A thread on useful material explaining what our subsidy control regime currently is.

An introduction with various comments https://t.co/0Pf0B5NP6V
A not entirely complimentary account of where the current government has left us. https://t.co/egfhGX4DcQ
An account of the role of the courts in the current subsidy control regime. https://t.co/piIymdMHCe
An account of what the TCA says about subsidies. https://t.co/htPfPWB2Jy
Where we are on Article 10 of the Ireland/NI Protocol : the joint declaration https://t.co/JMs4PtPPYe
... and the Commission’s approach to it. https://t.co/jdYFWbUWPP
Practical advice for now in the chaos ... https://t.co/FAkogbSDSj
Has the old State aid regime really been killed in the UK? @GoodLawProject says that it hasn’t: see its claim here https://t.co/5wAnr3bic5
(Along lines run here... https://t.co/lCHMYq8S1h)
And suggestions, along lines sympathetic to the current government’s objectives, for the future ... https://t.co/DR57ULOSat
You’ll now have realised the error in the first tweet in the thread. The question isn’t what our subsidy control regime is; it’s what our subsidy control regimes are. For we have two: Article 3 of the TCA and Article 10 of the NIP.
Both subject to radical uncertainties, calling for resolution by the courts.
Those who voted for Brexit on the basis that it would free us from complex and obscure rules limiting government action that left too much to courts and regulators may not feel that that is quite what they expected to happen.

More from World

Watch the entire discussion if you have the time to do so. But if not, please make sure to watch Edhem Eldem summarizing ~150 years of democracy in Turkey in 6 minutes (starting on 57'). And if you can't watch it, fear not; I've transcribed it for you (as public service). Thread:


"Let me start by saying that I am a historian, I see dead people. But more seriously, I am constantly torn between the temptation to see patterns developing over time, and the fear of hasty generalizations and anachronistic comparisons. 1/n

"Nevertheless, the present situation forces me to explore the possible historical dimensions of the problem we're facing today. 2/n

"(...)I intend to go further back in time and widen the angle in order to focus on the confusion I  believe exists between the notions of 'state', 'government', and 'public institutions' in Turkey. 3/n

"In the summer of 1876, that's a historical quote, as Midhat Pasa was trying to draft a constitution, Edhem Pasa wrote to Saffet Pasa, and I quote in Turkish, 'Bize Konstitusyon degil enstitusyon lazim' ('It is not a constitution we need but institutions'). 4/n

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So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.


The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.

This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.

The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."

This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.