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Toby Nangle @tobyn.bsky.social · 21m

Huuge gap between Mouth and Trousers, with the gap between mouth and trousers varying by trading partner.

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Toby Nangle @tobyn.bsky.social · 23m

🚨 Why are realised US tariff rates so much lower than effective tariff rates?
on.ft.com/4hbgi5l

US tariffs are still *checks notes* around 10 per cent

Lots of mouth, varying amounts of trousers

on.ft.com

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Toby Nangle @tobyn.bsky.social · 4h

ie, back to Jane Austen world where wealth is '£x a year'.

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Toby Nangle @tobyn.bsky.social · 4h

My recollection is that much of WAS wealth is PV of DB pensions, including unfunded public sector. Which makes bond yields matter a lot. (Happy to be corrected.)

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Toby Nangle @tobyn.bsky.social · 5h

Given that the data comes from the WAS to 2022, and that much of wealth is bound up in estimates of pension wealth (where bond yields are important), will be fascinating to see the 2024 numbers post-bond market crash. Cld collapse elder-wealth?

RF estimate what these will do to the aggregate:

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Toby Nangle @tobyn.bsky.social · 5h

More complex (but better) charts showing the role of active vs passive wealth changes. Sort of argues that the young earn & save to build wealth, but can't keep pace with wealth gains accruing passively to the old.

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Toby Nangle @tobyn.bsky.social · 5h

Real wealth per adult around the same as it was 15yrs ago — unless you're a 55yo or older.

Chart suggests the bulk of passive wealth gains have accrued to the old.

The closer you get to being aged 60, the greater your wealth, on average.

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Toby Nangle @tobyn.bsky.social · 5h

What is the *right* level of wealth inequality?

Am guessing this chart will serve as a Rorschach test.

Average per adult wealth in the UK, by wealth decile

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Toby Nangle @tobyn.bsky.social · 5h

After 80yrs of declining wealth inequality, top 1% and top 10% wealth share in the UK has flatlined for the past 40yrs.

via @resfoundation.bsky.social www.resolutionfoundation.org/publications...

Blue line shows share of household wealth held by top 1%; red by top 10%.

The chart shows declining wealth inequality from 1900-1980 and a flatlining since then.

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Toby Nangle @tobyn.bsky.social · 6h

More people have AI girlfriends (or boyfriends) than use BlueSky, via @alphaville.ft.com open.substack.com/pub/chinatal...

Why America Builds AI Girlfriends and China Makes AI Boyfriends

and what it all means

open.substack.com

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Toby Nangle @tobyn.bsky.social · 22h

Genuine Blockchain use-case! bsky.app/profile/quan...

Quantian @quantian.bsky.social · 1d

lol this actually is a use case, every time your camera takes a photo it uploads a statement to a public blockchain that phone ID X took a picture with a hash of Y at timestamp Z, then if you want to use it as evidence you would show that your phone had ID X and the image matched the hash perfectly.

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Reposted by Toby Nangle

Chris Giles @chrisgiles.ft.com · 1d

Food prices have risen a lot more than other stuff since Covid...

My newsletter asks whether they are now a leading indicator of inflation

www.ft.com/content/de31...

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Toby Nangle @tobyn.bsky.social · 1d

Thanks! Was my first ever blog. 😊

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Toby Nangle @tobyn.bsky.social · 1d

Thing I don't know is whether drag on investment that might come from higher long-yields (as large firms' cost of issuance rises/ firms generally look to bond market to set hurdle rates etc) is greater than cashflow effect. Reckon textbooks say it (clearly) is. But is it?

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Toby Nangle @tobyn.bsky.social · 1d

For years UK firms told everyone that would listen that employer special contributions was sapping their lifeblood and preventing investment/ pay rises/ unicorns. Higher bond yields should eradicate their need.

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Toby Nangle @tobyn.bsky.social · 1d

Actually, probably this one www.ft.com/content/00d7...

Game over for DB pensions?

Insert coin to discontinue

www.ft.com

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Toby Nangle @tobyn.bsky.social · 1d

This?
principlesandinterest.wordpress.com/2014/06/23/m...

Monetary transmission mechanisms – who cares? (Me actually)

Frances Coppola and Giles Wilkes have been having a good-spirited row about Hobbits, Dragons and the importance (or otherwise) of understanding the monetary transmission mechanism. You can see thei…

principlesandinterest.wordpress.com

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Toby Nangle @tobyn.bsky.social · 1d

Never change Ken 😊

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Toby Nangle @tobyn.bsky.social · 1d

🚨 Do macro releases really matter to stock punters?

Turns out yes, or at least some of them.

on.ft.com/3KEeFB1

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Reposted by Toby Nangle

Renewal @renewaljournal.bsky.social · 1d

"Most of us basically love our country, even if begrudgingly – not the version we’re told to, or even presented with, but the one we really see and live in every day. Silly Sausage Britain is the Britain most of us reside in, and love."

@sofiejenkinson.bsky.social on "Mr Blobby patriotism"

Mr Blobby patriotism

Over recent weeks I have found myself thinking about the country we live in, what it feels like and what I like, and love, about it. I guess I found myself thinking about this because of the summer w...

renewal.org.uk

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Reposted by Toby Nangle

Soumaya Keynes @soumayakeynes.ft.com · 5d

Eeee the cover for the UK edition of How to Win a Trade War is out!

Pre-order your copy here...
www.amazon.co.uk/How-Win-Trad...

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Reposted by Toby Nangle

Daniel Knowles @dlknowles.bsky.social · 2d

Really want some more reporting on this

David Gilbert @davidgilbert.bsky.social · 2d

Over the weekend, Trump's deputy chief of staff for policy Stephen Miller repeatedly attacked judges, calling them part of an "organized terrorist attack" on the US government....

On Saturday, the home of a judge who ruled against Trump, went up in flames

time.com/7323442/sout...

House of South Carolina Judge Criticized by Trump Administration Set Ablaze

Authorities are investigating a fire at the home of a South Carolina judge who had reportedly received death threats in what could be the latest incident of political violence across the country.

time.com

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Toby Nangle @tobyn.bsky.social · 2d

The last paper published by the PBoC was in 2023.

It was the only paper they published in 2023.

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Toby Nangle @tobyn.bsky.social · 2d

Massive domestic bias in Australian pensions.

Nice chart from RBA's Financial Stability Review. www.rba.gov.au/publications...

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Toby Nangle @tobyn.bsky.social · 2d

On taking office, Reform UK council leaders now reckon wasteful spending just isn’t there after all.

"Everyone thought we'd come in and there were going to be these huge costs we could cut away but there just aren't," said a third senior Reform cabinet member in Kent.

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