would raise revenue via global wealth and income taxes to be used for climate investments, expansion of health and education, and building up a World Sovereign Fund.
The Global Justice Fund would average 10.3% of world GDP annually between 2030 and 2060 — compared with less than 0.4% currently allocated to development aid and international organizations.
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Jaja, Keiko frente a la cuarta derrota.
Peru's leftist presidential candidate Roberto Sanchez has gained ground against conservative Keiko Fujimori ahead of the June 7 presidential runoff, though both candidates remained in a statistical tie, an Ipsos poll showed reut.rs/49Gqu3i
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at this point Brussel nightmares are like a badge of honour.
the era of centrist/ordoliberal politics is over and Brussels has no clue about how to deal with that.
politico.eu/article/french-e…
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Daniela Gabor retweeted
Jun 2
Epic amounts of Chinese investment in Morocco, particularly in EV and battery supply chains.
I know this article was framed around Europe’s fears. But for many developing countries, this is exactly what they’re hoping for.
FT: ft.com/content/706c1db4-effa…
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May 31
I joked here that I'm preparing a Short Manual for Defence against Speculative Attacks for progressive governments, who knows when it's needed.
L'indépendance des banques centrales est un problème.
Pour transformer massivement l'économie, il faut reprendre le contrôle démocratique sur ces banques.
Daniela Gabor, économiste
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Jun 3
At some point, the US Treasury will have to call out Taiwan's central bank --
Its day to day management of the Taiwan dollar makes the PBOC look to be an amateur at currency manipulation
From Bloomberg
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