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.