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Michael Bolton wants you to break up with your brokerage

It’s hard to know when to call the top in this crazy market isn’t it? But surely, surely, this has to be some kind of indicator: Yes that’s a new ad featuring Michael Bolton, from Public.com, the stock trading app that, unlike all the other stock trading apps, is “on the mission to open the stock market to everyone by making it inclusive, educational, and fun”. (We think they might have meant “on a mission” but we guess after splashing out on Michael Bolton they...

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Three Vaccine Assumptions for 2021

As COVID-19 vaccination programs scale up globally, they must be able to withstand reality. Policymakers need to incorporate three realistic assumptions into their immunization plans: delays are inevitable, inequality will increase, and vaccine procurement could be a proxy for geopolitics. KUALA LUMPUR – Vaccinating the world against COVID-19 is one of mankind’s most critical non-wartime efforts ever. Many countries...

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Central Banking’s Brave New World

Leading central banks are now keen to take on responsibility for policy objectives they previously shied away from, such as reducing inequality and combating climate change. But explicitly amending the central banks’ missions would be preferable to letting monetary policymakers decide how their tasks should evolve. PARIS – Twenty years ago, central bankers were proudly narrow-minded and conservative. They made a virtue...

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Expert Focus: Diversifying the economics profession

Equitable Growth is committed to building a community of scholars working to understand how inequality affects broadly shared growth and stability. To that end, we have created the monthly series, “Expert Focus.” This series highlights scholars in the Equitable Growth network and beyond who are at the frontier of social science research. We encourage you to learn more about both the researchers featured below and our broader network of experts. This Black History Month, we are...

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Gaming Our Economies

Numerous US legislators are proposing a new tax on stock trades to slow down social-media-fueled meteors like GameStop. But such a tax would actually make things worse by prolonging the time it takes for a meteoric price rise to correct itself and reunite with reality. SAN DIEGO – “God does not play dice with the universe,” Einstein once assured us. True. Instead, a gaggle of geeky gamers with goggles, toggles, and...

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America’s Excessive Government Spending Must Stop

Before his death on February 6, George P. Shultz, a former US Secretary of the Treasury and Secretary of State, co-authored a final commentary warning of the dangers posed by the vast increase in US government spending in recent years, including during the COVID-19 crisis. STANFORD – Many in Washington now seem to think that the US federal government can spend a limitless amount of money without any harmful economic...

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Rishi Sunak’s fishy foray into chat-show hosting

Last week, Rishi Sunak, the Chancellor of the Exchequer, told us via Twitter that he would be “speaking to industry leaders and experts to hear how they’ve reacted to the pandemic” over the coming weeks. So in terms of the calibre of “industry leaders”, you can see that things started quite well: Dishy Rishi’s first Zoom call was with chef, restauranteur and shouty reality show host Gordon Ramsay. Some, though, particularly those in the restaurant industry, felt the...

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This is nuts, this is the electric vehicle crash

It would take a brave man to call a top to the bubble after 11 years of stocks absolutely ripping but, for once, it looks like FT Alphaville might have nailed it.Just over a month ago, we published a live spreadsheet detailing all of the electric vehicle — and related technology — stocks listed on the global equity markets. Without exception, they’d all been ripping in unison —doubling, tripling and quadrupling to the extent that their market capitalisations were completely...

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An Interview with Ruth Ben-Ghiat

Project Syndicate: Before last November’s presidential election, you wrote that the “mere possibility” that a sitting US president would “foment political violence if the outcome doesn’t go his way” was symptomatic of a degraded democratic political climate.” That possibility came to pass with the January 6 insurrection at the US Capitol, which Donald Trump incited. But many believe that Joe Biden’s subsequent inauguration shows that US democratic institutions...

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Further reading

Elsewhere on Tuesday . . . -- The UK’s AstraZeneca edge-- Private equity’s nursing home record-- Are endowments damaging universities?-- A journey in macroeconomic thinking-- The fantasy of English freedom-- Fuel for the ITER reactor is ready for testing-- Gupta is at it again-- Congress is under the microscope after the Capitol invasion-- Song of the day: Wordcolour -- I Waited For You This Morning

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