Version: 4 (current) | Updated: 11/13/2025, 6:19:29 AM
Added description
@file_pinax -> documents -> @chartbook_newsletter:publication {description: "Collection of emails related to Chartbook Newsletter, including invitations, support requests and thank‑you messages to subscribers.", creator: @adam_tooze, created: @date_2021_07_22, language: "en", subjects: ["Economic development","China","World Bank","Brexit","Carbon pricing","US Treasury market","Syria","Afghanistan","Hitler's Germany","Stablecoin","Digital currency","Mario Draghi","Weimar Republic","Vasily Grossman","Bitcoin","Economic history","Political economy","International relations"]}
@adam_tooze:person {full_name: "Adam Tooze"}
@chartbook_newsletter:publication {title: "Chartbook Newsletter", author: @adam_tooze, frequency: "weekly"}
@file_39079316_plans_for_chartbook_newsletter_a -> documents -> @plan_invitation_a:event {title: "Plans for Chartbook Newsletter: a special invitation for keen readers", audience: "only_paid", sent_at: @date_2021_07_22, subtitle: "Support the mission"}
@plan_invitation_a:event -> invites -> @chartbook_issue_28:publication {issue: 28, planned_release: @date_2021_07_24}
@chartbook_issue_28 -> covers -> @world_bank_report_1983:document {title: "World Bank’s first report on China (1983)", publisher: @world_bank, year: @date_1983}
@chartbook_issue_28 -> pairs with -> @new_statesman_long_read:document {title: "Long read on China’s turbulent 20th century", publisher: @new_statesman}
@chartbook_issue_28 -> includes topics -> [@us_treasury_market_reform:concept, @syria_economic_disaster:concept, @afghanistan_state_building:concept, @hitler_germany:concept, @stablecoin:concept, @digital_currency:concept]
@us_treasury_market_reform:concept {description: "US Treasury market reform (G30 report launching end of month)"}
@g30_report:document {title: "G30 report on US Treasury market reform", author: @g30, expected_release: @date_2021_08_31}
@g30 -> author of -> @g30_report
@syria_economic_disaster:concept {description: "Economic disaster in Syria"}
@afghanistan_state_building:concept {description: "Legacy of Western state‑building in Afghanistan"}
@hitler_germany:concept {description: "Armaments effort of Hitler’s Germany"}
@stablecoin:concept {description: "Stablecoin and digital currency discussion"}
@digital_currency:concept {description: "Digital currency and related topics"}
@file_39080175_plans_for_chartbook_newsletter_a_1d8 -> documents -> @plan_invitation_b:event {title: "Plans for Chartbook Newsletter: a special invitation for keen readers", audience: "only_paid", sent_at: @date_2021_07_22, subtitle: "Pitching‑in"}
@plan_invitation_b:event -> repeats -> @chartbook_issue_28
@plan_invitation_b:event -> repeats -> @world_bank_report_1983
@plan_invitation_b:event -> repeats -> @new_statesman_long_read
@file_39124605_special_invitation_for_regular_readers -> documents -> @special_invitation_regular:event {title: "Special invitation for regular readers of Chartbook", audience: "only_paid", sent_at: @date_2021_07_23, subtitle: "Pitching‑in"}
@special_invitation_regular:event -> mentions -> @chartbook_issue_20:publication {issue: 20, topic: "Caribbean"}
@special_invitation_regular:event -> mentions -> @chartbook_issue_16:publication {issue: 16, topic: "US Treasury markets"}
@special_invitation_regular:event -> mentions -> @chartbook_issue_10:publication {issue: 10, topic: "Nigeria"}
@special_invitation_regular:event -> mentions -> @chartbook_issue_18:publication {issue: 18, topic: "Mario Draghi’s early years"}
@special_invitation_regular:event -> mentions -> @chartbook_issue_22:publication {issue: 22, topic: "Weimar Republic inflation statistics"}
@special_invitation_regular:event -> mentions -> @chartbook_issue_21:publication {issue: 21, topic: "Vasily Grossman’s epic novels"}
@special_invitation_regular:event -> mentions -> @chartbook_issue_15:publication {issue: 15, topic: "Bitcoin"}
@chartbook_issue_28 -> upcoming topics -> [@syria_economic_disaster, @us_treasury_market_reform, @hitler_germany, @afghanistan_state_building]
@file_39181462_chartbook_found_members_thank_you -> documents -> @found_members_thank_you:event {title: "Chartbook Found Members: Thank you for your support!", audience: "only_paid", sent_at: @date_2021_07_25, subtitle: "And Top Links #3"}
@found_members_thank_you:event -> thanks -> @founding_members:group {description: "Founding Members who contributed generously"}
@found_members_thank_you:event -> will provide -> @shutdown_sessions:event {title: "Shutdown Sessions", description: "Reading groups exclusive for paying subscribers to discuss the book"}
@found_members_thank_you:event -> includes -> @top_links_3:publication {edition: 3}
@found_members_thank_you:event -> invitation from -> @conley_and_silvers:organization {description: "Travel company of Dana Conley"}
@conley_and_silvers -> represented by -> @dana_conley:person {full_name: "Dana Conley"}
@file_39182048_thank_you_for_supporting_chartbook -> documents -> @thank_you_support:event {title: "Thank you for supporting Chartbook. Top Links #3", audience: "only_paid", sent_at: @date_2021_07_25, subtitle: "Samurai unchained, RIP China's \"Mr Millions\" and the Queen was quite curious about Saddam!"}
@thank_you_support:event -> includes -> @top_links_3
@top_links_3 -> contains -> @carbon_pricing:concept
@top_links_3 -> contains -> @china:place
@top_links_3 -> contains -> @evergrande:organization
@top_links_3 -> contains -> @brexit_britain:concept
@top_links_3 -> contains -> @pipeline_blow:concept
@top_links_3 -> contains -> @andreas_malm:person
@top_links_3 -> contains -> @wages_of_destruction:document
@carbon_pricing -> discussed in -> @lance_taylor_paper:document {title: "Carbon pricing isn’t effective at reducing CO₂ emissions", author: @lance_taylor}
@lance_taylor:person {full_name: "Lance Taylor"}
@lance_taylor_paper -> includes -> @energy_flow_graphs:concept
@china -> discussed in -> @new_statesman_long_read
@new_statesman_long_read -> author -> @adam_tooze
@evergrande -> subject of -> @evergrande_tweet:document {author: @alex_turnbull, date: @date_2021_07_21, content: "Evergrande isn’t China’s 2008 moment; consistent with tech crackdown; HY bonds may be restructured."}
@alex_turnbull:person {full_name: "Alex Turnbull"}
@brexit_britain -> analysis by -> @will_davies:person {full_name: "Will Davies"}
@brexit_britain -> analysis by -> @geoff_mulgan:person {full_name: "Geoff Mulgan"}
@brexit_britain -> background article by -> @david_edgerton:person {full_name: "David Edgerton"}
@brexit_britain -> Northern Irish deal commentary by -> @fintan_o_toole:person {full_name: "Fintan O’Toole"}
@brexit_britain -> blog by -> @chris_grey:person {full_name: "Chris Grey"}
@pipeline_blow -> article illustrated by -> @pipeline_image:document {title: "How to blow up a pipeline", source: @inf_news}
@inf_news:organization {title: "INF.news"}
@andreas_malm -> featured in -> @malm_podcast:document {title: "Great podcast with Alex Doherty", host: @alex_doherty}
@alex_doherty:person {full_name: "Alex Doherty"}
@wages_of_destruction -> book by -> @adam_tooze
@wages_of_destruction -> discussed in -> @shutdown_sessions
@shutdown_book:document {title: "Shutdown", author: @adam_tooze, publication_date: @date_2023_09_07}
@shutdown_sessions:event -> scheduled for -> @date_2021_09_?? # (date of invitation period)
@annual_subscription:concept {price_usd: 50, period: "year"}
@monthly_subscription:concept {price_usd: 5, period: "month"}
@founders_club:concept {recommended_price_usd: 120, period: "year"}
@adam_tooze -> offers -> [@annual_subscription, @monthly_subscription, @founders_club]
@chartbook_issue_28 -> will be in the works -> @date_2021_07_?? # (future issue)
@chartbook_issue_27 -> previous issue -> @date_2021_07_??
@chartbook_issue_27 -> topic -> @gilet_jaunes:concept
@g7_summit_1991:event {title: "Seventeenth G7 summit", date: @date_1991_07, location: @london}
@queen_elizabeth_ii:person -> attended -> @g7_summit_1991:event
@london:place -> location of -> @g7_summit_1991:event
@top_links_1:publication {edition: 1}
@top_links_2:publication {edition: 2}
@top_links_3:publication {edition: 3}
@top_links -> series_of -> [@top_links_1, @top_links_2, @top_links_3]
@chartbook_issue_20:publication {issue: 20, topic: "Caribbean"}
@chartbook_issue_16:publication {issue: 16, topic: "US Treasury markets"}
@chartbook_issue_10:publication {issue: 10, topic: "Nigeria"}
@chartbook_issue_18:publication {issue: 18, topic: "Mario Draghi’s early years"}
@chartbook_issue_22:publication {issue: 22, topic: "Weimar Republic inflation"}
@chartbook_issue_21:publication {issue: 21, topic: "Vasily Grossman’s novels"}
@chartbook_issue_15:publication {issue: 15, topic: "Bitcoin"}
@chartbook_issue_28 -> invites -> @shutdown_sessions
@chartbook_issue_28 -> invites -> @top_links_3
@founding_members:group -> receives -> @shutdown_sessions
@founding_members:group -> receives -> @top_links_3
@chartbook_newsletter -> has_subscription_options -> [@annual_subscription, @monthly_subscription, @founders_club]<!--
{
"post_id": "39079316.plans-for-chartbook-newsletter-a",
"post_date": "2021-07-22T16:20:13.310Z",
"is_published": false,
"email_sent_at": "2021-07-22T16:20:13.340Z",
"inbox_sent_at": "2021-07-22T16:20:13.340Z",
"type": "adhoc_email",
"audience": "only_paid",
"title": "Plans for Chartbook Newsletter: a special invitation for keen readers ",
"subtitle": "Support the mission"
}
-->
<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>Dear Friends</p><p>Developing <em>Chartbook Newsletter</em> over the last 9 months has been great fun. It has been wonderful to see the readership growing. It is particularly great to see the intensity with which folks engage with the newsletters. </p><p>I am even more excited about the future plans. The list of topics keeps growing. </p><p>Chartbook Newsletter #28 at the weekend will take a deep dive into the World Bank’s first, gushing, report on China in 1983. The least you can say for them is that the World Bank saw the China boom coming. </p><p>The Newsletter pairs with the <a href="https://www.newstatesman.com/international/places/2021/07/why-there-no-solution-our-age-crisis-without-china">long read</a> I did for the <em>New Statesman</em> on China’s turbulent 20th century. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!l-F_!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!l-F_!,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%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png 424w, https://substackcdn.com/image/fetch/$s_!l-F_!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png 848w, https://substackcdn.com/image/fetch/$s_!l-F_!,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%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png 1272w, https://substackcdn.com/image/fetch/$s_!l-F_!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/b8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png" width="1456" height="720" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/b8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":720,"width":1456,"resizeWidth":null,"bytes":1925788,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":false,"topImage":true,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!l-F_!,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%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png 424w, https://substackcdn.com/image/fetch/$s_!l-F_!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png 848w, https://substackcdn.com/image/fetch/$s_!l-F_!,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%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png 1272w, https://substackcdn.com/image/fetch/$s_!l-F_!,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%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.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>Future plans include pieces on US Treasury market reform (the G30 has a big report launching at the end of the month)</p><p>The economic disaster in Syria</p><p>The legacy of Western state-building in Afghanistan</p><p>The armaments effort of Hitler’s Germany</p><p>Stablecoin, digital currency and all that. </p><p>It is going to be an eclectic but fascinating mixture. </p><p>Writing for the newsletter is the most free form work I have done so far. It really is liberating. I’m committed to the format, but it is also seriously time-consuming. 40 newsletters a year, at c. 3000 words each is 120,000 words. Along with books I’m writing - my climate political economy manuscript is due February 2023 - and regular journalism, I have to take that volume of work seriously.</p><p>To see where <em>Chartbook</em> should fit in my portfolio of other activities, as of this week, I am transitioning to a paid subscriber model.</p><p>Don’t panic. If you like the newsletter but can’t afford a paid subscription, or read the newsletter in a professional setting in which it is not appropriate to be paying a subscription, e.g. public service, NGO etc, I get it. You don’t have to do anything. You will continue to receive <em>Chartbook</em>, as before.</p><p>But, if you can afford it, if you are enjoying the content, if you would like to support the mission and you would like to buy me the equivalent of a cup of coffee every month, there are three options:</p><ol><li><p>The <strong>annual subscription: $50</strong></p></li><li><p>The <strong>standard monthly subscription: $5 monthly -</strong> which gives you a bit more flexibility.</p></li><li><p><strong>Founders club:</strong> If you really love Chartbook Newsletter, or read it in a professional setting in which you regularly pay for subscriptions, data services or consultancy, please consider the option of signing up for the <strong>Founders Club</strong> with a recommended contribution of $120 annually, or another amount at your discretion. Good karma guaranteed.</p></li></ol><p>To show your support for the mission, hit the button here:</p><p class="button-wrapper" data-attrs="{"url":"https://adamtooze.substack.com/subscribe?","text":"Subscribe now","action":null,"class":null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://adamtooze.substack.com/subscribe?"><span>Subscribe now</span></a></p><p>What are you putting your money behind? </p><p>The continuation of Chartbook as you know it. And the creation of a more stable community of closely engaged readers. </p><p>To broaden and deepen that community I will be offering a variety of bonus features for paying subscribers.</p><p>This week I launched Top Links, which as of August will be exclusive for paying supporters. You will find <a href="https://adamtooze.substack.com/p/chartbook-top-links-1">#1</a> and <a href="https://adamtooze.substack.com/p/top-links-2-reading-suggestions-from">#2</a> in your email inbox. </p><p>When my new book <em>Shutdown </em>appears in September, I will be organizing a series of reading groups exclusive for paying subscribers to discuss the book and the writing and research process. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!JODw!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!JODw!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png 424w, https://substackcdn.com/image/fetch/$s_!JODw!,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%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png 848w, https://substackcdn.com/image/fetch/$s_!JODw!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png 1272w, https://substackcdn.com/image/fetch/$s_!JODw!,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%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/66566059-2989-474c-a103-a3fa386c1060_566x854.png" width="566" height="854" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/66566059-2989-474c-a103-a3fa386c1060_566x854.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":854,"width":566,"resizeWidth":null,"bytes":546745,"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/$s_!JODw!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png 424w, https://substackcdn.com/image/fetch/$s_!JODw!,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%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png 848w, https://substackcdn.com/image/fetch/$s_!JODw!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png 1272w, https://substackcdn.com/image/fetch/$s_!JODw!,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%2F66566059-2989-474c-a103-a3fa386c1060_566x854.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>I will need a little time to figure out the logistics of hosting a discussion with the <em>Chartbook</em> readership. But subscribing now will secure your place on the invite list for the Shutdown sessions. </p><p>Thank you for reading. It would be great to have your support. </p><p>V best</p><p>Adam </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": "39080175.plans-for-chartbook-newsletter-a-1d8",
"post_date": "2021-07-22T16:24:28.130Z",
"is_published": false,
"email_sent_at": "2021-07-22T16:24:28.191Z",
"inbox_sent_at": "2021-07-22T16:24:28.191Z",
"type": "adhoc_email",
"audience": "only_paid",
"title": "Plans for Chartbook Newsletter: a special invitation for keen readers",
"subtitle": "Pitching-in"
}
-->
<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>Dear Friends</p><p>Developing <em>Chartbook Newsletter</em> over the last 9 months has been great fun. It has been wonderful to see the readership growing. It is particularly great to see the intensity with which folks engage with the newsletters. </p><p>I am even more excited about the future plans. The list of topics keeps growing. </p><p>Chartbook Newsletter #28 at the weekend will take a deep dive into the World Bank’s first, gushing, report on China in 1983. The least you can say for them is that the World Bank saw the China boom coming. </p><p>The Newsletter pairs with the <a href="https://www.newstatesman.com/international/places/2021/07/why-there-no-solution-our-age-crisis-without-china">long read</a> I did for the <em>New Statesman</em> on China’s turbulent 20th century. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!l-F_!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!l-F_!,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%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png 424w, https://substackcdn.com/image/fetch/$s_!l-F_!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png 848w, https://substackcdn.com/image/fetch/$s_!l-F_!,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%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png 1272w, https://substackcdn.com/image/fetch/$s_!l-F_!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/b8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png" width="1456" height="720" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/b8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":720,"width":1456,"resizeWidth":null,"bytes":1925788,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":false,"topImage":true,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!l-F_!,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%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png 424w, https://substackcdn.com/image/fetch/$s_!l-F_!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png 848w, https://substackcdn.com/image/fetch/$s_!l-F_!,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%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.png 1272w, https://substackcdn.com/image/fetch/$s_!l-F_!,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%2Fb8193421-1a1d-4144-bcc6-18da08dcb0d8_2854x1412.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>Future plans include pieces on US Treasury market reform (the G30 has a big report launching at the end of the month)</p><p>The economic disaster in Syria</p><p>The legacy of Western state-building in Afghanistan</p><p>The armaments effort of Hitler’s Germany</p><p>Stablecoin, digital currency and all that. </p><p>It is going to be an eclectic but fascinating mixture. </p><p>Writing for the newsletter is the most free form work I have done so far. It really is liberating. I’m committed to the format, but it is also seriously time-consuming. 40 newsletters a year, at c. 3000 words each is 120,000 words. Along with books I’m writing - my climate political economy manuscript is due February 2023 - and regular journalism, I have to take that volume of work seriously.</p><p>To see where <em>Chartbook</em> should fit in my portfolio of other activities, as of this week, I am transitioning to a paid subscriber model.</p><p>Don’t panic. If you like the newsletter but can’t afford a paid subscription, or read the newsletter in a professional setting in which it is not appropriate to be paying a subscription, e.g. public service, NGO etc, I get it. You don’t have to do anything. You will continue to receive <em>Chartbook</em>, as before.</p><p>But, if you can afford it, if you are enjoying the content, if you would like to support the mission and you would like to buy me the equivalent of a cup of coffee every month, there are three options:</p><ol><li><p>The <strong>annual subscription: $50</strong></p></li><li><p>The <strong>standard monthly subscription: $5 monthly -</strong> which gives you a bit more flexibility.</p></li><li><p><strong>Founders club:</strong> If you really love Chartbook Newsletter, or read it in a professional setting in which you regularly pay for subscriptions, data services or consultancy, please consider the option of signing up for the <strong>Founders Club</strong> with a recommended contribution of $120 annually, or another amount at your discretion. Good karma guaranteed.</p></li></ol><p>To show your support for the mission, hit the button here:</p><p class="button-wrapper" data-attrs="{"url":"https://adamtooze.substack.com/subscribe?","text":"Subscribe now","action":null,"class":null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://adamtooze.substack.com/subscribe?"><span>Subscribe now</span></a></p><p>What are you putting your money behind? </p><p>The continuation of Chartbook as you know it. And the creation of a more stable community of closely engaged readers. </p><p>To broaden and deepen that community I will be offering a variety of bonus features for paying subscribers.</p><p>This week I launched Top Links, which as of August will be exclusive for paying supporters. You will find <a href="https://adamtooze.substack.com/p/chartbook-top-links-1">#1</a> and <a href="https://adamtooze.substack.com/p/top-links-2-reading-suggestions-from">#2</a> in your email inbox. </p><p>When my new book <em>Shutdown </em>appears in September, I will be organizing a series of reading groups exclusive for paying subscribers to discuss the book and the writing and research process. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!JODw!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!JODw!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png 424w, https://substackcdn.com/image/fetch/$s_!JODw!,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%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png 848w, https://substackcdn.com/image/fetch/$s_!JODw!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png 1272w, https://substackcdn.com/image/fetch/$s_!JODw!,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%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/66566059-2989-474c-a103-a3fa386c1060_566x854.png" width="566" height="854" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/66566059-2989-474c-a103-a3fa386c1060_566x854.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":854,"width":566,"resizeWidth":null,"bytes":546745,"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/$s_!JODw!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png 424w, https://substackcdn.com/image/fetch/$s_!JODw!,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%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png 848w, https://substackcdn.com/image/fetch/$s_!JODw!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F66566059-2989-474c-a103-a3fa386c1060_566x854.png 1272w, https://substackcdn.com/image/fetch/$s_!JODw!,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%2F66566059-2989-474c-a103-a3fa386c1060_566x854.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>I will need a little time to figure out the logistics of hosting a discussion with the <em>Chartbook</em> readership. But subscribing now will secure your place on the invite list for the Shutdown sessions. </p><p>Thank you for reading. It would be great to have your support. </p><p>V best</p><p>Adam </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><!--
{
"post_id": "39124605.special-invitation-for-regular-readers",
"post_date": "2021-07-23T15:49:45.077Z",
"is_published": false,
"email_sent_at": "2021-07-23T15:49:45.205Z",
"inbox_sent_at": "2021-07-23T15:49:45.205Z",
"type": "adhoc_email",
"audience": "only_paid",
"title": "Special invitation for regular readers of Chartbook: ",
"subtitle": "Pitching-in"
}
-->
<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><em>Chartbook</em> has been a blast to write. </p><p>We’ve visited the political economy of the <a href="https://adamtooze.substack.com/p/chartbook-newsletter-20">Caribbean</a>, <a href="https://adamtooze.substack.com/p/chartbook-newsletter-16">US Treasury markets</a> and <a href="https://adamtooze.substack.com/p/chartbook-newsletter-10">Nigeria</a>. We’ve explored <a href="https://adamtooze.substack.com/p/chartbook-newsletter-18">Mario Draghi</a>’s early years, the <a href="https://adamtooze.substack.com/p/chartbook-newsletter-22">inflation statistics</a> of the Weimar Republic and <a href="https://adamtooze.substack.com/p/chartbook-21">Vasily Grossman</a>’s epic novels of Stalingrad and life and death in the Soviet Union. And, yes, I took on <a href="https://adamtooze.substack.com/p/chartbook-newsletter-15">bitcoin</a> too. I am committed to the format and want to keep the newsletters coming. </p><p>The list of upcoming topics is exciting and keeps on growing: Syria’s ruined economy, reform of the Treasury market, a deep dive into Hitler’s war economy, the economic legacy of the war in Afghanistan. </p><p><em>Chartbook</em> started as a free newsletter and I want very much to keep it that way. I know the readership comes from all walks of life and many places on the planet. </p><p>If you need to go on reading <em>Chartbook Newsletter</em> for free, you are welcome to do so. If you can’t afford a paid subscription, or if you read it in a context where paying a subscription fee is inappropriate, I get it. You don’t have to do anything. If you are getting this email you are already signed up and you will continue to receive the free newsletter as before. </p><p>But, as is obvious, doing the newsletter requires a big investment of time and effort. I have to juggle it with all sorts of other commitments. I get a lot out of it. I hope you do too. </p><p>So, if you can afford to, if you think the <em>Chartbook </em>content is valuable, if you would like to support the mission, or, simply, to buy me the equivalent of a cup of coffee once a month, then please sign up for a paying subscription. There are three options:</p><ol><li><p>The <strong>annual subscription: $50 annually</strong></p></li><li><p>The <strong>standard monthly subscription: $5 monthly -</strong> which gives you a bit more flexibility.</p></li><li><p><strong>Founders club:$ 120 annua</strong>lly, or another amount at your discretion - for those who really love Chartbook Newsletter, or read it in a professional setting in which you regularly pay for subscriptions, please consider signing up for the <strong>Founders Club</strong>. </p></li></ol><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>What do you get in return for your support? First and foremost, good karma. Your support enables me to justify the hours that go into each newsletter. </p><p>In addition, for paying subscribers I have started a series of regular emails featuring the most interesting, engaging or simply weird material I have come across over the previous few days. Check out Top <a href="https://adamtooze.substack.com/p/chartbook-top-links-1">Links #1</a> and <a href="https://adamtooze.substack.com/p/top-links-2-reading-suggestions-from">#2.</a> More to come. Top Links will be free until the end of July. Exclusively for paying subscribers thereafter. </p><p>With the release of <em>Shutdown</em> on September 7, there are more goodies on the way. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!2HxE!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1fa15fab-df0c-4900-9e81-b7911b67ca99_566x854.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!2HxE!,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%2F1fa15fab-df0c-4900-9e81-b7911b67ca99_566x854.png 424w, https://substackcdn.com/image/fetch/$s_!2HxE!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1fa15fab-df0c-4900-9e81-b7911b67ca99_566x854.png 848w, https://substackcdn.com/image/fetch/$s_!2HxE!,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%2F1fa15fab-df0c-4900-9e81-b7911b67ca99_566x854.png 1272w, https://substackcdn.com/image/fetch/$s_!2HxE!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1fa15fab-df0c-4900-9e81-b7911b67ca99_566x854.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/1fa15fab-df0c-4900-9e81-b7911b67ca99_566x854.png" width="480" height="724.2402826855124" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/1fa15fab-df0c-4900-9e81-b7911b67ca99_566x854.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":854,"width":566,"resizeWidth":480,"bytes":546745,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!2HxE!,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%2F1fa15fab-df0c-4900-9e81-b7911b67ca99_566x854.png 424w, https://substackcdn.com/image/fetch/$s_!2HxE!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1fa15fab-df0c-4900-9e81-b7911b67ca99_566x854.png 848w, https://substackcdn.com/image/fetch/$s_!2HxE!,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%2F1fa15fab-df0c-4900-9e81-b7911b67ca99_566x854.png 1272w, https://substackcdn.com/image/fetch/$s_!2HxE!,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%2F1fa15fab-df0c-4900-9e81-b7911b67ca99_566x854.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 highlight will be reading groups for subscribers - “Shutdown Sessions”. And, yes, there will be basement tapes. Details to be announced. </p><p>If you would like to make sure you are on the invite list, simply click here and sign up for one of the paid subscription 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>Thank you for reading. I look forward to welcoming you as a supporter. </p><p>Chartbook Newsletter #28 on the World Bank and China in the 1980s is already in the works.</p><p>Wishing you a good weekend.</p><p>Adam</p><!--
{
"post_id": "39181462.chartbook-found-members-thank-you",
"post_date": "2021-07-25T12:13:48.720Z",
"is_published": false,
"email_sent_at": "2021-07-25T12:13:48.778Z",
"inbox_sent_at": "2021-07-25T12:13:48.778Z",
"type": "adhoc_email",
"audience": "only_paid",
"title": "Chartbook Found Members: Thank you for your support!",
"subtitle": "And Top Links #3 "
}
-->
<p>Dear Founding Members</p><p>It is one week today since I started my experiment in Newsletter-busking and I wanted to send a special thank you to the Founder Members who stepped up with particularly generous contributions to the Chartbook endeavor. </p><p>Your support is hugely appreciated. </p><p>This kind of writing is something of an experiment for me and it is wonderful to know that it is valued in a tangible way. </p><p>I will be developing my offering for paying subscribers in the course of the fall. Apart from Top Links - #3 below - you will be receiving invitations to “Shutdown sessions” to discuss the book, which is out in the US and UK on <a href="https://www.amazon.com/Shutdown-Covid-Shook-Worlds-Economy-ebook/dp/B08WK1WL23/ref=sr_1_3?dchild=1&keywords=shutdown&qid=1627214260&sr=8-3">September 7</a>. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!1p5A!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!1p5A!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 424w, https://substackcdn.com/image/fetch/$s_!1p5A!,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%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 848w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 1272w, https://substackcdn.com/image/fetch/$s_!1p5A!,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%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png" width="376" height="567.321554770318" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":854,"width":566,"resizeWidth":376,"bytes":546745,"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/$s_!1p5A!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 424w, https://substackcdn.com/image/fetch/$s_!1p5A!,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%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 848w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 1272w, https://substackcdn.com/image/fetch/$s_!1p5A!,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%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.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>As Founder Members you will also receive an invitation from <a href="https://www.conleyandsilvers.com/">Conley&Silvers</a> to the regular monthly update I do for Dana’s guests - Dana Conley being the person I have the great good fortune of being married to, Conley&Silvers being her travel company. The first in that series of Conley and Silvers events will be August 23, 8 pm Eastern. Details to follow.</p><p>I look forward to being in touch. Thank you again for your support. Please feel free to share this link with anyone you might think might enjoy reading Chartbook.</p><p class="button-wrapper" data-attrs="{"url":"https://adamtooze.substack.com/?utm_source=substack&utm_medium=email&utm_content=share&action=share","text":"Share Chartbook","action":null,"class":null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://adamtooze.substack.com/?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share Chartbook</span></a></p><p>Very best, Adam </p><p>********</p><p><strong>Top Links #3</strong></p><p><strong>Carbon Pricing</strong></p><p>Following last week’s <a href="https://adamtooze.substack.com/p/chartbook-newsletter-27-gilets-jaunes">Chartbook #27</a> on the Gilet Jaunes, I got into some interesting debates online about carbon pricing. This skeptical paper by <a href="https://www.ineteconomics.org/perspectives/blog/carbon-pricing-isnt-effective-at-reducing-co2-emissions">Lance Taylor</a> at INET has some beautiful and staggering graphs about energy flow through the US economy: </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!EU3P!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!EU3P!,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%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 424w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 848w, https://substackcdn.com/image/fetch/$s_!EU3P!,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%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 1272w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/bbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png" width="1456" height="842" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/bbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":842,"width":1456,"resizeWidth":null,"bytes":478464,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!EU3P!,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%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 424w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 848w, https://substackcdn.com/image/fetch/$s_!EU3P!,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%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 1272w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p><strong>China</strong></p><p>Its been a bit of a China month: My long Read for <a href="https://twitter.com/NewStatesman/">@NewStatesman</a> on China’s struggle for Econ development is <a href="https://www.newstatesman.com/international/places/2021/07/why-there-no-solution-our-age-crisis-without-china">here</a>.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!a_9e!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!a_9e!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 424w, https://substackcdn.com/image/fetch/$s_!a_9e!,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%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 848w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 1272w, https://substackcdn.com/image/fetch/$s_!a_9e!,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%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png" width="1456" height="720" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":720,"width":1456,"resizeWidth":null,"bytes":1925788,"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/$s_!a_9e!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 424w, https://substackcdn.com/image/fetch/$s_!a_9e!,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%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 848w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 1272w, https://substackcdn.com/image/fetch/$s_!a_9e!,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%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.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>It pairs with Chartbook #26 on China’s hyperinflation and Chartbook #28 on China as seen by the <a href="https://twitter.com/WorldBank/">@WorldBank</a> in 1983.</p><p>As <a href="https://www.ft.com/content/9ce326b2-abdb-467b-bfd1-425a499066c1">Kathrin Hille</a> of the FT points out, rising tension with China is opening the door to a more hawkish security policy on the part of Japan. And Japan’s latest defense <a href="https://www.mod.go.jp/en/publ/w_paper/wp2021/DOJ2021_Digest_EN.pdf">White Paper</a> certainly comes on strong.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!TflO!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!TflO!,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%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 424w, https://substackcdn.com/image/fetch/$s_!TflO!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 848w, https://substackcdn.com/image/fetch/$s_!TflO!,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%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1272w, https://substackcdn.com/image/fetch/$s_!TflO!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png" width="506" height="717.871921182266" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":1152,"width":812,"resizeWidth":506,"bytes":1060919,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!TflO!,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%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 424w, https://substackcdn.com/image/fetch/$s_!TflO!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 848w, https://substackcdn.com/image/fetch/$s_!TflO!,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%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1272w, https://substackcdn.com/image/fetch/$s_!TflO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Inside, frankly, its largely pablum. </p><p>Meanwhile, the obituaries have been coming out for "Yang Baiwan, Millions Yang” - one of China’s original stock market speculators. Apparently he "liked the old saying that the first man to suppose a crab might be edible was either very forward-looking or very hungry. -> Learn from those who have the courage to eat crab". I like it! </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!p9_D!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!p9_D!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 424w, https://substackcdn.com/image/fetch/$s_!p9_D!,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%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 848w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 1272w, https://substackcdn.com/image/fetch/$s_!p9_D!,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%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/eddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png" width="1456" height="974" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/eddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":974,"width":1456,"resizeWidth":null,"bytes":1774984,"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/$s_!p9_D!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 424w, https://substackcdn.com/image/fetch/$s_!p9_D!,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%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 848w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 1272w, https://substackcdn.com/image/fetch/$s_!p9_D!,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%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.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>Source: <a href="https://inf.news/en/history/466488f3276be1080a3a362fb656a703.html">INF.news</a></p><p>“As a teenager, born in “new China” under the red flag, he had been a Red Guard, struggling gamely to enforce a traffic edict in Shanghai that revolutionary red meant “Go”, not “Stop”.” As is often the case, the <a href="https://www.economist.com/obituary/2021/07/24/yang-huaiding-died-on-june-13th">Economist obituary </a>is fantastic.</p><p>One of the recurring China scare stories concerns the hugely over-leveraged Evergrande property developer. If you follow this story, this punchy thread by Alex Turnbull gives you a contrarian take. </p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{"url":"https://twitter.com/alexbhturnbull/status/1417828704357548039","full_text":"Ok on <span class=\"tweet-fake-link\">#Evergrande</span> I'm going to make a few suggestions:\n1) This isn't China's 2008 moment. \n2) This is actually entirely consistent with the tech crackdown. \n3) There is a likely state where HY bonds get restructured / crammed, equity hit very hard and all in.... doesn't matter.","username":"alexbhturnbull","name":"Alex Turnbull","date":"Wed Jul 21 12:47:59 +0000 2021","photos":[],"quoted_tweet":{},"retweet_count":3,"like_count":18,"expanded_url":{},"video_url":null,"belowTheFold":true}"><a class="tweet-link-top" href="https://twitter.com/alexbhturnbull/status/1417828704357548039" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/alexbhturnbull.jpg" alt="Twitter avatar for @alexbhturnbull" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Alex Turnbull </span><span class="tweet-author-handle">@alexbhturnbull</span></div></div><div class="tweet-text">Ok on <span class="tweet-fake-link">#Evergrande</span> I'm going to make a few suggestions:
1) This isn't China's 2008 moment.
2) This is actually entirely consistent with the tech crackdown.
3) There is a likely state where HY bonds get restructured / crammed, equity hit very hard and all in.... doesn't matter.</div></a><a class="tweet-link-bottom" href="https://twitter.com/alexbhturnbull/status/1417828704357548039" target="_blank"><div class="tweet-footer"><span class="tweet-date">12:47 PM ∙ Jul 21, 2021</span><hr><div class="tweet-ufi"><span href="https://twitter.com/alexbhturnbull/status/1417828704357548039/likes" class="likes"><span class="like-count">18</span>Likes</span><span href="https://twitter.com/alexbhturnbull/status/1417828704357548039/retweets" class="retweets"><span class="rt-count">3</span>Retweets</span></div></div></a></div><p><strong>Brexit Britain</strong></p><p>It has been a bumper period for speculation about what makes <strong>Brexit Britain tick.</strong></p><p>My selection of good reads would include <a href="https://newleftreview.org/sidecar/posts/only-joking">Will Davies </a>on the <em>New Left Review</em> blog on the <em>Spectator</em> set. <a href="https://www.geoffmulgan.com/post/spectators-v-doers-the-challenge-for-the-uk-s-ruling-clique">Geoff Mulgan</a> also on the <em>Spectator</em> set. The <em>Spectator</em> is pivotal because Boris Johnson was its editor rom 1999 to 2005 and it is thought to have set the tone for the subsequent degeneration of the Tory party. </p><p>For the background in Britain’s political economy, I still love this piece from <a href="https://www.theguardian.com/commentisfree/2019/oct/09/brexit-crisis-global-capitalism-britain-place-world">David Edgerton</a> back in 2019. </p><p>On the Northern Irish deal <a href="https://www.theguardian.com/commentisfree/2021/jul/23/northern-ireland-protocol-boris-johnson-oven-ready-deal-sausage">Fintan O’Toole</a> in the <em>Guardian</em> is simply devastating.</p><p>And for excellent hard hitting blogging on the on-going Brexit saga see <a href="https://chrisgreybrexitblog.blogspot.com/2021/07/the-frost-johnson-approach-has-already.html">Chris Grey</a>. </p><p><strong>How to blow up a pipeline</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Sx8z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Sx8z!,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%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 424w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 848w, https://substackcdn.com/image/fetch/$s_!Sx8z!,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%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 1272w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dec50f77-67a8-4f60-80be-98c91733f568_608x916.png" width="324" height="488.13157894736844" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dec50f77-67a8-4f60-80be-98c91733f568_608x916.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":916,"width":608,"resizeWidth":324,"bytes":659449,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Sx8z!,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%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 424w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 848w, https://substackcdn.com/image/fetch/$s_!Sx8z!,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%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 1272w, https://substackcdn.com/image/fetch/$s_!Sx8z!,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%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.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>I dont share the politics of left-thinker and environmental activist Andreas Malm, but I really admire his historical creativity, his intellectual energy and his eloquence. All of that is on display in this <a href="https://www.versobooks.com/blogs/4787-politics-theory-other-podcast-91-corona-climate-chronic-emergency">great podcast</a> with Alex Doherty at Politics Theory Other. </p><p>One of my projects for August is to write an omnibus review of Malm’s work for LRB. Look out for that in September. </p><p><strong>Wandering through Wages </strong></p><p>One of the things I love about newsletter writing, is the license to meander. I tried to pull together my impressions about this in the updated introduction to <a href="https://adamtooze.substack.com/about">Chartbook</a>.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!xwdi!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!xwdi!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 424w, https://substackcdn.com/image/fetch/$s_!xwdi!,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%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 848w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 1272w, https://substackcdn.com/image/fetch/$s_!xwdi!,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%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png" width="1234" height="826" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":826,"width":1234,"resizeWidth":null,"bytes":2134668,"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/$s_!xwdi!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 424w, https://substackcdn.com/image/fetch/$s_!xwdi!,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%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 848w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 1272w, https://substackcdn.com/image/fetch/$s_!xwdi!,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%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.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>Achieving some kind of integration between my various strands of thinking about history, economics, theory, politics is the prize. I am coming to realize that the indirect approach may work best for me. </p><p>In that vein, this conversation I had with Alex Doherty a while back about <em>Wages of Destruction</em> may be of interest.</p><div class="soundcloud-wrap" data-attrs="{"url":"https://api.soundcloud.com/tracks/463287405","title":"#14 Adam Tooze on Nazi ideology and the German war economy by Politics Theory Other","description":"Adam Tooze joins me to discuss his book 'The Wages of Destruction: The Making and Breaking of the Nazi Economy'. We discussed the entwinement of Nazi ideology and economics, the explanation for the apparent irrationality of German military strategy, the comparative backwardness of the German economy in the pre-war period, and the question of 1930s parallels in the post-financial crash era.","thumbnail_url":"https://i1.sndcdn.com/artworks-000364996824-pp89cx-t500x500.jpg","author_name":"Politics Theory Other","author_url":"https://soundcloud.com/poltheoryother","targetUrl":""}" data-component-name="SoundcloudToDOM"><iframe src="https://w.soundcloud.com/player/?auto_play=false&buying=false&liking=false&download=false&sharing=false&show_artwork=true&show_comments=false&show_playcount=false&show_user=true&hide_related=true&visual=false&start_track=0&url=https%3A%2F%2Fapi.soundcloud.com%2Ftracks%2F463287405" frameborder="0" gesture="media" scrolling="no" allowfullscreen="true"></iframe></div><p><strong>“You are expendable” QEII to ex PM Heath:</strong></p><p>The seventeenth G7 summit was held in London in July, 1991. Her Majesty hosted a function at Buckingham Palace. The gathering included the Duke of Edinburgh, the Prince and Princess of Wales, John Major, George H. W. Bush, François Mitterrand, Helmut Kohl. As Duncan Weldon observed, I dont think I have ever seen the small talk at this kind of event capture in close up like this. Its remarkable …. and the Queen is hilarious! </p><div id="youtube2-T8dQOqCbcT4" class="youtube-wrap" data-attrs="{"videoId":"T8dQOqCbcT4","startTime":null,"endTime":null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/T8dQOqCbcT4?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></p><!--
{
"post_id": "39182048.thank-you-for-supporting-chartbook",
"post_date": "2021-07-25T12:17:44.326Z",
"is_published": false,
"email_sent_at": "2021-07-25T12:17:44.359Z",
"inbox_sent_at": "2021-07-25T12:17:44.359Z",
"type": "adhoc_email",
"audience": "only_paid",
"title": "Thank you for supporting Chartbook. Top Links #3",
"subtitle": "Samurai unchained, RIP China's \"Mr Millions\" and the Queen was quite curious about Saddam! "
}
-->
<p>Dear Subscribers</p><p>It is one week today since I started my experiment in Newsletter-busking and I wanted to send a special thank you to all of you who stepped up to support the mission. </p><p>This kind of writing is something of an experiment for me and it is wonderful to know that it is valued in a tangible way. </p><p>It is great also to read your comments on the Newsletter and the Top Links. Keep them coming. </p><p>I will be developing my offering for paying subscribers in the course of the fall. Apart from Top Links - #3 below - you will be receiving invitations to “Shutdown sessions” to discuss the book which is out in the US and UK on <a href="https://www.amazon.com/Shutdown-Covid-Shook-Worlds-Economy-ebook/dp/B08WK1WL23/ref=sr_1_3?dchild=1&keywords=shutdown&qid=1627214260&sr=8-3">September 7</a>. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!1p5A!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!1p5A!,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%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 424w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 848w, https://substackcdn.com/image/fetch/$s_!1p5A!,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%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 1272w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png" width="376" height="567.321554770318" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":854,"width":566,"resizeWidth":376,"bytes":546745,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":false,"topImage":true,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!1p5A!,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%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 424w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 848w, https://substackcdn.com/image/fetch/$s_!1p5A!,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%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 1272w, https://substackcdn.com/image/fetch/$s_!1p5A!,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%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.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>I look forward to being in touch. Thank you again for your support. Please feel free to share this link with anyone you might think might enjoy reading Chartbook</p><p class="button-wrapper" data-attrs="{"url":"https://adamtooze.substack.com/?utm_source=substack&utm_medium=email&utm_content=share&action=share","text":"Share Chartbook","action":null,"class":null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://adamtooze.substack.com/?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share Chartbook</span></a></p><p>Adam </p><p>********</p><p><strong>Top Links #3</strong></p><p><strong>Carbon Pricing</strong></p><p>Following last week’s <a href="https://adamtooze.substack.com/p/chartbook-newsletter-27-gilets-jaunes">Chartbook #27</a> on the Gilet Jaunes, I got into some interesting debates online about carbon pricing. This skeptical paper by <a href="https://www.ineteconomics.org/perspectives/blog/carbon-pricing-isnt-effective-at-reducing-co2-emissions">Lance Taylor</a> at INET has some beautiful and staggering graphs about energy flow through the US economy: </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!EU3P!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!EU3P!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 424w, https://substackcdn.com/image/fetch/$s_!EU3P!,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%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 848w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 1272w, https://substackcdn.com/image/fetch/$s_!EU3P!,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%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/bbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png" width="1456" height="842" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/bbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":842,"width":1456,"resizeWidth":null,"bytes":478464,"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/$s_!EU3P!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 424w, https://substackcdn.com/image/fetch/$s_!EU3P!,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%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 848w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 1272w, https://substackcdn.com/image/fetch/$s_!EU3P!,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%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.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><strong>China</strong></p><p>Its been a bit of a China month: My long Read for <a href="https://twitter.com/NewStatesman/">@NewStatesman</a> on China’s struggle for Econ development is <a href="https://www.newstatesman.com/international/places/2021/07/why-there-no-solution-our-age-crisis-without-china">here</a>.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!a_9e!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!a_9e!,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%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 424w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 848w, https://substackcdn.com/image/fetch/$s_!a_9e!,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%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 1272w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png" width="1456" height="720" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":720,"width":1456,"resizeWidth":null,"bytes":1925788,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!a_9e!,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%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 424w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 848w, https://substackcdn.com/image/fetch/$s_!a_9e!,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%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 1272w, https://substackcdn.com/image/fetch/$s_!a_9e!,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%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.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>It pairs with Chartbook #26 on China’s hyperinflation and Chartbook #28 on China as seen by the <a href="https://twitter.com/WorldBank/">@WorldBank</a> in 1983.</p><p>As <a href="https://www.ft.com/content/9ce326b2-abdb-467b-bfd1-425a499066c1">Kathrin Hille</a> of the FT points out, rising tension with China is opening the door to a more hawkish security policy on the part of Japan. And Japan’s latest defense <a href="https://www.mod.go.jp/en/publ/w_paper/wp2021/DOJ2021_Digest_EN.pdf">White Paper</a> certainly comes on strong.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!TflO!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!TflO!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 424w, https://substackcdn.com/image/fetch/$s_!TflO!,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%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 848w, https://substackcdn.com/image/fetch/$s_!TflO!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1272w, https://substackcdn.com/image/fetch/$s_!TflO!,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%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png" width="506" height="717.871921182266" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":1152,"width":812,"resizeWidth":506,"bytes":1060919,"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/$s_!TflO!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 424w, https://substackcdn.com/image/fetch/$s_!TflO!,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%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 848w, https://substackcdn.com/image/fetch/$s_!TflO!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1272w, https://substackcdn.com/image/fetch/$s_!TflO!,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%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.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>Inside, frankly, its largely pablum. </p><p>Meanwhile, the obituaries have been coming out for "Yang Baiwan, Millions Yang” - one of China’s original stock market speculators. Apparently he "liked the old saying that the first man to suppose a crab might be edible was either very forward-looking or very hungry. -> Learn from those who have the courage to eat crab". I like it! </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!p9_D!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!p9_D!,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%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 424w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 848w, https://substackcdn.com/image/fetch/$s_!p9_D!,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%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 1272w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/eddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png" width="1456" height="974" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/eddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":974,"width":1456,"resizeWidth":null,"bytes":1774984,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!p9_D!,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%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 424w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 848w, https://substackcdn.com/image/fetch/$s_!p9_D!,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%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 1272w, https://substackcdn.com/image/fetch/$s_!p9_D!,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%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.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>Source: <a href="https://inf.news/en/history/466488f3276be1080a3a362fb656a703.html">INF.news</a></p><p>“As a teenager, born in “new China” under the red flag, he had been a Red Guard, struggling gamely to enforce a traffic edict in Shanghai that revolutionary red meant “Go”, not “Stop”.” As is often the case, the <a href="https://www.economist.com/obituary/2021/07/24/yang-huaiding-died-on-june-13th">Economist obituary </a>is fantastic.</p><p>One of the recurring China scare stories concerns the hugely over-leveraged Evergrande property developer. If you follow this story, this punchy thread by Alex Turnbull gives you a contrarian take. </p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{"url":"https://twitter.com/alexbhturnbull/status/1417828704357548039","full_text":"Ok on <span class=\"tweet-fake-link\">#Evergrande</span> I'm going to make a few suggestions:\n1) This isn't China's 2008 moment. \n2) This is actually entirely consistent with the tech crackdown. \n3) There is a likely state where HY bonds get restructured / crammed, equity hit very hard and all in.... doesn't matter.","username":"alexbhturnbull","name":"Alex Turnbull","date":"Wed Jul 21 12:47:59 +0000 2021","photos":[],"quoted_tweet":{},"retweet_count":3,"like_count":18,"expanded_url":{},"video_url":null,"belowTheFold":true}"><a class="tweet-link-top" href="https://twitter.com/alexbhturnbull/status/1417828704357548039" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/alexbhturnbull.jpg" alt="Twitter avatar for @alexbhturnbull" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Alex Turnbull </span><span class="tweet-author-handle">@alexbhturnbull</span></div></div><div class="tweet-text">Ok on <span class="tweet-fake-link">#Evergrande</span> I'm going to make a few suggestions:
1) This isn't China's 2008 moment.
2) This is actually entirely consistent with the tech crackdown.
3) There is a likely state where HY bonds get restructured / crammed, equity hit very hard and all in.... doesn't matter.</div></a><a class="tweet-link-bottom" href="https://twitter.com/alexbhturnbull/status/1417828704357548039" target="_blank"><div class="tweet-footer"><span class="tweet-date">12:47 PM ∙ Jul 21, 2021</span><hr><div class="tweet-ufi"><span href="https://twitter.com/alexbhturnbull/status/1417828704357548039/likes" class="likes"><span class="like-count">18</span>Likes</span><span href="https://twitter.com/alexbhturnbull/status/1417828704357548039/retweets" class="retweets"><span class="rt-count">3</span>Retweets</span></div></div></a></div><p><strong>Brexit Britain</strong></p><p>It has been a bumper period for speculation about what makes <strong>Brexit Britain tick.</strong></p><p>My selection of good reads would include <a href="https://newleftreview.org/sidecar/posts/only-joking">Will Davies </a>on the <em>New Left Review</em> blog on the <em>Spectator</em> set. <a href="https://www.geoffmulgan.com/post/spectators-v-doers-the-challenge-for-the-uk-s-ruling-clique">Geoff Mulgan</a> also on the <em>Spectator</em> set. The <em>Spectator</em> is pivotal because Boris Johnson was its editor rom 1999 to 2005 and it is thought to have set the tone for the subsequent degeneration of the Tory party. </p><p>For the background in Britain’s political economy, I still love this piece from <a href="https://www.theguardian.com/commentisfree/2019/oct/09/brexit-crisis-global-capitalism-britain-place-world">David Edgerton</a> back in 2019. </p><p>On the Northern Irish deal <a href="https://www.theguardian.com/commentisfree/2021/jul/23/northern-ireland-protocol-boris-johnson-oven-ready-deal-sausage">Fintan O’Toole</a> in the <em>Guardian</em> is simply devastating.</p><p>And for excellent hard hitting blogging on the on-going Brexit saga see <a href="https://chrisgreybrexitblog.blogspot.com/2021/07/the-frost-johnson-approach-has-already.html">Chris Grey</a>. </p><p><strong>How to blow up a pipeline</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Sx8z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Sx8z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 424w, https://substackcdn.com/image/fetch/$s_!Sx8z!,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%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 848w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 1272w, https://substackcdn.com/image/fetch/$s_!Sx8z!,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%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dec50f77-67a8-4f60-80be-98c91733f568_608x916.png" width="324" height="488.13157894736844" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dec50f77-67a8-4f60-80be-98c91733f568_608x916.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":916,"width":608,"resizeWidth":324,"bytes":659449,"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/$s_!Sx8z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 424w, https://substackcdn.com/image/fetch/$s_!Sx8z!,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%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 848w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 1272w, https://substackcdn.com/image/fetch/$s_!Sx8z!,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%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.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>I dont share the politics of left-thinker and environmental activist Andreas Malm, but I really admire his historical creativity, his intellectual energy and his eloquence. All of that is on display in this <a href="https://www.versobooks.com/blogs/4787-politics-theory-other-podcast-91-corona-climate-chronic-emergency">great podcast</a> with Alex Doherty at Politics Theory Other. </p><p>One of my projects for August is to write an omnibus review of Malm’s work for LRB. Look out for that in September. </p><p><strong>Wandering through Wages </strong></p><p>One of the things I love about newsletter writing, is the license to meander. I tried to pull together my impressions about this in the updated introduction to <a href="https://adamtooze.substack.com/about">Chartbook</a>.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!xwdi!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!xwdi!,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%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 424w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 848w, https://substackcdn.com/image/fetch/$s_!xwdi!,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%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 1272w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png" width="1234" height="826" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":826,"width":1234,"resizeWidth":null,"bytes":2134668,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!xwdi!,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%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 424w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 848w, https://substackcdn.com/image/fetch/$s_!xwdi!,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%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 1272w, https://substackcdn.com/image/fetch/$s_!xwdi!,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%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.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>Achieving some kind of integration between the various strands of thinking about history, economics, theory, politics I have been engaged in over the decades is the prize. I am coming to think that the indirect approach may work best for me. </p><p>In that vein, this conversation I had with Alex Doherty a while back about <em>Wages of Destruction</em> may be of interest.</p><div class="soundcloud-wrap" data-attrs="{"url":"https://api.soundcloud.com/tracks/463287405","title":"#14 Adam Tooze on Nazi ideology and the German war economy by Politics Theory Other","description":"Adam Tooze joins me to discuss his book 'The Wages of Destruction: The Making and Breaking of the Nazi Economy'. We discussed the entwinement of Nazi ideology and economics, the explanation for the apparent irrationality of German military strategy, the comparative backwardness of the German economy in the pre-war period, and the question of 1930s parallels in the post-financial crash era.","thumbnail_url":"https://i1.sndcdn.com/artworks-000364996824-pp89cx-t500x500.jpg","author_name":"Politics Theory Other","author_url":"https://soundcloud.com/poltheoryother","targetUrl":""}" data-component-name="SoundcloudToDOM"><iframe src="https://w.soundcloud.com/player/?auto_play=false&buying=false&liking=false&download=false&sharing=false&show_artwork=true&show_comments=false&show_playcount=false&show_user=true&hide_related=true&visual=false&start_track=0&url=https%3A%2F%2Fapi.soundcloud.com%2Ftracks%2F463287405" frameborder="0" gesture="media" scrolling="no" allowfullscreen="true"></iframe></div><p><strong>“You are expendable” QEII to ex PM Heath:</strong></p><p>The seventeenth G7 summit was held in London in July, 1991. Her Majesty hosted a function at Buckingham Palace. The gathering included the Duke of Edinburgh, the Prince and Princess of Wales, John Major, George H. W. Bush, François Mitterrand, Helmut Kohl. As Duncan Weldon observed, I dont think I have ever seen the small talk at this kind of event capture in close up like this. Its remarkable …. and the Queen is hilarious! </p><div id="youtube2-T8dQOqCbcT4" class="youtube-wrap" data-attrs="{"videoId":"T8dQOqCbcT4","startTime":null,"endTime":null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/T8dQOqCbcT4?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></p>No children (leaf entity)