Ruthless Taxation And The Hyperstate: How Germany Profits From Crisis

As I was leaving the University of the Communes in Tocuyito, after a joyful and uplifting visit, an earnest young Professor came up to me and pulled me aside. Very quietly, he asked me what was going to happen. A number of the students were terrified there would be regime change and they, picked as […]

China's Debt Surpasses Europe For The First Time China’s government debt has surpassed the European Union’s for the first time, marking a major shift in the global debt landscape. Since the 2008 financial crisis, the U.S., China, and Europe have followed very different borrowing paths. While Europe kept debt growth relatively constrained, both the U.S. and China expanded rapidly—especially after 2020. The chart below, via Visual Capitalist's Niccolo Conte, visualizes annual government debt totals for the U.S., EU, and China from 1995 to 2025 in current U.S. dollars (not adjusted for inflation),...

Key Events This Week: CPI, PPI, Retail Sales, Trump-Xi Summit As DB's Jim Reid tallies overnight, it has now been 73 days since the war in Iran began, with the past 32 marked by a stalemate characterized by a mix of truce and ongoing ceasefire. The absence of any meaningful kinetic activity for over a month suggests a firm US preference for reaching a deal. However, a counterpoint is that uncertainty over who holds negotiating authority in Iran may be complicating progress and delaying more difficult times ahead. It remains...