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Joseph Cotterill @jsphctrl.ft.com · 19h

Brb looking for some steampunk rocket boosters.

AI Overview for "how to achieve steampunk manned spaceflight“

To achieve steampunk-style manned spaceflight, you must combine real engineering principles with steampunk aesthetics by using steam-powered propulsion, intricate mechanical designs, and Victorian-era styling. This can be accomplished by modifying existing spaceflight technology with gears, polished brass, and ornate detailing, designing spacecraft that look like airships, and developing steam-powered thrusters that utilize mined water as fuel

Reposted by Joseph Cotterill

Daniel Knowles @dlknowles.bsky.social · 19h

My piece - to be in this week's issue - on the South Shore raid and what it says about Donald Trump's America:

www.economist.com/united-state...

My view is this stuff is as much or more about creating content and fear than it is about actually catching immigrants, though that's a goal too

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Joseph Cotterill @jsphctrl.ft.com · 20h

The US has cut off diplomatic engagement with Venezuela and might move strikes at sea landward at any time (www.bloomberg.com/news/article...). So it's interesting Venezuela's defaulted, nearly worthless bonds are up about 50% year to date at this point (or about 25 cents on the dollar).

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Joseph Cotterill @jsphctrl.ft.com · 21h

Will we stop getting Carly Simon Disease over their catch up growth? No. Well, shall we take advantage anyway or at the very least try not to kneecap certain exports such as services to these growing economies? Also no.

Dan Davies @dsquareddigest.bsky.social · 22h

Perhaps not the main point but I always hate it when people view it as a sign of failure when poorer countries grow faster. There is absolutely no intrinsic reason why Poland should have lower income than the UK or any other EU country forever, and that means it will have to grow faster sometimes

Adam Bienkov @adambienkov.bsky.social · 22h

"15 years ago, Polish workers came here to find opportunity. Now Poland is growing twice as fast as we are," says Kemi Badenoch.

Any ideas what may have happened in the interim?

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Reposted by Joseph Cotterill

Dan Davies @dsquareddigest.bsky.social · 22h

Perhaps not the main point but I always hate it when people view it as a sign of failure when poorer countries grow faster. There is absolutely no intrinsic reason why Poland should have lower income than the UK or any other EU country forever, and that means it will have to grow faster sometimes

Adam Bienkov @adambienkov.bsky.social · 22h

"15 years ago, Polish workers came here to find opportunity. Now Poland is growing twice as fast as we are," says Kemi Badenoch.

Any ideas what may have happened in the interim?

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Joseph Cotterill @jsphctrl.ft.com · 1d

Angola did another sovereign debt repo. This time transferring dollar bonds to a Chinese bank for renminbi, which is a twist on the formula. (From a prospectus for a bond sale today)

ICBCS Repo

On 29 September 2025, Angola and ICBC Standard Bank plc ("ICBCS") entered into (i) a 15 calendar month repurchase transaction, (ii) an 18 calendar month repurchase transaction, (iii) a 21 calendar month repurchase transaction and (iv) a 24 calendar month repurchase transaction (the "Repos") documented by way of four separate confirmations (the "Repo Confirmations") and a Global Master Repurchase Agreement (2011 version) and an Annex I thereto (the "GMRA" and together with the Repo Confirmations, the "Repo Agreement"). The Repo Agreement is subject to English law and resolution of any disputes by international arbitration.

Under the Repos, following satisfaction of certain conditions precedent, Angola will transfer to ICBCS a nominal amount of zero coupon notes equal to approximately U.S.$312,500,000 issued locally by Angola through Bolsa de Dívida e Valores de Angola (the "Repo Notes"), and in return receive from ICBCS a financing amount of approximately RMB 891,250,000 (the "Purchase Price"). Ownership of the Repo Notes will pass to ICBCS on a full title transfer basis and the Repos provide that ICBCS has the right to sell or otherwise dispose of its ownership interest in the Repo Notes.

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Joseph Cotterill @jsphctrl.ft.com · 1d

We appear to be at that point in the cycle www.ft.com/content/fbf7...

Emerging markets roar back with biggest stock rally in 15 years

‘Stars are finally aligning’ for EM assets, as weakening US dollar sends investors in search of yield

www.ft.com

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Joseph Cotterill @jsphctrl.ft.com · 5d

The bill this week certainly is a situation where consenting adults theoretically *can* do something like that, and there is clearly a market for it, but you shouldn't like to admit to it in polite society afterward

Janine Gibson @janinegibson.ft.com · 5d

Lunch with the FT this week is with OnlyFans chief executive Keily Blair on.ft.com/3IRzwQF

OnlyFans chief Keily Blair: ‘People can be quite uncomfortable talking about sex’

[FREE TO READ] The boss of one of Britain’s biggest tech start-ups on the ethics of porn, the future of the content creator economy — and why the platform banned Bonnie Blue

on.ft.com

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Joseph Cotterill @jsphctrl.ft.com · 5d

Or just fits with the HTB vibe of one Paul Marshall.

Jim Waterson @jim.londoncentric.media · 5d

So interesting that GB News is sticking with female archbishop story longer than BBC/Sky, going through her tweets live on air, starting to cancel her for being woke.

They keep talking about the Christian public taking it badly, fits with the growing US-style religious vibe of the British right?

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Reposted by Joseph Cotterill

Alan Beattie @alanbeattie.bsky.social · 6d

My Trade Secrets today. Javier Milei's chainsaw deregulation (right direction but execution unclear) is his signature policy but not the big question right now.

Qu is if he's got the cojones & the political capital to break the endless Argentine macro crisis cycle & float the currency.

Thread 1/n

Trump’s lifeline won’t stop Argentina’s president repeating old mistakes

[FREE TO READ] Javier Milei has wasted foreign exchange reserves trying to hold up the peso

on.ft.com

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Joseph Cotterill @jsphctrl.ft.com · 7d

20%

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Joseph Cotterill @jsphctrl.ft.com · 7d

Argentina 2029s: now yours for 18.6%.

“You say you have a bazooka with the intention of not using it... But people start to think: ‘What’s behind it? How certain is it?’ and the market has a lot of doubts because nothing is clear.“

www.ft.com/content/6333...

Argentine assets hit by fresh selling amid worries over US bailout

Peso, stocks and bonds all fall as investors fret over lack of details from Washington on rescue plan

www.ft.com

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Reposted by Joseph Cotterill

Jordan @jordanpfot.bsky.social · 9d

It is so frustrating to see them do the oh so serious “you MUST contribute or you’re out!” song and dance, and then, when pressed on the problems with that proposal, retreat into “well there are lots of ways to contribute”. Unedifying.

Farrukh @implausibleblog.bsky.social · 9d

Krishnan Guru Murthy, "Isn't it a bit insulting to say to an Indian doctor who is working 60-70 hours a week that in order to get settled status he's got to volunteer?"

Rachel Reeves, "We want people to contribute if they come to our country"

Labour have gone utterly bonkers

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Joseph Cotterill @jsphctrl.ft.com · 9d

Why - without conditions on usage - Scott Bessent is bluffing on Argentina’s $20bn US swap line: it’s most of the Exchange Stabilisation Fund’s liquid dollar reserves. Can convert its SDRs with Fed liquidity but that might spark an interesting political conversation. www.ft.com/content/5f4b...

Other people’s money, and the problem with Mileism

The US Treasury needs to get Argentina on a better policy path before it blows through the Exchange Stabilization Fund

www.ft.com

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Reposted by Joseph Cotterill

Toby Nangle @tobyn.bsky.social · 9d

Top notch post from Brad Setser & Stephen Paduano on Milei and the Trump bailout.

"... there are no atheists in foxholes. And there aren’t many libertarians in a financial crisis."

on.ft.com/3Iq4QpH

Other people’s money, and the problem with Mileism

The US Treasury needs to get Argentina on a better policy path before it blows through the Exchange Stabilization Fund

on.ft.com

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Joseph Cotterill @jsphctrl.ft.com · 9d

Speaking of throwing good money after bad, here's one I did earlier on why the US backstop for Argentina is really an IMF backstop for Argentina, when 46% of total IMF GRA credit outstanding is already, well, Argentina. www.ft.com/content/75d6...

US lifeline for Argentina relies on IMF backstop, say analysts

Trump administration’s $20bn swap line threatens to load even more debt on to struggling South American country

www.ft.com

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Joseph Cotterill @jsphctrl.ft.com · 9d

Argentina 2029s - the ‘risk management' trade on Milei because they pay off a lot during his term - are deflating again. Yield back above 16% (did go below 14% after the Bessent bailout promise... which is still at the promise stage).

Joseph Cotterill @jsphctrl.ft.com · 16d

Well, if you liked this Argentine bond/opportunity to trade the rest of Javier Milei's presidency at 17%... guess you'll love it at 26%. Where it is priced more for a trade on when the reserve capacity to pay will run out.

Joseph Cotterill @jsphctrl.ft.com · 28d

You can now lend to Javier Milei's government in Argentina for nearly 17% on a bond due 2029 that could pay half its principal before the next presidential vote in 2027. Just in case anyone is already thinking about Christmas gifts for the most (or least) favourite libertarian in their life.

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Joseph Cotterill @jsphctrl.ft.com · 9d

It's a shame the PIF didn't route this loot-box LBO through the Saudi state minerals company, because then Ma'aden would be taking Madden far from the madding crowd. www.ft.com/content/be98...

Video games maker Electronic Arts strikes $55bn deal to go private

Saudi-backed transaction orchestrated by Jared Kushner and Silver Lake is biggest-ever leveraged buyout

www.ft.com

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Joseph Cotterill @jsphctrl.ft.com · 9d

Our 'we don't manipulate exchange rates for export competitiveness' joint statement has people asking a lot of questions already answered by the joint statement, etc home.treasury.gov/news/press-r...

Statement of the United States Department of the Treasury, the Swiss Federal Department of Finance and the Swiss National Bank on macroeconomic and foreign exchange matters

As trusted partners, the United States Department of the Treasury on the one side and the Swiss Federal Department of Finance and the Swiss National Bank on the other side shared the understanding to ...

home.treasury.gov

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Joseph Cotterill @jsphctrl.ft.com · 9d

The extension of ILR to 10 years will, not coincidentally, quietly but greatly increase the value of that cash grab while everyone focuses on the bullshit volunteering idea.

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Joseph Cotterill @jsphctrl.ft.com · 9d

The funny thing about making unpaid labour a condition of ILR is how much the ethos of the existing process is just the UK government helping itself to the fruits of your paid labour with fees and the surcharge tax. (Not to mention the income requirements)

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Joseph Cotterill @jsphctrl.ft.com · 9d

“Lawyers and immigration advisers said this facet of the policy could lead to long queues of visa-holders applying to be school governors, and a cottage industry of companies ready to accredit litter-picking efforts.” on.ft.com/486LNeu

Labour to link settled status for migrants to good citizenship

Shabana Mahmood to unveil tighter rules for foreign nationals seeking permanent residency in Britain

on.ft.com

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Joseph Cotterill @jsphctrl.ft.com · 12d

Most common birthday, ie Sept 17th most common (also Australia Citizenship Day in what is no doubt a complete coincidence)

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Reposted by Joseph Cotterill

Karthik Sankaran @rajakorman.bsky.social · 13d

I was wondering if they had complained. They have.
soygrowers.com/news-release...

ASA Responds to Argentina Soybean Actions - American Soybean Association

This week, Treasury Secretary Scott Bessent announced the U.S. government was in negotiations to extend a $20 billion swap line to the Argentine

soygrowers.com

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Joseph Cotterill @jsphctrl.ft.com · 14d

Agreed, though this way the onus is on Argentina to activate the swap line and meet US terms on drawdowns (depending what they are).