Version: 4 (current) | Updated: 11/13/2025, 6:21:40 AM
Added description
Each section is accompanied by the original tweet’s metadata (author, date, likes, retweets).
@file_pinax -> documents -> @top_link_91:document {title: "Top Link #91: The Global Spread of Dumplings, Regional Trade Deals, and the Crown of Charlemagne", creator: @adam_tooze, created: @date_2022_08_26, language: "en"}
@file_70484025_top_link_91_the_global_spread_of -> contains -> @top_link_91
@adam_tooze:person {full_name: "Adam Tooze"}
@chartbook:publication {title: "Chartbook Newsletter", creator: @adam_tooze, language: "en"} -> includes -> @top_link_91
@top_link_91 -> includes -> [@dumplings, @regional_trade_deals, @crown_of_charlemagne, @division_of_labor, @agriculture, @intangible_assets, @credit_card_business, @fertility_and_education, @construction_industry, @japanese_soldier, @foreign_office_exam, @force_of_nature, @yuri_gagarin]
@dumplings:concept {description: "Food item that spread globally, subject of map tweet"}
@regional_trade_deals:concept {description: "Trade agreements prominent in the 1990s‑2000s"}
@crown_of_charlemagne:concept {description: "Historical crown of Charlemagne, referenced in a 1945 Nazi treasure cache image"}
@division_of_labor:concept {description: "Economic principle that larger cities have more occupational variety"}
@agriculture:concept {description: "Major employer in the most populous, fast‑growing countries"}
@intangible_assets:concept {description: "Assets representing ~90 % of S&P 500 companies' total assets"}
@credit_card_business:concept {description: "Highly profitable banking product, explained in a tweet"}
@fertility_and_education:concept {description: "U.S. fertility trends linked to women's education levels"}
@construction_industry:concept {description: "Sector noted for minimal productivity growth over decades"}
@japanese_soldier:concept {description: "Japanese WWII soldiers, exemplified by Hiroo Onoda"}
@foreign_office_exam:concept {description: "Exam to become a British Foreign Office clerk in 1876"}
@force_of_nature:concept {description: "Video of a parking‑warning incident"}
@space_cajun:person {twitter_handle: "Space_Cajun", display_name: "Talisman 🇺🇸⚜️🇻🇦"}
@tweet_crown_image:document {description: "US Sergeant wearing the crown of the Holy Roman Empire hidden in a Nazi treasure cache, 1945", author: @space_cajun, when: @date_2022_08_24, likes: 4079, retweets: 474}
@tweet_crown_image -> depicts -> @crown_of_charlemagne
@nrken19:person {twitter_handle: "nrken19", display_name: "Nrken19"}
@tweet_dumpling_map:document {description: "Map showing the spread of dumplings", author: @nrken19, when: @date_2022_08_06, likes: 18251, retweets: 2542}
@tweet_dumpling_map -> depicts -> @dumplings
@win_smart:person {twitter_handle: "WinfieldSmart", display_name: "Win Smart"}
@tweet_intangible_vs_tangible:document {description: "Tangible vs. intangible assets", author: @win_smart, when: @date_2022_08_11, likes: 55, retweets: 14}
@tweet_intangible_vs_tangible -> discusses -> @intangible_assets
@alex_xu:person {twitter_handle: "alexxubyte", full_name: "Alex Xu"}
@tweet_credit_card:document {description: "Explanation of why credit cards are the most profitable product in banks", author: @alex_xu, when: @date_2022_08_11, likes: 9672, retweets: 2551}
@tweet_credit_card -> discusses -> @credit_card_business
@david_clay:person {twitter_handle: "dave_clay", full_name: "David Clay"}
@tweet_foreign_office_exam:document {description: "Sample 1876 Foreign Office clerk exam paper", author: @david_clay, when: @date_2022_04_25, likes: 680, retweets: 176}
@tweet_foreign_office_exam -> about -> @foreign_office_exam
@figen:person {twitter_handle: "TheFigen", display_name: "Figen"}
@tweet_force_of_nature:document {description: "Parking‑warning video", author: @figen, when: @date_2022_05_27, likes: 143, retweets: 37, video_url: "https://video.twimg.com/ext_tw_video/1282613753700376579/pu/vid/320x320/L3BKHTL2zw358oFj.mp4"}
@tweet_force_of_nature -> shows -> @force_of_nature
@top_link_91 -> contains -> [@tweet_crown_image, @tweet_dumpling_map, @tweet_intangible_vs_tangible, @tweet_credit_card, @tweet_foreign_office_exam, @tweet_force_of_nature]
@hiroo_onoda:person {full_name: "Hiroo Onoda", role: "Japanese soldier", notable_event: "surrendered after 29 years in jungle"}
@hiroo_onoda -> surrendered -> @date_1974 {details: "final surrender in 1974 after WWII"}
@hiroo_onoda -> featured in -> @top_link_91 {section: "Last surrender"}
@brian_potter:person {full_name: "Brian Potter"}
@construction_physics:publication {title: "Construction Physics", creator: @brian_potter, created: @date_2020_09_27, language: "en"} -> covers -> @construction_industry
@yuri_gagarin:person (reference)<!--
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"title": "Top Link #91 The global spread of dumplings, regional trade deals and the crown of Charlemagne. ",
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<p>Thank you for reading Chartbook Newsletter. </p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{"url":"https://twitter.com/Space_Cajun/status/1562423205662707714","full_text":"Pics don’t really go harder than this. US Sergeant wearing the crown of the Holy Roman Empire hidden in a Nazi treasure cache, 1945. ","username":"Space_Cajun","name":"Talisman 🇺🇸⚜️🇻🇦","date":"Wed Aug 24 12:54:55 +0000 2022","photos":[{"img_url":"https://pbs.substack.com/media/Fa7XmosUUAE0JAl.jpg","link_url":"https://t.co/nW7fV1WkDz","alt_text":null}],"quoted_tweet":{},"retweet_count":474,"like_count":4079,"expanded_url":{},"video_url":null,"belowTheFold":true}"><a class="tweet-link-top" href="https://twitter.com/Space_Cajun/status/1562423205662707714" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/Space_Cajun.jpg" alt="Twitter avatar for @Space_Cajun" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Talisman 🇺🇸⚜️🇻🇦 </span><span class="tweet-author-handle">@Space_Cajun</span></div></div><div class="tweet-text">Pics don’t really go harder than this. US Sergeant wearing the crown of the Holy Roman Empire hidden in a Nazi treasure cache, 1945. </div><div class="tweet-photos-container one"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!TEWl!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFa7XmosUUAE0JAl.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/Fa7XmosUUAE0JAl.jpg" alt="Image" loading="lazy"></picture></div></div></a><a class="tweet-link-bottom" href="https://twitter.com/Space_Cajun/status/1562423205662707714" target="_blank"><div class="tweet-footer"><span class="tweet-date">12:54 PM ∙ Aug 24, 2022</span><hr><div class="tweet-ufi"><span href="https://twitter.com/Space_Cajun/status/1562423205662707714/likes" class="likes"><span class="like-count">4,079</span>Likes</span><span href="https://twitter.com/Space_Cajun/status/1562423205662707714/retweets" class="retweets"><span class="rt-count">474</span>Retweets</span></div></div></a></div><p class="button-wrapper" data-attrs="{"url":"https://adamtooze.substack.com/?utm_source=substack&utm_medium=email&utm_content=share&action=share","text":"Share Chartbook","action":null,"class":null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://adamtooze.substack.com/?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share Chartbook</span></a></p><p><strong>Division of labour:</strong></p><p>The bigger a city the greater the variety of occupations. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!teJy!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1945e09-83a2-4969-b1a1-93a03fa011e4_958x914.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!teJy!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1945e09-83a2-4969-b1a1-93a03fa011e4_958x914.png 424w, https://substackcdn.com/image/fetch/$s_!teJy!,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%2Ff1945e09-83a2-4969-b1a1-93a03fa011e4_958x914.png 848w, https://substackcdn.com/image/fetch/$s_!teJy!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1945e09-83a2-4969-b1a1-93a03fa011e4_958x914.png 1272w, https://substackcdn.com/image/fetch/$s_!teJy!,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%2Ff1945e09-83a2-4969-b1a1-93a03fa011e4_958x914.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/f1945e09-83a2-4969-b1a1-93a03fa011e4_958x914.png" width="958" height="914" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/f1945e09-83a2-4969-b1a1-93a03fa011e4_958x914.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":914,"width":958,"resizeWidth":null,"bytes":248736,"alt":"","title":"","type":"image/png","href":null,"belowTheFold":false,"topImage":true,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!teJy!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1945e09-83a2-4969-b1a1-93a03fa011e4_958x914.png 424w, https://substackcdn.com/image/fetch/$s_!teJy!,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%2Ff1945e09-83a2-4969-b1a1-93a03fa011e4_958x914.png 848w, https://substackcdn.com/image/fetch/$s_!teJy!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1945e09-83a2-4969-b1a1-93a03fa011e4_958x914.png 1272w, https://substackcdn.com/image/fetch/$s_!teJy!,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%2Ff1945e09-83a2-4969-b1a1-93a03fa011e4_958x914.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>Source: <a href="https://www.aeaweb.org/research/occupational-matching-cities-wages-us">AEA</a> </p><p><strong>Regionalism </strong></p><p>The 1990s and 2000s were above all an era of regional trade deals. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!mUE2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fab360c92-aded-4065-a0e0-645685cb127f_1064x728.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!mUE2!,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%2Fab360c92-aded-4065-a0e0-645685cb127f_1064x728.png 424w, https://substackcdn.com/image/fetch/$s_!mUE2!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fab360c92-aded-4065-a0e0-645685cb127f_1064x728.png 848w, https://substackcdn.com/image/fetch/$s_!mUE2!,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%2Fab360c92-aded-4065-a0e0-645685cb127f_1064x728.png 1272w, https://substackcdn.com/image/fetch/$s_!mUE2!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fab360c92-aded-4065-a0e0-645685cb127f_1064x728.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/ab360c92-aded-4065-a0e0-645685cb127f_1064x728.png" width="1064" height="728" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/ab360c92-aded-4065-a0e0-645685cb127f_1064x728.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":728,"width":1064,"resizeWidth":null,"bytes":111192,"alt":"","title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!mUE2!,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%2Fab360c92-aded-4065-a0e0-645685cb127f_1064x728.png 424w, https://substackcdn.com/image/fetch/$s_!mUE2!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fab360c92-aded-4065-a0e0-645685cb127f_1064x728.png 848w, https://substackcdn.com/image/fetch/$s_!mUE2!,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%2Fab360c92-aded-4065-a0e0-645685cb127f_1064x728.png 1272w, https://substackcdn.com/image/fetch/$s_!mUE2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fab360c92-aded-4065-a0e0-645685cb127f_1064x728.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Source <a href="https://www.wto.org/english/res_e/booksp_e/04_gvc_ch1_dev_report_2021_e.pdf">WTO</a> </p><p><strong>Agrarian world</strong> </p><p>Agriculture remains a huge employer in the most populous and rapidly-growing countries on earth. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!k3DF!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1d89030b-36f4-47eb-907e-aaff98eb8fe7_1298x670.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!k3DF!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1d89030b-36f4-47eb-907e-aaff98eb8fe7_1298x670.png 424w, https://substackcdn.com/image/fetch/$s_!k3DF!,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%2F1d89030b-36f4-47eb-907e-aaff98eb8fe7_1298x670.png 848w, https://substackcdn.com/image/fetch/$s_!k3DF!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1d89030b-36f4-47eb-907e-aaff98eb8fe7_1298x670.png 1272w, https://substackcdn.com/image/fetch/$s_!k3DF!,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%2F1d89030b-36f4-47eb-907e-aaff98eb8fe7_1298x670.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/1d89030b-36f4-47eb-907e-aaff98eb8fe7_1298x670.png" width="1298" height="670" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/1d89030b-36f4-47eb-907e-aaff98eb8fe7_1298x670.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":670,"width":1298,"resizeWidth":null,"bytes":259785,"alt":"","title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!k3DF!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1d89030b-36f4-47eb-907e-aaff98eb8fe7_1298x670.png 424w, https://substackcdn.com/image/fetch/$s_!k3DF!,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%2F1d89030b-36f4-47eb-907e-aaff98eb8fe7_1298x670.png 848w, https://substackcdn.com/image/fetch/$s_!k3DF!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1d89030b-36f4-47eb-907e-aaff98eb8fe7_1298x670.png 1272w, https://substackcdn.com/image/fetch/$s_!k3DF!,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%2F1d89030b-36f4-47eb-907e-aaff98eb8fe7_1298x670.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>Tangible v. intangible assets</strong></p><p>Intangible assets currently account for 90% of the assets of the companies that make up the S&P500. </p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{"url":"https://twitter.com/WinfieldSmart/status/1557698679913553921?s=20&t=FlvFD_Wo8p9YUev1bDEjWA","full_text":"TANGIBLE VS. INTANGIBLE ","username":"WinfieldSmart","name":"Win Smart, CFA","date":"Thu Aug 11 12:01:20 +0000 2022","photos":[{"img_url":"https://pbs.substack.com/media/FZ4OsamWIAIL-Aq.jpg","link_url":"https://t.co/uBZs0mHC1F","alt_text":null}],"quoted_tweet":{},"retweet_count":14,"like_count":55,"expanded_url":{},"video_url":null,"belowTheFold":true}"><a class="tweet-link-top" href="https://twitter.com/WinfieldSmart/status/1557698679913553921?s=20&t=FlvFD_Wo8p9YUev1bDEjWA" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/WinfieldSmart.jpg" alt="Twitter avatar for @WinfieldSmart" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Win Smart, CFA </span><span class="tweet-author-handle">@WinfieldSmart</span></div></div><div class="tweet-text">TANGIBLE VS. INTANGIBLE </div><div class="tweet-photos-container one"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wjK8!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFZ4OsamWIAIL-Aq.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/FZ4OsamWIAIL-Aq.jpg" alt="Image" loading="lazy"></picture></div></div></a><a class="tweet-link-bottom" href="https://twitter.com/WinfieldSmart/status/1557698679913553921?s=20&t=FlvFD_Wo8p9YUev1bDEjWA" target="_blank"><div class="tweet-footer"><span class="tweet-date">12:01 PM ∙ Aug 11, 2022</span><hr><div class="tweet-ufi"><span href="https://twitter.com/WinfieldSmart/status/1557698679913553921?s=20&t=FlvFD_Wo8p9YUev1bDEjWA/likes" class="likes"><span class="like-count">55</span>Likes</span><span href="https://twitter.com/WinfieldSmart/status/1557698679913553921?s=20&t=FlvFD_Wo8p9YUev1bDEjWA/retweets" class="retweets"><span class="rt-count">14</span>Retweets</span></div></div></a></div><p><strong>Credit card business</strong></p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{"url":"https://twitter.com/alexxubyte/status/1557758639946887170?s=20&t=FlvFD_Wo8p9YUev1bDEjWA","full_text":"/1 Why is the credit card called “𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐩𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐥𝐞 product in banks”? How does VISA/Mastercard make money?\n\nThe diagram below shows the economics of the credit card payment flow.\n\n1. The cardholder pays a merchant $100 to buy a product. ","username":"alexxubyte","name":"Alex Xu","date":"Thu Aug 11 15:59:36 +0000 2022","photos":[{"img_url":"https://pbs.substack.com/media/FZ5FOZxUcAALPcU.jpg","link_url":"https://t.co/RjFKhoV7P6","alt_text":null}],"quoted_tweet":{},"retweet_count":2551,"like_count":9672,"expanded_url":{},"video_url":null,"belowTheFold":true}"><a class="tweet-link-top" href="https://twitter.com/alexxubyte/status/1557758639946887170?s=20&t=FlvFD_Wo8p9YUev1bDEjWA" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/alexxubyte.jpg" alt="Twitter avatar for @alexxubyte" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Alex Xu </span><span class="tweet-author-handle">@alexxubyte</span></div></div><div class="tweet-text">/1 Why is the credit card called “𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐩𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐥𝐞 product in banks”? How does VISA/Mastercard make money?
The diagram below shows the economics of the credit card payment flow.
1. The cardholder pays a merchant $100 to buy a product. </div><div class="tweet-photos-container one"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!V_Jr!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFZ5FOZxUcAALPcU.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/FZ5FOZxUcAALPcU.jpg" alt="Image" loading="lazy"></picture></div></div></a><a class="tweet-link-bottom" href="https://twitter.com/alexxubyte/status/1557758639946887170?s=20&t=FlvFD_Wo8p9YUev1bDEjWA" target="_blank"><div class="tweet-footer"><span class="tweet-date">3:59 PM ∙ Aug 11, 2022</span><hr><div class="tweet-ufi"><span href="https://twitter.com/alexxubyte/status/1557758639946887170?s=20&t=FlvFD_Wo8p9YUev1bDEjWA/likes" class="likes"><span class="like-count">9,672</span>Likes</span><span href="https://twitter.com/alexxubyte/status/1557758639946887170?s=20&t=FlvFD_Wo8p9YUev1bDEjWA/retweets" class="retweets"><span class="rt-count">2,551</span>Retweets</span></div></div></a></div><p><strong>Fertility and education</strong></p><p>In the 1980s fertility in the US still used to decline linearly with a woman's education. By the 1990s no longer! </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!YqD_!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Faa43c7da-cf23-44fb-bc83-08f8aadb061f_1020x964.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!YqD_!,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%2Faa43c7da-cf23-44fb-bc83-08f8aadb061f_1020x964.png 424w, https://substackcdn.com/image/fetch/$s_!YqD_!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Faa43c7da-cf23-44fb-bc83-08f8aadb061f_1020x964.png 848w, https://substackcdn.com/image/fetch/$s_!YqD_!,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%2Faa43c7da-cf23-44fb-bc83-08f8aadb061f_1020x964.png 1272w, https://substackcdn.com/image/fetch/$s_!YqD_!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Faa43c7da-cf23-44fb-bc83-08f8aadb061f_1020x964.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/aa43c7da-cf23-44fb-bc83-08f8aadb061f_1020x964.png" width="1020" height="964" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/aa43c7da-cf23-44fb-bc83-08f8aadb061f_1020x964.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":964,"width":1020,"resizeWidth":null,"bytes":399388,"alt":"","title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!YqD_!,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%2Faa43c7da-cf23-44fb-bc83-08f8aadb061f_1020x964.png 424w, https://substackcdn.com/image/fetch/$s_!YqD_!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Faa43c7da-cf23-44fb-bc83-08f8aadb061f_1020x964.png 848w, https://substackcdn.com/image/fetch/$s_!YqD_!,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%2Faa43c7da-cf23-44fb-bc83-08f8aadb061f_1020x964.png 1272w, https://substackcdn.com/image/fetch/$s_!YqD_!,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%2Faa43c7da-cf23-44fb-bc83-08f8aadb061f_1020x964.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Source: <a href="https://www.imf.org/en/Publications/fandd/issues/2022/analytical-series/new-economics-of-fertility-doepke-hannusch-kindermann-tertilt">IMF</a></p><p>The construction industry is one of the real mysteries of the modern economy. Minimal productivity growth over decades. This website helps you understand why.</p><div class="embedded-post-wrap" data-attrs="{"id":4884622,"url":"https://constructionphysics.substack.com/p/construction-physics","publication_id":104058,"publication_name":"Construction Physics","publication_logo_url":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/8a954a07-e501-4651-bfa7-a758e2e811be_1025x1025.png","title":"Construction Physics","truncated_body_text":"Welcome to Construction Physics, a newsletter about the forces shaping the construction industry.","date":"2020-09-27T23:48:27.760Z","like_count":11,"comment_count":1,"bylines":[{"id":3518108,"name":"Brian Potter","previous_name":null,"photo_url":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/bbe0ccd5-353e-44b7-a31f-3ec42ef5c3ae_479x372.png","bio":"https://constructionphysics.substack.com/","profile_set_up_at":"2021-05-18T15:38:47.109Z","publicationUsers":[{"id":238797,"user_id":3518108,"publication_id":104058,"role":"admin","public":true,"is_primary":false,"publication":{"id":104058,"name":"Construction Physics","subdomain":"constructionphysics","custom_domain":null,"custom_domain_optional":false,"hero_text":"Why buildings are built the way they are.","logo_url":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/8a954a07-e501-4651-bfa7-a758e2e811be_1025x1025.png","author_id":3518108,"theme_var_background_pop":"#B599F1","created_at":"2020-09-27T22:51:49.282Z","rss_website_url":null,"email_from_name":"Construction Physics","copyright":"Brian Potter","founding_plan_name":"Founding Member","community_enabled":true,"invite_only":false}}],"is_guest":false}],"utm_campaign":null,"belowTheFold":true,"type":null,"language":"en"}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://constructionphysics.substack.com/p/construction-physics?utm_source=substack&utm_campaign=post_embed&utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/8a954a07-e501-4651-bfa7-a758e2e811be_1025x1025.png" loading="lazy"><span class="embedded-post-publication-name">Construction Physics</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">Construction Physics</div></div><div class="embedded-post-body">Welcome to Construction Physics, a newsletter about the forces shaping the construction industry…</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">5 years ago · 11 likes · 1 comment · Brian Potter</div></a></div><p><strong>The spread of dumplings</strong></p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{"url":"https://twitter.com/nrken19/status/1555898429645230082","full_text":"Map showing the spread of dumplings. ","username":"nrken19","name":"Nrken19","date":"Sat Aug 06 12:47:47 +0000 2022","photos":[{"img_url":"https://pbs.substack.com/media/FZepX7bWYAA3YFS.jpg","link_url":"https://t.co/GOwDlCT4Sa","alt_text":null}],"quoted_tweet":{},"retweet_count":2542,"like_count":18251,"expanded_url":{},"video_url":null,"belowTheFold":true}"><a class="tweet-link-top" href="https://twitter.com/nrken19/status/1555898429645230082" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/nrken19.jpg" alt="Twitter avatar for @nrken19" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Nrken19 </span><span class="tweet-author-handle">@nrken19</span></div></div><div class="tweet-text">Map showing the spread of dumplings. </div><div class="tweet-photos-container one"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!pZED!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFZepX7bWYAA3YFS.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/FZepX7bWYAA3YFS.jpg" alt="Image" loading="lazy"></picture></div></div></a><a class="tweet-link-bottom" href="https://twitter.com/nrken19/status/1555898429645230082" target="_blank"><div class="tweet-footer"><span class="tweet-date">12:47 PM ∙ Aug 6, 2022</span><hr><div class="tweet-ufi"><span href="https://twitter.com/nrken19/status/1555898429645230082/likes" class="likes"><span class="like-count">18,251</span>Likes</span><span href="https://twitter.com/nrken19/status/1555898429645230082/retweets" class="retweets"><span class="rt-count">2,542</span>Retweets</span></div></div></a></div><p><strong>Last surrender</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!V1-1!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F2c39e465-55a2-4f3f-a8bf-175184b55138_1618x910.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!V1-1!,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%2F2c39e465-55a2-4f3f-a8bf-175184b55138_1618x910.png 424w, https://substackcdn.com/image/fetch/$s_!V1-1!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F2c39e465-55a2-4f3f-a8bf-175184b55138_1618x910.png 848w, https://substackcdn.com/image/fetch/$s_!V1-1!,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%2F2c39e465-55a2-4f3f-a8bf-175184b55138_1618x910.png 1272w, https://substackcdn.com/image/fetch/$s_!V1-1!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F2c39e465-55a2-4f3f-a8bf-175184b55138_1618x910.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/2c39e465-55a2-4f3f-a8bf-175184b55138_1618x910.png" width="1456" height="819" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/2c39e465-55a2-4f3f-a8bf-175184b55138_1618x910.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":819,"width":1456,"resizeWidth":null,"bytes":2244253,"alt":"","title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!V1-1!,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%2F2c39e465-55a2-4f3f-a8bf-175184b55138_1618x910.png 424w, https://substackcdn.com/image/fetch/$s_!V1-1!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F2c39e465-55a2-4f3f-a8bf-175184b55138_1618x910.png 848w, https://substackcdn.com/image/fetch/$s_!V1-1!,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%2F2c39e465-55a2-4f3f-a8bf-175184b55138_1618x910.png 1272w, https://substackcdn.com/image/fetch/$s_!V1-1!,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%2F2c39e465-55a2-4f3f-a8bf-175184b55138_1618x910.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><figcaption class="image-caption"></figcaption></figure></div><p>Former Japanese soldier Hiroo Onoda, finally surrendering in 1974 after living in the jungle for 29 years © The Asahi Shimbun/Getty Images</p><blockquote><p>Onoda’s isolation began with a command. As the Japanese retreated in early 1945, the young intelligence officer was ordered to remain on the island to hamper the enemy’s progress through guerrilla tactics. Japan capitulated just a few months later. But for 29 years Onoda fought on, initially with several other soldiers but eventually alone. As his minor war of attrition continued — with the odd shot fired, a water buffalo slaughtered for meat — he became in Herzog’s narrative “an elusive and deadly mist, a rumour, a report”.</p></blockquote><p>Source: <em><a href="https://www.ft.com/content/74a7240b-cad9-465a-b61d-78762b119506">FT</a></em></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!cGN8!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F3d05f071-8541-47a1-ac4e-89cd87814c1d_460x688.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!cGN8!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F3d05f071-8541-47a1-ac4e-89cd87814c1d_460x688.png 424w, https://substackcdn.com/image/fetch/$s_!cGN8!,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%2F3d05f071-8541-47a1-ac4e-89cd87814c1d_460x688.png 848w, https://substackcdn.com/image/fetch/$s_!cGN8!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F3d05f071-8541-47a1-ac4e-89cd87814c1d_460x688.png 1272w, https://substackcdn.com/image/fetch/$s_!cGN8!,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%2F3d05f071-8541-47a1-ac4e-89cd87814c1d_460x688.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/3d05f071-8541-47a1-ac4e-89cd87814c1d_460x688.png" width="460" height="688" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/3d05f071-8541-47a1-ac4e-89cd87814c1d_460x688.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":688,"width":460,"resizeWidth":null,"bytes":508927,"alt":"","title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!cGN8!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F3d05f071-8541-47a1-ac4e-89cd87814c1d_460x688.png 424w, https://substackcdn.com/image/fetch/$s_!cGN8!,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%2F3d05f071-8541-47a1-ac4e-89cd87814c1d_460x688.png 848w, https://substackcdn.com/image/fetch/$s_!cGN8!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F3d05f071-8541-47a1-ac4e-89cd87814c1d_460x688.png 1272w, https://substackcdn.com/image/fetch/$s_!cGN8!,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%2F3d05f071-8541-47a1-ac4e-89cd87814c1d_460x688.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>Foreign Office exam</strong> </p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{"url":"https://twitter.com/dave_clay/status/1518456202639851520","full_text":"Would you have passed the exam to become a Foreign Office clerk in 1876? \n\nHere’s the Constitutional History of England paper. \n\nYou have three hours. ","username":"dave_clay","name":"David Clay","date":"Mon Apr 25 05:05:44 +0000 2022","photos":[{"img_url":"https://pbs.substack.com/media/FRKj3fcWYAEqyFn.jpg","link_url":"https://t.co/AvVuoIHarS","alt_text":null}],"quoted_tweet":{},"retweet_count":176,"like_count":680,"expanded_url":{},"video_url":null,"belowTheFold":true}"><a class="tweet-link-top" href="https://twitter.com/dave_clay/status/1518456202639851520" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/dave_clay.jpg" alt="Twitter avatar for @dave_clay" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">David Clay </span><span class="tweet-author-handle">@dave_clay</span></div></div><div class="tweet-text">Would you have passed the exam to become a Foreign Office clerk in 1876?
Here’s the Constitutional History of England paper.
You have three hours. </div><div class="tweet-photos-container one"><div class="tweet-photo-wrapper "><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!BAW4!,w_600,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFRKj3fcWYAEqyFn.jpg"><img class="tweet-photo" src="https://pbs.substack.com/media/FRKj3fcWYAEqyFn.jpg" alt="Image" loading="lazy"></picture></div></div></a><a class="tweet-link-bottom" href="https://twitter.com/dave_clay/status/1518456202639851520" target="_blank"><div class="tweet-footer"><span class="tweet-date">5:05 AM ∙ Apr 25, 2022</span><hr><div class="tweet-ufi"><span href="https://twitter.com/dave_clay/status/1518456202639851520/likes" class="likes"><span class="like-count">680</span>Likes</span><span href="https://twitter.com/dave_clay/status/1518456202639851520/retweets" class="retweets"><span class="rt-count">176</span>Retweets</span></div></div></a></div><p><strong>Force of nature </strong></p><p>Watch this video. It is truly unbelievable. </p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{"url":"https://twitter.com/TheFigen/status/1530214129528602624","full_text":"I told you no parking here bro!! \n","username":"TheFigen","name":"Figen","date":"Fri May 27 15:47:33 +0000 2022","photos":[{"img_url":"https://substackcdn.com/image/upload/w_728,c_limit/l_twitter_play_button_rvaygk,w_120/pw6vhc9oa3my1dc6ws5a","link_url":"https://t.co/Nga2w1DPY2","alt_text":null}],"quoted_tweet":{},"retweet_count":37,"like_count":143,"expanded_url":{},"video_url":"https://video.twimg.com/ext_tw_video/1282613753700376579/pu/vid/320x320/L3BKHTL2zw358oFj.mp4?tag=10","belowTheFold":true}"><a class="tweet-link-top" href="https://twitter.com/TheFigen/status/1530214129528602624" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/TheFigen.jpg" alt="Twitter avatar for @TheFigen" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Figen </span><span class="tweet-author-handle">@TheFigen</span></div></div><div class="tweet-text">I told you no parking here bro!!
</div></a><div class="tweet-video-wrapper"><video class="tweet-video" controls="true" src="https://video.twimg.com/ext_tw_video/1282613753700376579/pu/vid/320x320/L3BKHTL2zw358oFj.mp4?tag=10" alt="Video" loading="lazy"></video></div><a class="tweet-link-bottom" href="https://twitter.com/TheFigen/status/1530214129528602624" target="_blank"><div class="tweet-footer"><span class="tweet-date">3:47 PM ∙ May 27, 2022</span><hr><div class="tweet-ufi"><span href="https://twitter.com/TheFigen/status/1530214129528602624/likes" class="likes"><span class="like-count">143</span>Likes</span><span href="https://twitter.com/TheFigen/status/1530214129528602624/retweets" class="retweets"><span class="rt-count">37</span>Retweets</span></div></div></a></div><p><strong>Yuri Gagarin, Yuri Chernov, 1972</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_!Hi_1!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdca97d60-6973-4c12-bb6a-fdb806ef1910_568x1154.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Hi_1!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdca97d60-6973-4c12-bb6a-fdb806ef1910_568x1154.png 424w, https://substackcdn.com/image/fetch/$s_!Hi_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%2Fdca97d60-6973-4c12-bb6a-fdb806ef1910_568x1154.png 848w, https://substackcdn.com/image/fetch/$s_!Hi_1!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdca97d60-6973-4c12-bb6a-fdb806ef1910_568x1154.png 1272w, https://substackcdn.com/image/fetch/$s_!Hi_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%2Fdca97d60-6973-4c12-bb6a-fdb806ef1910_568x1154.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dca97d60-6973-4c12-bb6a-fdb806ef1910_568x1154.png" width="568" height="1154" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dca97d60-6973-4c12-bb6a-fdb806ef1910_568x1154.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":1154,"width":568,"resizeWidth":null,"bytes":952613,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Hi_1!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdca97d60-6973-4c12-bb6a-fdb806ef1910_568x1154.png 424w, https://substackcdn.com/image/fetch/$s_!Hi_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%2Fdca97d60-6973-4c12-bb6a-fdb806ef1910_568x1154.png 848w, https://substackcdn.com/image/fetch/$s_!Hi_1!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdca97d60-6973-4c12-bb6a-fdb806ef1910_568x1154.png 1272w, https://substackcdn.com/image/fetch/$s_!Hi_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%2Fdca97d60-6973-4c12-bb6a-fdb806ef1910_568x1154.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>If you enjoy Chartbook why not share it with a friend.</p><p class="button-wrapper" data-attrs="{"url":"https://adamtooze.substack.com/?utm_source=substack&utm_medium=email&utm_content=share&action=share","text":"Share Chartbook","action":null,"class":null}" data-component-name="ButtonCreateButton"><a class="button primary" 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