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The Fourth Estate, Stagflation & Wealth Destruction
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The Fourth Estate, Stagflation & Wealth Destruction

Great links, reading and images from Chartbook Newsletter by Adam Tooze

Adam Tooze
Jun 22, 2022
30
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The Fourth Estate, Stagflation & Wealth Destruction
adamtooze.substack.com

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

Twitter avatar for @morethanadodo
Oxford University Museum of Natural History @morethanadodo
The colony of swifts here has been the subject of a research study since May 1947. It is one of the longest continuous studies of a single bird species in the world, and has contributed much to our knowledge of the swift.
oumnh.ox.ac.ukSwifts in the tower
5:24 PM ∙ May 10, 2022
3Likes2Retweets

“The Box” and the Mob

Ponte degli Alpini - Palladio’s amazing “modernist bridge”

Twitter avatar for @areasvellas
Angel Muñiz @areasvellas
Ponte degli Alpini, Bassano del Grappa. 1569 by Andrea Palladio 1508-1580 #architecture #arquitectura #Bridge it.wikipedia.org/wiki/Ponte_Vec… it.wikipedia.org/wiki/Andrea_Pa…
Image
Image
11:05 AM ∙ Apr 23, 2022
13Likes1Retweet

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.

The inside of the bridge (Playback)

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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