Franz Nowak
@franzno.bsky.social
#readyourkindleberger
franznowak.com
franznowak.com
The pessimist who became a prophet - giftarticle.ft.com/giftarticle/... via @FT
The pessimist who became a prophet
Michael Sandel was ignored by a generation of political optimists. Now he is searching for a way out of the mess he saw coming
giftarticle.ft.com
February 8, 2026 at 8:35 AM
The pessimist who became a prophet - giftarticle.ft.com/giftarticle/... via @FT
Reposted by Franz Nowak
The Termite Thesis on the US dollar.
Good, sober, realistic warning bell by Sobel and Kamin in @alphaville.ft.com
Meanwhile the euro has its problems but on many metrics doesn’t look so bad, boasting the ECB as its financial fortress. The continent rearming will buttress geopolitical heft.
Good, sober, realistic warning bell by Sobel and Kamin in @alphaville.ft.com
Meanwhile the euro has its problems but on many metrics doesn’t look so bad, boasting the ECB as its financial fortress. The continent rearming will buttress geopolitical heft.
January 28, 2026 at 9:45 PM
The Termite Thesis on the US dollar.
Good, sober, realistic warning bell by Sobel and Kamin in @alphaville.ft.com
Meanwhile the euro has its problems but on many metrics doesn’t look so bad, boasting the ECB as its financial fortress. The continent rearming will buttress geopolitical heft.
Good, sober, realistic warning bell by Sobel and Kamin in @alphaville.ft.com
Meanwhile the euro has its problems but on many metrics doesn’t look so bad, boasting the ECB as its financial fortress. The continent rearming will buttress geopolitical heft.
Reposted by Franz Nowak
January 28, 2026 at 6:25 AM
Could Europe really leverage its $12.6tn pile of US assets? - giftarticle.ft.com/giftarticle/... via @FT
Could Europe really leverage its $12.6tn pile of US assets?
NIIPing an outlandish idea in the bud
giftarticle.ft.com
January 19, 2026 at 2:13 PM
Could Europe really leverage its $12.6tn pile of US assets? - giftarticle.ft.com/giftarticle/... via @FT
Can Europe still afford its generous state pensions? - giftarticle.ft.com/giftarticle/... via @FT
Can Europe still afford its generous state pensions?
Rising numbers of older people across the continent are straining budgets and making for some difficult political decisions
giftarticle.ft.com
January 15, 2026 at 7:38 AM
Can Europe still afford its generous state pensions? - giftarticle.ft.com/giftarticle/... via @FT
Can Venezuela settle its debts? - giftarticle.ft.com/giftarticle/... via @FT
Can Venezuela settle its debts?
Nicolás Maduro’s removal has opened the door to a huge and complex debt workout
giftarticle.ft.com
January 10, 2026 at 10:25 AM
Can Venezuela settle its debts? - giftarticle.ft.com/giftarticle/... via @FT
The new age of geoeconomics - on.ft.com/4ls9CRL via @FT
The new age of geoeconomics
Donald Trump’s tariff threats are just part of a much wider shift. Gillian Tett explains why commerce is being subordinated to statecraft — and how we can adapt
on.ft.com
July 12, 2025 at 7:05 AM
The new age of geoeconomics - on.ft.com/4ls9CRL via @FT
This is Europe’s ‘global euro’ moment - on.ft.com/3TryxZ7 via @FT
This is Europe’s ‘global euro’ moment
But greater international prominence will not happen by default — it must be earned
on.ft.com
June 17, 2025 at 4:37 AM
This is Europe’s ‘global euro’ moment - on.ft.com/3TryxZ7 via @FT
"How to slash government debt-to-GDP" - on.ft.com/4jFIM6N via @FT
How to slash government debt-to-GDP
A cunning plan we don’t recommend
on.ft.com
June 12, 2025 at 6:27 AM
"How to slash government debt-to-GDP" - on.ft.com/4jFIM6N via @FT
www.bondcap.com
May 31, 2025 at 8:50 PM
Can Europe finally fix its capital markets? - on.ft.com/3GRnkhs via @FT - great article!
Can Europe finally fix its capital markets?
Stung by its lack of competitiveness, the EU is making a new push to create a deep financial market. Some investors believe this time could be different
on.ft.com
May 13, 2025 at 1:46 PM
Can Europe finally fix its capital markets? - on.ft.com/3GRnkhs via @FT - great article!
Reposted by Franz Nowak
TRUMP, ASKED IF RUSSIA IS PLAYING HIM, SAYS NO ONE IS PLAYING ME
April 18, 2025 at 5:22 PM
TRUMP, ASKED IF RUSSIA IS PLAYING HIM, SAYS NO ONE IS PLAYING ME
Reposted by Franz Nowak
This was the predictable response and follows a long pattern of similar export restrictions/license requirements in response to previous trade actions. Nonetheless, we are not prepared for this.
www.nytimes.com/2025/04/13/b...
www.nytimes.com/2025/04/13/b...
China Halts Critical Rare Earth Exports as Trade War Intensifies
Beijing has suspended exports of certain rare earth minerals and magnets that are crucial for the world’s car, semiconductor and aerospace industries.
www.nytimes.com
April 13, 2025 at 6:23 PM
This was the predictable response and follows a long pattern of similar export restrictions/license requirements in response to previous trade actions. Nonetheless, we are not prepared for this.
www.nytimes.com/2025/04/13/b...
www.nytimes.com/2025/04/13/b...
Reposted by Franz Nowak
So much winning — in 15 charts
[FREE TO READ] The fallout from ‘Liquidation Day’
on.ft.com
April 7, 2025 at 9:21 AM
Reposted by Franz Nowak
The warning of this wonky old chart today isn’t about trade but about America’s role in the world.
Via @opinion.bloomberg.com
Does Kindleberger’s Spiral Predict Economic Depressions?
www.bloomberg.com/opinion/arti...
Via @opinion.bloomberg.com
Does Kindleberger’s Spiral Predict Economic Depressions?
www.bloomberg.com/opinion/arti...
April 7, 2025 at 6:19 AM
The warning of this wonky old chart today isn’t about trade but about America’s role in the world.
Via @opinion.bloomberg.com
Does Kindleberger’s Spiral Predict Economic Depressions?
www.bloomberg.com/opinion/arti...
Via @opinion.bloomberg.com
Does Kindleberger’s Spiral Predict Economic Depressions?
www.bloomberg.com/opinion/arti...
Reposted by Franz Nowak
New @budgetlab.bsky.social report about today's tariff announcement:
• The April 2nd policy alone is the equivalent of an 11.5pp increase in the effective tariff rate. When combined with other US tariffs in 2025, we're at 22 1/2%, the highest rate since 1909.
1/7
• The April 2nd policy alone is the equivalent of an 11.5pp increase in the effective tariff rate. When combined with other US tariffs in 2025, we're at 22 1/2%, the highest rate since 1909.
1/7
April 3, 2025 at 2:43 AM
New @budgetlab.bsky.social report about today's tariff announcement:
• The April 2nd policy alone is the equivalent of an 11.5pp increase in the effective tariff rate. When combined with other US tariffs in 2025, we're at 22 1/2%, the highest rate since 1909.
1/7
• The April 2nd policy alone is the equivalent of an 11.5pp increase in the effective tariff rate. When combined with other US tariffs in 2025, we're at 22 1/2%, the highest rate since 1909.
1/7