Version: 13 (current) | Updated: 11/13/2025, 6:22:59 AM
Added description
Each entry notes the primary subject matter and the geographic focus—ranging from the United States and Ukraine to Russia, China, the Soviet Union, Jamaica, and the United Kingdom.
@file_pinax -> documents -> @chartbook_124:document {title: "Chartbook #124 The Currency of Politics", creator: @adam_tooze, created: @date_2022_05_28, language: "en", subjects: ["Political theory","Monetary policy","Economic history","Central banking","Democracy","Financial system","Inflation","Economic crises","Political economy","Money and politics","Aristotle","John Maynard Keynes","Modern Monetary Theory","Central banking for the people","Green energy transition","Napoleonic wars","Political malleability of money","Political theories of money","Political thinking about money","Political economy of money","Political economy of monetary crises","Political economy of monetary systems","Political economy of monetary sovereignty"], description: "An analysis of the political dimensions of money, exploring the historical and contemporary debates about the role of money in politics, the political malleability of money, and the challenges of democratizing monetary systems."}
@file_56908529_chartbook_124_the_currency_of_politics -> documents -> @chartbook_124:document
@stefan_eich:person {full_name: "Stefan Eich"}
@the_currency_of_politics:document {title: "The Currency of Politics", author: @stefan_eich, publisher: "Princeton University Press", url: "https://press.princeton.edu/books/hardcover/9780691191072/the-currency-of-politics"}
@stefan_eich -> authored -> @the_currency_of_politics
@the_currency_of_politics -> about -> @money:concept
@the_currency_of_politics -> discusses -> @political_malleability_of_money:concept {description: "The capacity of money to be shaped by political decisions and institutions"}
@the_currency_of_politics -> discusses -> @energy_transition:concept
@the_currency_of_politics -> discusses -> @modern_monetary_theory:concept {description: "Modern Monetary Theory (MMT)"}
@the_currency_of_politics -> discusses -> @lockean_monetary_depoliticization:concept {description: "Lockean politics of monetary depoliticization"}
@the_currency_of_politics -> discusses -> @napoleonic_wars:event {period: "1803‑1815"}
@the_currency_of_politics -> discusses -> @banking_crisis_2008:event {description: "2008 global banking crisis"}
@the_currency_of_politics -> mentions -> @aristotle:person
@the_currency_of_politics -> mentions -> @john_maynard_keynes:person
@the_currency_of_politics -> mentions -> @fichte:person
@the_currency_of_politics -> mentions -> @proudhon:person
@the_currency_of_politics -> mentions -> @marx:person
@the_currency_of_politics -> mentions -> @keynes:person
@napoleonic_wars:event -> part_of -> @historical_events:concept
@banking_crisis_2008:event -> part_of -> @historical_events:conceptMore versions available (pagination not yet implemented)
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<p>https://www.economist.com/asia/2022/05/07/indian-power-plants-are-running-out-of-coal</p><!--
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<p>My brilliant friend Stefan Eich has a book out this week - <em><a href="https://press.princeton.edu/books/hardcover/9780691191072/the-currency-of-politics">The Currency of Politics</a></em><a href="https://press.princeton.edu/books/hardcover/9780691191072/the-currency-of-politics"> </a> - which I want everyone to read. </p><p>It offers an urgent and provocative analysis of political thinking about money from Aristotle to the present. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!5yZ5!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9a129d31-90b8-4d54-94cb-288e40211440_782x1178.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!5yZ5!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9a129d31-90b8-4d54-94cb-288e40211440_782x1178.png 424w, https://substackcdn.com/image/fetch/$s_!5yZ5!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9a129d31-90b8-4d54-94cb-288e40211440_782x1178.png 848w, https://substackcdn.com/image/fetch/$s_!5yZ5!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9a129d31-90b8-4d54-94cb-288e40211440_782x1178.png 1272w, https://substackcdn.com/image/fetch/$s_!5yZ5!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9a129d31-90b8-4d54-94cb-288e40211440_782x1178.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/9a129d31-90b8-4d54-94cb-288e40211440_782x1178.png" width="499" height="751.690537084399" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/9a129d31-90b8-4d54-94cb-288e40211440_782x1178.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":1178,"width":782,"resizeWidth":499,"bytes":1781661,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":false,"topImage":true,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!5yZ5!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9a129d31-90b8-4d54-94cb-288e40211440_782x1178.png 424w, https://substackcdn.com/image/fetch/$s_!5yZ5!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9a129d31-90b8-4d54-94cb-288e40211440_782x1178.png 848w, https://substackcdn.com/image/fetch/$s_!5yZ5!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9a129d31-90b8-4d54-94cb-288e40211440_782x1178.png 1272w, https://substackcdn.com/image/fetch/$s_!5yZ5!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9a129d31-90b8-4d54-94cb-288e40211440_782x1178.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Stefan’s book is driven by questions that could hardly be more pressing: Why are we so afraid of the political malleability of money? What links political theories of money to moments of crisis? What makes money so tricky for democracies? And how can we democratize money? </p><p>These questions grew out of the politics of the 2008 banking crisis, which saw uninhibited central bank support for banks and financial markets, and out of the crisis of the Eurozone, where the ECB at times amplified pressure on the weaker and more indebted economies. His questions acquired further urgency with debates about MMT, “central banking for the people” and the question of how to finance the green energy transition. Stefan’s book is a milestone in the contemporary debate about money. </p><p>Eich laid out some of the key questions of his book in a wonderful twitter thread, which I am amplifying and embroidering on here. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!B13x!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd613973f-0884-4681-a16c-979570369c97_1772x1170.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!B13x!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd613973f-0884-4681-a16c-979570369c97_1772x1170.png 424w, https://substackcdn.com/image/fetch/$s_!B13x!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd613973f-0884-4681-a16c-979570369c97_1772x1170.png 848w, https://substackcdn.com/image/fetch/$s_!B13x!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd613973f-0884-4681-a16c-979570369c97_1772x1170.png 1272w, https://substackcdn.com/image/fetch/$s_!B13x!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd613973f-0884-4681-a16c-979570369c97_1772x1170.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/d613973f-0884-4681-a16c-979570369c97_1772x1170.png" width="1456" height="961" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/d613973f-0884-4681-a16c-979570369c97_1772x1170.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":961,"width":1456,"resizeWidth":null,"bytes":3972199,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":false,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!B13x!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd613973f-0884-4681-a16c-979570369c97_1772x1170.png 424w, https://substackcdn.com/image/fetch/$s_!B13x!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd613973f-0884-4681-a16c-979570369c97_1772x1170.png 848w, https://substackcdn.com/image/fetch/$s_!B13x!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd613973f-0884-4681-a16c-979570369c97_1772x1170.png 1272w, https://substackcdn.com/image/fetch/$s_!B13x!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd613973f-0884-4681-a16c-979570369c97_1772x1170.png 1456w" sizes="100vw"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p><em>The Currency of Politics</em> is not just a history of political ideas about money. It offers an argument about how histories of crises and genealogies of thinking about money are interwoven and layered. It is to that extent also an intervention at the level of the philosophy of history, which is precisely what we need at the current moment.</p><p>As Eich puts it, </p><blockquote><p><em>The Currency of Politics</em> is about the layers of past monetary crises that continue to shape our idea of what money is and what it can do politically. Grappling with past crises helped previous theorists to escape the blindspots of their own time. We must do the same today.</p></blockquote><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!JXot!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fecf79d2e-44b9-418f-9a9b-728077558577_2102x1180.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!JXot!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fecf79d2e-44b9-418f-9a9b-728077558577_2102x1180.png 424w, https://substackcdn.com/image/fetch/$s_!JXot!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fecf79d2e-44b9-418f-9a9b-728077558577_2102x1180.png 848w, https://substackcdn.com/image/fetch/$s_!JXot!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fecf79d2e-44b9-418f-9a9b-728077558577_2102x1180.png 1272w, https://substackcdn.com/image/fetch/$s_!JXot!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fecf79d2e-44b9-418f-9a9b-728077558577_2102x1180.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/ecf79d2e-44b9-418f-9a9b-728077558577_2102x1180.png" width="1456" height="817" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/ecf79d2e-44b9-418f-9a9b-728077558577_2102x1180.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":817,"width":1456,"resizeWidth":null,"bytes":1852113,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!JXot!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fecf79d2e-44b9-418f-9a9b-728077558577_2102x1180.png 424w, https://substackcdn.com/image/fetch/$s_!JXot!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fecf79d2e-44b9-418f-9a9b-728077558577_2102x1180.png 848w, https://substackcdn.com/image/fetch/$s_!JXot!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fecf79d2e-44b9-418f-9a9b-728077558577_2102x1180.png 1272w, https://substackcdn.com/image/fetch/$s_!JXot!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fecf79d2e-44b9-418f-9a9b-728077558577_2102x1180.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>As Eich shows, thinking about money as a political institution turns out to have a very long and distinguished history. Aristotle, for example, thought that coinage was a political form of money that communities gave themselves to strive toward justice. Very much like law!</p><p>As Eich shows in an important <a href="https://journals.sagepub.com/doi/full/10.1177/0090591718802634?casa_token=I3wBsFsFhqoAAAAA%3AKSR4QSYBktPKftVu6OEeRFwn905OZwnthY_tQ4Kdb7y2cOLPGTHOVb_fFoCjdKnIhNcfr6yJJHgkag">article</a>, “The Greeks, it has sometimes been observed, did not have a word for money (von Reden 1995, 173).” But, “(r)ather than simply concluding that the Greeks did not have a specific word for money in our sense, I argue that the Greek conception of nomisma contained a political dimension that we have since lost, …”. It is not the Greeks, but we who have lost track of the true understanding of currency, as a foundational instrument of political community.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!WyfA!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F8b943cea-af3a-40e9-a9bb-f856015c9967_2278x1178.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!WyfA!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F8b943cea-af3a-40e9-a9bb-f856015c9967_2278x1178.png 424w, https://substackcdn.com/image/fetch/$s_!WyfA!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F8b943cea-af3a-40e9-a9bb-f856015c9967_2278x1178.png 848w, https://substackcdn.com/image/fetch/$s_!WyfA!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F8b943cea-af3a-40e9-a9bb-f856015c9967_2278x1178.png 1272w, https://substackcdn.com/image/fetch/$s_!WyfA!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F8b943cea-af3a-40e9-a9bb-f856015c9967_2278x1178.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/8b943cea-af3a-40e9-a9bb-f856015c9967_2278x1178.png" width="1456" height="753" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/8b943cea-af3a-40e9-a9bb-f856015c9967_2278x1178.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":753,"width":1456,"resizeWidth":null,"bytes":3546985,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!WyfA!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F8b943cea-af3a-40e9-a9bb-f856015c9967_2278x1178.png 424w, https://substackcdn.com/image/fetch/$s_!WyfA!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F8b943cea-af3a-40e9-a9bb-f856015c9967_2278x1178.png 848w, https://substackcdn.com/image/fetch/$s_!WyfA!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F8b943cea-af3a-40e9-a9bb-f856015c9967_2278x1178.png 1272w, https://substackcdn.com/image/fetch/$s_!WyfA!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F8b943cea-af3a-40e9-a9bb-f856015c9967_2278x1178.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>You might suspect that a book that stretches from Aristotle to the New International Economic Order is overreaching. But first Eich has the skillset to pull this off - the benefits of a German humanistic education! Like Keynes, and unlike most of the rest of us in the early 21st century, Eich can read Aristotle in the original Greek and comment authoritatively on the texts. He wears his scholarship so lightly that you barely notice the extraordinary things he is doing in this regard. Plus, as Eich shows, these deep intellectual historical connections are native to his material. Keynes thinks about money through Aristotle, whereas others, like Locke, are trying to drive Aristotle out. </p><p>As Eich points out this gives further meaning to Keynes’s comment that: “Money is, above all, a subtle device for linking the present to the future.” Money does that not only as a store of value, but as Eich shows as a thread of political conversation about currency and power. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!sWHs!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1c638cf5-5ec5-4415-b51e-41209fe4e2ea_1398x986.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!sWHs!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1c638cf5-5ec5-4415-b51e-41209fe4e2ea_1398x986.png 424w, https://substackcdn.com/image/fetch/$s_!sWHs!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1c638cf5-5ec5-4415-b51e-41209fe4e2ea_1398x986.png 848w, https://substackcdn.com/image/fetch/$s_!sWHs!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1c638cf5-5ec5-4415-b51e-41209fe4e2ea_1398x986.png 1272w, https://substackcdn.com/image/fetch/$s_!sWHs!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1c638cf5-5ec5-4415-b51e-41209fe4e2ea_1398x986.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/1c638cf5-5ec5-4415-b51e-41209fe4e2ea_1398x986.png" width="1398" height="986" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/1c638cf5-5ec5-4415-b51e-41209fe4e2ea_1398x986.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":986,"width":1398,"resizeWidth":null,"bytes":2016151,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!sWHs!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1c638cf5-5ec5-4415-b51e-41209fe4e2ea_1398x986.png 424w, https://substackcdn.com/image/fetch/$s_!sWHs!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1c638cf5-5ec5-4415-b51e-41209fe4e2ea_1398x986.png 848w, https://substackcdn.com/image/fetch/$s_!sWHs!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1c638cf5-5ec5-4415-b51e-41209fe4e2ea_1398x986.png 1272w, https://substackcdn.com/image/fetch/$s_!sWHs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1c638cf5-5ec5-4415-b51e-41209fe4e2ea_1398x986.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>As Eich shows, while money might seem far removed from politics (let alone democracy!), the modern monetary system actually depends crucially on the state and central banks. That does not mean all states can make money as they please. Instead, money is always suspended between trust & violence.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Amby!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F2033f69f-6c8b-4b46-96b0-95d6de43f1d7_1470x1002.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Amby!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F2033f69f-6c8b-4b46-96b0-95d6de43f1d7_1470x1002.png 424w, https://substackcdn.com/image/fetch/$s_!Amby!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F2033f69f-6c8b-4b46-96b0-95d6de43f1d7_1470x1002.png 848w, https://substackcdn.com/image/fetch/$s_!Amby!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F2033f69f-6c8b-4b46-96b0-95d6de43f1d7_1470x1002.png 1272w, https://substackcdn.com/image/fetch/$s_!Amby!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F2033f69f-6c8b-4b46-96b0-95d6de43f1d7_1470x1002.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/2033f69f-6c8b-4b46-96b0-95d6de43f1d7_1470x1002.png" width="1456" height="992" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/2033f69f-6c8b-4b46-96b0-95d6de43f1d7_1470x1002.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":992,"width":1456,"resizeWidth":null,"bytes":2409533,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Amby!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F2033f69f-6c8b-4b46-96b0-95d6de43f1d7_1470x1002.png 424w, https://substackcdn.com/image/fetch/$s_!Amby!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F2033f69f-6c8b-4b46-96b0-95d6de43f1d7_1470x1002.png 848w, https://substackcdn.com/image/fetch/$s_!Amby!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F2033f69f-6c8b-4b46-96b0-95d6de43f1d7_1470x1002.png 1272w, https://substackcdn.com/image/fetch/$s_!Amby!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F2033f69f-6c8b-4b46-96b0-95d6de43f1d7_1470x1002.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>The <em>Currency of Politics</em> not only recovers this complex politics, but also explains how money disappeared from political thought. To do so, Eich grapples with the Lockean politics of monetary depoliticization and maps various responses to it by Fichte, Proudhon, Marx, Keynes, & others. One of the truly surprising chapters of the book traces the thinking about money that was triggered by the financial demands of the Napoleonic wars and their aftermath. </p><p>One of the key messages of the book is that though repressed politics will not stay down. The fault lines and tensions repeatedly make themselves felt. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!mwft!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F21b18c4f-eee4-4d7b-99b8-e350dca96bb5_2774x1252.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!mwft!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F21b18c4f-eee4-4d7b-99b8-e350dca96bb5_2774x1252.png 424w, https://substackcdn.com/image/fetch/$s_!mwft!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F21b18c4f-eee4-4d7b-99b8-e350dca96bb5_2774x1252.png 848w, https://substackcdn.com/image/fetch/$s_!mwft!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F21b18c4f-eee4-4d7b-99b8-e350dca96bb5_2774x1252.png 1272w, https://substackcdn.com/image/fetch/$s_!mwft!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F21b18c4f-eee4-4d7b-99b8-e350dca96bb5_2774x1252.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/21b18c4f-eee4-4d7b-99b8-e350dca96bb5_2774x1252.png" width="1456" height="657" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/21b18c4f-eee4-4d7b-99b8-e350dca96bb5_2774x1252.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":657,"width":1456,"resizeWidth":null,"bytes":3830930,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!mwft!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F21b18c4f-eee4-4d7b-99b8-e350dca96bb5_2774x1252.png 424w, https://substackcdn.com/image/fetch/$s_!mwft!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F21b18c4f-eee4-4d7b-99b8-e350dca96bb5_2774x1252.png 848w, https://substackcdn.com/image/fetch/$s_!mwft!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F21b18c4f-eee4-4d7b-99b8-e350dca96bb5_2774x1252.png 1272w, https://substackcdn.com/image/fetch/$s_!mwft!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F21b18c4f-eee4-4d7b-99b8-e350dca96bb5_2774x1252.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>What follows from this, Eich asks? First, to present money as removed from politics is a magician’s sleight of hand. Even where it announces itself in an anti-politics, money is always already political. Instead, the depoliticization of money is better understood as a de-democratization.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!C8Wm!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd931717e-ca02-4122-88de-e39660d550f0_812x1254.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!C8Wm!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd931717e-ca02-4122-88de-e39660d550f0_812x1254.png 424w, https://substackcdn.com/image/fetch/$s_!C8Wm!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd931717e-ca02-4122-88de-e39660d550f0_812x1254.png 848w, https://substackcdn.com/image/fetch/$s_!C8Wm!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd931717e-ca02-4122-88de-e39660d550f0_812x1254.png 1272w, https://substackcdn.com/image/fetch/$s_!C8Wm!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd931717e-ca02-4122-88de-e39660d550f0_812x1254.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/d931717e-ca02-4122-88de-e39660d550f0_812x1254.png" width="457" height="705.7610837438424" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/d931717e-ca02-4122-88de-e39660d550f0_812x1254.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":1254,"width":812,"resizeWidth":457,"bytes":1004083,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!C8Wm!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd931717e-ca02-4122-88de-e39660d550f0_812x1254.png 424w, https://substackcdn.com/image/fetch/$s_!C8Wm!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd931717e-ca02-4122-88de-e39660d550f0_812x1254.png 848w, https://substackcdn.com/image/fetch/$s_!C8Wm!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd931717e-ca02-4122-88de-e39660d550f0_812x1254.png 1272w, https://substackcdn.com/image/fetch/$s_!C8Wm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd931717e-ca02-4122-88de-e39660d550f0_812x1254.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>If money is always already political the really key question is: What kind of politics should guide it? An oligarchic one? Or a democratic one? The suggestion of The <em>Currency of Politics</em> is that we should struggle to find ways to democratize our monetary systems.</p><p>As this image elegantly points out, all the heroic masculinist talk of Odyssean “self-binding” - a key image in central banker discourse about money - has, seen from the other side, a rather comical aspect. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!3DV3!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3245f81-e664-4466-934e-dc7444447d77_1424x1088.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!3DV3!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3245f81-e664-4466-934e-dc7444447d77_1424x1088.png 424w, https://substackcdn.com/image/fetch/$s_!3DV3!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3245f81-e664-4466-934e-dc7444447d77_1424x1088.png 848w, https://substackcdn.com/image/fetch/$s_!3DV3!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3245f81-e664-4466-934e-dc7444447d77_1424x1088.png 1272w, https://substackcdn.com/image/fetch/$s_!3DV3!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3245f81-e664-4466-934e-dc7444447d77_1424x1088.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/d3245f81-e664-4466-934e-dc7444447d77_1424x1088.png" width="1424" height="1088" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/d3245f81-e664-4466-934e-dc7444447d77_1424x1088.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":1088,"width":1424,"resizeWidth":null,"bytes":1833254,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!3DV3!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3245f81-e664-4466-934e-dc7444447d77_1424x1088.png 424w, https://substackcdn.com/image/fetch/$s_!3DV3!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3245f81-e664-4466-934e-dc7444447d77_1424x1088.png 848w, https://substackcdn.com/image/fetch/$s_!3DV3!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3245f81-e664-4466-934e-dc7444447d77_1424x1088.png 1272w, https://substackcdn.com/image/fetch/$s_!3DV3!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3245f81-e664-4466-934e-dc7444447d77_1424x1088.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>By placing money outside politics we constantly affirm what Kant would have called a “self-incurred immaturity”. Do we really not trust ourselves? Can we afford, given the multiple challenges we face, not to grasp the potential for collective action that lies in mobilization of the monetary system? Can we use that potential for something other than the repeated stabilization of a jerry-rigged and inequality-forcing financial system? </p><p>This is a question which poses urgent questions for every polity that thinks of itself as a monetary sovereign. But it acquires added force when we seek to grasp, as Eich does, the tensions within the global dollar empire. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_eVa!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7ae3ab6a-ad60-4ef6-9aa7-10dc3c99b820_1398x974.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_eVa!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7ae3ab6a-ad60-4ef6-9aa7-10dc3c99b820_1398x974.png 424w, https://substackcdn.com/image/fetch/$s_!_eVa!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7ae3ab6a-ad60-4ef6-9aa7-10dc3c99b820_1398x974.png 848w, https://substackcdn.com/image/fetch/$s_!_eVa!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7ae3ab6a-ad60-4ef6-9aa7-10dc3c99b820_1398x974.png 1272w, https://substackcdn.com/image/fetch/$s_!_eVa!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7ae3ab6a-ad60-4ef6-9aa7-10dc3c99b820_1398x974.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/7ae3ab6a-ad60-4ef6-9aa7-10dc3c99b820_1398x974.png" width="1398" height="974" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/7ae3ab6a-ad60-4ef6-9aa7-10dc3c99b820_1398x974.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":974,"width":1398,"resizeWidth":null,"bytes":2281355,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_eVa!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7ae3ab6a-ad60-4ef6-9aa7-10dc3c99b820_1398x974.png 424w, https://substackcdn.com/image/fetch/$s_!_eVa!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7ae3ab6a-ad60-4ef6-9aa7-10dc3c99b820_1398x974.png 848w, https://substackcdn.com/image/fetch/$s_!_eVa!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7ae3ab6a-ad60-4ef6-9aa7-10dc3c99b820_1398x974.png 1272w, https://substackcdn.com/image/fetch/$s_!_eVa!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7ae3ab6a-ad60-4ef6-9aa7-10dc3c99b820_1398x974.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>There are no easy answers to these questions. The book will provoke debate and will hopefully open up a channel for communication between monetary economics and political theory.</p><p>This seems all the more urgent given the delicately balanced macroeconomic situation in which we find itself. </p><p>Eich’s questions were stimulated by the moments of expansionary central bank agency that followed the 2008 crisis. We now face a very different situation. Rising prices have triggered fears of a return to the 1970s and pressure on central banks to raise interest rates and contain inflationary pressure. Faced with the disarticulation of the world economy in the wake of COVID and Putin’s war, we are seeing a reassertion of a conservative interpretation of central bank responsibility. All the more important is it to take stock of where we were just a few months ago. </p><p>It is an astonishing about face. In 2021 it seemed, for a brief moment, as though both the ECB and the Fed were escaping the long shadow of the 1970s and the preoccupation with the risk of accelerating inflation. Now we see them returning to the old script of inflation control by means of interest rate increases. Given the momentum of the recovery from COVID the trade offs of inflation control and unemployment are not yet painful. But in the second half of 2022 that trade off may begin to bite in a more severe form. At that point the question of the democratic legitimacy of central bank policy will be posed again.</p><p>Amongst other things the current moment is forcing us to ask: </p><p>What are the distributional politics and social justice effects of inflation under conditions in which organized labour is relatively powerless - viewing those effects holistically, both in labour markets an on balance sheets?</p><p>Does the inflation we are experiencing conform to the Friedmanite injunction that inflation is always and everywhere a monetary phenomenon? </p><p>To the extent that it is not useful to think of the current inflation as monetary first and foremost, what role should fiscal policy, price regulation and competition policy play in containing price pressure? </p><p>If central bank QE contributed to wealth accumulation in financial markets, what will be the effects of quantitative tightening? Will central banks become agents of a new kind of redistribution focused on balance sheets? </p><p>How do we weigh the global impact of US monetary policy and the pressure that Fed tightening imposes on dollar balance sheets worldwide?</p><p>Eich’s extraordinary book provides an essential guide to thinking about the politics of money in the midst of the unceasing poly-crisis that engulfs us. We are experiencing in real time the demonstration of his deepest point, which is that if we are to think the politics of money we must do so historically, from one crisis to the next and through the ideas, discourses and institutions that connect them. </p><p class="button-wrapper" data-attrs="{"url":"https://adamtooze.substack.com/subscribe?","text":"Subscribe now","action":null,"class":null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://adamtooze.substack.com/subscribe?"><span>Subscribe now</span></a></p><p></p><!--
{
"post_id": "58112736.chartbook-125-familiar-stranger-stuart",
"post_date": "2022-06-05T17:19:02.685Z",
"is_published": true,
"email_sent_at": "2022-06-05T17:19:02.842Z",
"inbox_sent_at": "2022-06-05T17:19:02.842Z",
"type": "newsletter",
"audience": "everyone",
"title": "Chartbook #125: Familiar Stranger - Stuart Hall on diasporic thought",
"subtitle": ""
}
-->
<p class="button-wrapper" data-attrs="{"url":"https://adamtooze.substack.com/subscribe?","text":"Subscribe now","action":null,"class":null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://adamtooze.substack.com/subscribe?"><span>Subscribe now</span></a></p><p>A few weeks ago, browsing the bookshop at the Barbican in London I chanced on <em><a href="https://www.dukeupress.edu/familiar-stranger">Familiar Stranger - A Life Between Two Islands</a></em>, the posthumous memoir by Stuart Hall edited by his friend and colleague Bill Schwarz.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!N4nh!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F0a28ccdb-6dd3-4177-8194-52461e4a3e6c_522x780.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!N4nh!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F0a28ccdb-6dd3-4177-8194-52461e4a3e6c_522x780.png 424w, https://substackcdn.com/image/fetch/$s_!N4nh!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F0a28ccdb-6dd3-4177-8194-52461e4a3e6c_522x780.png 848w, https://substackcdn.com/image/fetch/$s_!N4nh!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F0a28ccdb-6dd3-4177-8194-52461e4a3e6c_522x780.png 1272w, https://substackcdn.com/image/fetch/$s_!N4nh!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F0a28ccdb-6dd3-4177-8194-52461e4a3e6c_522x780.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/0a28ccdb-6dd3-4177-8194-52461e4a3e6c_522x780.png" width="522" height="780" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/0a28ccdb-6dd3-4177-8194-52461e4a3e6c_522x780.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":780,"width":522,"resizeWidth":null,"bytes":443848,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":false,"topImage":true,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!N4nh!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F0a28ccdb-6dd3-4177-8194-52461e4a3e6c_522x780.png 424w, https://substackcdn.com/image/fetch/$s_!N4nh!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F0a28ccdb-6dd3-4177-8194-52461e4a3e6c_522x780.png 848w, https://substackcdn.com/image/fetch/$s_!N4nh!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F0a28ccdb-6dd3-4177-8194-52461e4a3e6c_522x780.png 1272w, https://substackcdn.com/image/fetch/$s_!N4nh!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F0a28ccdb-6dd3-4177-8194-52461e4a3e6c_522x780.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Stuart Hall, born in Kingston Jamacia in 1932, was one of the founders of <em>Universities and Left Review</em>, which after merging with the <em>New Reasoner</em>, gave birth in 1960 to the <em>New Left Review</em>. Hall was one of the original contributors to the Birmingham school of cultural studies, co-author of one of most impressive pieces of analysis to come out of the 1970s, <em>Policing the Crisis</em>. In the 1980s, as a contributor to <em>Marxism Today</em> amongst other publications, Hall was one of the foremost analysts of Thatcherism and the crisis of the Labour Party. The subtlety of his diagnosis of the black diasporic condition, as exemplified by this memoir, is second to none. In our current age of polycrisis, Hall's thought seems more relevant than ever. <em><a href="https://adamtooze.com/2018/05/03/notes-on-social-theory-reading-policing-the-crisis-in-light-of-the-politics-of-austerity/">Policing the Crisis</a></em> was constantly in the back of my mind in writing <em>Shutdown</em>.</p><p>But encountering Hall's memoir in the last few weeks touched me in a different way.</p><p>In emotional and professional terms the last years, and the last few months in particular have been a maelstrom. Resuming travel to Europe after a long hiatus, in the wake of the consummation of Brexit, this internal turmoil was compounded by questions of identity and meaning that have been in abeyance for a while. For this, Hall’s text – a restless puzzling over the question of diasporic identity and thought - is not just clarifying, but consoling. </p><blockquote><p>"What shall we call our “self”? Where does it begin? Where does it end?"</p></blockquote><p>Hall's epigraph taken from Henry James <em>The Portrait of a Lady </em>(1881) sets the tone for the text.</p><p>As Hall explains:</p><blockquote><p> “These memories represent now, for me, not so much specific recollections as a sense of generalized absence – a loss, especially acute since I will probably never be well enough to see them again. They guarantee that I shall be Jamaican all my life, no matter where I am living. Though what that actually meant for men, in terms both of the practicalities of my life and of where my sense of belonging was to be located was much more problematic.” P. 10</p></blockquote><p>Transitioning in 1951 from Jamaica, already on the off ramp to independence, to London and Oxford, never returning to Jamaica as anything more than an occasional visitor, Hall writes that he experienced his "life as sharply divided into two unequal but entangled, disproportionate halves. You could say I have lived … on the hinge … “. P. 11</p><p>A place on a hinge – whether in Jamaica in the transition to independence or, for instance, in 1989 in Europe, or China after Tiananmen - is not something you choose. You find yourself there. </p><blockquote><p> “…. The transformations of self-identity are not just a personal matter. Historical shifts <em>out there</em> provide the social conditions of existence of personal and psychic change <em>in here</em>." P. 16</p></blockquote><p>A moment of transition can cast a long shadow. Hall was a small child at the time, but it was the anti-colonial upheaval and labour protest in Jamaica in 1938 that, in later life, he came to understand as overshadowing his youth. As he writes:</p><blockquote><p>looking back, it feels as if 1938 has come to represent the opening skirmish in my personal war of position with my family, where I was uneasily torn between the enclave of the colonial coloured family and the tumultuous world of black Jamaica against which my familial ·enclave was designed to insulate me. These childhood experiences represented for me a slow disentangling of threads, a process of disenchantment and disaffiliation, pointing towards a radically different path ahead: an unpleasant experience, replete with gaps, contradictions, evasive silences, guilt and rage,· But also a journey with only one possible destination: out.</p></blockquote><p>As Hall writes, in relation to these vast historical forces, "what mattered was how I positioned myself on the other side – or positioned myself to catch the other side.” 16</p><p>In this "war of position" (a Gramscian phrase), Hall takes inspiration from James Joyce, “who in his own situation, recommended 'silence, exile and cunning'.”</p><p>Silence, exile and cunning are all forms of agency, a muted agency, but agency nevertheless. They are modes of positioning.</p><p>This relational idea of positioning runs through the text. As Hall writes:</p><blockquote><p>“… identity is not a set of fixed attributes, the unchanging essence of the inner self, but a constantly shifting process of positioning. We tend to think of identity as taking us back to our roots, the part of us which remains essentially the same across time. In fact identity is always a never-completed process of becoming – a process of shifting <em>identifications</em>. rather than a singular, complete, finished state of being.” 16</p></blockquote><p>"From the very moment" Hall "watched the shoreline of Port Antonio in Jamaica receding into the distance", he "was shadowed by the question of whether" he would return.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!JU6L!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7c6551da-a3f5-4e91-a17b-b0c32d0549f3_994x614.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!JU6L!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7c6551da-a3f5-4e91-a17b-b0c32d0549f3_994x614.png 424w, https://substackcdn.com/image/fetch/$s_!JU6L!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7c6551da-a3f5-4e91-a17b-b0c32d0549f3_994x614.png 848w, https://substackcdn.com/image/fetch/$s_!JU6L!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7c6551da-a3f5-4e91-a17b-b0c32d0549f3_994x614.png 1272w, https://substackcdn.com/image/fetch/$s_!JU6L!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7c6551da-a3f5-4e91-a17b-b0c32d0549f3_994x614.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/7c6551da-a3f5-4e91-a17b-b0c32d0549f3_994x614.png" width="994" height="614" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/7c6551da-a3f5-4e91-a17b-b0c32d0549f3_994x614.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":614,"width":994,"resizeWidth":null,"bytes":955501,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!JU6L!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7c6551da-a3f5-4e91-a17b-b0c32d0549f3_994x614.png 424w, https://substackcdn.com/image/fetch/$s_!JU6L!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7c6551da-a3f5-4e91-a17b-b0c32d0549f3_994x614.png 848w, https://substackcdn.com/image/fetch/$s_!JU6L!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7c6551da-a3f5-4e91-a17b-b0c32d0549f3_994x614.png 1272w, https://substackcdn.com/image/fetch/$s_!JU6L!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7c6551da-a3f5-4e91-a17b-b0c32d0549f3_994x614.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><blockquote><p>"I think I knew from the beginning that there could be no return, in the sense of regaining what had once been. That delusion never entered my soul, in part, I suspect, because I had no desire to relive my earlier life. But the complex amalgam of these questions about the self impressed itself sharply, both in my inner life and gradually, later, in my more academic and theoretical investigations. The line dividing the two was never great; … The core of the conceptual problem we are dealing with here is this. Are the positions we take regarding the general problem of return to one's origin best understood as the product of our psychic formation and the way inner conflicts are 'resolved'? Does psychic formation, in other words, ultimately determine where we stand in relation to such a discourse of restitution? Or, alternatively, are we positioned by discourse and power, as Foucault suggests? This is the theoretical dilemma I'm left with, turning on the explanatory weight we accord to the psychic, on the one hand, and the discursive, on the other: the 'subjective' and the 'objective'. … It's no doubt true that the dilemma of whether to return home distilled all these dilemmas in peculiarly concentrated form. But I'm making no larger claim than that. It wasn't an experience that was exceptional." p. 170</p></blockquote><p>For Hall the experience of a black intellectual migrant in the dying days of the British Empire was illuminating of wider problems. </p><blockquote><p>"The great value of diasporic thought, as I conceive it, is that far from abolishing everything that refuses to fit neatly into a narrative - the displacements - it places the dysfunctions at the forefront. In the imaginary it is possible to condense different persons in a single figure, to alter places, to substitute different time frames, or to slip 'irrationally' between them, as dreams frequently do. Montage is its lifeblood. We have to work with such ways of telling and speaking, with no attempt to iron out the disruptions. …. There are no alternative, direct routes. In historical reality, we cannot turn back the ever-onward flight path of time's arrow. We can never go home again, and we need to fashion narrative forms able to catch the full complexities - the displacements, again - of this collective predicament." 171 </p></blockquote><p>For Hall this goes to the heart of his appreciation of theory. For some exponents of the New Left, Marxism functioned as a safe harbor. For others the self-certainty of academic and theoretical rigor was an end in itself. Hall was satisfied by neither and ultimately resigned from the <em>New Left Review</em> editorial board.</p><blockquote><p>‘I shifted from thinking of history as the search for the certainty of all-embracing totalities, to the necessity of recognizing the power of contingency in all historical processes and explanations. Or, in other words, of recognizing that the dynamics of displacement underwrite all social relations.” P. 76</p></blockquote><p>If we cannot reverse time's arrow, nor is Hall's embrace of displacement a <em>fuite en avant</em>, a flight into the future. As much as we cannot go backwards, nor can we ever erase the past. As he approached death, Hall knew that he was forever Jamaican. As Hall remarks: "The dynamic of what Freud calls “afterwardness” “undoes any simple ‘before and after’ historical sequence.” P. 78</p><p>The "post" in postcolonial is </p><blockquote><p>"not just a matter of the passage of time. It refers to the way one configuration of power, institutions and discourses, which once defined the social field, has been replaced by another. The old has indeed radically changed its form. However, the old has not been transcended. We continue to stand in its shadow. …. not two successive regimes but the simultaneous presence of a regime and its after-effects. …. Jacques Derrida points out that in his use of <em>erasure</em> … one can still read the metaphysical concept through which a cancelling line has been drawn … what options are there except to go on thinking with those old contaminated concepts in their deconstructed state? … there is no “beyond” …. We are what comes “after”, because the after-effects of what was in place “before” have not been superseded, overcome or (as Hegelians have it) sublated. The present still carries the specters of the past hiding inside it.” 24</p></blockquote><p></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!kc4Z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07221ba0-18d5-46a1-b61b-a04d4c95aa9e_842x446.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!kc4Z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07221ba0-18d5-46a1-b61b-a04d4c95aa9e_842x446.png 424w, https://substackcdn.com/image/fetch/$s_!kc4Z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07221ba0-18d5-46a1-b61b-a04d4c95aa9e_842x446.png 848w, https://substackcdn.com/image/fetch/$s_!kc4Z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07221ba0-18d5-46a1-b61b-a04d4c95aa9e_842x446.png 1272w, https://substackcdn.com/image/fetch/$s_!kc4Z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07221ba0-18d5-46a1-b61b-a04d4c95aa9e_842x446.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/07221ba0-18d5-46a1-b61b-a04d4c95aa9e_842x446.png" width="842" height="446" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/07221ba0-18d5-46a1-b61b-a04d4c95aa9e_842x446.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":446,"width":842,"resizeWidth":null,"bytes":149907,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!kc4Z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07221ba0-18d5-46a1-b61b-a04d4c95aa9e_842x446.png 424w, https://substackcdn.com/image/fetch/$s_!kc4Z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07221ba0-18d5-46a1-b61b-a04d4c95aa9e_842x446.png 848w, https://substackcdn.com/image/fetch/$s_!kc4Z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07221ba0-18d5-46a1-b61b-a04d4c95aa9e_842x446.png 1272w, https://substackcdn.com/image/fetch/$s_!kc4Z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07221ba0-18d5-46a1-b61b-a04d4c95aa9e_842x446.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Though Hall is speaking of the postcolonial condition, it struck me that one might think of both our relationship to neoliberalism, or the current condition of China in these terms, in terms of multiple erasures in which the cancelling and over-writing leaves the past all too visible. Indeed, one could extend the same vision of canceling and over-writing to our intimate lives, in which the past is irretrievably gone and yet inescapably and repeatedly, unexpectedly present.</p><p>Displacement poses questions of identification. It poses questions of history. It also poses questions of comprehension. As Hall spells out, the entire project of critical cultural studies was framed by his acute consciousness of displacement, in particular his sense that as a reader of the English literary cannon he was always at one remove, excluded from the habitus that informed the apparent meaning of texts for “native” English and American readers. The texts spoke to him with urgency, but in a different way to that in which they were read by British and American students.</p><p>What was in play in these jarring hermeneutic encounters was not a Freudian unconscious, but the discursive unconscious. What Hall's displacement revealed was the thick web of mutually understood realities and relations – the phenomenological tradition would speak of lifeworlds, Michel Pecheux spoke of the pre-construit - that sustains reciprocity between speaker and hearer. This is what Barthes calls the connotative level.</p><p>To illustrate this point, Hall chooses a striking example taken from Barthes' <em>Mythologies</em>.</p><p>An image shows two figures, a man and a woman, walking in the woods, engrossed in conversation.</p><p>This is spontaneously read by all knowledgeable viewers in terms of a richer set of metaphorical associations. It is obvious what one is witnessing.</p><p>“(T)wo lovers “wrapped up” in one another, oblivious to the rest of the world …”.</p><p>The warmth of their affection symbolized by their closeness and the harmony of their appearance.</p><p>Nothing further needs to be said. The image has the power that it does because, as Hall puts it, it serves as “the gateway through which ideology invades language. It’s a matter of both cognitive comprehension and what Barthes identified as the “pleasure of the text”.”</p><p>We relish the familiar image, which “organizes a discourse of romantic love and its recognizable scenarios. It arouses pleasure and desire.” That, in turn, both motivates and gives meaning to action. “It is at this structural level that language and ideology, or language <em>and power</em>, connect.”</p><p>That power, for Hall, is never merely discursive. It is real. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!d7v1!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc9dc23f8-f9fa-454e-b92b-3023517e7d33_960x662.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!d7v1!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc9dc23f8-f9fa-454e-b92b-3023517e7d33_960x662.png 424w, https://substackcdn.com/image/fetch/$s_!d7v1!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc9dc23f8-f9fa-454e-b92b-3023517e7d33_960x662.png 848w, https://substackcdn.com/image/fetch/$s_!d7v1!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc9dc23f8-f9fa-454e-b92b-3023517e7d33_960x662.png 1272w, https://substackcdn.com/image/fetch/$s_!d7v1!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc9dc23f8-f9fa-454e-b92b-3023517e7d33_960x662.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/c9dc23f8-f9fa-454e-b92b-3023517e7d33_960x662.png" width="960" height="662" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/c9dc23f8-f9fa-454e-b92b-3023517e7d33_960x662.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":662,"width":960,"resizeWidth":null,"bytes":444830,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!d7v1!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc9dc23f8-f9fa-454e-b92b-3023517e7d33_960x662.png 424w, https://substackcdn.com/image/fetch/$s_!d7v1!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc9dc23f8-f9fa-454e-b92b-3023517e7d33_960x662.png 848w, https://substackcdn.com/image/fetch/$s_!d7v1!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc9dc23f8-f9fa-454e-b92b-3023517e7d33_960x662.png 1272w, https://substackcdn.com/image/fetch/$s_!d7v1!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc9dc23f8-f9fa-454e-b92b-3023517e7d33_960x662.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>If his mother was the dominant force in Stuart Hall’s early life, weaving him into her desperate effort to maintain a late colonial world of social and racial hierarchy, imparting to him a profoundly fraught sense of identity, another woman, Catherine Hall who he met in 1962 on an Aldermarston protest march turned his life in another direction. As Hall wrote half a century later,</p><blockquote><p>it's not an exaggeration to say that among many other things - without I think quite knowing what she was doing -~ she rescued me, and saved my life.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!-xHe!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9b86fe22-dc93-42e0-bb57-cea7bf23302f_766x552.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!-xHe!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9b86fe22-dc93-42e0-bb57-cea7bf23302f_766x552.png 424w, https://substackcdn.com/image/fetch/$s_!-xHe!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9b86fe22-dc93-42e0-bb57-cea7bf23302f_766x552.png 848w, https://substackcdn.com/image/fetch/$s_!-xHe!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9b86fe22-dc93-42e0-bb57-cea7bf23302f_766x552.png 1272w, https://substackcdn.com/image/fetch/$s_!-xHe!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9b86fe22-dc93-42e0-bb57-cea7bf23302f_766x552.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/9b86fe22-dc93-42e0-bb57-cea7bf23302f_766x552.png" width="766" height="552" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/9b86fe22-dc93-42e0-bb57-cea7bf23302f_766x552.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":552,"width":766,"resizeWidth":null,"bytes":315627,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!-xHe!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9b86fe22-dc93-42e0-bb57-cea7bf23302f_766x552.png 424w, https://substackcdn.com/image/fetch/$s_!-xHe!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9b86fe22-dc93-42e0-bb57-cea7bf23302f_766x552.png 848w, https://substackcdn.com/image/fetch/$s_!-xHe!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9b86fe22-dc93-42e0-bb57-cea7bf23302f_766x552.png 1272w, https://substackcdn.com/image/fetch/$s_!-xHe!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9b86fe22-dc93-42e0-bb57-cea7bf23302f_766x552.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div></blockquote><p>Again and again throughout Stuart Hall's text, Catherine Hall - herself a groundbreaking historian of Victorian Britain and the Caribbean - recurs as his interlocutor and as a fellow traveler across historic hinges and complex play of identifications.</p><p>In 1988 Stuart and Catherine Hall embarked on a family holiday in Jamaica. It was by Stuart Hall's own admissions a difficult trip, on which he was dogged by his growing sense of alienation from the place where he was born. But Stuart Hall found redemption in the fact that for Catherine the same trip had a mirror image effect. She discovered that Jamaica was studded with villages whose names and Baptist churches mirrored those where she had herself grown up and whose history she knew intimately. These villages bearing English names were, they discovered, “free villages” that had been founded by Baptist missionaries in the hope of recruiting recently freed slaves.</p><p>The process of researching this historic displacement was for them, both individually and as a couple, generative and consoling.</p><blockquote><p>Over a number of summers which followed we found ourselves off the beaten track, traversing the hills of rural Jamaica in search of the 'free villages' which had been established after Abolition … We navigated steep, potholed roads, one of us driving, the other trying to make sense of the maps which never seemed quite right. Many prolonged conversations with passers-by ensued, bringing into my line of vision a Jamaica which for an age I had barely encountered. … Moving from one back road to another, we were, step by step, tracking the processes of the entanglement of Britain and Jamaica through space and time. Our journeys helped us rediscover a vanished past; and they represented for us memory acts which resurrected, and worked with, forgotten histories. … It proved a moving, shared experience. It marks the moment when Catherine first immersed herself in the history of the Caribbean. But it was also important for me, bringing me face to face with a history that only had a distance hazy presence in my mind.” 80</p></blockquote><p>Hall's book is a precious reminder of the fact that much as we must all navigate the shifting terrain of identification – as <a href="https://www.thebookbanque.com/literary/poetry/diasporablues-ijeoma">Ijeoma Umebinyuo</a> puts it in Disapora Blues, "too foreign for home, too foreign for here, never enough for both" - and as much as that terrain is poorly mapped and studded with potholes, as much as its pivots may be shaped by forces beyond our control, we have at our disposal both the creative energy of "positioning" and the strength of human bonds, of love, friendship and comradeship. As Hall's title – <em>Familiar Stranger</em> – reminds us, displacement may be our inescapable condition, but solitude, anger, disorientation and lovelessness are not.</p><p>***</p><p>I love putting out Chartbook. I am particularly pleased that it goes out for free to thousands of subscribers around the world. But what sustains the effort are voluntary subscriptions from paying supporters. If you are enjoying the newsletter and would like to join the group of supporters, press this button and pick one of the three options:</p><p class="button-wrapper" data-attrs="{"url":"https://adamtooze.substack.com/subscribe?","text":"Subscribe now","action":null,"class":null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://adamtooze.substack.com/subscribe?"><span>Subscribe now</span></a></p><p></p><!--
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<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!tUaX!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbb8fbfb8-eb44-4afc-b89f-09cb278d3d26_1918x1080.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!tUaX!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbb8fbfb8-eb44-4afc-b89f-09cb278d3d26_1918x1080.png 424w, https://substackcdn.com/image/fetch/$s_!tUaX!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbb8fbfb8-eb44-4afc-b89f-09cb278d3d26_1918x1080.png 848w, 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data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/bb8fbfb8-eb44-4afc-b89f-09cb278d3d26_1918x1080.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":820,"width":1456,"resizeWidth":null,"bytes":309799,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":false,"topImage":true,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!tUaX!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbb8fbfb8-eb44-4afc-b89f-09cb278d3d26_1918x1080.png 424w, https://substackcdn.com/image/fetch/$s_!tUaX!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbb8fbfb8-eb44-4afc-b89f-09cb278d3d26_1918x1080.png 848w, 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3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p></p><p>https://www.ecb.europa.eu/pub/pdf/annex/ecb.sp220511_1_annex.en.pdf</p><p>‘Team Transitory’ hasn’t given up hope of winning the great inflation debate. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!PhAc!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc57a6a2-f41b-402d-aea4-d6934637b5b0_1374x840.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!PhAc!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc57a6a2-f41b-402d-aea4-d6934637b5b0_1374x840.png 424w, https://substackcdn.com/image/fetch/$s_!PhAc!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc57a6a2-f41b-402d-aea4-d6934637b5b0_1374x840.png 848w, https://substackcdn.com/image/fetch/$s_!PhAc!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc57a6a2-f41b-402d-aea4-d6934637b5b0_1374x840.png 1272w, https://substackcdn.com/image/fetch/$s_!PhAc!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc57a6a2-f41b-402d-aea4-d6934637b5b0_1374x840.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/cc57a6a2-f41b-402d-aea4-d6934637b5b0_1374x840.png" width="1374" height="840" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/cc57a6a2-f41b-402d-aea4-d6934637b5b0_1374x840.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":840,"width":1374,"resizeWidth":null,"bytes":128691,"alt":"","title":null,"type":"image/png","href":null,"belowTheFold":false,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!PhAc!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc57a6a2-f41b-402d-aea4-d6934637b5b0_1374x840.png 424w, https://substackcdn.com/image/fetch/$s_!PhAc!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc57a6a2-f41b-402d-aea4-d6934637b5b0_1374x840.png 848w, https://substackcdn.com/image/fetch/$s_!PhAc!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc57a6a2-f41b-402d-aea4-d6934637b5b0_1374x840.png 1272w, https://substackcdn.com/image/fetch/$s_!PhAc!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc57a6a2-f41b-402d-aea4-d6934637b5b0_1374x840.png 1456w" sizes="100vw"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Bloomberg Economics calculates that a 1 percentage point slowdown in Chinese industrial production can shave as much as 5 percentage points off global oil prices. China is the world’s biggest buyer of iron ore, and it accounted for 40% of global demand for copper in 2020 and as much as 30% for nickel, zinc and tin.</p><p>https://www.bloomberg.com/news/articles/2022-06-05/team-transitory-is-back-warning-big-rate-hikes-are-a-big-mistake?srnd=premium&sref=wOrDP8KX</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ZxHQ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8776aa5-6d57-4fdd-a3f2-bee991932165_1370x862.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ZxHQ!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8776aa5-6d57-4fdd-a3f2-bee991932165_1370x862.png 424w, https://substackcdn.com/image/fetch/$s_!ZxHQ!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8776aa5-6d57-4fdd-a3f2-bee991932165_1370x862.png 848w, https://substackcdn.com/image/fetch/$s_!ZxHQ!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8776aa5-6d57-4fdd-a3f2-bee991932165_1370x862.png 1272w, https://substackcdn.com/image/fetch/$s_!ZxHQ!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8776aa5-6d57-4fdd-a3f2-bee991932165_1370x862.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/c8776aa5-6d57-4fdd-a3f2-bee991932165_1370x862.png" width="1370" height="862" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/c8776aa5-6d57-4fdd-a3f2-bee991932165_1370x862.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":862,"width":1370,"resizeWidth":null,"bytes":90506,"alt":"","title":null,"type":"image/png","href":null,"belowTheFold":false,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!ZxHQ!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8776aa5-6d57-4fdd-a3f2-bee991932165_1370x862.png 424w, https://substackcdn.com/image/fetch/$s_!ZxHQ!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8776aa5-6d57-4fdd-a3f2-bee991932165_1370x862.png 848w, https://substackcdn.com/image/fetch/$s_!ZxHQ!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8776aa5-6d57-4fdd-a3f2-bee991932165_1370x862.png 1272w, https://substackcdn.com/image/fetch/$s_!ZxHQ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8776aa5-6d57-4fdd-a3f2-bee991932165_1370x862.png 1456w" sizes="100vw"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>John Authers: Soft landings do exist</p><p>Indeed, “a Fed tightening cycle hasn’t ended with a serious recession since the Age of Paul Volcker”.</p><p>https://www.bloomberg.com/opinion/articles/2022-06-06/soft-landing-for-economy?srnd=premium&sref=wOrDP8KX</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!8kZs!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7da4d9d-11f6-45eb-a52e-8d4468f7ac87_1102x624.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!8kZs!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7da4d9d-11f6-45eb-a52e-8d4468f7ac87_1102x624.png 424w, https://substackcdn.com/image/fetch/$s_!8kZs!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7da4d9d-11f6-45eb-a52e-8d4468f7ac87_1102x624.png 848w, https://substackcdn.com/image/fetch/$s_!8kZs!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7da4d9d-11f6-45eb-a52e-8d4468f7ac87_1102x624.png 1272w, https://substackcdn.com/image/fetch/$s_!8kZs!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7da4d9d-11f6-45eb-a52e-8d4468f7ac87_1102x624.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/b7da4d9d-11f6-45eb-a52e-8d4468f7ac87_1102x624.png" width="1102" height="624" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/b7da4d9d-11f6-45eb-a52e-8d4468f7ac87_1102x624.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":624,"width":1102,"resizeWidth":null,"bytes":170912,"alt":"","title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!8kZs!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7da4d9d-11f6-45eb-a52e-8d4468f7ac87_1102x624.png 424w, https://substackcdn.com/image/fetch/$s_!8kZs!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7da4d9d-11f6-45eb-a52e-8d4468f7ac87_1102x624.png 848w, https://substackcdn.com/image/fetch/$s_!8kZs!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7da4d9d-11f6-45eb-a52e-8d4468f7ac87_1102x624.png 1272w, https://substackcdn.com/image/fetch/$s_!8kZs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7da4d9d-11f6-45eb-a52e-8d4468f7ac87_1102x624.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!fM1l!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F37f1b89c-e329-458d-8ccb-056b5d9e33fb_1368x762.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!fM1l!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F37f1b89c-e329-458d-8ccb-056b5d9e33fb_1368x762.png 424w, https://substackcdn.com/image/fetch/$s_!fM1l!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F37f1b89c-e329-458d-8ccb-056b5d9e33fb_1368x762.png 848w, https://substackcdn.com/image/fetch/$s_!fM1l!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F37f1b89c-e329-458d-8ccb-056b5d9e33fb_1368x762.png 1272w, https://substackcdn.com/image/fetch/$s_!fM1l!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F37f1b89c-e329-458d-8ccb-056b5d9e33fb_1368x762.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/37f1b89c-e329-458d-8ccb-056b5d9e33fb_1368x762.png" width="1368" height="762" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/37f1b89c-e329-458d-8ccb-056b5d9e33fb_1368x762.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":762,"width":1368,"resizeWidth":null,"bytes":206463,"alt":"","title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!fM1l!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F37f1b89c-e329-458d-8ccb-056b5d9e33fb_1368x762.png 424w, https://substackcdn.com/image/fetch/$s_!fM1l!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F37f1b89c-e329-458d-8ccb-056b5d9e33fb_1368x762.png 848w, https://substackcdn.com/image/fetch/$s_!fM1l!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F37f1b89c-e329-458d-8ccb-056b5d9e33fb_1368x762.png 1272w, https://substackcdn.com/image/fetch/$s_!fM1l!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F37f1b89c-e329-458d-8ccb-056b5d9e33fb_1368x762.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!j73s!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F02360a60-2ccf-42a4-a585-8790c6c772e2_1144x820.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!j73s!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F02360a60-2ccf-42a4-a585-8790c6c772e2_1144x820.png 424w, https://substackcdn.com/image/fetch/$s_!j73s!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F02360a60-2ccf-42a4-a585-8790c6c772e2_1144x820.png 848w, https://substackcdn.com/image/fetch/$s_!j73s!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F02360a60-2ccf-42a4-a585-8790c6c772e2_1144x820.png 1272w, https://substackcdn.com/image/fetch/$s_!j73s!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F02360a60-2ccf-42a4-a585-8790c6c772e2_1144x820.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/02360a60-2ccf-42a4-a585-8790c6c772e2_1144x820.png" width="1144" height="820" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/02360a60-2ccf-42a4-a585-8790c6c772e2_1144x820.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":820,"width":1144,"resizeWidth":null,"bytes":192203,"alt":"","title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!j73s!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F02360a60-2ccf-42a4-a585-8790c6c772e2_1144x820.png 424w, https://substackcdn.com/image/fetch/$s_!j73s!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F02360a60-2ccf-42a4-a585-8790c6c772e2_1144x820.png 848w, https://substackcdn.com/image/fetch/$s_!j73s!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F02360a60-2ccf-42a4-a585-8790c6c772e2_1144x820.png 1272w, https://substackcdn.com/image/fetch/$s_!j73s!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F02360a60-2ccf-42a4-a585-8790c6c772e2_1144x820.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>https://bcf.princeton.edu/wp-content/uploads/2022/01/Combined-Slides.pdf</p><!--
{
"post_id": "60210725.chartbook-129-love-actually-the-columbia",
"post_date": "2022-06-19T22:09:37.906Z",
"is_published": true,
"email_sent_at": "2022-06-19T22:09:38.033Z",
"inbox_sent_at": "2022-06-19T22:09:38.033Z",
"type": "newsletter",
"audience": "everyone",
"title": "Chartbook #129 Love Actually, the Columbia MA Commencement 2022 and the global future. ",
"subtitle": ""
}
-->
<p>While sorting through a pile of clothes preparing for a summer trip, I came across the folded text of the Columbia MA Commencement speech that I had the privilege of giving this year. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!EkUy!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F44dc6c14-95fe-4e2d-afb6-f2c329a8a1b5_1326x748.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!EkUy!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F44dc6c14-95fe-4e2d-afb6-f2c329a8a1b5_1326x748.png 424w, https://substackcdn.com/image/fetch/$s_!EkUy!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F44dc6c14-95fe-4e2d-afb6-f2c329a8a1b5_1326x748.png 848w, https://substackcdn.com/image/fetch/$s_!EkUy!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F44dc6c14-95fe-4e2d-afb6-f2c329a8a1b5_1326x748.png 1272w, https://substackcdn.com/image/fetch/$s_!EkUy!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F44dc6c14-95fe-4e2d-afb6-f2c329a8a1b5_1326x748.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/44dc6c14-95fe-4e2d-afb6-f2c329a8a1b5_1326x748.png" width="1326" height="748" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/44dc6c14-95fe-4e2d-afb6-f2c329a8a1b5_1326x748.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":748,"width":1326,"resizeWidth":null,"bytes":2242399,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":false,"topImage":true,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!EkUy!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F44dc6c14-95fe-4e2d-afb6-f2c329a8a1b5_1326x748.png 424w, https://substackcdn.com/image/fetch/$s_!EkUy!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F44dc6c14-95fe-4e2d-afb6-f2c329a8a1b5_1326x748.png 848w, https://substackcdn.com/image/fetch/$s_!EkUy!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F44dc6c14-95fe-4e2d-afb6-f2c329a8a1b5_1326x748.png 1272w, https://substackcdn.com/image/fetch/$s_!EkUy!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F44dc6c14-95fe-4e2d-afb6-f2c329a8a1b5_1326x748.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>It brought back to me some of the emotions of May 2022. It was good to reread it. </p><p>“Well, hello, graduating cohort of 2022. First things first. Congratulations on this wonderful occasion.</p><p>You are taking a graduate degree from Columbia university. That is a huge deal. Let me say that again. That is a huge achievement.</p><p>It has taken a lot to get you here.</p><p>You and everyone who has supported you deserve huge congratulations. Families. Teachers take a bow!</p><p>It’s a beautiful occasion. YOU are all looking great. As my daughter tells me, Columbias’s light blue just looks great with everything. </p><p>I, on the other hand, have to borrow my regalia on occasions like this. When I was at your stage, when I was your age, I was so socially maladjusted that I managed to avoid attending every single one of my graduations. Seriously, I attended not one. And since then I have lived to regret it.</p><p>On that score all of you here today are definitely smarter than I was back then.</p><p>You are absolutely right to be here. Occasions like this should be marked.</p><p>And I and my colleagues are delighted to share the occasion with you.</p><p>It is one of the great privilege of anyone who teaches at a university like this to work with students like you. To share your enthusiasm, your ambition, your goals. It energizes and sweeps you along.</p><p>Over the winter break, a gang of masters students lobbied me to run a reading group on the political economy of climate change. After Glasgow COP26 there was so much energy that I allowed myself to be arm-twisted. Before we knew it we had 15-20 people attending regularly. It started on zoom. It was a bit improvised, but it was also hands down the best discussion and brain food all academic year. A bunch of reading group members are graduating today. Shout out to them.</p><p>The only bad thing about today is that it does close a chapter. But, as far as the reading group goes, the energy was so good that the plan is continue meeting by zoom in permanent session. The common interests that bind us together are not going away, any more than your education in the wider sense of the word ends here.</p><p>That reading group was born out of the urgency of the moment. And, man, has there been enough urgency to go around these last few years, both in national and global affairs.</p><p>It has been exhilarating and terrifying. Perhaps, above all, confusing. This is not how the future looked around the late 1990s when many of you here were born. This isn’t the end of history we were promised. Indeed, it is now almost a cliché to say that history has restarted.</p><p>But saying that is the easy bit. If that is the case, how then do we orientate ourselves?</p><p>You can do so by holding firmly to some values. If you are clear about those. Great. But defining and debating those values raises a whole host of problems -philosophical & political. It is contentious. If we can agree on goods, which matter most?</p><p>That is part of the confusion of our moment. Setting Russia aside, what are we to make of the great divide between the West and China, which affects so many of you here today? Or, the collapse in the moral authority of American democracy and its constitution that is ongoing all around us? Neither were anticipated in the late 1990s.</p><p>Failing comprehensive normative agreement, a problem like climate has the advantage that we can orientate ourselves towards it pragmatically.</p><p>We can focus our collective energies on C02 reduction. That promises the chance of collective success. We spend so long bemoaning difficulty and failure. Imagine for a second, instead, that through our collective efforts we do actually manage to get to somewhere close to net zero by 2050. We might have to reevaluate our darker thoughts about our species.</p><p>With good reason, climate is one of the problems that preoccupies rich countries and we orientate ourselves towards the Paris climate agreement of 2015. But the climate treaty was not the only global pact sworn in 2015. 2015 was also the year of the UN agreement on Sustainable Development Goals. For the rich world overwhelmingly represented here, it is the sustainable bit that is the challenge. But for billions of others in Latin America, in Asia and above all in Africa it is development that is the key. That is a huge and vastly complex question, but if there is one thing we know about it, it is that development is impossible without the thing that we celebrating here this afternoon. Education - knowledge formation and transmission.</p><p>We don’t just know this in our gut, we know this because we researched it. A <a href="https://www.imf.org/en/Publications/fandd/issues/2022/06/basic-skills-gap-hanushek-woessmann">report from the IMF</a> came out just a few weeks ago on basic skills and their significance fore economic growth. Powerpoint, I figure, is not appropriate for commencement speeches, but, if it were, I would show you the regression and the relationship is linear and strong. Without basic skills no development.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!oGe_!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc149a6a5-b6fe-4f26-9bb4-855e50e0976a_1440x1408.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!oGe_!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc149a6a5-b6fe-4f26-9bb4-855e50e0976a_1440x1408.png 424w, https://substackcdn.com/image/fetch/$s_!oGe_!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc149a6a5-b6fe-4f26-9bb4-855e50e0976a_1440x1408.png 848w, https://substackcdn.com/image/fetch/$s_!oGe_!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc149a6a5-b6fe-4f26-9bb4-855e50e0976a_1440x1408.png 1272w, https://substackcdn.com/image/fetch/$s_!oGe_!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc149a6a5-b6fe-4f26-9bb4-855e50e0976a_1440x1408.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/c149a6a5-b6fe-4f26-9bb4-855e50e0976a_1440x1408.png" width="1440" height="1408" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/c149a6a5-b6fe-4f26-9bb4-855e50e0976a_1440x1408.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":1408,"width":1440,"resizeWidth":null,"bytes":430282,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!oGe_!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc149a6a5-b6fe-4f26-9bb4-855e50e0976a_1440x1408.png 424w, https://substackcdn.com/image/fetch/$s_!oGe_!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc149a6a5-b6fe-4f26-9bb4-855e50e0976a_1440x1408.png 848w, https://substackcdn.com/image/fetch/$s_!oGe_!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc149a6a5-b6fe-4f26-9bb4-855e50e0976a_1440x1408.png 1272w, https://substackcdn.com/image/fetch/$s_!oGe_!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc149a6a5-b6fe-4f26-9bb4-855e50e0976a_1440x1408.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Basic skills are what everyone here takes for granted. But imagine how you navigate our world without basic literacy and numeracy. That is a challenge for literally billions of fellow humans. Addressing that grotesque imbalance in the world, is a huge challenge. But, as another clichés says, it is also a huge opportunity. As far as human potential goes, the extraordinary development of Asia in recent decades is thrilling. But as for the planet as a whole, we really ain’t seen nothing yet. Think of all the potential that can still be unlocked in the 7.8 billion people we share this world with</p><p>To bring this home, focus for a second on something else, focus on your body and the bodies of all the people around us. And think of the stuff that is inside us. The stuff without which we would literally not be able to assemble her today.</p><p>Vaccines. In the spring of 2020 I sat at a safe social distance with an eminent colleague in medicine who told me: “Corona virus vaccine are a long shot. We have never developed a single effective vaccine.” </p><p>Nine months later we had done not one but a whole portfolio and when I say “we” I mean scientists literally all over the world. It is a triumph. A triumph of molecular biology and pharmaeceutical production. </p><p>My dad, an eminent 1st generation molecular biologist, died last year of causes unrelated to COVID. Despite spending his final 18 months in lockdown, he died happy because all around him he could see molecular biology saving the world. </p><p>The story of the vaccines is the story of a triumph, but also a story of failure. An epic failure because despite the huge and obvious advantages to comprehensive vaccination, spelled out in trillions of dollars by no lesser authority than <a href="https://www.imf.org/en/News/Seminars/Conferences/2021/10/18/a-roadmap-to-end-the-covid-19-pandemic">the IMF</a>, as of this weekend I have four vaccines in my arm, whilst a <a href="https://ourworldindata.org/covid-vaccinations">third of the world’s population has none</a>. </p><p>We triumphed in science and failed in economics and politics. And as a result, right here, right now we are riding our luck. Who knows what the flu season of 2022 will bring. One more reason to savor this moment, this summer, with our masks off and fingers crossed.</p><p>COVID was a trial run and though by the end of 2021 it had cost at least 15 million lives in excess deaths according to the <a href="https://www.who.int/data/stories/global-excess-deaths-associated-with-covid-19-january-2020-december-2021">WHO’s conservative estimates</a>, it was in the broader scheme of things a lucky escape. The lesson we must learn is that in the 21st century to come, we need to do much, much better. And to do better we will need not just scientists and technicians, but managers, lawyers, politicians, social workers, educators, journalists, administrators, statisticians, committed business people, regular citizens. In other words we are going to need you.</p><p>I don’t even need to tell you it. You know it. Your experience here in this city and on this campus in the emergencies we have lived through together, teach you that. And in that clarity and determination on your part lies our best hope. Thank the lord that we have you - thrillingly talented, energetic well-equipped young people.</p><p>And imagine how many more there are to come. How much more potential there is out there. Right now in the world, there are roughly 720 million young people in the age bracket between ages of 18 and 22, in the age bracket relevant for graduation ceremonies. And there are literally billions behind you. You and your brothers and sisters, young people below the age of 25 make up an astonishing 42 percent of the world’s population.</p><p>Now imagine just for a second, all of you in that 18-22 bracket, all 720 million actually benefiting from higher education. Let us not argue over the curriculum. Whatever it is, just imagine your entire cohort worldwide progressing through high school and from there to further education and training.</p><p>720 million of your contemporaries either graduating or looking forward to it. Imagine this scene here today, 700 Columbia MA graduates, multiplied a thousand fold and then a thousand fold again. Imagine today’s rejoicing over educational achievement multiplied a million-fold. </p><p>I visualize it somewhat like the closing credits of everyone’s favorite Christmas movie, <em>Love Actually</em>, where they start with one couple embracing in an airport arrival hall and then multiply out in a dizzying tessellated explosion. </p><div id="youtube2-iEQPXDGRaEk" class="youtube-wrap" data-attrs="{"videoId":"iEQPXDGRaEk","startTime":null,"endTime":null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/iEQPXDGRaEk?rel=0&autoplay=0&showinfo=0&enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p>That should be our future, every year, henceforth forever. </p><p>If that isn’t an optimistic vision I don’t know what it is.</p><p>On that dizzying note, may I offer you and everyone who helped to get you here, on behalf of my colleagues, the staff and the University our very warmest congratulations on being part of that future. </p><p>Allow us to wish you the very best in the next chapter in your exciting lives. </p><p class="button-wrapper" data-attrs="{"url":"https://adamtooze.substack.com/subscribe?","text":"Subscribe now","action":null,"class":null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://adamtooze.substack.com/subscribe?"><span>Subscribe now</span></a></p><p></p><!--
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<p>In a rare 2015 interview with <em>The Paris Review</em>, Ferrante said:</p><blockquote><p><em>“I felt Elena and Lila were alienated from history in all its political, social, economic, cultural aspects — and yet they were part of history in everything they said or did. That alienation-inclusion seemed to lie outside the narrative frame. It seemed hard to include in the story. So of course I decided to try. I wanted the historical period to be a faintly defined background, but also to emerge from the characters’ lives, from their uncertainties, decisions, actions, language.”</em></p><p>https://electricliterature.com/the-world-of-elena-ferrante-a-non-fiction-reading-list/</p><p>https://www.publicbooks.org/ferrante-in-history/</p></blockquote><!--
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<p>https://www.ft.com/content/df62d58c-e864-4e3b-9aa6-5587e8ef1667</p># Reorganization Summary The files were organized into thematic groups based on their content, focusing on topics such as economic analysis, historical events, military strategy, and specific regions like Africa. Newsletter links were grouped separately due to their summary nature. Files that did not fit clearly into any of these categories were left ungrouped. ## Groups Created - **Africa_Economic_Posts**: Files discussing economic and political issues in Africa, particularly related to mining, minerals, and geopolitical strategies. - **Economic_Analysis**: Posts analyzing global economic trends, inflation, and monetary policies. - **Historical_Analysis**: Posts that delve into historical events and their implications, such as D-Day and economic policies. - **Newsletter_Links**: Collections of links and readings from the Chartbook newsletter, often summarizing various topics. - **Military_Strategy**: Posts discussing military strategies, particularly related to NATO and Ukraine. - **Polycrisis_Analysis**: Posts analyzing the concept of polycrisis and its implications on global economics and politics. - **Economic_Nowcasting**: Posts focusing on real-time economic forecasting and analysis. - **Chartbook_Sampler**: A collection of posts that serve as a sampler or introduction to the Chartbook newsletter.