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

*****

Thank you for reading Chartbook Newsletter. I love sending out the newsletter for free to readers around the world. I’m glad you follow it. It is rewarding to write, but it takes a lot of work. What sustains the effort are voluntary subscriptions from paying supporters. If you are enjoying the newsletter and would like to join the group of supporters, press this button.

Several times per week, paying subscribers to the Newsletter receive the full Top Links email with great links, reading and images.

There are three subscription models:

1. The annual subscription: $50 annually

2. The standard monthly subscription: $5 monthly - which gives you a bit more flexibility.

3. Founders club:$ 120 annually, or another amount at your discretion - for those who really love Chartbook Newsletter, or read it in a professional setting in which you regularly pay for subscriptions, please consider signing up for the Founders Club.

To get the full Top Links and become a supporter of Chartbook, click here

Inflation-targeting central banks

For subscribers only

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

For subscribers only

Mafia of the Pastures

Nicholas Whithorn @NickWhithorn

A maxi-trial against the so-called "mafia of the pastures" in the Nebrodi mountains of Sicily has ended with 90 convictions & prison sentences totalling 640 years. The mafia embezzled €5m of EU agriculture funds. €4m have been recovered so far.

Tg3 @Tg3web

Si è chiuso con condanne complessive a seicento anni di carcere il maxi processo alla mafia dei pascoli nel Parco dei Nebrodi. Appena dieci gli assolti su oltre cento imputati. Svelata una truffa milionaria delle cosche sui fondi europei https://t.co/yam0NmJtlU

An ode to Tokyo’s Nakagin Capsule Tower

For subscribers only

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

For subscribers only

I’ve always belonged to what isn’t where I am

Dr. Maya C. Popa @MayaCPopa

Fernando Pessoa from The Book of Disquiet (trans. by Richard Zenith):

Stahlhelm transnational

P R O V A C A T I F @provacatif

East German M56 Stahlhelms in Vietnam