Top Links #83: Energy transition, Tesla Slump and US immigration

Version: 4 (current) | Updated: 11/13/2025, 6:21:58 AM

Added description

Description

Top Links #83: Energy transition, Tesla Slump and US immigration

Overview

Top Links #83 is a digital newsletter published on 10 July 2022 by Adam Tooze for the “test‑tooze” institution. The newsletter is written in English and distributed through the PINAX platform. It is a single‑issue, text‑based publication that includes hyperlinks, brief commentary, and a series of illustrative images. The work is copyrighted under the Chartbook Newsletter license.

Background

The newsletter is part of the “Top Links” series, a periodic briefing that aggregates contemporary developments across economics, energy, and cultural history. Adam Tooze, a noted economic historian, curates the content, drawing on data from sources such as Econofact and public investment reports. The publication was produced in Ixelles, Brussels, and references events and locations in the United States, Germany, Spain, and Portugal.

Contents

The text covers a wide range of subjects:
  • Energy transition (wind, solar, nuclear, hydro) and its policy implications.
  • Tesla’s stock slump and its impact on the electric‑vehicle sector.
  • US immigration trends, including the 2020‑2021 shortfall of 2 million net entrants and 1 million college‑educated migrants.
  • Public investment dynamics, with a focus on Germany’s early‑2000s slump linked to communal‑level investment collapse.
  • Historical empires (Spanish and Portuguese) and their 1790 territorial extent.
  • Art Nouveau architecture in Ixelles, Germany, and fashion history (e.g., the 1892 “Frocking Fabulous” garment).

The newsletter incorporates several images: a wind‑solar diagram, a nuclear‑hydro illustration of US energy, a graphic of Tesla’s decline, a map of the Spanish‑Portuguese empires, a photo of the Kevlar body‑armor jacket, and a portrait of Tanja Ramm by Lee Miller. Each image is referenced with contextual captions.

Scope

The issue is a snapshot of global economic and cultural trends as of mid‑2022. It covers events from the early 2000s to 2022, focusing on the United States, Germany, Spain, Portugal, and Belgium. Topics span energy policy, finance, migration, public investment, historical geography, and visual culture. The newsletter does not provide exhaustive data but offers curated links and visual aids for further exploration.

Entities

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Entity Relationships

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Raw Cheimarros Data

@adam_tooze:person {full_name: "Adam Tooze"}

@top_links_83:document {title: "Top Links #83: Energy transition, Tesla Slump and US immigration", creator: @adam_tooze, date: @date_2022_07_10}

@energy_transition:concept
@tesla:organization   # common knowledge, referenced only
@us_immigration:concept
@art_nouveau:concept
@nuclear_energy:concept
@hydro_energy:concept
@covid_19:concept
@public_investment:concept
@german_economy:concept
@historical_empires:concept
@fashion_history:concept

@wind_energy:concept
@solar_energy:concept
@us_energy:concept

@tesla_slump:event {description: "Tesla stock performance slump"}

@immigration_shortfall:event {description: "US immigration net inflow halted due to COVID‑19 restrictions", start: @date_2020, end: @date_2021, lost_immigrants: 2000000, lost_college_educated: 1000000}

@german_public_investment_slump:event {description: "German public investment slump beginning early 2000s", start: @date_2000, cause: "collapse of communal‑level investment"}

@spanish_portuguese_empires_map:document {description: "Map of the Spanish and Portuguese Empires around 1790", when: @date_1790}
@spanish_empire:concept
@portuguese_empire:concept

@frocking_fabulous:concept {origin: @date_1892, source: @national_gallery_of_australia}
@pingat:organization

@kevlar_body_armor_jacket:event {description: "Kevlar body‑armor sports jacket", year: @date_1974}
@natick_laboratories:organization

@tanja_ramm_portrait:event {description: "Portrait of Tanja Ramm", artist: @lee_miller, year: @date_1930}
@lee_miller:person

@national_gallery_of_australia:organization

@econofact:organization

@claus_michelsen:person

@ixelles_brussels:place {city: @brussels, district: "Ixelles", country: @belgium, year: @date_1902}

@date_2022_07_10
@date_2020
@date_2021
@date_1790
@date_1902
@date_1974
@date_1930
@date_2000
@date_1892

# File references
@file_pinax -> documents -> @top_links_83:document
@file_63422737_top_links_83_energy_transition_tesla -> documents -> @top_links_83:document
@file_63452548_energy_transition_tesla_slump_and -> documents -> @top_links_83:document

# Newsletter composition
@top_links_83 -> includes topics -> [@energy_transition, @tesla, @us_immigration, @art_nouveau, @nuclear_energy, @hydro_energy, @covid_19, @public_investment, @german_economy, @historical_empires, @fashion_history]

# Energy transition commentary
@wind_energy -> contribution -> @energy_transition {size: "tiny"}
@solar_energy -> contribution -> @energy_transition {size: "tiny"}

# US energy commentary
@us_energy -> comprises -> [@nuclear_energy, @hydro_energy] {significance: "most significant non‑fossil ventures in American history"}

# Tesla slump
@tesla_slump -> related to -> @tesla

# Immigration shortfall
@immigration_shortfall -> affects -> @us_immigration
@econofact -> provided data for -> @immigration_shortfall

# German public investment slump
@german_public_investment_slump -> driven by -> @communal_investment_collapse:concept
@claus_michelsen -> credited for -> @german_public_investment_slump

# Historical empires map
@spanish_portuguese_empires_map -> shows -> [@spanish_empire, @portuguese_empire] {year: @date_1790}

# Fashion history tweet
@frocking_fabulous -> described by -> @pingat {year: @date_1892}
@pingat -> source -> @national_gallery_of_australia

# Kevlar jacket tweet
@kevlar_body_armor_jacket -> produced by -> @natick_laboratories {year: @date_1974}

# Tanja Ramm portrait tweet
@tanja_ramm_portrait -> created by -> @lee_miller {year: @date_1930}

# Images (illustrative relationships)
@image_art_nouveau_doorway:document {depicts: @ixelles_brussels, year: @date_1902}
@image_wind_solar:document {illustrates: [@wind_energy, @solar_energy]}
@image_nuclear_hydro:document {illustrates: @us_energy}
@image_tesla_fall:document {illustrates: @tesla_slump}
@image_spanish_portuguese_empires:document {depicts: @spanish_portuguese_empires_map}
@image_frocking_fabulous:document {depicts: @frocking_fabulous}
@image_kevlar_jacket:document {depicts: @kevlar_body_armor_jacket}
@image_tanja_ramm:document {depicts: @tanja_ramm_portrait}

Metadata

Title
Top Links #83: Energy transition, Tesla Slump and US immigration
Type
Text
Creator
Adam Tooze
Institution
test-tooze
Created
2022-07-10
Language
en
Subjects
Energy transition, Tesla, US immigration, Art Nouveau, Nuclear energy, Hydro energy, COVID-19, Public investment, German economy, Historical empires, Fashion history
Rights
Copyright Chartbook Newsletter
Place
Ixelles, Brussels, United States, Germany, Spain, Portugal
Source
PINAX

Version History (4 versions)

  • ✓ v4 (current) · 11/13/2025, 6:21:58 AM
    "Added description"
  • v3 · 11/13/2025, 6:09:11 AM · View this version
    "Added knowledge graph extraction"
  • v2 · 11/13/2025, 5:52:49 AM · View this version
    "Added PINAX metadata"
  • v1 · 11/13/2025, 5:44:49 AM · View this version
    "Reorganization group: Energy_Transition_and_Tesla"

Additional Components

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<p>Thank you for reading and supporting Chartbook newsletter.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!cMaM!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!cMaM!,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%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 424w, https://substackcdn.com/image/fetch/$s_!cMaM!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 848w, https://substackcdn.com/image/fetch/$s_!cMaM!,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%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 1272w, https://substackcdn.com/image/fetch/$s_!cMaM!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/259d1717-450d-460a-9870-5f3b57342b99_856x1310.png" width="856" height="1310" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/259d1717-450d-460a-9870-5f3b57342b99_856x1310.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1310,&quot;width&quot;:856,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:2121083,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!cMaM!,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%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 424w, https://substackcdn.com/image/fetch/$s_!cMaM!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 848w, https://substackcdn.com/image/fetch/$s_!cMaM!,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%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 1272w, https://substackcdn.com/image/fetch/$s_!cMaM!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>An <a href="https://en.wikipedia.org/wiki/Art_Nouveau_in_Brussels">Art Nouveau</a> doorway in Ixelles, Brussels dating from 1902</p><p><strong>Energy transition</strong></p><p>There is a lot of talk of the energy transition, but, at the global level, the contribution of wind and solar is still tiny.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!yHzn!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!yHzn!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 424w, https://substackcdn.com/image/fetch/$s_!yHzn!,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%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 848w, https://substackcdn.com/image/fetch/$s_!yHzn!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 1272w, https://substackcdn.com/image/fetch/$s_!yHzn!,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%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png" width="1456" height="1101" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1101,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:879266,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!yHzn!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 424w, https://substackcdn.com/image/fetch/$s_!yHzn!,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%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 848w, https://substackcdn.com/image/fetch/$s_!yHzn!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 1272w, https://substackcdn.com/image/fetch/$s_!yHzn!,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%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 1456w" sizes="100vw"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://adamtooze.substack.com/?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share Chartbook&quot;,&quot;action&quot;:null,&quot;class&quot;: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><strong>US energy</strong></p><p>To date, nuclear and hydro are the most significant ventures in non-fossil energy in American history. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!TBXb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!TBXb!,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%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 424w, https://substackcdn.com/image/fetch/$s_!TBXb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 848w, https://substackcdn.com/image/fetch/$s_!TBXb!,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%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 1272w, https://substackcdn.com/image/fetch/$s_!TBXb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/cf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png" width="1456" height="930" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/cf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:930,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:709915,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!TBXb!,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%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 424w, https://substackcdn.com/image/fetch/$s_!TBXb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 848w, https://substackcdn.com/image/fetch/$s_!TBXb!,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%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 1272w, https://substackcdn.com/image/fetch/$s_!TBXb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p><strong>Tesla fall</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!dO-k!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!dO-k!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png 424w, https://substackcdn.com/image/fetch/$s_!dO-k!,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%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png 848w, https://substackcdn.com/image/fetch/$s_!dO-k!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png 1272w, https://substackcdn.com/image/fetch/$s_!dO-k!,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%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/b385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png" width="1146" height="1126" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/b385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1126,&quot;width&quot;:1146,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:592289,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!dO-k!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png 424w, https://substackcdn.com/image/fetch/$s_!dO-k!,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%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png 848w, https://substackcdn.com/image/fetch/$s_!dO-k!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png 1272w, https://substackcdn.com/image/fetch/$s_!dO-k!,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%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.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>Once were empires</strong> </p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{&quot;url&quot;:&quot;https://twitter.com/simongerman600/status/1540757980823445504&quot;,&quot;full_text&quot;:&quot;Map shows the Spanish and Portugese Empires at around 1790. Source: <a class=\&quot;tweet-url\&quot; href=\&quot;http://buff.ly/32cSgjG\&quot;>buff.ly/32cSgjG</a> &quot;,&quot;username&quot;:&quot;simongerman600&quot;,&quot;name&quot;:&quot;Simon Kuestenmacher&quot;,&quot;date&quot;:&quot;Sat Jun 25 18:05:03 +0000 2022&quot;,&quot;photos&quot;:[{&quot;img_url&quot;:&quot;https://pbs.substack.com/media/FWHfN0pUEAAIIwq.jpg&quot;,&quot;link_url&quot;:&quot;https://t.co/AXJJbmsC7H&quot;,&quot;alt_text&quot;:null}],&quot;quoted_tweet&quot;:{},&quot;retweet_count&quot;:69,&quot;like_count&quot;:213,&quot;expanded_url&quot;:{},&quot;video_url&quot;:null,&quot;belowTheFold&quot;:true}"><a class="tweet-link-top" href="https://twitter.com/simongerman600/status/1540757980823445504" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/simongerman600.jpg" alt="Twitter avatar for @simongerman600" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Simon Kuestenmacher </span><span class="tweet-author-handle">@simongerman600</span></div></div><div class="tweet-text">Map shows the Spanish and Portugese Empires at around 1790. Source: <a class="tweet-url" href="http://buff.ly/32cSgjG" target="_blank">buff.ly/32cSgjG</a> </div><div class="tweet-photos-container one"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!1WOR!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFWHfN0pUEAAIIwq.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/FWHfN0pUEAAIIwq.jpg" alt="Image" loading="lazy"></picture></div></div></a><a class="tweet-link-bottom" href="https://twitter.com/simongerman600/status/1540757980823445504" target="_blank"><div class="tweet-footer"><span class="tweet-date">6:05 PM ∙ Jun 25, 2022</span><hr><div class="tweet-ufi"><span href="https://twitter.com/simongerman600/status/1540757980823445504/likes" class="likes"><span class="like-count">213</span>Likes</span><span href="https://twitter.com/simongerman600/status/1540757980823445504/retweets" class="retweets"><span class="rt-count">69</span>Retweets</span></div></div></a></div><p><strong>Frocking fabulous </strong></p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{&quot;url&quot;:&quot;https://twitter.com/MadameGilflurt/status/1540690445285588992&quot;,&quot;full_text&quot;:&quot;When I’m an acid drop, I’ll wear this all the time. Bloody love it! <span class=\&quot;tweet-fake-link\&quot;>#Frockingfabulous</span> by Pingat, c.1892. Via the National Gallery of Australia. &quot;,&quot;username&quot;:&quot;MadameGilflurt&quot;,&quot;name&quot;:&quot;Catherine Curzon&quot;,&quot;date&quot;:&quot;Sat Jun 25 13:36:41 +0000 2022&quot;,&quot;photos&quot;:[{&quot;img_url&quot;:&quot;https://pbs.substack.com/media/FWGhyHSWIAAZstI.jpg&quot;,&quot;link_url&quot;:&quot;https://t.co/U3b5MvOCRw&quot;,&quot;alt_text&quot;:null},{&quot;img_url&quot;:&quot;https://pbs.substack.com/media/FWGhyHQXoAAjYBQ.jpg&quot;,&quot;link_url&quot;:&quot;https://t.co/U3b5MvOCRw&quot;,&quot;alt_text&quot;:null}],&quot;quoted_tweet&quot;:{},&quot;retweet_count&quot;:0,&quot;like_count&quot;:9,&quot;expanded_url&quot;:{},&quot;video_url&quot;:null,&quot;belowTheFold&quot;:true}"><a class="tweet-link-top" href="https://twitter.com/MadameGilflurt/status/1540690445285588992" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/MadameGilflurt.jpg" alt="Twitter avatar for @MadameGilflurt" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Catherine Curzon </span><span class="tweet-author-handle">@MadameGilflurt</span></div></div><div class="tweet-text">When I’m an acid drop, I’ll wear this all the time. Bloody love it! <span class="tweet-fake-link">#Frockingfabulous</span> by Pingat, c.1892. Via the National Gallery of Australia. </div><div class="tweet-photos-container two"><div class="tweet-photos-column"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!uDU6!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFWGhyHSWIAAZstI.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/FWGhyHSWIAAZstI.jpg" alt="Image" loading="lazy"></picture></div></div><div class="tweet-photos-column"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!-26h!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFWGhyHQXoAAjYBQ.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/FWGhyHQXoAAjYBQ.jpg" alt="Image" loading="lazy"></picture></div></div></div></a><a class="tweet-link-bottom" href="https://twitter.com/MadameGilflurt/status/1540690445285588992" target="_blank"><div class="tweet-footer"><span class="tweet-date">1:36 PM ∙ Jun 25, 2022</span></div></a></div><p><strong>The fiscal burden of aging</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!l4_1!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!l4_1!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 424w, https://substackcdn.com/image/fetch/$s_!l4_1!,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%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 848w, https://substackcdn.com/image/fetch/$s_!l4_1!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 1272w, https://substackcdn.com/image/fetch/$s_!l4_1!,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%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png" width="1456" height="1110" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1110,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:853628,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!l4_1!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 424w, https://substackcdn.com/image/fetch/$s_!l4_1!,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%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 848w, https://substackcdn.com/image/fetch/$s_!l4_1!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 1272w, https://substackcdn.com/image/fetch/$s_!l4_1!,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%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.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>COVID closure</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!IK3S!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!IK3S!,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%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 424w, https://substackcdn.com/image/fetch/$s_!IK3S!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 848w, https://substackcdn.com/image/fetch/$s_!IK3S!,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%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 1272w, https://substackcdn.com/image/fetch/$s_!IK3S!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png" width="1108" height="738" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:738,&quot;width&quot;:1108,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:158421,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!IK3S!,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%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 424w, https://substackcdn.com/image/fetch/$s_!IK3S!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 848w, https://substackcdn.com/image/fetch/$s_!IK3S!,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%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 1272w, https://substackcdn.com/image/fetch/$s_!IK3S!,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%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><blockquote><p>Due to increased restrictions on immigration and travel, which began with the COVID-19 pandemic in the early months of 2020, the net inflow of immigrants into the United States has essentially halted for almost 2 years. By the end of 2021 there were about 2 million fewer working-age immigrants living in the United States than there would have been if the pre-2020 immigration trend had continued unchanged. Of these lost immigrants, about one million would have been college educated. The data on labor shortages across industries suggest that this dramatic drop in foreign labor supply growth is likely a contributor to the current worker shortages and could slow down employment recovery and growth as the economy picks up speed.</p></blockquote><p>Source: <a href="https://econofact.org/labor-shortages-and-the-immigration-shortfall">Econofact</a> </p><p><strong>German public investment</strong> </p><p>The slump in German public investment which began in the early 2000s was driven above all by the collapse in investment at the communal level. Federal and land-level budgets matter far less. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Lc69!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Lc69!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png 424w, https://substackcdn.com/image/fetch/$s_!Lc69!,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%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png 848w, https://substackcdn.com/image/fetch/$s_!Lc69!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png 1272w, https://substackcdn.com/image/fetch/$s_!Lc69!,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%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/fa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png" width="1456" height="954" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/fa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:954,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:292043,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!Lc69!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png 424w, https://substackcdn.com/image/fetch/$s_!Lc69!,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%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png 848w, https://substackcdn.com/image/fetch/$s_!Lc69!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png 1272w, https://substackcdn.com/image/fetch/$s_!Lc69!,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%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.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>h/t @ClausMichelsen </p><p><strong>Shoot me now!</strong></p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{&quot;url&quot;:&quot;https://twitter.com/provacatif/status/1536927264931184641?s=20&amp;t=3_2qifJtKa7-F7oYe4DwPw&quot;,&quot;full_text&quot;:&quot;Kevlar body armor sports jacket, Natick Laboratories, 1974 &quot;,&quot;username&quot;:&quot;provacatif&quot;,&quot;name&quot;:&quot;P R O V A C A T I F&quot;,&quot;date&quot;:&quot;Wed Jun 15 04:23:09 +0000 2022&quot;,&quot;photos&quot;:[{&quot;img_url&quot;:&quot;https://pbs.substack.com/media/FVRDM2fWYAAet_l.jpg&quot;,&quot;link_url&quot;:&quot;https://t.co/rPhZ15uuFN&quot;,&quot;alt_text&quot;:null}],&quot;quoted_tweet&quot;:{},&quot;retweet_count&quot;:0,&quot;like_count&quot;:20,&quot;expanded_url&quot;:{},&quot;video_url&quot;:null,&quot;belowTheFold&quot;:true}"><a class="tweet-link-top" href="https://twitter.com/provacatif/status/1536927264931184641?s=20&amp;t=3_2qifJtKa7-F7oYe4DwPw" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/provacatif.jpg" alt="Twitter avatar for @provacatif" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">P R O V A C A T I F </span><span class="tweet-author-handle">@provacatif</span></div></div><div class="tweet-text">Kevlar body armor sports jacket, Natick Laboratories, 1974 </div><div class="tweet-photos-container one"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!kLAK!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFVRDM2fWYAAet_l.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/FVRDM2fWYAAet_l.jpg" alt="Image" loading="lazy"></picture></div></div></a><a class="tweet-link-bottom" href="https://twitter.com/provacatif/status/1536927264931184641?s=20&amp;t=3_2qifJtKa7-F7oYe4DwPw" target="_blank"><div class="tweet-footer"><span class="tweet-date">4:23 AM ∙ Jun 15, 2022</span></div></a></div><p><strong>Surreal portrait</strong></p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{&quot;url&quot;:&quot;https://twitter.com/Daniel_Red_Eire/status/1514544897042403334&quot;,&quot;full_text&quot;:&quot;Tanja Ramm by Lee Miller, 1930 &quot;,&quot;username&quot;:&quot;Daniel_Red_Eire&quot;,&quot;name&quot;:&quot;Daniel Brami&quot;,&quot;date&quot;:&quot;Thu Apr 14 10:03:36 +0000 2022&quot;,&quot;photos&quot;:[{&quot;img_url&quot;:&quot;https://pbs.substack.com/media/FQS-joiXoAQ0pve.jpg&quot;,&quot;link_url&quot;:&quot;https://t.co/1GzJ2EbTyV&quot;,&quot;alt_text&quot;:null}],&quot;quoted_tweet&quot;:{},&quot;retweet_count&quot;:0,&quot;like_count&quot;:2,&quot;expanded_url&quot;:{},&quot;video_url&quot;:null,&quot;belowTheFold&quot;:true}"><a class="tweet-link-top" href="https://twitter.com/Daniel_Red_Eire/status/1514544897042403334" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/Daniel_Red_Eire.jpg" alt="Twitter avatar for @Daniel_Red_Eire" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Daniel Brami </span><span class="tweet-author-handle">@Daniel_Red_Eire</span></div></div><div class="tweet-text">Tanja Ramm by Lee Miller, 1930 </div><div class="tweet-photos-container one"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!tpI5!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFQS-joiXoAQ0pve.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/FQS-joiXoAQ0pve.jpg" alt="Image" loading="lazy"></picture></div></div></a><a class="tweet-link-bottom" href="https://twitter.com/Daniel_Red_Eire/status/1514544897042403334" target="_blank"><div class="tweet-footer"><span class="tweet-date">10:03 AM ∙ Apr 14, 2022</span></div></a></div><p>If you love Chartbook why 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63452548.energy-transition-tesla-slump-and.html
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  "title": "Energy transition, Tesla Slump and US immigration ",
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}
-->
<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!cMaM!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!cMaM!,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%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 424w, https://substackcdn.com/image/fetch/$s_!cMaM!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 848w, https://substackcdn.com/image/fetch/$s_!cMaM!,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%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 1272w, https://substackcdn.com/image/fetch/$s_!cMaM!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/259d1717-450d-460a-9870-5f3b57342b99_856x1310.png" width="856" height="1310" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/259d1717-450d-460a-9870-5f3b57342b99_856x1310.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1310,&quot;width&quot;:856,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:2121083,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!cMaM!,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%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 424w, https://substackcdn.com/image/fetch/$s_!cMaM!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 848w, https://substackcdn.com/image/fetch/$s_!cMaM!,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%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.png 1272w, https://substackcdn.com/image/fetch/$s_!cMaM!,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%2F259d1717-450d-460a-9870-5f3b57342b99_856x1310.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>An <a href="https://en.wikipedia.org/wiki/Art_Nouveau_in_Brussels">Art Nouveau</a> doorway in Ixelles, Brussels dating from 1902</p><p>Thank you for reading Chartbook Newsletter. I love putting out the newseletter for free to thousands of readers around the world. But what sustains the effort are voluntary subscriptions from paying supporters. If you are enjoying the newsletter and would like to join the group of supporters, press this button and pick one of the three options.</p><p>Several times per week, paying subscribers to the Newsletter receive the full Top Links email with great links, reading and images.</p><p>There are three subscription models:</p><ol><li><p>The&nbsp;<strong>annual subscription: $50 annually</strong></p></li><li><p>The&nbsp;<strong>standard monthly subscription: $5 monthly -</strong>&nbsp;which gives you a bit more flexibility.</p></li><li><p><strong>Founders club:$ 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&nbsp;<strong>Founders Club</strong>.</p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://adamtooze.substack.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://adamtooze.substack.com/subscribe?"><span>Subscribe now</span></a></p><p></p></li></ol><p><strong>Energy transition</strong></p><p>There is a lot of talk of the energy transition, but, at the global level, the contribution of wind and solar is still tiny.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!yHzn!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!yHzn!,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%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 424w, https://substackcdn.com/image/fetch/$s_!yHzn!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 848w, https://substackcdn.com/image/fetch/$s_!yHzn!,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%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 1272w, https://substackcdn.com/image/fetch/$s_!yHzn!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png" width="1456" height="1101" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1101,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:879266,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:&quot;&quot;,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!yHzn!,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%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 424w, https://substackcdn.com/image/fetch/$s_!yHzn!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 848w, https://substackcdn.com/image/fetch/$s_!yHzn!,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%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 1272w, https://substackcdn.com/image/fetch/$s_!yHzn!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F07f7c608-b17c-409c-8b70-5c3a0cbbdc38_1664x1258.png 1456w" sizes="100vw"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p><strong>US energy</strong></p><p>To date, nuclear and hydro are the most significant ventures in non-fossil energy in American history. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!TBXb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!TBXb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 424w, https://substackcdn.com/image/fetch/$s_!TBXb!,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%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 848w, https://substackcdn.com/image/fetch/$s_!TBXb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 1272w, https://substackcdn.com/image/fetch/$s_!TBXb!,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%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/cf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png" width="1456" height="930" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/cf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:930,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:709915,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:&quot;&quot;,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!TBXb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 424w, https://substackcdn.com/image/fetch/$s_!TBXb!,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%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 848w, https://substackcdn.com/image/fetch/$s_!TBXb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.png 1272w, https://substackcdn.com/image/fetch/$s_!TBXb!,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%2Fcf04077c-6c4a-4cbb-93fb-f38b68c82606_1820x1162.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>Tesla fall</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!dO-k!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!dO-k!,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%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png 424w, https://substackcdn.com/image/fetch/$s_!dO-k!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png 848w, https://substackcdn.com/image/fetch/$s_!dO-k!,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%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png 1272w, https://substackcdn.com/image/fetch/$s_!dO-k!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/b385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png" width="1146" height="1126" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/b385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1126,&quot;width&quot;:1146,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:592289,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:&quot;&quot;,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!dO-k!,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%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png 424w, https://substackcdn.com/image/fetch/$s_!dO-k!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png 848w, https://substackcdn.com/image/fetch/$s_!dO-k!,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%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.png 1272w, https://substackcdn.com/image/fetch/$s_!dO-k!,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%2Fb385ef18-b9b9-4a36-89ee-2eb9e7012702_1146x1126.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>Once were empires</strong> </p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{&quot;url&quot;:&quot;https://twitter.com/simongerman600/status/1540757980823445504&quot;,&quot;full_text&quot;:&quot;Map shows the Spanish and Portugese Empires at around 1790. Source: <a class=\&quot;tweet-url\&quot; href=\&quot;http://buff.ly/32cSgjG\&quot;>buff.ly/32cSgjG</a> &quot;,&quot;username&quot;:&quot;simongerman600&quot;,&quot;name&quot;:&quot;Simon Kuestenmacher&quot;,&quot;date&quot;:&quot;Sat Jun 25 18:05:03 +0000 2022&quot;,&quot;photos&quot;:[{&quot;img_url&quot;:&quot;https://pbs.substack.com/media/FWHfN0pUEAAIIwq.jpg&quot;,&quot;link_url&quot;:&quot;https://t.co/AXJJbmsC7H&quot;,&quot;alt_text&quot;:null}],&quot;quoted_tweet&quot;:{},&quot;retweet_count&quot;:69,&quot;like_count&quot;:213,&quot;expanded_url&quot;:{},&quot;video_url&quot;:null,&quot;belowTheFold&quot;:true}"><a class="tweet-link-top" href="https://twitter.com/simongerman600/status/1540757980823445504" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/simongerman600.jpg" alt="Twitter avatar for @simongerman600" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Simon Kuestenmacher </span><span class="tweet-author-handle">@simongerman600</span></div></div><div class="tweet-text">Map shows the Spanish and Portugese Empires at around 1790. Source: <a class="tweet-url" href="http://buff.ly/32cSgjG" target="_blank">buff.ly/32cSgjG</a> </div><div class="tweet-photos-container one"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!1WOR!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFWHfN0pUEAAIIwq.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/FWHfN0pUEAAIIwq.jpg" alt="Image" loading="lazy"></picture></div></div></a><a class="tweet-link-bottom" href="https://twitter.com/simongerman600/status/1540757980823445504" target="_blank"><div class="tweet-footer"><span class="tweet-date">6:05 PM ∙ Jun 25, 2022</span><hr><div class="tweet-ufi"><span href="https://twitter.com/simongerman600/status/1540757980823445504/likes" class="likes"><span class="like-count">213</span>Likes</span><span href="https://twitter.com/simongerman600/status/1540757980823445504/retweets" class="retweets"><span class="rt-count">69</span>Retweets</span></div></div></a></div><p><strong>Frocking fabulous </strong></p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{&quot;url&quot;:&quot;https://twitter.com/MadameGilflurt/status/1540690445285588992&quot;,&quot;full_text&quot;:&quot;When I’m an acid drop, I’ll wear this all the time. Bloody love it! <span class=\&quot;tweet-fake-link\&quot;>#Frockingfabulous</span> by Pingat, c.1892. Via the National Gallery of Australia. &quot;,&quot;username&quot;:&quot;MadameGilflurt&quot;,&quot;name&quot;:&quot;Catherine Curzon&quot;,&quot;date&quot;:&quot;Sat Jun 25 13:36:41 +0000 2022&quot;,&quot;photos&quot;:[{&quot;img_url&quot;:&quot;https://pbs.substack.com/media/FWGhyHSWIAAZstI.jpg&quot;,&quot;link_url&quot;:&quot;https://t.co/U3b5MvOCRw&quot;,&quot;alt_text&quot;:null},{&quot;img_url&quot;:&quot;https://pbs.substack.com/media/FWGhyHQXoAAjYBQ.jpg&quot;,&quot;link_url&quot;:&quot;https://t.co/U3b5MvOCRw&quot;,&quot;alt_text&quot;:null}],&quot;quoted_tweet&quot;:{},&quot;retweet_count&quot;:0,&quot;like_count&quot;:9,&quot;expanded_url&quot;:{},&quot;video_url&quot;:null,&quot;belowTheFold&quot;:true}"><a class="tweet-link-top" href="https://twitter.com/MadameGilflurt/status/1540690445285588992" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/MadameGilflurt.jpg" alt="Twitter avatar for @MadameGilflurt" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Catherine Curzon </span><span class="tweet-author-handle">@MadameGilflurt</span></div></div><div class="tweet-text">When I’m an acid drop, I’ll wear this all the time. Bloody love it! <span class="tweet-fake-link">#Frockingfabulous</span> by Pingat, c.1892. Via the National Gallery of Australia. </div><div class="tweet-photos-container two"><div class="tweet-photos-column"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!uDU6!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFWGhyHSWIAAZstI.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/FWGhyHSWIAAZstI.jpg" alt="Image" loading="lazy"></picture></div></div><div class="tweet-photos-column"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!-26h!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFWGhyHQXoAAjYBQ.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/FWGhyHQXoAAjYBQ.jpg" alt="Image" loading="lazy"></picture></div></div></div></a><a class="tweet-link-bottom" href="https://twitter.com/MadameGilflurt/status/1540690445285588992" target="_blank"><div class="tweet-footer"><span class="tweet-date">1:36 PM ∙ Jun 25, 2022</span></div></a></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://adamtooze.substack.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://adamtooze.substack.com/subscribe?"><span>Subscribe now</span></a></p><p><strong>The fiscal burden of aging</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!l4_1!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!l4_1!,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%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 424w, https://substackcdn.com/image/fetch/$s_!l4_1!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 848w, https://substackcdn.com/image/fetch/$s_!l4_1!,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%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 1272w, https://substackcdn.com/image/fetch/$s_!l4_1!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png" width="1456" height="1110" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1110,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:853628,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:&quot;&quot;,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!l4_1!,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%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 424w, https://substackcdn.com/image/fetch/$s_!l4_1!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 848w, https://substackcdn.com/image/fetch/$s_!l4_1!,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%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 1272w, https://substackcdn.com/image/fetch/$s_!l4_1!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F60ebfdde-c3c5-4f8d-9242-d5de1827f913_1640x1250.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p><strong>COVID closure</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!IK3S!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!IK3S!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 424w, https://substackcdn.com/image/fetch/$s_!IK3S!,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%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 848w, https://substackcdn.com/image/fetch/$s_!IK3S!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 1272w, https://substackcdn.com/image/fetch/$s_!IK3S!,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%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png" width="1108" height="738" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:738,&quot;width&quot;:1108,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:158421,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:&quot;&quot;,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!IK3S!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 424w, https://substackcdn.com/image/fetch/$s_!IK3S!,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%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 848w, https://substackcdn.com/image/fetch/$s_!IK3S!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 1272w, https://substackcdn.com/image/fetch/$s_!IK3S!,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%2F12f9b26a-a40a-4dcb-b7ac-b23b3d406024_1108x738.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><blockquote><p>Due to increased restrictions on immigration and travel, which began with the COVID-19 pandemic in the early months of 2020, the net inflow of immigrants into the United States has essentially halted for almost 2 years. By the end of 2021 there were about 2 million fewer working-age immigrants living in the United States than there would have been if the pre-2020 immigration trend had continued unchanged. Of these lost immigrants, about one million would have been college educated. The data on labor shortages across industries suggest that this dramatic drop in foreign labor supply growth is likely a contributor to the current worker shortages and could slow down employment recovery and growth as the economy picks up speed.</p></blockquote><p>Source: <a href="https://econofact.org/labor-shortages-and-the-immigration-shortfall">Econofact</a> </p><p><strong>German public investment</strong> </p><p>The slump in German public investment which began in the early 2000s was driven above all by the collapse in investment at the communal level. Federal and land-level budgets matter far less. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Lc69!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Lc69!,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%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png 424w, https://substackcdn.com/image/fetch/$s_!Lc69!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png 848w, https://substackcdn.com/image/fetch/$s_!Lc69!,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%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png 1272w, https://substackcdn.com/image/fetch/$s_!Lc69!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/fa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png" width="1456" height="954" data-attrs="{&quot;src&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/fa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:954,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:292043,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:&quot;&quot;,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!Lc69!,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%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png 424w, https://substackcdn.com/image/fetch/$s_!Lc69!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png 848w, https://substackcdn.com/image/fetch/$s_!Lc69!,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%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.png 1272w, https://substackcdn.com/image/fetch/$s_!Lc69!,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%2Ffa1fcf1d-c1c0-401a-a426-76373bceecd0_1916x1256.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>h/t @ClausMichelsen </p><p><strong>Shoot me now!</strong></p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{&quot;url&quot;:&quot;https://twitter.com/provacatif/status/1536927264931184641?s=20&amp;t=3_2qifJtKa7-F7oYe4DwPw&quot;,&quot;full_text&quot;:&quot;Kevlar body armor sports jacket, Natick Laboratories, 1974 &quot;,&quot;username&quot;:&quot;provacatif&quot;,&quot;name&quot;:&quot;P R O V A C A T I F&quot;,&quot;date&quot;:&quot;Wed Jun 15 04:23:09 +0000 2022&quot;,&quot;photos&quot;:[{&quot;img_url&quot;:&quot;https://pbs.substack.com/media/FVRDM2fWYAAet_l.jpg&quot;,&quot;link_url&quot;:&quot;https://t.co/rPhZ15uuFN&quot;,&quot;alt_text&quot;:null}],&quot;quoted_tweet&quot;:{},&quot;retweet_count&quot;:0,&quot;like_count&quot;:20,&quot;expanded_url&quot;:{},&quot;video_url&quot;:null,&quot;belowTheFold&quot;:true}"><a class="tweet-link-top" href="https://twitter.com/provacatif/status/1536927264931184641?s=20&amp;t=3_2qifJtKa7-F7oYe4DwPw" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/provacatif.jpg" alt="Twitter avatar for @provacatif" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">P R O V A C A T I F </span><span class="tweet-author-handle">@provacatif</span></div></div><div class="tweet-text">Kevlar body armor sports jacket, Natick Laboratories, 1974 </div><div class="tweet-photos-container one"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!kLAK!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFVRDM2fWYAAet_l.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/FVRDM2fWYAAet_l.jpg" alt="Image" loading="lazy"></picture></div></div></a><a class="tweet-link-bottom" href="https://twitter.com/provacatif/status/1536927264931184641?s=20&amp;t=3_2qifJtKa7-F7oYe4DwPw" target="_blank"><div class="tweet-footer"><span class="tweet-date">4:23 AM ∙ Jun 15, 2022</span></div></a></div><p><strong>Surreal portrait</strong></p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{&quot;url&quot;:&quot;https://twitter.com/Daniel_Red_Eire/status/1514544897042403334&quot;,&quot;full_text&quot;:&quot;Tanja Ramm by Lee Miller, 1930 &quot;,&quot;username&quot;:&quot;Daniel_Red_Eire&quot;,&quot;name&quot;:&quot;Daniel Brami&quot;,&quot;date&quot;:&quot;Thu Apr 14 10:03:36 +0000 2022&quot;,&quot;photos&quot;:[{&quot;img_url&quot;:&quot;https://pbs.substack.com/media/FQS-joiXoAQ0pve.jpg&quot;,&quot;link_url&quot;:&quot;https://t.co/1GzJ2EbTyV&quot;,&quot;alt_text&quot;:null}],&quot;quoted_tweet&quot;:{},&quot;retweet_count&quot;:0,&quot;like_count&quot;:2,&quot;expanded_url&quot;:{},&quot;video_url&quot;:null,&quot;belowTheFold&quot;:true}"><a class="tweet-link-top" href="https://twitter.com/Daniel_Red_Eire/status/1514544897042403334" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/Daniel_Red_Eire.jpg" alt="Twitter avatar for @Daniel_Red_Eire" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Daniel Brami </span><span class="tweet-author-handle">@Daniel_Red_Eire</span></div></div><div class="tweet-text">Tanja Ramm by Lee Miller, 1930 </div><div class="tweet-photos-container one"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!tpI5!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFQS-joiXoAQ0pve.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/FQS-joiXoAQ0pve.jpg" alt="Image" loading="lazy"></picture></div></div></a><a class="tweet-link-bottom" href="https://twitter.com/Daniel_Red_Eire/status/1514544897042403334" target="_blank"><div class="tweet-footer"><span class="tweet-date">10:03 AM ∙ Apr 14, 2022</span></div></a></div><p class="button-wrapper" 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