Chefsekonom, Katalys
Joined January 2013
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I have a new article out in Industrial and Corporate Change, where I make the case that ”soft budget constraints” can be good for innovation.
academic.oup.com/icc/advance…
Max Jerneck retweeted
From afar, Lula winning and Vucic losing on the same day is hard to ignore. A crystallization of a kind of global anti-nationalist wave that's as real as the steady far-right march we've all spoken and written about for the past decade. And it's cresting a week before US midterms
Max Jerneck retweeted
Lula victory speech:
"We had to overcome foreign interference through digital platforms, which we will have to regulate.
We cannot have monstrously huge corporations earning millions & billions, paying no taxes to this country & trying to steer this country's election results."
Max Jerneck retweeted
Israeli troops have leveled a neighborhood in Hebron, driving out hundreds of families in a war-crime act of collective punishment for a militant attack on an army checkpoint outside the occupied West Bank city. trib.al/CIffmuy
Max Jerneck retweeted
Russia's war-crime targeting of Ukraine's energy infrastructure is leaving Ukrainian civilians fearing the coldest winter since Putin's full-scale invasion. trib.al/IsdWsE7
Max Jerneck retweeted
🚨Breaking: Bahia Regional Electoral Court (TRE-BA) orders the arrest of Salvador's Bolsonarista Municipal Secretary of Mobility, Pablo Souza, for deliberately hindering voters ability to reach polling stations.🚨
Max Jerneck retweeted
Breaking: The city of São Paulo, population 12 million, has 29% of its bus fleet out of service on election day.
Bolsonarista Mayor.
Lula won there in first round.
Pattern repeating around country.
URGENTE - A prefeitura de São Paulo mantém 29% da frota de ônibus municipais estaciona nas garagens neste momento.
Justiça já tinha mandado, ontem, ter 100% da frota na rua. Está sendo descumprindo
metropoles.com/colunas/demet…
Max Jerneck retweeted
Multiple cities in Brazil including São Paulo and Salvador which both went for Lula in the first round are reporting having significant parts of their public transport system taken offline as part of vote suppression tactics by pro Bolsonaro politicians
Max Jerneck retweeted
There hasn’t been an active nuclear weapons program in 🇮🇷 since 2003, as confirmed by all Western intelligence agencies, but now Netanyahu is trying to scare the voters in Israel 🇮🇱 with images of a nuclear attack against Tel Aviv. He seeks a mandate for renewed war. cdn.i24news.tv/uploads/4f/e5…
Max Jerneck retweeted
The fall in overall demand is most acute for standard internal combustion engine cars -- robust exports had kept total sales (exports + domestic) above 15m a year until late last year, but global sales are now falling (creating pressure on the JVs and their big SoE partners)
4/
Max Jerneck retweeted
MIND-BLOWING STATS: A record 2/3 of new cars in China are now electric, while combustion-car sales have fallen by 2/3 since they peaked in 2017
– In 2020, ~95% of sales were combustion-engine cars
– By Sep 2026, they crashed to 33%
– On the flip side, NEVs hit a record 67%
🧵
Max Jerneck retweeted
What better time for France, Germany and the EU parliament to water down the ICE phaseout
”om alla Tidöpartiernas feberdrömmar till straffrättsreformer träder i kraft skulle Sverige få en fängelsepopulation som i Europa endast överträffas av Ryssland och Turkiet.”
Än är undrens tid inte över.
aftonbladet.se/nyheter/kolum…
Max Jerneck retweeted
So basically, Germany’s fiscal policy can mess with France’s borrowing costs even when France hasn’t changed a damn thing about its own budget.
Adam Tooze makes a useful point about bond markets that often gets inverted.
When Germany barely issued new debt (debt brake + surpluses), Bunds became scarce. Bond traders and portfolio managers still need high-quality paper to buy, sell, and hold. So French OATs stepped in as the closest substitute. Demand for French bonds rose, prices went up, yields fell — and France temporarily joined the “high-quality” club alongside Germany.
Scarcity of the safest asset doesn’t mean managers love thin markets. It means capital gets pushed into the next-best alternative until that scarcity eases. Once German issuance picked up and perceptions shifted, France’s spreads widened again.
Suhonen möter Jan Guillou youtu.be/A0sV77uizBc?is=O9k7… via @YouTube
Hur kan vi tillåta detta?
Under stort hemlighetsmakeri utökar israeliska Elbit Systems sin verksamhet i Sverige.
Nu planerar man att etablera det ”första europeiska produktionscentret för laservarningssystem”.
etc.se/inrikes/israeliska-va…
Max Jerneck retweeted
how convenient for corporations rn that any condition out of the ordinary will raise prices and the removal of that condition never seems to mean they lower them
Airfares will not return to pre-Iran war levels, American Airlines warns ft.trib.al/Vf1NEkw
Max Jerneck retweeted
Still funny that 2010s stagnation was blamed on financial markets rather than appallingly tight macroeconomic policy. Meanwhile, this story emerges as the US economy still runs off the bazooka of fiscal spending in the early-20s. (Surviving numerous shocks - many self-inflicted).
Max Jerneck retweeted
Thought-provoking, perhaps controversial, and certainly worth reading!
"The Fiscal Fed: How the US Central Bank Funds Government" by Will Bateman.
link.amazon/B0hxhFjYG
"Bateman combs Fed meeting transcripts, staff notes, financial accounts, and legal documents to trace loans and public-debt purchases since the central bank’s founding. The result is a milestone work that reveals how, for most of the Fed’s history, its transactions were aimed at government financing—either by providing cheap credit to close budget gaps or by manipulating yields on government debt. The Fed’s support for government finance is a feature, not a bug, of American economic institutions."
Éric Monnet: "A revelatory counter-history of the central bank and its independence. The Fiscal Fed is essential."
link.amazon/B0hxhFjYG
