Real wage slump, the Mafia of the pastures, the battle of Havana
Great reading, links and images from Chartbook Newsletter by Adam Tooze
Source: IWM
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Inflation-targeting central banks
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Real wage slump
In the United States, nominal wage growth outpaced labour productivity, pushing the ULC substantially up in late 2021 and early 2022 even as real wages declined. In the first quarter of 2022, the ULC was up 7.1 per cent. In contrast, in the European Union, at the beginning of 2022, annual growth rate of ULC was 2 per cent, in line with the region’s long-term inflation target. In Japan, the ULC was practically stable in the beginning of 2020 (zero growth rate), also ruling out excessive demand pressures in the labour market. The most remarkable case is the United Kingdom, where the ULC growth rate shot up to double digits during the lockdown of 2020 and then collapsed to negative double digits during reopening. The United Kingdom ULC continued to fall in first half of 2022, with nominal wage growth almost 3 points below labour-productivity growth on an annual basis.
Source: UNCTAD
Indonesia on the hunt for investors to back its new capital
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Mafia of the Pastures
An ode to Tokyo’s Nakagin Capsule Tower
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Battle of Havana
The Battle of Havana, November 9th 1870. A card issued by a margarine manufacturer – SMS Meteor on left
The Prussian navy, a weak force composed mainly of gunboats, played an insignificant, if sometimes heroic, role in the three wars that led to proclamation of the German Empire in 1871. These were against Denmark (1864), Austria, Bavaria and other German States (1866) and France (1870-71).
Source: Dawlish Chronicles
Montaigne
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I’ve always belonged to what isn’t where I am
Stahlhelm transnational