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Chartbook by Adam Tooze delves into economic analyses, global historical events, and their interconnections. It examines challenges in China's economy, the Eurozone's crisis, geopolitical conflicts, and environmental issues, offering diverse interpretations on authoritarian economies, financial systems, and the dynamics within conflicts and policy decisions globally.

Economic Analysis Global History Geopolitical Conflicts Environmental Issues Financial Systems Policy Analysis

The hottest Substack posts of Chartbook

And their main takeaways

Chartbook 393: Whither China? - World Economy Now, June 2025 Edition

1130 implied HN points • 22 Jun 25
💼 Business Economics Finance Global Trade Industrialization Market Dynamics
  1. China's economy plays a huge role in the global market, being the largest in terms of purchasing power parity. Changes in China's demand and trade affect many other countries, especially regarding exports.
  2. China's rapid growth over the last few decades has been extraordinary, as it has transformed from a very poor nation to one considered an upper-middle-income economy. This shift is significant for one-sixth of the world's population.
  3. Several challenges face China's economy today, such as high youth unemployment and potential deflation. These issues make it critical for China to find new ways to stimulate growth and address its changing economic landscape.

Chartbook 392 Incoming from outer space: The geo-military radicalism of Iran v. Israel 2025.

2575 implied HN points • 20 Jun 25
🌍 World Politics Military conflict Geopolitics International relations Middle East
  1. The war between Israel and Iran is unique because the countries are 1000 miles apart and have no shared border. This means they can't directly confront each other on a front line, making the conflict more complex.
  2. Israel relies on advanced fighter jets to attack Iran, while Iran fires missiles back in retaliation. This kind of long-range warfare is unusual and showcases a new way countries are fighting wars.
  3. Missile defense systems, like Israel's Arrow, are becoming critical in this conflict. They can intercept missiles in space, marking a significant leap in military technology and strategy.

Top Links 777 Standout productivity. China bottoms out. AIDS deaths & the "Californian Ideology"

257 implied HN points • 22 Jun 25
💰 Finance Economics Investments Markets Policy Global Trade
  1. Standout productivity has been noted recently, showing impressive performance in various sectors.
  2. China's economy seems to have hit a low point, sparking discussions about its future trajectory.
  3. There are rising concerns over AIDS deaths, connected to the broader cultural ideas around the topic, often referred to as the 'Californian Ideology'.

Top Links 776 California's carbon market hits the floor. Spying on luxury yacht builders. Kagame's extraordinary career & Goldin's sharp eye.

329 implied HN points • 21 Jun 25
🌞 Climate & Environment Environmental Policy Climate change Regulations Sustainable Practices
  1. California's carbon market is struggling, with recent auctions hitting the lowest price allowed. This shows challenges in the effectiveness of cap-and-trade programs for reducing emissions.
  2. There are some intriguing details about luxury yacht builders. This topic highlights a different side of luxury and the business around it.
  3. A look at Kagame's career reveals it to be quite remarkable, and Goldin's insights offer a unique perspective on various issues in the world today.

Top Links 775 America's data disaster is here. Bimodal oil prices. Defending Angela Merkel and what is wrong with Ford engines.

500 implied HN points • 20 Jun 25
🇺🇸 U.S. Politics Political Commentary Economic Analysis Public Policy
  1. America is currently experiencing serious issues with data collection and analysis. Reducing the sample size compromises the quality of information we get from surveys.
  2. Oil prices are showing a bimodal pattern, meaning there are two different price levels currently affecting the market. This could indicate some instability or shifts in oil supply and demand.
  3. There are discussions about Angela Merkel's legacy and her political decisions. Some people are defending her while others are criticizing certain policies, like those related to the automotive industry.
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Top Links 774 One Big Beautiful Giveaway. How Turkish pistols conquered US markets. The Chinese legacy of Fischer-Tropsch. Haiti's escalating crisis & "where the bombs fall".

429 implied HN points • 19 Jun 25
🌍 World Politics International relations Global Issues Geopolitics Conflict Crisis Management
  1. Turkish pistols have become popular in the U.S. market, showing how global trade can shift consumer preferences.
  2. The Fischer-Tropsch process has a significant connection to China, highlighting its impact on industry and energy production.
  3. Haiti is facing serious challenges, and the discussion around it includes concerns about the consequences of conflict.

Top Links 773 How a private equity titan became an insurance-backed quasi-bank. Narrating the AI boom & rethinking the "fall of Rome".

443 implied HN points • 18 Jun 25
💼 Business Finance Investing Private Equity Banking Insurance
  1. Apollo, a big player in private equity, became like a bank by adding insurance services to its business. This change was led by its CEO in 2009.
  2. The rise of artificial intelligence is a hot topic, drawing attention to its impact and potential in today's economy.
  3. There's a need to rethink historical perspectives, like the fall of Rome, to better understand how current events and trends affect us today.

Chartbook 391 How to predict a 1 in 1,000 year riot: the insurance expertise gearing up to commodify America's agony.

1344 implied HN points • 13 Jun 25
🇺🇸 U.S. Politics Protests Civil Unrest Insurance Political violence Social Issues
  1. The rise of protests in America has led to the insurance industry developing new ways to predict and analyze civil unrest. They are focusing on how to manage the risks and losses from these events.
  2. Big data and statistical models are now used to assess the likelihood and impact of riots and protests across various locations in the US. This helps identify high-risk areas for potential damage.
  3. Recent protests like those seen in 2020 are changing how insurance companies view risks. They see political unrest as a serious threat that may lead to significant losses, prompting them to adjust their policies accordingly.

Chartbook 389: Europe's zombie armies. Or how to spend $3.1 trillion and have precious little to show for it.

2246 implied HN points • 08 Jun 25
🌍 World Politics Military Spending Defense Policy International relations Geopolitics
  1. European countries have spent $3.1 trillion on defense over a decade, but they seem to have little effectiveness to show for it. This raises questions on how well the money has been utilized.
  2. Despite having many soldiers, the European military forces are fragmented and not effectively organized, which dilutes their combat power and efficiency.
  3. The focus on salaries and personnel has led to underinvestment in essential military equipment and capabilities, leaving Europe unprepared for modern defense challenges.

Chartbook 390 Beyond LA: Logics of escalation from Black Lives Matter (2020) to "No Kings" (June 14 2025)

1630 implied HN points • 10 Jun 25
🇺🇸 U.S. Politics Political Climate Protests Policy Analysis Immigration
  1. Protests are increasing in LA due to a heavy military response to immigration issues. This creates a tense environment that could escalate further.
  2. The Trump administration is focusing on a confrontational approach to gather support from his base. They aim to use fear and division to unify and rally their followers.
  3. Upcoming events, like the planned 'No Kings' protests on June 14, show a deep divide in America and indicate that tensions could spread beyond LA.

Top Links 772 Private equity polarizes. South Africa's growth chances dim & the Holy Alliance as "steampunk Terminator".

329 implied HN points • 17 Jun 25
💰 Finance Investments Markets Economics Corporate Private Equity
  1. Private equity is causing more division among investors. Some big firms are sticking to traditional methods, while others are trying out new strategies with insurance.
  2. South Africa's chance for economic growth is looking weaker. This raises concerns about the future for jobs and investments in the country.
  3. The topic of the 'Holy Alliance' compares it to a 'steampunk Terminator'. This likely reflects complex interactions between various powers in a rapidly changing world.

Top Links 771 How Amazon dominates the US clothing market. Driverless Chinese trucks and where lightning strikes.

414 implied HN points • 16 Jun 25
💼 Business Retail E-commerce Market Trends Trade Technology
  1. Amazon is a huge player in the clothing market, selling more than double what any other store sells in the US. This means many people are buying their clothes from Amazon.
  2. The rise of driverless trucks in China shows how technology is changing transportation. This could really impact how goods are delivered around the world.
  3. A lot can be learned from where lightning strikes, as it can reveal patterns in weather or other environmental factors. Understanding this could be important for safety and planning.

Top Links 770 Foreign foods. Where CEOs are recruited from. Trillion-dollar alien invaders & Marx's republicanism.

486 implied HN points • 15 Jun 25
🍲 Food & Drink Cuisine Imports Food Trends Cultural impact
  1. America relies heavily on imported specialty foods. People will soon see just how much they depend on these items.
  2. The price of these imported foods may rise, and everyone will have to decide what they're willing to pay.
  3. Understanding where company CEOs are sourced from can provide insights into corporate leadership dynamics.

Chartbook 388: Trump v. Musk - Alien v. Predator or "death march" into a political vacuum?

1845 implied HN points • 06 Jun 25
🇺🇸 U.S. Politics Political Dynamics Policy Analysis Election Strategy Media influence Party Affiliation
  1. Trump and Musk are publicly clashing, which shows a deeper issue in Trump's grip on power and policy decisions. This indicates that even top supporters can disagree strongly about important legislation.
  2. Trump's Big Beautiful Bill faces challenges from within his own party, revealing a lack of clear support and coherent strategy around key policies like taxes and tariffs.
  3. Rising tensions and conflicts could push Trump’s party toward extreme views, such as using xenophobia as a unifying theme to manage internal disagreements.

Top Links 767 The surge in global steel production that is not glutting global markets. Fiscal federalism in Nigeria and the MidEast AI play.

529 implied HN points • 12 Jun 25
💼 Business Economics Market Trends Global Trade Policy Analysis
  1. Global steel production is currently rising without causing an oversupply in the market. This means that while more steel is being made, it's still being used effectively.
  2. The reduction in traded steel suggests that overcapacity issues are more about political decisions than actual economic needs. It's not just about making stuff; it's also about how countries manage their resources.
  3. Fiscal federalism in Nigeria and the role of AI in the Middle East are important topics worth exploring. They show how local and technological changes can impact economies.

Chartbook 387: What fires burned at Auschwitz? On the place of the Holocaust in uneven and combined development.

3390 implied HN points • 23 May 25
💾 History World War Holocaust Genocide Industrialization Modernity
  1. The Holocaust involved complex logistics, like using trains to transport many people to death camps. Understanding these details can help us better grasp the scale and organization of these horrific events.
  2. Many comparisons have been drawn between the Holocaust and modern industrial processes, but the reality was much different. The methods used were often crude and poorly managed, far from what we typically associate with industrial efficiency.
  3. The Holocaust wasn't just about technological advancement; it showed a dark side of modernity. It was a combination of ordinary modern elements used in a horrifying way, highlighting the contradictions in how society evolves.

Top Links 768 Here come the robots. Truck parking & Walt Whitman as "self-fashioning vector of the spirit of the age".

429 implied HN points • 13 Jun 25
🇺🇸 U.S. Politics Policy Economics Labor Government Trade
  1. There are new ideas about robots taking over jobs, especially in trucking. This could change how we think about work and technology.
  2. Walt Whitman is being seen as a symbol of individual expression and identity in today's world. His ideas about self-fashioning relate to how people view themselves now.
  3. The impact of tariffs and factory jobs assumes there are enough workers to fill those roles. This might not be true, given current labor shortages.

Top Links 766 No tariffs on vintage. The turbine crisis. Hayek's bastards and Blue Jerusalem.

543 implied HN points • 11 Jun 25
🇺🇸 U.S. Politics Economics Policy Trade History Current Events
  1. There are currently no tariffs on vintage items, making it easier to buy and sell them. This can benefit collectors and businesses alike.
  2. The turbine crisis is a significant issue, which may impact energy production and prices. It's important to stay informed about how this affects the economy.
  3. Hayek's ideas continue to provoke discussions, along with topics related to cities like Blue Jerusalem. Understanding these concepts can help in navigating modern economic debates.

Top Links 765 Military R&D in America. Nigeria's investment plans. The "imperial meridian" and Nelson on the mosquito coast.

515 implied HN points • 10 Jun 25
🇺🇸 U.S. Politics Military Investment Policy History International
  1. The U.S. military invests heavily in research and development to stay advanced in technology and defense. This helps keep the country safe and operates effectively.
  2. Nigeria has exciting plans for investment that could impact its economy and future growth. It's important to watch how these investments develop.
  3. The history of the U.S. military-industrial complex shows how it was reduced in the 1990s, which is interesting for understanding current military funding and operations.

Top Links 764 The assault on foreign students in the US. The Palantir bubble & the Norman Conquest.

500 implied HN points • 09 Jun 25
🇺🇸 U.S. Politics Policy Education Immigration Economy Governance
  1. Foreign students are facing challenges in the US, which could impact a major part of the economy. This could change how international education works.
  2. There is a mention of the 'Palantir bubble', suggesting concerns about overvalued tech companies. It's a warning about the risks in the tech market.
  3. The reference to the 'Norman Conquest' might draw parallels between past events and current issues, hinting at significant social or political shifts.

Top Links 763 Windsor, Ontario. On the trade war frontline. Protecting the naira. Guinea Savannah Zone land-grabbing.

300 implied HN points • 08 Jun 25
🇺🇸 U.S. Politics Trade policy Economic Impact International relations Political strategy
  1. Windsor, Ontario is heavily impacted by ongoing trade tensions, particularly between the U.S. and Canada. This makes it a key spot to watch in discussions about trade wars.
  2. The protection of the naira, Nigeria's currency, highlights struggles for economic stability in the region. Keeping the currency stable is important for the country's economy.
  3. Land-grabbing in the Guinea Savannah Zone raises concerns about land rights and agriculture. It's essential to address these issues to protect local communities and their resources.

Top Links 762 Historicizing fx reserves. Russia's economy running hot. The fall of a fascist explorer & the "Ruler of My Heart".

329 implied HN points • 07 Jun 25
💰 Finance Economics Investing Global Markets Financial Analysis International relations
  1. FX reserves are important to understand as they reflect a country's financial health and global standing. Historicizing these reserves helps us see how they've changed over time.
  2. Russia's economy is experiencing significant growth, which has both local and global implications. It's a situation worth monitoring as it may affect global markets.
  3. The discussion around a 'fascist explorer' suggests an examination of controversial figures and their influence on society. It highlights the importance of understanding complex historical narratives.

Top Links 760 China's emissions reach a turning point. Mondrian goes dancing & Kazakh stunts.

400 implied HN points • 05 Jun 25
🌍 World Politics Global Economy International relations Environmental Policy Sustainability
  1. China's emissions are changing, and it seems like they might be hitting a significant point. This could affect global climate efforts.
  2. South Korea's trade surplus with the USA has also increased significantly since COVID, not just China's. This shows how trade dynamics are shifting.
  3. The article features links and insights that could provide interesting perspectives on current economic and environmental trends.

Top Links 758 Delinquent consumer debt. South Africa's unemployment crisis. Napoleon's sword and the legend of the "Black Star" pistol.

472 implied HN points • 03 Jun 25
💰 Finance Consumer Debt Unemployment Economic Crisis International relations Historical Analysis
  1. Delinquent consumer debt in the US is on the rise, which could indicate economic issues ahead.
  2. South Africa is facing a serious unemployment crisis, highlighting challenges in its job market.
  3. There are fascinating stories about Napoleon's sword and the legend surrounding the 'Black Star' pistol that connect history and culture.

Top Links 761 The limits of China's domestic market. Gold digging in Syria. African drone poliferation & the making of Balamory.

343 implied HN points • 06 Jun 25
🌍 World Politics International relations Global Economy Geopolitics Conflict Studies Cultural Studies
  1. China's domestic market has limitations that affect its overall economic growth. Understanding these limits can help us see potential challenges for China's future.
  2. There is ongoing gold mining in Syria, which raises questions about the human and environmental cost. It's important to be aware of the impacts of such activities in conflict zones.
  3. African countries are increasingly using drones, which could change security dynamics on the continent. This shift might lead to both opportunities and risks for the region.

Top Links 759 The privatization of ICE detention. The monsoon comes early. Mogadishu under pressure & an African road.

414 implied HN points • 04 Jun 25
🇺🇸 U.S. Politics Immigration Prison Reform Public Policy Social Issues Current Events
  1. The privatization of ICE detention is a significant issue in the U.S. prison system, especially for immigration enforcement. Private facilities play an important role in detaining immigrants.
  2. The early arrival of the monsoon season is impacting various regions. This can affect agriculture and local economies, so it's important to pay attention to climate changes.
  3. Mogadishu is facing considerable pressures which are influencing its stability and development. Understanding these challenges is key to addressing the needs of the area.

Top Links 757 Flipping correlations. Mapping credit scores. Saudi twitter & the secrets of the RG.

472 implied HN points • 02 Jun 25
💰 Finance Markets Economics Investing Banking Debt
  1. Treasury yields and the value of the dollar are acting differently now, where higher yields are linked to a weaker dollar.
  2. There are interesting tools that help map and understand credit scores, which could be helpful for managing finances.
  3. Saudi Twitter is revealing some hidden information about the region, suggesting social media plays a role in public discourse.

Top Links 752 Phases of economic history/ascendant economic ideologies. China's renewables megabases & how banana bunches are organized.

600 implied HN points • 28 May 25
💰 Finance Economic History Economics Renewables Data Visualization Global Trade
  1. There are 752 important phases in economic history that show how economies have changed over time.
  2. China is creating large renewable energy projects, which could have a big impact on its energy future.
  3. An interesting way to understand economics is to look at how bananas are organized, showing how we can learn from everyday things.

Top Links 756 Tariff-sensitive inflation is on its way. The crisis in the diamond business. The Sound of Music and Caught by the Tides.

429 implied HN points • 01 Jun 25
💰 Finance Economics Markets Investing Policy Global Trade
  1. Tariff-sensitive inflation is expected to rise soon. This means that prices on certain goods may go up because of changes in tariffs.
  2. The diamond industry is facing a crisis. This could impact the availability and pricing of diamonds in the market.
  3. There are interesting discussions around cultural topics like 'The Sound of Music' and environmental issues like 'Caught by the Tides'. These may provide insights into how culture and nature intersect.

Top Links 754 Exxon's long plateau. Banana economics. Modal magic & the General of Physics.

457 implied HN points • 30 May 25
💰 Finance Economics Energy Markets Investments Policy
  1. ExxonMobil is not rapidly expanding its fossil fuel production. This suggests a more stable or declining phase for the company rather than aggressive growth.
  2. The content focuses on varied topics like economics and physics, indicating a diverse range of interests and insights.
  3. The support of subscribers is essential for maintaining the platform, highlighting the importance of community in content creation.

Top Links 749 Tanning and the tariffs. How small boats are getting bigger. Liverpool and the unmaking of Britain.

629 implied HN points • 25 May 25
💼 Business Trade Economics Industry International Supply Chain
  1. The leather industry in the US is facing challenges due to tariffs, which can affect the prices of products made from leather.
  2. Small boats are getting bigger, which might change how we think about fishing and travel at sea.
  3. The history of Liverpool is highlighted as a key part of understanding the changes in Britain.

Top Links 753 Front-running European exports. The American transfer state. Troll farm hierarchy & the economics of motor-racing.

472 implied HN points • 29 May 25
🇺🇸 U.S. Politics Policy Economics Governance Society International
  1. European exports are being closely watched, possibly for trends or economic implications. It's important to stay updated on how they impact global trade.
  2. The idea of an American transfer state likely refers to the financial support systems in place within the U.S. Understanding this can help in grasping economic dynamics.
  3. There's a mention of troll farms and their organizational structure, highlighting the complexities of online information and influence. This can affect how we view digital communication.

Top Links 755 The non-drama of America's energy transition. Muscling Starlink into Gambia. The weirdness of Neom & 1930s aero.

386 implied HN points • 31 May 25
🌞 Climate & Environment Energy transition Sustainability Technological Innovation
  1. America's energy transition is happening slowly but steadily. The demand for electricity is starting to grow again, similar to the rates we saw in the 1990s.
  2. Starlink is making efforts to expand its internet service in Gambia. This could help improve internet access in the region.
  3. The Neom project has some unusual elements that remind us of 1930s aviation design. It's a mix of old ideas and futuristic plans.

Top Links 750 The foreign trade agenda of US states. Namibia's green dreams. ‘Sex, Drugs and Zombies’ & Brood XIV

500 implied HN points • 26 May 25
🇺🇸 U.S. Politics Trade policy Energy Policy Environmental Issues Foreign Relations
  1. Different U.S. states have their own foreign trade goals that can impact the economy. It's important to understand how each state's agenda plays a part in the bigger picture.
  2. Namibia is working towards being more environmentally friendly, showing that even developing nations can have green ambitions. This highlights the global push for sustainability.
  3. There are various interesting cultural pieces out there, including discussions about sex, drugs, and pop culture elements like zombies. These topics can reflect different aspects of society and what's trending.

Top Links 751 Thinking of history from my space. The real wage growth gap & measuring infant mortality right.

443 implied HN points • 27 May 25
💾 History Historical Events Cultural History Art history Economic History Social history
  1. There's a focus on understanding history from different perspectives, which can deepen our knowledge of the past. It's important to think critically about how history is written and shared.
  2. Measuring real wage growth is a complex issue, highlighting inequalities that persist in today's economy. Knowing where wages stand can affect how we view economic progress.
  3. Infant mortality rates serve as a significant indicator of a society's health and well-being. Accurate data and measurement can help us address key social issues effectively.

Top Links 748 Why US agricultural exports matter. Industrializing Carrara & the giant impact of America's mass incarceration.

486 implied HN points • 24 May 25
🇺🇸 U.S. Politics Economy Agriculture Trade Incarceration Policy
  1. US agricultural exports are important for farmers and the economy, helping to stabilize prices and increase income.
  2. Industrializing Carrara highlights the significant impact of industries on local economies and communities.
  3. America's mass incarceration has wide-ranging effects, affecting both individuals and society as a whole.

Chartbook 353 How Munich got Maga-ed, or Vance, bull**** & the European furore.

4306 implied HN points • 16 Feb 25
🇺🇸 U.S. Politics Nationalism Populism Security Immigration Political parties
  1. MAGA politics often come off as confusing and illogical, but they do pose a real threat. Leaders like J.D. Vance play on nationalistic ideas, creating divisions rather than solving actual problems.
  2. Europe's relationship with the U.S. is strained, especially after Vance's speech at the Munich Conference. Many Europeans feel they might have to treat the U.S. as a foreign country due to these differences in political style and values.
  3. For Europe to dismiss radical right-wing ideas effectively, it needs to develop its own security strategies. Relying solely on American support could backfire and bring MAGA-style politics into European conversations.

Chartbook 349 Scholasticides

2846 implied HN points • 28 Jan 25
🇺🇸 U.S. Politics Education & Policy Cultural Issues International relations
  1. Cultural genocide is often part of larger genocidal plans. To erase a culture, you have to destroy its education and learning systems.
  2. Scholasticide, which targets educational institutions, can both support genocide and stand alone as an attack on a society's future.
  3. In conflicts like those in Gaza and Sudan, education systems face extreme challenges. The destruction in Gaza is unmatched, impacting universities and severing communication for students and educators.