Je suis très étonné que la gauche soit aveugle aux générations futures, quand c'est leur argument numéro 1 pour pousser très loin le curseur sur la lutte contre le changement climatique.

"But if I can suspend the pension reform and allow 3.5 million people who have had arduous careers to retire earlier, I seize this opportunity without hesitation." Especially if the ones who'll pay for it by working longer either don't understand they're on the hook or don't get

The left in Europe excels at intergenerational math when it's about climate change, and even does robust control by using the worst, most pessimistic model to make projections, but when it's about pension reform, they forget all about the intergenerational trade-offs, and they

The Fed balance sheet. The consensus is that the Fed urgently needs to stop shrinking its balance sheet. Kind of remarkable.

Will governments decide to protect bondholders or taxpayers?

ceviche in Peru about to get more expensive

FT chart by John Burn-Murdoch .

The pension overhang in advanced economies crowds out funding for core government functions. Not just education, but also defense, the justice system etc.

Exactly right. And, what countries like France will learn is that the most productive active citizens can choose to simply leave when the inactive ask for too much, especially in the EU setting.

The “last time” the US federal government budget process was fully adhered to (all appropriations bills by Oct 1) appears to be around FY 1996 according to ChatGPT

Any college student with this type of demand should be given a refund. They've been wasting their own and taxpayer money.

In the Eurozone the periphery will gradually include all of those countries that fail to push back against older generations when it comes to pension reform. The younger generations in the core countries should look at proposals for common debt issuance from periphery countries

👇 This is the Eurozone equivalent of Jim Cramer giving his blessing to an asset class.

Aurelien, an incompetent Carrefour CEO could easily destroy 400 x a Carrefour worker's annual salary in shareholder wealth, and he/she could do so in under 3 h 22 mins.

This statement is disgraceful, hardly unique, and indicates why the AAUP has nothing to offer in fighting the unprecedented threats to academic freedom that are occurring. Make no mistake, issuing statements such as this indicates the AAUP does not intrinsically give a damn

I am surprised too. 2 potential supply factors. 1⃣ gross supply of notes and bonds: The Treasury has signaled its intention to supply more bills, fewer notes and bonds. 2⃣QT and net supply of notes and bonds: Fed has signaled it may be done shrinking its balance sheet, which

Pro Tip: Public equities also become less volatile if you only check your brokerage account every decade or so.

The EU is starting to implement the Draghi memo.