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Adam Tooze's newsletter on global political economy, financial history, and contemporary crises.

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Geopolitics

Oct 10, 2026

Chartbook 477 Against historic normalization: Why AI is not the Manhattan project and why we must challenge ourselves to think the radically new.

Given the extremity of our moment there is an understandable desire to look to history as a possible source of orientation: hegemonic succession, fascism, the nuclear arms race, Cold War 2.0, middle-income trap, Japan 1990s etc are all commonly invoked

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Economy

Oct 03, 2026

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Top Links 1249 Chinese v. US bonds. Yes tariffs really are bad for inflation. The New Red Sea wars & On Un/Uncertainty.

Top Links 1248 Stocks of oil plunge. Junk bonds + AI VC under pressure & how Roman Law was made.

Top Links 1247 The bond puzzle. AI impact in NYC. Lukacs to Du Bois and how the Romans gave up on Scotland.

Top Links 1246 Giga-scale data centers. Ugandan gold. Moscow’s wartime pigeon post & the rise of the Yemeni coffee shop.

Top Links 1245 Jobs in health care. Jobs for women. The US labour market is segmenting. Chernobyl’s radiation and Lenin’s love of literature.

Top Links 1244 AI imports. Brazilian logistics. The New Left watching the 1966 world cup & “white heat”.

Top Links 1243 Gridlock in the US housing market. Construction physics. Fredrick Taylor’s real revolution & how US police are getting in on the deportation racket.

Chartbook 477 Against historic normalization: Why AI is not the Manhattan project and why we must challenge ourselves to think the radically new.

Top Links 1242 Construction goes K-shaped in the US. Locked-in mortgages. German Bolivia & applause for the statistician.

Top Links 1241 Vicious loop in the Treasury market. European luxury dominance. Immigrants in Congress & the Atomic Audit.

Top Links 1240 Debt service and the Pentagon. Private equity and the politics of the US housing market. The return of black lung disease & the Franco-Prussian war in color.

Top Links 1239 The Biggest Economic Bet in U.S. History. Bond Ructions. Evolution of Management Models & John Coltrane’s Alabama