🙏for posting and Happy New Year! The IMF Database is only up to 2023, but one can check the Government Debt ↙️ vs Private Debt ↘️breakdown. Chart maps USA in Red; IND in brown; CHN in green. Private debt/GDP 2023 CHN 205%; USA 150%; IND 98%. Public debt/GDP 2023 CHN 84%; USA 123%; IND 83%.

Evolution of Hindu-Arabic numerals. Earliest 'circular zero' so far discovered 9th Cent. Gwalior inscription ↘️ traveled to Baghdad area (E Arabic), Morocco (W Arabic);Spain & by 16th Cent., England. Critical in developing double-entry book-keeping, corporations, then European colonialism in India!🙏

Christ Driving the Moneychangers from the Temple. Rembrandt (1606-69) painted 1635.

Incidentally, the Project 2025 document (on p. 772) shows a Table of 8 major US trading partners, graphing their average differential tariff with the US vs their trade deficit. India's trade deficit as of ~2019 was less than $50B but the tariff differential was in the highest bin 8%-10% 👇. 🙏

The Chart from India's Press Information Bureau citing the National Statistics Office 👇. The quarter ended September is 2Q 2024-25 since the FY starts April 1. Chart shows both GDP (left scale) and growth rate (right scale). YoY growth has declined for the third successive quarter since 4Q 2023-24.

US Imports of Nickel (Ni) by Country 2019-2022. 40% comes from Canada, which produces about 5% of world Nickel. The category 'Other' below could include Australia, which also produces ~5%; or Indonesia (nearly 50%) or the Philippines (about 10%) via @statista.bsky.social

Most significant change is the increase 2023 to 2024 in the US portfolio weight in CPPIB's assets: from 36% to 42% (and the decrease in Asia's 26% to 21%). Nearly as significant is the increase #PublicEquity 24% 2023 to 28% 2024. #PrivateEquity, Infrastructure, Real Estate each declined to make up.

The CPP Investment Board, of course, invests in 56 countries (as at 3/31/24). What I found really interesting is how, between 2023 and 2024, in response to geopolitical, but also macroeconomic factors, it varied its investments, both geographically 👇 and by asset class ⏬

Worldwide Assets Under Management AUM (by private entities) by country. #Top5 2023 2024 with forecast to 2028 via @statista.bsky.social Sheer dominance of the US: In 2024 US AUM $64.39 T = 1.97 X (UK+FR+DE+ JAP = $32.74T); projected to become by 2028 US AUM $87.35T = 2.31 X *(UK+FR+DE+JAP=37.62 T)!

Panel was in September 2022; JG was then (as now) a lawyer with King & Spalding. Excerpt from his initial remarks at the panel 👇 Mary Lovely @piie.com responds.

Geographical variation of inflation within the Eurozone is actually quite considerable👇 In September 2024, Cyprus and Latvia each had 1.6%, while Belgium had the highest 4.3% and Ireland the lowest 0.0%! France, Germany and Italy had 1.4% 1.8% and 0.7%. Eurozone HICP for 09/24 is 1.7% closest to DEU

Finally, let us look at how inflation in France ↙️ and Italy ↘️ behaved relative to the Eurozone Harmonized Index of Consumer Prices (HICP) computed by Eurostat. Inflation in France peaked ~6 months later and 350 bp lower; peak Inflation in Italy coincided with Eurozone but peaked 200bp higher! 🙏

As we await the Eurostat inflation announcement (Harmonized Index of Consumer Prices HICP) on 11/27, the October 2024 situation👇. HICP, used by ECB to set the Deposit Facility Rate is exactly 2.0%, their #InflationTarget
! But Food inflation is 3.0%; Services inflation 4.0% and Energy (minus) -4.6%!

11/25/24 IFO Germany Business Survey Update: Overall, down over previous month: index of Assessment of Situation down most (relative to Climate and Expectations). Sector-wise: Manufacturing, Services and Construction sentiment down, Trade expectations up slightly.

In Urdu 'thesis' = 'maqalah' (via Google Translate). I wonder, is it a word in common use? For example @hganjoo.bsky.social apna maqalah qalam-e-Faiz ka hawala day kar shuroo (aghaaz/ibtida?) karte hain ke:

DEU and Eurozone inflation 👇. Germany's GDP is ~29% of the Eurozone's, Latvia's is 0.13% and Cyprus' is ~0.08%. LVA and CVP are both Easternmost, LVA in the North and CYP in the South. LVA is separated from the 'main' Eurozone by the non-€ countries of POL, CZE etc; CYP by TUR and the Mediterranean

#Eurozone October 2024 inflation figures will drop 11/27/24. A question ever since the 1999 introduction of the euro, and even before: Is the Eurozone an optimal currency area? Let us see how well EU inflation is correlated between the largest economy DEU ⏬ & peripheral economies LVA↙️ & CYP↘️

Germany's IFO Institute for Economic Research publishes monthly Business Climate Surveys as leading indicators of economic activity in Manufacturing, Services, Trade & Construction. 10/25/2024 👇; overall sentiment was up since 9/24; but down in Construction. [Update expected 11/25/24]

Interesting chart from RBNZ 👇Market has priced in a ~150bp cut for NZ over next 12 months; compared to ~125bp for US over same period (both are at roughly ~4.75% right now). RBNZ is interesting as the first central bank to introduce #InflationTargeting back in 1990! 🙏