David del Val
@_delValLSE economic historian and senior economist at @CABK_Research. Usual disclaimers apply.
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A little disappointed that Bloomberg and John Authers retell this myth ignoring the ECB's depo cuts in 2014, 15 and 19 as well as the additional QE in that period... but it is probably too nice a story not to tell.
In a terrible take that makes numerous easily avoidable mistakes, @TheEconomist says: "the ICC should prosecute only when states are 'unwilling or unable to do so genuinely'. Israel is a democracy with an independent judiciary." This is legally & factually incorrect. Short 🧵👇
I’m puzzled by all the fretting about China trade shock 2.0. First, a subsidy war in EVs and batteries is actually a good thing since there is no global carbon tax. Second, we are no longer in hyperglobalization. Importing countries are free to respond. Remember the Japanese…
(1/12) La investigación sobre Ecoembes me ha 'enganchado' porque pocas veces, en 33 años de periodista, he visto un "control del relato" tan eficaz. La cuestión esencial es que Ecoembes ha logrado enmascarar su naturaleza: es una filial de multinacionales infolibre.es/politica/sombr…
So it turns out that CS AT1 bonds absorption mechanism always was a Principal Write Down subject to supervisory judgement, but we chose to simplify all CoCos as just "senior to equity"... ah, the perks of oversimplified nuanced stuff!
AT1 have specifically designed triggers and loss absorption mechanics in the specific offering. Loss absorption mechanic on CS coco’s was clearly principal writedown for the triggers hit here. Investors owning these bonds agreed to this workout risk. bis.org/publ/qtrpdf/r_…
How can AT1 bonds be zero'd when they're more senior than equity which is getting paid 2bn, you ask? Because bondholders agreed they could be. Here's the section in the $CS 9.75% AT1 prospectus (don't worry if you weren't aware, half the holders prob haven't read this either):
En la presentación del informe sobre política industrial del @FuturePolicyLab Muy pertinente el día que la comisión plantea relajar las exigencias sobre ayudas de Estado... It's now or never
Can we argue that headline-like-tweets wondering about spurious correlations bring many visits and impacts to their authors?
Share of adults (voters!) that do NOT speak a foreign language. Can we argue that nations with high rates are more likely to vote for nationalist ideologies rather than for big global, open-minded ideologies?
Quédate con el mejor estilo de vida del mundo. Ah, solo si eres rico. #PolòniaTV3
Today @EIB @DeboraRevoltel1's group of Chief Economists and shared @GROW's super granular 🔍work on #supplychains ⛓️, impact of war and energy📈and inflation Our finding:🆙to 8⃣0⃣% of 2022 prices ‼️due to shortages 👉high affinity here on #supplyshocks driving economic outlook
Lagarde acknowledged Central Banks' induced recession won't bring inflation down.
En 2035, estará prohibido vender coches diésel y gasolina en Europa. Charlamos con @Nuriablazs, @xqcgeo, Isabel González, @mario_rod_var y @_delVal sobre si esto supondrá el fin del automóvil. 🎧¿𝗘𝘅𝗶𝘀𝘁𝗶𝗿𝗮́𝗻 𝗹𝗼𝘀 𝗰𝗼𝗰𝗵𝗲𝘀 𝗲𝗻 𝟮𝟬𝟱𝟬? 👉spoti.fi/3Twpdks
Amazing story. How Musk's idiocy could be helping the common good for the wrong reasons. Many people would now be discovering Big Pharma's exploitation of a flawed Intellectual Property legislation.
Did Twitter Blue tweet just cost Eli Lilly $LLY billions? Yes.
Grande Rulo! Usando bien la cabeza desde la 13/14 cuando sumó tanto en aquella Liga épica del Atleti... Aunque se lía un poco con el impuesto al patrimonio 😅, demuestra ser cabal, buen ciudadano y buen tipo 🔝👍
Raúl García, jugador del Athletic, en El País👇🏽 “Encantado de que me suban los impuestos si van a lo que creo que deben ir. Creo que hay que ser solidario. Nos van a hacer pagar una tasa de solidaridad. Hay que entender el momento en que estamos”
Este año he estado en las asambleas anuales del FMI y el BM en Washington. Comparto mi análisis para @rielcano Mucha incertidumbre, desaceleración económica global y cisnes negros realinstitutoelcano.org/analisis/nubar…
El pesimismo vende. En particular en 🇪🇸 donde, como dice Luis Rojas-Marcos, "el optimismo está mal visto. Aquí no estar contento es lo habitual. El que lo está parece tonto. Nos gusta reírnos y quejarnos”. ¡Nos ayudaría valorar mejor todo en lo que si avanzamos y hacemos bien!
According to a new study by David Rozado, there has been a big increase in news headlines suggesting fear, anger, disgust, and sadness since 2000, and especially since about 2010. Journalists are pushing your buttons.
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