This FT piece on deb #cancellation is interesting and poses a few interesting questions.

Let me begin with what I do not like.

The case against cancelling debt at the #ECB https://t.co/o0Vvvf6leU

#monetization 1/

The excessive focus on Italy is off the mark. Any serious discussion on sterilizing this exceptional debt linked to the pandemics should concern all EMU countries. All have had a spike in deficit

2/
Nor I like the argument that debt sterilization would not bring fresh cash. It would not, and of course it would not be needed. EMU public debt is today (and for a long period to come) in excess demand. On top of that the ECB will keep the PEPP umbrella open for a while

3/
Sterilizing the EMU pandemics-related public debt is a medium term issue, related to future fiscal space. Will this exceptional stock of debt that built in 2020 constrain EMU countries in their ordinary fiscal policies in the future? This is the question to ask
4/
If the answer is yes (I believe it is), then sterilizing that debt is eventually going to be an issue to be dealt with. And the ECB will have to be part of the solution
This is what the FT seems to suggest too (this is why the piece is more complex than it seems)
5/
The piece suggests that extending the maturity of debt (in principle to perpetuity) should be a solution. If the ECB were to buy that debt, we'd have monetization
6/
A side note: The macroeconomic impact of cancellation and of monetization are alike. But cancellation poses a number of (mainly political) issues. I'd take it off the table and discuss pros and cons of a permanent increase of the ECB balance sheet (monetization/reservization)
7/
The piece then goes on with a discussion of helicopter money (and an obscure link with debt write-off) in managing deflationary pressures.
What is interesting is the last sentence of this paragraph:
8/
The initiative should come from the ECB in pursuing its objectives, not from governments. I made the exact same point a couple of days ago (in Italian, unfortunately).

Interestingly, the strong independence of the ECB in this case could help.
9/
https://t.co/G4XhPZQZup
So in the end the case against cancellation boils down to timing and to the opportunity that politicians (especially Italians) bring it up now.
But the FT acknowledges that the issue is on the table and that sterilization may be part of the equation.
I am ok with this
/end
@threadreaderapp unroll

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This is NONSENSE. The people who take photos with their books on instagram are known to be voracious readers who graciously take time to review books and recommend them to their followers. Part of their medium is to take elaborate, beautiful photos of books. Die mad, Guardian.


THEY DO READ THEM, YOU JUDGY, RACOON-PICKED TRASH BIN


If you come for Bookstagram, i will fight you.

In appreciation, here are some of my favourite bookstagrams of my books: (photos by lit_nerd37, mybookacademy, bookswrotemystory, and scorpio_books)
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Microorganisms in biofilms are enclosed by an extracellular matrix that confers protection and improves survival. Previous studies have shown that viruses can secondarily colonize preexisting biofilms, and viral biofilms have also been described.


...we raise the perspective that CoVs can persistently infect bats due to their association with biofilm structures. This phenomenon potentially provides an optimal environment for nonpathogenic & well-adapted viruses to interact with the host, as well as for viral recombination.


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