Economy

Economics is not a science of forecasting, it is a science of constraint: every euro spent comes from somewhere, every promise financed on credit binds someone who never voted for it, and denying that arithmetic does more damage than any external shock. This category belongs to a reader of the Austrian school who would rather trace money back to its source than comment on this month’s figures: sovereign debt and mortgaged budgets, pension systems built on a demography that no longer exists, a digital euro sold as modernization, industrial bailouts that turn the taxpayer into a cash machine, financial products whose real client is never the saver. You will find analysis that takes the time to name the mechanisms at work, from the French social security collector to the Banque de France, corporate cases followed over years rather than covered in the heat of the moment, and an unapologetic hostility toward television economists whose errors never cost them anything. Written on the premise that wealth has to be produced before it can be redistributed, and that refusing this obvious point has become, in France, a respectable position.

Paid parking : anatomy of an institutionalized scam

Economy

Far from being a mobility solution, paid parking is a disguised tax whose national revenue jumped 84% after the 2018 reform. In Saint-Marcellin as elsewhere, the “squatter car” argument is just a smokescreen for rolling out automated LAPI surveillance and handing enforcement to private interests. This forced-turnover system eases nothing: it multiplies pointless trips, suffocates small retail, and taxes residents right up to their own front door. By turning public space into a financial product, elected officials prefer easy profit over the courage to enforce the existing Highway Code. It’s an institutionalized scam that hits the most vulnerable first, under a thin coat of green varnish.

Tenant screening : What the showing really reveals

Real Estate & Wealth Management

The first contact filters out 90% of problematic profiles, but the remaining 10% require observation during the showing. Punctuality without courtesy, the questions asked (or not asked), systematic playing-the-victim about past tenancies, and early negotiation with no supporting documents all reveal behavioral patterns that will persist throughout the lease. Watching how a candidate behaves in a space that isn’t yet theirs (whether they respect boundaries, take ownership of the space, or ask permission) predicts their future behavior. These observations aren’t a matter of arbitrary judgment but of empirical correlation seen across hundreds of rentals. The showing is your last chance to observe before you hand over the keys: use it methodically.

How I filter out 90% of problem tenants before the showing even starts

Real Estate & Wealth Management

After hundreds of furnished rentals, I’ve come to understand that the problem tenant gives themselves away from the very first contact. Anyone who won’t spend three minutes introducing themselves properly (full name, professional situation, a concrete question about the property) won’t respect anything once they have the keys. I never reply to texts, to private messages on the platforms, or to prefab generic inquiries: it’s up to the candidate to initiate quality contact. The courts settle nothing in under a year, insurance doesn’t cover unpaid rent, and the CAF never reimburses damage. Faced with a system that protects landlords poorly, the only effective line of defense is screening up front, through a methodical reading of behavioral signals.

The IMF’s blind spot : why we’re not ready for the 2026 energy shock

Digital sovereignty

The IMF is forecasting -0.2% growth in 2026. The real data (destroyed refineries, terminals out of service, sector-wide shortages) point to a -1.5% scenario for developed economies. Standard models reason in prices, not volumes, and ignore threshold effects: a 10% loss of energy triggers a 15% drop in heavy industry. Between the reassuring forecasts and the crisis ahead, no one is preparing the public, and every day lost is one day less to organize collective resilience.

Duralex : the day reality caught up with the storytelling (and fired the storyteller)

Economy

François Marciano, CEO of Duralex, was abruptly ousted on April 12, 2026, five months after I predicted that a new crisis would break out “within six months at most.” Despite the 8 million raised in November 2025 through crowdfunding and a solidarity fund in January, the worker co-op’s EBITDA is negative by more than 4 million euros. The employee-shareholders who thought they had saved their company are discovering that they risk a double penalty: losing their job and their personal savings invested in the cooperative at the same time. La Lettre Valloire confirms what I had been warning about since August 2025: “Unstable governance, contested strategy, growing dependence on outside financing: the co-op is teetering.” Within 12 to 18 months, Duralex will be either taken over by an industrial buyer or in court-ordered receivership.

Why we cling to a past that lies to us

Economy

We all know the past predicts nothing, yet we keep believing in it out of a kind of instinctive loyalty. This recurrence bias isn’t stupidity, but a cognitive nostalgia inherited from evolution, pushing us to look for promises where there are only curves. Faced with the glacial indifference of the markets, clarity alone isn’t enough, because our willpower runs out. True wisdom, then, lies in delegating our decisions to mechanical rules, to protect our wealth from our own emotions. Choosing the future over memory is probably the hardest act of discipline there is.

URSSAF, judge and party : when the state suspends the rule of law

Economy

In France, one organization can freeze your bank account without a court ruling, garnish your income without notice, and bring a company to its knees in a matter of weeks. That organization is called URSSAF, and the way it operates violates one of the oldest principles of Western law: no one may be a judge in their own cause. It alone issues enforceable orders carrying the force of a court judgment, without any magistrate having examined the merits of the debt. A reassessment can cover three years of past activity, amount to several times the annual profit, and kick in before the challenge has even been exhausted, not for fraud, but for a divergent interpretation applied in good faith. The cost isn’t only economic: it’s democratic.

Mandatory e-invoicing : real time tax control now has a name

E-invoicing

Starting September 1, 2026, every invoice issued between French businesses will be required to pass through an Approved Platform (a private intermediary certified by the DGFiP, France’s tax authority) before being reported in near real time to the Public Invoicing Portal. This isn’t administrative simplification: it’s a tool for structural tax control, designed to make the entirety of domestic economic flows legible. The reform doesn’t strike the optimized structures (foreign holding companies, non-residents, firms operating from other jurisdictions) whose flows fall outside its perimeter by design. It strikes the sedentary: tradespeople, very small businesses, professionals with a local clientele, those whose every activity is domestic, visible, traceable. The State is learning to see, but it isn’t looking in every direction.

The illusion of the finite world : why growth is our only way out

Artificial Intelligence

The idea that infinite growth is impossible in a finite world rests on a fundamental confusion between physical mass and economic value. Unlike the old industrial model, modern growth is intensive: it means creating more utility while using less and less matter. Thanks to artificial intelligence, we are entering an era of pure efficiency in which knowledge turns yesterday’s useless resources into solutions of abundance. As we open the doors to the solar system and to atomic mastery, we discover that the Earth is not the world, but only one room in an unexplored continent. The only truly finite resource is not lithium or oil, but the imagination of those who decided that the doors to the future were already closed.

Why the Claude Code leak marks the end of innocence for Anthropic

Artificial Intelligence

On March 31, 2026, a forgotten 59.8 MB .map file on npm exposed 512,000 lines of Claude Code’s source. This is no ordinary leak: it lays bare the full architecture of Self-Healing Memory, the three-layer system that tackles context entropy through an unprecedented write discipline. The leak also reveals KAIROS, an asynchronous “daemon mode” that lets the AI consolidate its memory outside any active session, a major break from the reactive paradigm. Worse still: that same morning, between 00:21 and 03:29 UTC, versions 1.14.1 and 0.30.4 of axios, a pillar of Claude Code, were compromised by a Trojan delivered through plain-crypto-js. For Anthropic, which built its brand on rigor, that day proved that a model’s moral alignment guarantees nothing about the operational security of its pipeline.