Reading

Created
Fri, 11/03/2022 - 02:08

Well, it's been over six months since I last added to this blog. Sorry if you've been waiting that long. I have tended to concentrate on my Twitter feed and adding a selection of material to the gallery on my Ko-fi page. I'm not the best writer of prose and the blog can be a bit of a chore at times. 

I'll be spending the next week or so bringing it up to date with my work so far. Most of this will be stuff that I've tweeted over the past six months but there will be some new things thrown in there too. I'll also try to give each piece some context where I can. 

Welcome back. 

Created
Wed, 09/03/2022 - 18:11

The West is arraying financial weapons never deployed before against a country of Russia’s size, forsaking some of the principles that have defined it.

Part of what has defined the West – and most of what has been the world’s engine of prosperity for the past century and a half – has been the free flow of goods across borders, a working banking system, and property rights.

There’s been an implicit understanding that no sizeable nation (Russia’s economy is about the size of Australia’s) would be denied access to these things. Otherwise the financial system wouldn’t be the financial system.

That seems to have been the understanding of Russian President Vladimir Putin. But ten days ago, the West did the unthinkable, and the global financial system may never be the same again.

Created
Wed, 09/03/2022 - 02:16
On Sunday, I was interviewed by Kai Wright on his excellent NPR show “The United States of Anxiety.” The other guest who came on after me was some musician named David Byrne. Wright and I talked about Biden, his State of the Union Address, and why his presidency hasn’t turned out to be an FDR-style transformational presidency. You can catch the show here. In other news, I’ve got some pieces in the hopper. Look for some mammoth essays on Adam Smith and John Maynard Keynes, both of which I’ve been working on for about two years, and a shorter take on the idea of late capitalism. Will share them when they’re out.
Created
Sat, 05/03/2022 - 02:48
This paper examines the recent increase of the measured inflation rate to assess the degree to which the acceleration is due to problems created (largely on the supply side) by the pandemic versus pressures created on the demand side by pandemic relief. Some have attributed the inflation to excess demand, most notably Larry Summers, who had warned that the pandemic relief spending was too great.
Created
Wed, 02/03/2022 - 18:06

No one likes paying A$1.80 per litre for petrol. But amid forecasts of prices climbing to $2.10 as Russian’s invasion of Ukraine drags on, it’s possible some good could come of that pain – including greater energy independence and a faster path to net-zero emissions.

Two months ago, at the start of 2022, the typical Sydney and Melbourne unleaded price was $1.60 a litre. A year earlier, at the start of 2021, it was $1.20.