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Coming May 6th 2025
Everything you wanted to know about inflation but were afraid to ask...It's now a real thing and you can pre-order it here:
Mark Blyth
3,240 posts
Mark Blyth
@MkBlyth
William R. Rhodes Professor of Int'l Economics @BrownUniversity @WatsonInstitute. Author of Inflation (6 May 2025), Angrynomics, and Austerity.
Joined May 2013
- Thought for the weekend: "In 2007, on the eve of the financial crisis, the average Briton was richer than the average American. GDP per capita was $50,653 UK and $47,975 US. By 2019, on the eve of covid, the American figure was $65,280 while Britain’s was $43,070...
- I keep getting asked about my views on Scottish independence. So are it is. I'm for it. Why? Because the UK growth model is unsustainable and Scotland can do better than simply subsist on inter-regional transfers. This piece tipped me over the edge: thetimes.co.uk/article/scotla…
- Replying to @MkBlyth...In the decade or so after the financial crisis, America grew roughly 30% richer, while the UK became 20% poorer. The prosperity gap from the US to the UK is now the same size as the gap from the UK to Greece." Austerity did that - and will do again - soon.
- Thought for the day: Let's say rising wages cause inflation panic cause equity crash. So we have built a system where stability is a function of wage stagnation, and growth can only happen in assets, never in wages? Yeah - that'll work for most people...
- There's a line from Keynes that says 'if you can do something, you can afford it.' The UK has convinced itself over the past 15 years it cannot afford anything, with the result public and private investment has collapsed leading to general economic stagnation.
- Karl Polanyi once noted that whenever liberalism fails to deliver, its proponents argue that 'it just wasn't done right' and that, against all reason and evidence, even more of the same will produce the opposite outcome the next time we try it.
- The passing of Sean Connery is sad one for me. He paid for my first year at Columbia through the trust he set up. I used to joke that I was able to eat due to the profits of Highlander Two. Turns out it was Diamonds are Forever.
- Wondering just how far outside of the EU Brexit really put the UK? Try this.
- So how about everyone in the UK puts this on T-Shirt and wears it until the Tories finally exit through shame? OK, they have no shame, but you get the point... And don't blame COVID. It's been 'almost parabolic' since 2012. This is policy.
- Today's 'infographic paints a thousand words' goes to: (H/T to Mark Lockwood)
- It turns out the aristocracy did have one more move. Just change the rules of engagement so that numbers no longer matter. And make sure that you do so in the name of protecting free markets. This is the moment when Irony meets Hypocrisy and has a love child called ShamelessIn light of current market volatility, we are restricting transactions for certain securities to position closing only, including $AMC and $GME. Read more here. rbnhd.co/volatility-info
- Everything that is Wrong with the Folks who Run the World in One Picture
