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Friends –– David Adler, Anton Jäger and I are restarting our 'Eurotrash' podcast. Our first ep back is actually an important one, with David reporting from the Global Sumud Flotilla currently en route to Gaza, bearing aid and being attacked by drones. Listen in!

www.patreon.com/posts/15-eur...

And: stop fretting about ‘independence’ and ‘fiscal dominance’, but the following dynamic: gov surrenders fiscal policy discretion to CB, while CB follows the lead of the out of control drunk that is the market-based financial system—financial dominance all the way down. Basically the UK.

Re: Trump v Fed: Some (very hastily written and heavily edited) reflections on the nature of central bank–government interdependence in the era of crisis and how financial- not fiscal dominance is what should be keeping us up at night. Also Powell is Thomas Becket.

jacobin.com/2025/08/cent...

TL;DR: The more the US conducts policy in way that erodes confidence in its institutions, the more it takes on the shape of an emerging market, the more sovereign credit rating kind of start to matter. Crudely put, but I don’t think the complacency is fully warranted.

Hard to overstate how the recent rhetoric of imperial derangement in the face of heightened trade rivalry mirrors that of the 80s… (cc @jwmason.bsky.social)

Along with dear friends Lily Lynch and Nic Johnson I was asked to comment on Trump's first hundred days.

In a nutshell: it's all too early to tell, but while he might bury American hegemony, globalism will outlive him.

jacobin.com/2025/04/trum...

The writing was very much on the wall over the last years (h/t Nick Mulder) but I think the disappearance of dollar system is gonna involve a lot of front-loaded pain..

On basically all relevant matters China holds the cards.

It’s funny how the ‘wrong crisis’ predicted by Bernanke and co pre 2008 (tensions with China > UST sell-off > dollar crisis > fiscal crisis) is now very much plausible.

This is better than hard drugs.

Behold, the Beast of Bethnal.

The fact that this site is receptive to cat photos makes me consider spending more time here.

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