Joe Fowler

@felly500 Wow

@EricCrampton @offbalancetweet Doesn’t take a canny social investor to work out that less kids growing up in stressed homes = better country and savings later. The risks to that business case are political not financial.

@jjoefowler @offbalancetweet In that case, expected revenues should go up in future years, and we wouldn't be seeing structural deficits. And it was the basis for the now-abandoned investment approach - which actually tried to work this out.

10yr bond yields are barely above the rate of inflation. If you can’t borrow and invest now, you’ll never do it.

@EricCrampton @offbalancetweet I guess my point is that both infrastructure investment and investment in people generate a return. The opex investment in people can be the better choice.

@EricCrampton @offbalancetweet Opex or ‘human capex’?

@felly500 @DrChrisGibbons Family subscription is worth every Penny

@issyhowie @katejosephs @theoutdoorcity Taking the technical trail from the end of Moorbank Rd (crosspool) holding the upper trail that skirts the golf course, and then dropping down to Rivelin Reservoir and returning via the lower trails. Homesick!

I am biased, but tell me another city where you can go for a 5 mile run starting in the city centre and have this gorgeousness 😍 When things are tough exercise, fresh air and sense of connection to place are what gets me through #home #Sheffield #MentalHealthAwarenessWeek

@FitzmauriceLuke I found the period 1882 (industrial schools act - copied from Ireland) to 1895 (non kin foster care dominant) was rich with material to stimulate critical thought. See also differences between present day use of UCB and Care Orders.

Fox News right on the money here!

If you want to follow up on my conversation with Lee, the paper is once again open access: The appallingly bad neoclassical economics of climate change tandfonline.com/doi/full/10.10…

Really important 🧵 on the links between poverty and mental health ⬇️⬇️

Superb letter in the latest Greytown community newsletter

@Himel55 @JohnJCampbell @RobbieNicol I am guessing most of the primary bond buyers have reserve accounts at RBNZ and RBA...

@jjoefowler @JohnJCampbell @RobbieNicol I just find it hard to believe if the RBNZ was in control of the yield, they would allow it to rise as much as it has.

@Himel55 @JohnJCampbell @RobbieNicol Central banks adjust volume / type of bond repurchases (QE) to control bond price (and therefore yields). Recent increase in LSAP suggests RBNZ are aiming to keep just below 2.0? Just a guess.

@jjoefowler @JohnJCampbell @RobbieNicol But they don't have a policy rate or target for the 10 year rate, so how do we know where they want it to be?

@Himel55 @JohnJCampbell @RobbieNicol The 10-yr yield is pretty much exactly where RBNZ want it to be. QE means that the 10-year yield has become a policy variable.

@JohnJCampbell @RobbieNicol Kinda interesting that the NZ Govt 10YR bond is at a higher interest rate now then before starting LSAP(QE). Bit of a presumption that QE lowers interest rates i.e cost of debt

@NZMorningReport @bernardchickey Prices will be up by 25 to 20 per cent by the middle of 2021, and the solution is... building some houses that will be ready in 2022 or 2023. My house is burning down, so I am going to call the fire engine next week. Anyone would think the banks are benefiting from the boom.

"Prices are rising and will be up around 25 to 30 percent by the middle of this year, so something needs to be done on the supply side." #LISTEN Kiwibank says tightened LVR rules may not be having as much of an impact on investor activity as hoped. rnz.co.nz/national/progr…

@MMTpodcast Also seems to be saying (along with others) that BoE buying bonds on secondary market magically reduces Govt debt. But surely the transaction is just a swap of financial assets so no change to non-govt surplus and no change to govt ‘debt’?

“...what is the debt repayment obsession all about?” Well, it might have something to do with commentators depicting government bond issuance as the government borrowing.

@felly500 How about some powers for local Directors of Public Health to direct the Govt to fund ASC properly?

@economics @tylercowen @bopinion Is this a covert attempt to kill macro off? No longer credible to talk about CB printing money (QE is an asset swap) or to ignore the dominant role of credit in money supply. What next, ‘The forgotten genius of Loanable Funds Theory?’

The only thing worse than living with macroeconomics (or macroeconomists, says @tylercowen, who is one) would be to try to live without it (via @bopinion) trib.al/lzUYwag

It's no surprise that medics profoundly connect the human and planetary health emergencies we face. Powerfully put here by Mike Ryan of the @WHO