Version: 5 (current) | Updated: 12/2/2025, 9:53:39 PM
Added description
@adam_tooze:person {full_name: "Adam Tooze"}
@dana_conley:person {full_name: "Dana Conley"}
@conley_and_silvers:organization {type: "travel_company", founder: @dana_conley}
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@thank_you_email:document {title: "Founder Member Communications: Thank You for Supporting Chartbook", creator: @adam_tooze, created: @date_2021_07_25, language: "en"}
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@adam_tooze -> thanked -> @founding_members
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@adam_tooze -> developing -> @paying_subscribers_offering {status: "in development"}
@paying_subscribers_offering:concept {description: "Offering for paying subscribers"}
@top_links_3:document {title: "Top Links #3"}
@adam_tooze -> included in -> @top_links_3
@carbon_pricing_paper:document {title: "Carbon Pricing Isn't Effective at Reducing CO₂ Emissions", author: @lance_taylor, institution: @inet}
@lance_taylor:person {full_name: "Lance Taylor"}
@inet:organization {type: "research_institute"}
@top_links_3 -> includes -> @carbon_pricing_paper
@yang_baiwan:person {full_name: "Yang Baiwan", nickname: "Millions Yang"}
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@evergrande_thread:document {type: "tweet", author: @alex_turnbull, date: @date_2021_07_21, content: "#Evergrande thread"}
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@evergrande_thread -> about -> @evergrande
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@politics_theory_other:organization {type: "podcast"}
@andreas_malm:person {full_name: "Andreas Malm"}
@andreas_malm_podcast:document {title: "Great podcast with Alex Doherty", host: @politics_theory_other, guest: @andreas_malm}
@politics_theory_other -> hosts -> @andreas_malm_podcast
@wages_of_destruction_book:document {title: "The Wages of Destruction: The Making and Breaking of the Nazi Economy", author: @adam_tooze}
@wages_of_destruction_podcast:document {title: "#14 Adam Tooze on Nazi ideology and the German war economy", host: @politics_theory_other, guest: @adam_tooze, description: "Discussion of the book"}
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@adam_tooze -> authored -> @wages_of_destruction_book
@adam_tooze -> discussed -> @wages_of_destruction_book {with: @alex_doherty}
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@white_paper_japan:document {title: "Japan’s latest defense White Paper", publisher: @japan_ministry_of_defense}
@japan_ministry_of_defense:organization {type: "government_agency"}
@china_article:document {title: "China’s struggle for economic development", publication: @new_statesman}
@will_davies_article:document {title: "What makes Brexit Britain tick", author: @will_davies, publication: @new_left_review}
@geoff_mulgan_article:document {title: "Spectator set analysis", author: @geoff_mulgan, publication: @spectator}
@david_edgerton_article:document {title: "Brexit crisis and global capitalism", author: @david_edgerton, publication: @guardian, date: @date_2019_10_09}
@fintan_o_toole_article:document {title: "Northern Irish deal", author: @fintan_o_toole, publication: @guardian}
@chris_grey_blog:document {title: "Hard‑hitting Brexit blogging", author: @chris_grey, platform: "blog"}
@chartbook:publication {type: "newsletter", author: @adam_tooze, website: "adamtooze.substack.com", topics: [@economics, @politics, @history, @environmental_activism, @carbon_pricing, @brexit, @china]}
@economics:concept {description: "Study of production, distribution, and consumption of goods and services"}
@politics:concept {description: "Activities associated with governance"}
@history:concept {description: "Study of past events"}
@environmental_activism:concept {description: "Movement to protect the environment"}
@carbon_pricing:concept {description: "Policy tool to price carbon emissions"}
@brexit:concept {description: "United Kingdom's withdrawal from the European Union"}
@china:place {country: @united_kingdom, description: "People's Republic of China"}
@chartbook_issue_27:document {title: "Chartbook #27", includes: [@gilet_jaunes, @carbon_pricing_paper, @top_links_3]}
@gilet_jaunes:movement {description: "French protest movement (Yellow Vests)"}
@chartbook_issue_26:document {title: "Chartbook #26", topic: @china_hyperinflation}
@chartbook_issue_28:document {title: "Chartbook #28", topic: @china_1983}
@china_hyperinflation:concept {description: "Period of rapid price increases in China"}
@china_1983:concept {description: "China as seen in 1983"}
@queen_elizabeth_ii:person {full_name: "Elizabeth II"}
@ex_pm_heath:person {full_name: "Edward Heath"}
@queen_elizabeth_ii -> said to -> @ex_pm_heath {quote: "You are expendable"}
@john_major:person {full_name: "John Major"}
@george_h_w_bush:person {full_name: "George H. W. Bush"}
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@helmut_kohl:person {full_name: "Helmut Kohl"}
@duke_of_edinburgh:person {full_name: "Prince Philip"}
@prince_of_wales:person {full_name: "Prince Charles"}
@princess_of_wales:person {full_name: "Princess Diana"}
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@g7_summit_1991:event {date: @date_1991_07, location: @london, attendees: [@queen_elizabeth_ii, @duke_of_edinburgh, @prince_of_wales, @princess_of_wales, @john_major, @george_h_w_bush, @francois_mitterrand, @helmut_kohl]}
@london:place {country: @united_kingdom}
@queen_elizabeth_ii -> attended -> @g7_summit_1991
@duncan_weldon -> observed -> @g7_summit_1991 {comment: "Remarkable small talk captured"}<!--
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"post_id": "39181462.chartbook-found-members-thank-you",
"post_date": "2021-07-25T12:13:48.720Z",
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"email_sent_at": "2021-07-25T12:13:48.778Z",
"inbox_sent_at": "2021-07-25T12:13:48.778Z",
"type": "adhoc_email",
"audience": "only_paid",
"title": "Chartbook Found Members: Thank you for your support!",
"subtitle": "And Top Links #3 "
}
-->
<p>Dear Founding Members</p><p>It is one week today since I started my experiment in Newsletter-busking and I wanted to send a special thank you to the Founder Members who stepped up with particularly generous contributions to the Chartbook endeavor. </p><p>Your support is hugely appreciated. </p><p>This kind of writing is something of an experiment for me and it is wonderful to know that it is valued in a tangible way. </p><p>I will be developing my offering for paying subscribers in the course of the fall. Apart from Top Links - #3 below - you will be receiving invitations to “Shutdown sessions” to discuss the book, which is out in the US and UK on <a href="https://www.amazon.com/Shutdown-Covid-Shook-Worlds-Economy-ebook/dp/B08WK1WL23/ref=sr_1_3?dchild=1&keywords=shutdown&qid=1627214260&sr=8-3">September 7</a>. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!1p5A!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!1p5A!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 424w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 848w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 1272w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png" width="376" height="567.321554770318" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":854,"width":566,"resizeWidth":376,"bytes":546745,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":false,"topImage":true,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!1p5A!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 424w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 848w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 1272w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>As Founder Members you will also receive an invitation from <a href="https://www.conleyandsilvers.com/">Conley&Silvers</a> to the regular monthly update I do for Dana’s guests - Dana Conley being the person I have the great good fortune of being married to, Conley&Silvers being her travel company. The first in that series of Conley and Silvers events will be August 23, 8 pm Eastern. Details to follow.</p><p>I look forward to being in touch. Thank you again for your support. Please feel free to share this link with anyone you might think might enjoy reading Chartbook.</p><p class="button-wrapper" data-attrs="{"url":"https://adamtooze.substack.com/?utm_source=substack&utm_medium=email&utm_content=share&action=share","text":"Share Chartbook","action":null,"class":null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://adamtooze.substack.com/?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share Chartbook</span></a></p><p>Very best, Adam </p><p>********</p><p><strong>Top Links #3</strong></p><p><strong>Carbon Pricing</strong></p><p>Following last week’s <a href="https://adamtooze.substack.com/p/chartbook-newsletter-27-gilets-jaunes">Chartbook #27</a> on the Gilet Jaunes, I got into some interesting debates online about carbon pricing. This skeptical paper by <a href="https://www.ineteconomics.org/perspectives/blog/carbon-pricing-isnt-effective-at-reducing-co2-emissions">Lance Taylor</a> at INET has some beautiful and staggering graphs about energy flow through the US economy: </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!EU3P!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!EU3P!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 424w, 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data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/bbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":842,"width":1456,"resizeWidth":null,"bytes":478464,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!EU3P!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 424w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 848w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 1272w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p><strong>China</strong></p><p>Its been a bit of a China month: My long Read for <a href="https://twitter.com/NewStatesman/">@NewStatesman</a> on China’s struggle for Econ development is <a href="https://www.newstatesman.com/international/places/2021/07/why-there-no-solution-our-age-crisis-without-china">here</a>.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!a_9e!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!a_9e!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 424w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 848w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 1272w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png" width="1456" height="720" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":720,"width":1456,"resizeWidth":null,"bytes":1925788,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!a_9e!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 424w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 848w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 1272w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>It pairs with Chartbook #26 on China’s hyperinflation and Chartbook #28 on China as seen by the <a href="https://twitter.com/WorldBank/">@WorldBank</a> in 1983.</p><p>As <a href="https://www.ft.com/content/9ce326b2-abdb-467b-bfd1-425a499066c1">Kathrin Hille</a> of the FT points out, rising tension with China is opening the door to a more hawkish security policy on the part of Japan. And Japan’s latest defense <a href="https://www.mod.go.jp/en/publ/w_paper/wp2021/DOJ2021_Digest_EN.pdf">White Paper</a> certainly comes on strong.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!TflO!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!TflO!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 424w, https://substackcdn.com/image/fetch/$s_!TflO!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 848w, https://substackcdn.com/image/fetch/$s_!TflO!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1272w, https://substackcdn.com/image/fetch/$s_!TflO!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png" width="506" height="717.871921182266" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":1152,"width":812,"resizeWidth":506,"bytes":1060919,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!TflO!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 424w, https://substackcdn.com/image/fetch/$s_!TflO!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 848w, https://substackcdn.com/image/fetch/$s_!TflO!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1272w, https://substackcdn.com/image/fetch/$s_!TflO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Inside, frankly, its largely pablum. </p><p>Meanwhile, the obituaries have been coming out for "Yang Baiwan, Millions Yang” - one of China’s original stock market speculators. Apparently he "liked the old saying that the first man to suppose a crab might be edible was either very forward-looking or very hungry. -> Learn from those who have the courage to eat crab". I like it! </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!p9_D!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!p9_D!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 424w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 848w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 1272w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/eddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png" width="1456" height="974" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/eddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":974,"width":1456,"resizeWidth":null,"bytes":1774984,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!p9_D!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 424w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 848w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 1272w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Source: <a href="https://inf.news/en/history/466488f3276be1080a3a362fb656a703.html">INF.news</a></p><p>“As a teenager, born in “new China” under the red flag, he had been a Red Guard, struggling gamely to enforce a traffic edict in Shanghai that revolutionary red meant “Go”, not “Stop”.” As is often the case, the <a href="https://www.economist.com/obituary/2021/07/24/yang-huaiding-died-on-june-13th">Economist obituary </a>is fantastic.</p><p>One of the recurring China scare stories concerns the hugely over-leveraged Evergrande property developer. If you follow this story, this punchy thread by Alex Turnbull gives you a contrarian take. </p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{"url":"https://twitter.com/alexbhturnbull/status/1417828704357548039","full_text":"Ok on <span class=\"tweet-fake-link\">#Evergrande</span> I'm going to make a few suggestions:\n1) This isn't China's 2008 moment. \n2) This is actually entirely consistent with the tech crackdown. \n3) There is a likely state where HY bonds get restructured / crammed, equity hit very hard and all in.... doesn't matter.","username":"alexbhturnbull","name":"Alex Turnbull","date":"Wed Jul 21 12:47:59 +0000 2021","photos":[],"quoted_tweet":{},"retweet_count":3,"like_count":18,"expanded_url":{},"video_url":null,"belowTheFold":true}"><a class="tweet-link-top" href="https://twitter.com/alexbhturnbull/status/1417828704357548039" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/alexbhturnbull.jpg" alt="Twitter avatar for @alexbhturnbull" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Alex Turnbull </span><span class="tweet-author-handle">@alexbhturnbull</span></div></div><div class="tweet-text">Ok on <span class="tweet-fake-link">#Evergrande</span> I'm going to make a few suggestions:
1) This isn't China's 2008 moment.
2) This is actually entirely consistent with the tech crackdown.
3) There is a likely state where HY bonds get restructured / crammed, equity hit very hard and all in.... doesn't matter.</div></a><a class="tweet-link-bottom" href="https://twitter.com/alexbhturnbull/status/1417828704357548039" target="_blank"><div class="tweet-footer"><span class="tweet-date">12:47 PM ∙ Jul 21, 2021</span><hr><div class="tweet-ufi"><span href="https://twitter.com/alexbhturnbull/status/1417828704357548039/likes" class="likes"><span class="like-count">18</span>Likes</span><span href="https://twitter.com/alexbhturnbull/status/1417828704357548039/retweets" class="retweets"><span class="rt-count">3</span>Retweets</span></div></div></a></div><p><strong>Brexit Britain</strong></p><p>It has been a bumper period for speculation about what makes <strong>Brexit Britain tick.</strong></p><p>My selection of good reads would include <a href="https://newleftreview.org/sidecar/posts/only-joking">Will Davies </a>on the <em>New Left Review</em> blog on the <em>Spectator</em> set. <a href="https://www.geoffmulgan.com/post/spectators-v-doers-the-challenge-for-the-uk-s-ruling-clique">Geoff Mulgan</a> also on the <em>Spectator</em> set. The <em>Spectator</em> is pivotal because Boris Johnson was its editor rom 1999 to 2005 and it is thought to have set the tone for the subsequent degeneration of the Tory party. </p><p>For the background in Britain’s political economy, I still love this piece from <a href="https://www.theguardian.com/commentisfree/2019/oct/09/brexit-crisis-global-capitalism-britain-place-world">David Edgerton</a> back in 2019. </p><p>On the Northern Irish deal <a href="https://www.theguardian.com/commentisfree/2021/jul/23/northern-ireland-protocol-boris-johnson-oven-ready-deal-sausage">Fintan O’Toole</a> in the <em>Guardian</em> is simply devastating.</p><p>And for excellent hard hitting blogging on the on-going Brexit saga see <a href="https://chrisgreybrexitblog.blogspot.com/2021/07/the-frost-johnson-approach-has-already.html">Chris Grey</a>. </p><p><strong>How to blow up a pipeline</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Sx8z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Sx8z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 424w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 848w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 1272w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dec50f77-67a8-4f60-80be-98c91733f568_608x916.png" width="324" height="488.13157894736844" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dec50f77-67a8-4f60-80be-98c91733f568_608x916.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":916,"width":608,"resizeWidth":324,"bytes":659449,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Sx8z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 424w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 848w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 1272w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>I dont share the politics of left-thinker and environmental activist Andreas Malm, but I really admire his historical creativity, his intellectual energy and his eloquence. All of that is on display in this <a href="https://www.versobooks.com/blogs/4787-politics-theory-other-podcast-91-corona-climate-chronic-emergency">great podcast</a> with Alex Doherty at Politics Theory Other. </p><p>One of my projects for August is to write an omnibus review of Malm’s work for LRB. Look out for that in September. </p><p><strong>Wandering through Wages </strong></p><p>One of the things I love about newsletter writing, is the license to meander. I tried to pull together my impressions about this in the updated introduction to <a href="https://adamtooze.substack.com/about">Chartbook</a>.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!xwdi!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!xwdi!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 424w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 848w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 1272w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png" width="1234" height="826" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":826,"width":1234,"resizeWidth":null,"bytes":2134668,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!xwdi!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 424w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 848w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 1272w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Achieving some kind of integration between my various strands of thinking about history, economics, theory, politics is the prize. I am coming to realize that the indirect approach may work best for me. </p><p>In that vein, this conversation I had with Alex Doherty a while back about <em>Wages of Destruction</em> may be of interest.</p><div class="soundcloud-wrap" data-attrs="{"url":"https://api.soundcloud.com/tracks/463287405","title":"#14 Adam Tooze on Nazi ideology and the German war economy by Politics Theory Other","description":"Adam Tooze joins me to discuss his book 'The Wages of Destruction: The Making and Breaking of the Nazi Economy'. We discussed the entwinement of Nazi ideology and economics, the explanation for the apparent irrationality of German military strategy, the comparative backwardness of the German economy in the pre-war period, and the question of 1930s parallels in the post-financial crash era.","thumbnail_url":"https://i1.sndcdn.com/artworks-000364996824-pp89cx-t500x500.jpg","author_name":"Politics Theory Other","author_url":"https://soundcloud.com/poltheoryother","targetUrl":""}" data-component-name="SoundcloudToDOM"><iframe src="https://w.soundcloud.com/player/?auto_play=false&buying=false&liking=false&download=false&sharing=false&show_artwork=true&show_comments=false&show_playcount=false&show_user=true&hide_related=true&visual=false&start_track=0&url=https%3A%2F%2Fapi.soundcloud.com%2Ftracks%2F463287405" frameborder="0" gesture="media" scrolling="no" allowfullscreen="true"></iframe></div><p><strong>“You are expendable” QEII to ex PM Heath:</strong></p><p>The seventeenth G7 summit was held in London in July, 1991. Her Majesty hosted a function at Buckingham Palace. The gathering included the Duke of Edinburgh, the Prince and Princess of Wales, John Major, George H. W. Bush, François Mitterrand, Helmut Kohl. As Duncan Weldon observed, I dont think I have ever seen the small talk at this kind of event capture in close up like this. Its remarkable …. and the Queen is hilarious! </p><div id="youtube2-T8dQOqCbcT4" class="youtube-wrap" data-attrs="{"videoId":"T8dQOqCbcT4","startTime":null,"endTime":null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/T8dQOqCbcT4?rel=0&autoplay=0&showinfo=0&enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p></p><!--
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"subtitle": "Samurai unchained, RIP China's \"Mr Millions\" and the Queen was quite curious about Saddam! "
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<p>Dear Subscribers</p><p>It is one week today since I started my experiment in Newsletter-busking and I wanted to send a special thank you to all of you who stepped up to support the mission. </p><p>This kind of writing is something of an experiment for me and it is wonderful to know that it is valued in a tangible way. </p><p>It is great also to read your comments on the Newsletter and the Top Links. Keep them coming. </p><p>I will be developing my offering for paying subscribers in the course of the fall. Apart from Top Links - #3 below - you will be receiving invitations to “Shutdown sessions” to discuss the book which is out in the US and UK on <a href="https://www.amazon.com/Shutdown-Covid-Shook-Worlds-Economy-ebook/dp/B08WK1WL23/ref=sr_1_3?dchild=1&keywords=shutdown&qid=1627214260&sr=8-3">September 7</a>. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!1p5A!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!1p5A!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 424w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 848w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 1272w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png" width="376" height="567.321554770318" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":854,"width":566,"resizeWidth":376,"bytes":546745,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":false,"topImage":true,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!1p5A!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 424w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 848w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 1272w, https://substackcdn.com/image/fetch/$s_!1p5A!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4c4811d9-f4d6-4f48-8ac4-2328fbffcf4a_566x854.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>I look forward to being in touch. Thank you again for your support. Please feel free to share this link with anyone you might think might enjoy reading Chartbook</p><p class="button-wrapper" data-attrs="{"url":"https://adamtooze.substack.com/?utm_source=substack&utm_medium=email&utm_content=share&action=share","text":"Share Chartbook","action":null,"class":null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://adamtooze.substack.com/?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share Chartbook</span></a></p><p>Adam </p><p>********</p><p><strong>Top Links #3</strong></p><p><strong>Carbon Pricing</strong></p><p>Following last week’s <a href="https://adamtooze.substack.com/p/chartbook-newsletter-27-gilets-jaunes">Chartbook #27</a> on the Gilet Jaunes, I got into some interesting debates online about carbon pricing. This skeptical paper by <a href="https://www.ineteconomics.org/perspectives/blog/carbon-pricing-isnt-effective-at-reducing-co2-emissions">Lance Taylor</a> at INET has some beautiful and staggering graphs about energy flow through the US economy: </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!EU3P!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!EU3P!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 424w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 848w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 1272w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/bbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png" width="1456" height="842" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/bbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":842,"width":1456,"resizeWidth":null,"bytes":478464,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!EU3P!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 424w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 848w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 1272w, https://substackcdn.com/image/fetch/$s_!EU3P!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbfe4205-9f27-492e-a5f2-0cc36c837900_1836x1062.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p><strong>China</strong></p><p>Its been a bit of a China month: My long Read for <a href="https://twitter.com/NewStatesman/">@NewStatesman</a> on China’s struggle for Econ development is <a href="https://www.newstatesman.com/international/places/2021/07/why-there-no-solution-our-age-crisis-without-china">here</a>.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!a_9e!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!a_9e!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 424w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 848w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 1272w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png" width="1456" height="720" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":720,"width":1456,"resizeWidth":null,"bytes":1925788,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!a_9e!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 424w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 848w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 1272w, https://substackcdn.com/image/fetch/$s_!a_9e!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9757d19f-40cc-4f98-9f8e-b025b4677ad2_2854x1412.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>It pairs with Chartbook #26 on China’s hyperinflation and Chartbook #28 on China as seen by the <a href="https://twitter.com/WorldBank/">@WorldBank</a> in 1983.</p><p>As <a href="https://www.ft.com/content/9ce326b2-abdb-467b-bfd1-425a499066c1">Kathrin Hille</a> of the FT points out, rising tension with China is opening the door to a more hawkish security policy on the part of Japan. And Japan’s latest defense <a href="https://www.mod.go.jp/en/publ/w_paper/wp2021/DOJ2021_Digest_EN.pdf">White Paper</a> certainly comes on strong.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!TflO!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!TflO!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 424w, https://substackcdn.com/image/fetch/$s_!TflO!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 848w, https://substackcdn.com/image/fetch/$s_!TflO!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1272w, https://substackcdn.com/image/fetch/$s_!TflO!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png" width="506" height="717.871921182266" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":1152,"width":812,"resizeWidth":506,"bytes":1060919,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!TflO!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 424w, https://substackcdn.com/image/fetch/$s_!TflO!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 848w, https://substackcdn.com/image/fetch/$s_!TflO!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1272w, https://substackcdn.com/image/fetch/$s_!TflO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfde16eb-c796-42ea-b9ba-4c3c5d49ecff_812x1152.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Inside, frankly, its largely pablum. </p><p>Meanwhile, the obituaries have been coming out for "Yang Baiwan, Millions Yang” - one of China’s original stock market speculators. Apparently he "liked the old saying that the first man to suppose a crab might be edible was either very forward-looking or very hungry. -> Learn from those who have the courage to eat crab". I like it! </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!p9_D!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!p9_D!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 424w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 848w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 1272w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/eddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png" width="1456" height="974" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/eddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":974,"width":1456,"resizeWidth":null,"bytes":1774984,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!p9_D!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 424w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 848w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 1272w, https://substackcdn.com/image/fetch/$s_!p9_D!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Feddb5964-a640-4885-ba10-925f3b141bb9_1576x1054.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Source: <a href="https://inf.news/en/history/466488f3276be1080a3a362fb656a703.html">INF.news</a></p><p>“As a teenager, born in “new China” under the red flag, he had been a Red Guard, struggling gamely to enforce a traffic edict in Shanghai that revolutionary red meant “Go”, not “Stop”.” As is often the case, the <a href="https://www.economist.com/obituary/2021/07/24/yang-huaiding-died-on-june-13th">Economist obituary </a>is fantastic.</p><p>One of the recurring China scare stories concerns the hugely over-leveraged Evergrande property developer. If you follow this story, this punchy thread by Alex Turnbull gives you a contrarian take. </p><div data-component-name="Twitter2ToDOM" class="tweet" data-attrs="{"url":"https://twitter.com/alexbhturnbull/status/1417828704357548039","full_text":"Ok on <span class=\"tweet-fake-link\">#Evergrande</span> I'm going to make a few suggestions:\n1) This isn't China's 2008 moment. \n2) This is actually entirely consistent with the tech crackdown. \n3) There is a likely state where HY bonds get restructured / crammed, equity hit very hard and all in.... doesn't matter.","username":"alexbhturnbull","name":"Alex Turnbull","date":"Wed Jul 21 12:47:59 +0000 2021","photos":[],"quoted_tweet":{},"retweet_count":3,"like_count":18,"expanded_url":{},"video_url":null,"belowTheFold":true}"><a class="tweet-link-top" href="https://twitter.com/alexbhturnbull/status/1417828704357548039" target="_blank"><div class="tweet-header"><img class="tweet-header-avatar" src="https://substackcdn.com/image/twitter_name/w_96/alexbhturnbull.jpg" alt="Twitter avatar for @alexbhturnbull" loading="lazy"><div class="tweet-header-text"><span class="tweet-author-name">Alex Turnbull </span><span class="tweet-author-handle">@alexbhturnbull</span></div></div><div class="tweet-text">Ok on <span class="tweet-fake-link">#Evergrande</span> I'm going to make a few suggestions:
1) This isn't China's 2008 moment.
2) This is actually entirely consistent with the tech crackdown.
3) There is a likely state where HY bonds get restructured / crammed, equity hit very hard and all in.... doesn't matter.</div></a><a class="tweet-link-bottom" href="https://twitter.com/alexbhturnbull/status/1417828704357548039" target="_blank"><div class="tweet-footer"><span class="tweet-date">12:47 PM ∙ Jul 21, 2021</span><hr><div class="tweet-ufi"><span href="https://twitter.com/alexbhturnbull/status/1417828704357548039/likes" class="likes"><span class="like-count">18</span>Likes</span><span href="https://twitter.com/alexbhturnbull/status/1417828704357548039/retweets" class="retweets"><span class="rt-count">3</span>Retweets</span></div></div></a></div><p><strong>Brexit Britain</strong></p><p>It has been a bumper period for speculation about what makes <strong>Brexit Britain tick.</strong></p><p>My selection of good reads would include <a href="https://newleftreview.org/sidecar/posts/only-joking">Will Davies </a>on the <em>New Left Review</em> blog on the <em>Spectator</em> set. <a href="https://www.geoffmulgan.com/post/spectators-v-doers-the-challenge-for-the-uk-s-ruling-clique">Geoff Mulgan</a> also on the <em>Spectator</em> set. The <em>Spectator</em> is pivotal because Boris Johnson was its editor rom 1999 to 2005 and it is thought to have set the tone for the subsequent degeneration of the Tory party. </p><p>For the background in Britain’s political economy, I still love this piece from <a href="https://www.theguardian.com/commentisfree/2019/oct/09/brexit-crisis-global-capitalism-britain-place-world">David Edgerton</a> back in 2019. </p><p>On the Northern Irish deal <a href="https://www.theguardian.com/commentisfree/2021/jul/23/northern-ireland-protocol-boris-johnson-oven-ready-deal-sausage">Fintan O’Toole</a> in the <em>Guardian</em> is simply devastating.</p><p>And for excellent hard hitting blogging on the on-going Brexit saga see <a href="https://chrisgreybrexitblog.blogspot.com/2021/07/the-frost-johnson-approach-has-already.html">Chris Grey</a>. </p><p><strong>How to blow up a pipeline</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Sx8z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Sx8z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 424w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 848w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 1272w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dec50f77-67a8-4f60-80be-98c91733f568_608x916.png" width="324" height="488.13157894736844" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/dec50f77-67a8-4f60-80be-98c91733f568_608x916.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":916,"width":608,"resizeWidth":324,"bytes":659449,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Sx8z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 424w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 848w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 1272w, https://substackcdn.com/image/fetch/$s_!Sx8z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fdec50f77-67a8-4f60-80be-98c91733f568_608x916.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>I dont share the politics of left-thinker and environmental activist Andreas Malm, but I really admire his historical creativity, his intellectual energy and his eloquence. All of that is on display in this <a href="https://www.versobooks.com/blogs/4787-politics-theory-other-podcast-91-corona-climate-chronic-emergency">great podcast</a> with Alex Doherty at Politics Theory Other. </p><p>One of my projects for August is to write an omnibus review of Malm’s work for LRB. Look out for that in September. </p><p><strong>Wandering through Wages </strong></p><p>One of the things I love about newsletter writing, is the license to meander. I tried to pull together my impressions about this in the updated introduction to <a href="https://adamtooze.substack.com/about">Chartbook</a>.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!xwdi!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!xwdi!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 424w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 848w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 1272w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 1456w" sizes="100vw"><img src="https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png" width="1234" height="826" data-attrs="{"src":"https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png","srcNoWatermark":null,"fullscreen":null,"imageSize":null,"height":826,"width":1234,"resizeWidth":null,"bytes":2134668,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":true,"topImage":false,"internalRedirect":null,"isProcessing":false,"align":null,"offset":false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!xwdi!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 424w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 848w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 1272w, https://substackcdn.com/image/fetch/$s_!xwdi!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4d98cb2e-33ab-443f-98d6-c791af89c517_1234x826.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Achieving some kind of integration between the various strands of thinking about history, economics, theory, politics I have been engaged in over the decades is the prize. I am coming to think that the indirect approach may work best for me. </p><p>In that vein, this conversation I had with Alex Doherty a while back about <em>Wages of Destruction</em> may be of interest.</p><div class="soundcloud-wrap" data-attrs="{"url":"https://api.soundcloud.com/tracks/463287405","title":"#14 Adam Tooze on Nazi ideology and the German war economy by Politics Theory Other","description":"Adam Tooze joins me to discuss his book 'The Wages of Destruction: The Making and Breaking of the Nazi Economy'. We discussed the entwinement of Nazi ideology and economics, the explanation for the apparent irrationality of German military strategy, the comparative backwardness of the German economy in the pre-war period, and the question of 1930s parallels in the post-financial crash era.","thumbnail_url":"https://i1.sndcdn.com/artworks-000364996824-pp89cx-t500x500.jpg","author_name":"Politics Theory Other","author_url":"https://soundcloud.com/poltheoryother","targetUrl":""}" data-component-name="SoundcloudToDOM"><iframe src="https://w.soundcloud.com/player/?auto_play=false&buying=false&liking=false&download=false&sharing=false&show_artwork=true&show_comments=false&show_playcount=false&show_user=true&hide_related=true&visual=false&start_track=0&url=https%3A%2F%2Fapi.soundcloud.com%2Ftracks%2F463287405" frameborder="0" gesture="media" scrolling="no" allowfullscreen="true"></iframe></div><p><strong>“You are expendable” QEII to ex PM Heath:</strong></p><p>The seventeenth G7 summit was held in London in July, 1991. Her Majesty hosted a function at Buckingham Palace. The gathering included the Duke of Edinburgh, the Prince and Princess of Wales, John Major, George H. W. Bush, François Mitterrand, Helmut Kohl. As Duncan Weldon observed, I dont think I have ever seen the small talk at this kind of event capture in close up like this. Its remarkable …. and the Queen is hilarious! </p><div id="youtube2-T8dQOqCbcT4" class="youtube-wrap" data-attrs="{"videoId":"T8dQOqCbcT4","startTime":null,"endTime":null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/T8dQOqCbcT4?rel=0&autoplay=0&showinfo=0&enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p></p>No children (leaf entity)