Dillon Wamsley
@dillonwamsley.bsky.social
Research fellow @uompols.bsky.social
Researching political economy, sovereign debt, macroeconomic policy
Researching political economy, sovereign debt, macroeconomic policy
Pinned
When neoliberalism meets technocracy: intra-elite conflict and the realignment of Britain’s macroeconomic regime under Liz Truss
This article offers a new account of Liz Truss’s premiership by analysing the political economy of the 2022 mini-Budget crisis. Engaging with literature on depoliticisation, statecraft, and the Cit...
www.tandfonline.com
My new article on everyone’s favourite PM, Liz Truss, is out in New Political Economy 🧵
Reposted by Dillon Wamsley
This is a very interesting piece, both in terms of its analysis of the Truss government and its implications for how we think about the politics of depoliticisation today.
November 23, 2025 at 8:39 AM
This is a very interesting piece, both in terms of its analysis of the Truss government and its implications for how we think about the politics of depoliticisation today.
More here: doi.org/10.1080/1356...
When neoliberalism meets technocracy: intra-elite conflict and the realignment of Britain’s macroeconomic regime under Liz Truss
This article offers a new account of Liz Truss’s premiership by analysing the political economy of the 2022 mini-Budget crisis. Engaging with literature on depoliticisation, statecraft, and the Cit...
doi.org
November 20, 2025 at 2:16 PM
More here: doi.org/10.1080/1356...
Without denying the enhanced power of bond markets in the UK’s current economic context, this shows how it is also the institutional arrangements around economic policymaking — which are not subject to iron economic laws — that shape fiscal space.
November 20, 2025 at 2:16 PM
Without denying the enhanced power of bond markets in the UK’s current economic context, this shows how it is also the institutional arrangements around economic policymaking — which are not subject to iron economic laws — that shape fiscal space.
2) the institutionalised market sensitivity baked into UK macroeconomic policy, in large part from an over-reliance on speculative OBR forecasts and continually adjusted estimates of fiscal headroom based on arbitrary fiscal rules.
November 20, 2025 at 2:16 PM
2) the institutionalised market sensitivity baked into UK macroeconomic policy, in large part from an over-reliance on speculative OBR forecasts and continually adjusted estimates of fiscal headroom based on arbitrary fiscal rules.
More on that in this IFS report: ifs.org.uk/publications...
The Budget and bond markets: ‘when you’re in a hole, stop digging’ | Institute for Fiscal Studies
Against a challenging backdrop, the Budget will be a key moment to announce measures needed to maintain and bolster bond market confidence.
ifs.org.uk
November 20, 2025 at 2:16 PM
More on that in this IFS report: ifs.org.uk/publications...
Not mentioned is: 1) how QT and the Bank’s discretionary decision to aggressively downsize its balance sheet amplifies the power of bond vigilantes. This has led to a shifting demand base of gilts toward private and more price-sensitive investors needed to absorb increased supply.
November 20, 2025 at 2:16 PM
Not mentioned is: 1) how QT and the Bank’s discretionary decision to aggressively downsize its balance sheet amplifies the power of bond vigilantes. This has led to a shifting demand base of gilts toward private and more price-sensitive investors needed to absorb increased supply.
In presenting a story of the Labour gov’t vs. bond vigilantes, it overlooks the amplifying effects (and power) of the Bank of England, and the UK’s macroeconomic regime, in mediating the power of bond vigilantes. www.ft.com/content/5209...
The Bank of England is misusing its fiscal powers
Unwinding QE must not be allowed to tie the hands of Government
www.ft.com
November 20, 2025 at 2:16 PM
In presenting a story of the Labour gov’t vs. bond vigilantes, it overlooks the amplifying effects (and power) of the Bank of England, and the UK’s macroeconomic regime, in mediating the power of bond vigilantes. www.ft.com/content/5209...
Good read from @willdunn.bsky.social in @newstatesman1913.bsky.social, especially this on trader views of the (lack of) credibility of the Labour gvm’t: ‘there is no plan, there is no vision, and they’re not going to succeed because they don’t have the talent’ But two things are missing🧵
Meet the bond market vigilantes
Governments are now at the mercy of unseen investors
www.newstatesman.com
November 20, 2025 at 2:16 PM
Good read from @willdunn.bsky.social in @newstatesman1913.bsky.social, especially this on trader views of the (lack of) credibility of the Labour gvm’t: ‘there is no plan, there is no vision, and they’re not going to succeed because they don’t have the talent’ But two things are missing🧵
Reposted by Dillon Wamsley
Pleased to post this new Dig ep w/ my partner in all things @triofrancos.bsky.social on her beautiful book Extraction: The Frontiers of Green Capitalism. We go from Chile to Nevada, from dawn of colonialism to geoeconomic conflict between the US and China—and more www.thedigradio.com/podcast/extr...
Extraction w/ Thea Riofrancos
Featuring Thea Riofrancos on Extraction: The Frontiers of Green Capitalism. The green energy transition requires a vast array of inputs: copper, cobalt, rare earth elements, and the focus of this disc...
www.thedigradio.com
November 13, 2025 at 5:40 PM
Pleased to post this new Dig ep w/ my partner in all things @triofrancos.bsky.social on her beautiful book Extraction: The Frontiers of Green Capitalism. We go from Chile to Nevada, from dawn of colonialism to geoeconomic conflict between the US and China—and more www.thedigradio.com/podcast/extr...
Reposted by Dillon Wamsley
📝 Don't miss this article from the current issue of #BJPIR
'Reframing centre-left neoliberalism: New Keynesian theory, Third Way ideology, and the construction of an elite consensus in the US, Britain, and Australia' by Brent Toye & @dillonwamsley.bsky.social
🔗 buff.ly/62G4GAB
'Reframing centre-left neoliberalism: New Keynesian theory, Third Way ideology, and the construction of an elite consensus in the US, Britain, and Australia' by Brent Toye & @dillonwamsley.bsky.social
🔗 buff.ly/62G4GAB
November 13, 2025 at 2:44 PM
📝 Don't miss this article from the current issue of #BJPIR
'Reframing centre-left neoliberalism: New Keynesian theory, Third Way ideology, and the construction of an elite consensus in the US, Britain, and Australia' by Brent Toye & @dillonwamsley.bsky.social
🔗 buff.ly/62G4GAB
'Reframing centre-left neoliberalism: New Keynesian theory, Third Way ideology, and the construction of an elite consensus in the US, Britain, and Australia' by Brent Toye & @dillonwamsley.bsky.social
🔗 buff.ly/62G4GAB
Reposted by Dillon Wamsley
Martijn Konings, Fiscal Dominance? — Sidecar
Trump and the Federal Reserve.
newleftreview.org
November 12, 2025 at 8:38 PM
Recommended alongside this in @lrb.co.uk: bsky.app/profile/lrb....
November 12, 2025 at 9:30 PM
Recommended alongside this in @lrb.co.uk: bsky.app/profile/lrb....
In response to Truss’s challenge to their autonomy, I argue that key institutions realigned as part of a ’Bank-Treasury-OBR’ nexus around a conservative macroeconomic consensus, ultimately playing a key role in Truss’s downfall.
November 12, 2025 at 9:30 PM
In response to Truss’s challenge to their autonomy, I argue that key institutions realigned as part of a ’Bank-Treasury-OBR’ nexus around a conservative macroeconomic consensus, ultimately playing a key role in Truss’s downfall.
Beyond Truss incompetence and bond vigilantism, the article highlights the Truss moment as a key shift in the UK macroeconomic regime.
November 12, 2025 at 9:30 PM
Beyond Truss incompetence and bond vigilantism, the article highlights the Truss moment as a key shift in the UK macroeconomic regime.
It offers a heterodox take on the Truss government, framing the mini-Budget crisis as a moment of intra-elite conflict between Truss’s neoliberal project and depoliticised institutions in the British state.
November 12, 2025 at 9:30 PM
It offers a heterodox take on the Truss government, framing the mini-Budget crisis as a moment of intra-elite conflict between Truss’s neoliberal project and depoliticised institutions in the British state.
My new article on everyone’s favourite PM, Liz Truss, is out in New Political Economy 🧵
When neoliberalism meets technocracy: intra-elite conflict and the realignment of Britain’s macroeconomic regime under Liz Truss
This article offers a new account of Liz Truss’s premiership by analysing the political economy of the 2022 mini-Budget crisis. Engaging with literature on depoliticisation, statecraft, and the Cit...
www.tandfonline.com
November 12, 2025 at 9:30 PM
My new article on everyone’s favourite PM, Liz Truss, is out in New Political Economy 🧵
Reposted by Dillon Wamsley
BoE rolls out new defence of QE-QT, stressing low costs for long-maturity debt in QE decade. But it's drawing arbitrary boundaries: analysis (APF Q3 Rept) fails to note that BoE conditioned QE on HMT accepting gilt issue limits, part of causal chain to catastrophic austerity. on.ft.com/3JY23EM
Bank of England’s Andrew Bailey says QE will offset its costs in long term
Bank governor responds to investors and politicians after value of its holdings of UK government bonds fell
on.ft.com
November 12, 2025 at 2:31 PM
BoE rolls out new defence of QE-QT, stressing low costs for long-maturity debt in QE decade. But it's drawing arbitrary boundaries: analysis (APF Q3 Rept) fails to note that BoE conditioned QE on HMT accepting gilt issue limits, part of causal chain to catastrophic austerity. on.ft.com/3JY23EM
Reposted by Dillon Wamsley
Labour government preparing to hike income taxes - blaming bond markets.
not one adult in the room will say the obvious:
1. Britain's fiscal rules are shambles
2. Bank of England has too much power over fiscal decisions
3. ignore bond vigilantes
www.ft.com/content/5c8f...
not one adult in the room will say the obvious:
1. Britain's fiscal rules are shambles
2. Bank of England has too much power over fiscal decisions
3. ignore bond vigilantes
www.ft.com/content/5c8f...
Keir Starmer puts Labour MPs on notice for Budget tax rises
Prime minister declines to rule out higher income taxes as Treasury lays foundations for bigger fiscal buffer
www.ft.com
October 31, 2025 at 7:44 AM
Labour government preparing to hike income taxes - blaming bond markets.
not one adult in the room will say the obvious:
1. Britain's fiscal rules are shambles
2. Bank of England has too much power over fiscal decisions
3. ignore bond vigilantes
www.ft.com/content/5c8f...
not one adult in the room will say the obvious:
1. Britain's fiscal rules are shambles
2. Bank of England has too much power over fiscal decisions
3. ignore bond vigilantes
www.ft.com/content/5c8f...
“There are entire ruling class industries on the market side…and committees and subcommittees and consultants on the government side, working hand in hand that take in billions of public dollars to make that opaque… regime of credit allocation function.”
thebaffler.com/latest/payin...
thebaffler.com/latest/payin...
Paying for It | David I. Backer
Should Zohran Mamdani become the next mayor of New York City, he will be restricted by the municipal bond market.
thebaffler.com
October 30, 2025 at 1:32 AM
“There are entire ruling class industries on the market side…and committees and subcommittees and consultants on the government side, working hand in hand that take in billions of public dollars to make that opaque… regime of credit allocation function.”
thebaffler.com/latest/payin...
thebaffler.com/latest/payin...
Reposted by Dillon Wamsley
New @thedigradio.bsky.social: SECOND of two w @melindacooper.bsky.social on Counterrevolution: Extravagance and Austerity in Public Finance. How asset boom and bust drove MAGA’s rise and also revealed powerful monetary tools that could make socialism—that and more www.thedigradio.com/podcast/from...
From Fiscal Austerity to Monetary Abundance w/ Melinda Cooper
Featuring Melinda Cooper on Counterrevolution: Extravagance and Austerity in Public Finance. Balanced budget conservatism and supply side populism engineered a politics of austerity and budget deficit...
www.thedigradio.com
October 10, 2025 at 7:05 PM
New @thedigradio.bsky.social: SECOND of two w @melindacooper.bsky.social on Counterrevolution: Extravagance and Austerity in Public Finance. How asset boom and bust drove MAGA’s rise and also revealed powerful monetary tools that could make socialism—that and more www.thedigradio.com/podcast/from...
Reposted by Dillon Wamsley
Does China's party-state capitalist model mean it can fully decarbonise its economy?
Our exec producer Chris Saltmarsh joins Remi to discuss his @ripejournal.bsky.social article on the development of the Chinese political economy and implications for tackling the climate crisis
🎧 shorturl.at/xUwW5
Our exec producer Chris Saltmarsh joins Remi to discuss his @ripejournal.bsky.social article on the development of the Chinese political economy and implications for tackling the climate crisis
🎧 shorturl.at/xUwW5
September 24, 2025 at 8:47 AM
Does China's party-state capitalist model mean it can fully decarbonise its economy?
Our exec producer Chris Saltmarsh joins Remi to discuss his @ripejournal.bsky.social article on the development of the Chinese political economy and implications for tackling the climate crisis
🎧 shorturl.at/xUwW5
Our exec producer Chris Saltmarsh joins Remi to discuss his @ripejournal.bsky.social article on the development of the Chinese political economy and implications for tackling the climate crisis
🎧 shorturl.at/xUwW5
Reposted by Dillon Wamsley
The Rhodes Center Podcast is back. Me and Leah Downey on her wonderful book Our Money: Monetary Policy as if Democracy Matters. This is part one of two. In part two we discuss what happens when democracy starts to get the upper hand. Coming soon: player.captivate.fm/episode/eb5e...
Independent from who exactly? Central banks and democracy (part 1)
Quickly and easily listen to The Rhodes Center Podcast with Mark Blyth for free!
player.captivate.fm
September 19, 2025 at 7:16 PM
The Rhodes Center Podcast is back. Me and Leah Downey on her wonderful book Our Money: Monetary Policy as if Democracy Matters. This is part one of two. In part two we discuss what happens when democracy starts to get the upper hand. Coming soon: player.captivate.fm/episode/eb5e...
“What is more, one wonders why something as crucial as borrowing costs to the lives of every citizen should sit beyond a country’s democratic process.”
www.ft.com/content/a667...
www.ft.com/content/a667...
I can take or leave central bank independence, frankly
It makes no difference to growth and policymakers are always in hock to someone
www.ft.com
September 5, 2025 at 11:34 AM
“What is more, one wonders why something as crucial as borrowing costs to the lives of every citizen should sit beyond a country’s democratic process.”
www.ft.com/content/a667...
www.ft.com/content/a667...
Reposted by Dillon Wamsley
My newest piece for Jacobin traces the ideological inheritances of Danielle Smith.
jacobin.com/2025/08/albe...
@johncke.bsky.social @charlieangus104.bsky.social @dgrdon.bsky.social @nolore.bsky.social @youcaughtscott.com @desmondcole.bsky.social @temcd.bsky.social @dillonwamsley.bsky.social
jacobin.com/2025/08/albe...
@johncke.bsky.social @charlieangus104.bsky.social @dgrdon.bsky.social @nolore.bsky.social @youcaughtscott.com @desmondcole.bsky.social @temcd.bsky.social @dillonwamsley.bsky.social
Meet Danielle Smith, Canada’s Ayn Rand in Cowboy Boots
Danielle Smith, Alberta’s leader, is fusing libertarian dogma with oil-soaked grievance politics. It’s Canada’s version of the New Right, dressed up in provincial pride.
jacobin.com
September 1, 2025 at 12:16 AM
My newest piece for Jacobin traces the ideological inheritances of Danielle Smith.
jacobin.com/2025/08/albe...
@johncke.bsky.social @charlieangus104.bsky.social @dgrdon.bsky.social @nolore.bsky.social @youcaughtscott.com @desmondcole.bsky.social @temcd.bsky.social @dillonwamsley.bsky.social
jacobin.com/2025/08/albe...
@johncke.bsky.social @charlieangus104.bsky.social @dgrdon.bsky.social @nolore.bsky.social @youcaughtscott.com @desmondcole.bsky.social @temcd.bsky.social @dillonwamsley.bsky.social
Reposted by Dillon Wamsley
Historically low levels of inflation and a defeated labor movement made the era of central bank independence possible. But the 2008 crash repoliticized the institution.
Donald Trump’s attack on Lisa Cook is a backlash that has been brewing ever since.
Donald Trump’s attack on Lisa Cook is a backlash that has been brewing ever since.
The Long Twilight of Central Bankism
Historically low levels of inflation and a defeated labor movement made the era of central bank independence possible. But the 2008 crash repoliticized the institution. Donald Trump’s attack on Lisa Cook is a backlash that has been brewing ever since.
jacobin.com
August 28, 2025 at 7:14 PM
Historically low levels of inflation and a defeated labor movement made the era of central bank independence possible. But the 2008 crash repoliticized the institution.
Donald Trump’s attack on Lisa Cook is a backlash that has been brewing ever since.
Donald Trump’s attack on Lisa Cook is a backlash that has been brewing ever since.