James Mackintosh

Every financial crisis is always predicated on a liquidity mismatch.

Smart guy, Machiavelli. "Wars begin when you will, but they do not end when you please." (other translations available)

Was that the basis for such a large per-person payout? Or was it cost of phone + interest + legal fees?

"Expats" vs "immigrants"

Record Numbers of Workers Are Raiding Their 401(k) Savings A divergent economy has given people record retirement savings and more need to dig into them.

www.wsj.com/personal-fin...

From a macro view banks could easily step up amd replace private credit, especially with regulations eased. But only if they think everything is going well ofc - then view of AI creative (or just) destruction is critical

Private credit/AI surely takes a *long* time to blow up after the pin pulled: they just gate withdrawals and investors are stuck in there. Borrowers keep going until loans mature (or they run out of cash) and they can't refinance and have to restructure.

Different to bank run risk, instant collapse

Maritime Squadron of the Armed Forces of Malta - Wikipedia

en.wikipedia.org/wiki/Maritim...

Unless you embed prompt injections in your text ofc

Maybe they can get the Maltese navy to protect them

I was tempted to see it as Europeans derisking, Americans buying the dip (based on time of day). But pattern isn't so simple, by eg y'day's Trump insurance/escort comments being the trigger

What proportion of UK taxpayers would be additional-rate payers by the end of that period? All of them?

Great column, except for the obviously silly: "start treating the government and the public like grown-ups". I mean, come on.

Headline of the day: "Singapore to ban caged lorries for worker transport"

Agreed. I thought you meant individuals only decide on spending goals, not saving goals.

You said "individuals"

Individuals can do it both ways. Some have fixed savings goals (buy house, early retirement etc) and then spending is their "residual". Just because it is measured as a residual doesn't mean it is never causal.

Exclusive | Kashkari Says Fed Can Sit Tight as War Clouds the Outlook Minneapolis Fed president, citing cost shock that followed Russia’s full-scale invasion of Ukraine, says he wants to avoid “Transitory 2.0.”

“Do we really want to do another ‘Transitory 2.0’?”

Neel Kashkari said inflation has been on a trajectory of "gently heading down" while there's no evidence the labor market is tightening.

But the war complicates the outlook by creating a possible echo of the commodity shock of 2022.

Editor's note: gold down 4%

Brent oil prices now ***down*** !!

Has Britain gone to war to protect Brits in a foreign country since the Don Pacifico affair? "Always" seems to be doing a lot of work here (not that UK has gone to war now)

It is quite complicated when you consider that there are British nationals in Iran too, not only in Dubai

Like I said, read the small print!

Rip-your-face-off rally takes S&P back up to where first trade took place today (though that was still down 1.4% on last night's close).

Definitely read the small print, but an actual nuclear war is something always to bet against so long as there's no margin call risk

Churchill: "Americans can always be trusted to do the right thing, once all other possibilities have been exhausted."

"Rock-climbing column" turns out to be exactly that, four stories of rope up a vertical girder. I like the idea of a slide to get back down... cc @katie0martin.ft.com @t0nyyates.bsky.social @tonytassell.bsky.social

Okay this may be the funniest effort yet

*TRUMP: I THINK IRAN MAY HAVE ATTACKED FIRST

Presumably he's selling oil

Only 7 days in total since 1983 when Brent >7%, gold and stocks down and Treasury yields up. Really unusual combination, and normally associated with a bounce from oil lows rather than geopolitics.