The Fourth Estate, Stagflation & Wealth Destruction
Great links, reading and images from Chartbook Newsletter by Adam Tooze
The Fourth Estate (Italian: Il quarto stato) is an oil painting by Giuseppe Pellizza da Volpedo, originally titled The Path of Workers and made between 1898 and 1901.[2] It depicts a moment during a labor strike when workers' representatives calmly and confidently stride out of a crowd to negotiate for the workers' rights. Its name refers to the working class as standing alongside the three traditional estates that divided power between the nobility, clergy, and commoners.
The Fourth Estate comes out of its deck on the occasion of May 1st, Labor Day 2022. We are happy to be able to share the message of strength and hope that erupts the silent and compact march represented in the Fourth State, with the city of Florence and the visitors of the Salone dei Cinquecento.
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Stagflation
Demand and supply
THE ECONOMICS OF SHORTAGES by RAMSI A. WOODCOCK
Great illustrations this from the very stylish LPE website.
Marshall’s famous scissors. (Well, not really. The scissor blades in this figure and the next are from Shears, U.S. Patent No. 556,644 (May 18, 1895).)
“Wealth Destruction”
The sell off in US bond and stock markets in recent months has resulted in the most dramatic write down in balance sheet values in half a century - $!5.5 trillion, 60% of 2019 GDP.
Via the always brilliant https://thedailyshot.com/ An essential subscription if you can stretch.
Studying birds
“The Box” and the Mob
Ponte degli Alpini - Palladio’s amazing “modernist bridge”
The Ponte degli Alpini spans the River Brenta and is also known by other names, such as Ponte Vecchio or Ponte de Bassano, as it is in the town of Bassano del Grappa, in the province of Vicenza in Veneto. It is considered one of the most characteristic bridges in Italy. A pre-existing bridge, made of wood and covered with a roof, connected Bassano and Vicenza between the 13th and 16th centuries. At the beginning of the 14th century, Bassano was involved in the War of Padua and two towers were built to protect the bridge. A century later, as a result of another war, another bridge was built, but it was destroyed during a flood. In the 16th century, French troops set fire to the bridge to prevent the army from escaping (during yet another war, obviously). The original bridge dates from 1209 and was designed by Gerardo Maurisio, however, the way we know it today is a project by none other than Andrea Palladio. In October 1567, the Brenta River suffered a violent flood that overtook the pre-existing bridge. Palladio was soon involved in the reconstruction. Initially, he designed a stone bridge, totally different from the original, in three arcades like the ancient Roman models. The city council turned down the project because they did not want it to depart from the traditional wooden structure.
Two years later, Palladio presented a second project with a wooden bridge, reminiscent of the previous structure, but completely renovated and modernized in technical and structural issues, in addition to having a strong visual impact.
Margaret Clarke RHA (née Crilley; 1 August 1884 – 31 October 1961) was a (very good) Irish portrait painter
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