Tuesday, Sept 10, 2024

a warning to Europe, spies everywhere, Trump and the dollar

“The surest way to corrupt a youth is to instruct him to hold in higher esteem those who think alike than those who think differently.” – Friedrich Nietzsche  ||     

Hello everyone, I hope you’re doing well!

No markets comment today, I figure I did enough of that yesterday. Rather, I look at some deeper shifts in privacy, dollar weaponization and public investment.

I was a guest last week on the Tokenized podcast, with the eloquent and super-smart Simon Taylor and Cuy Sheffield, it was a seriously fun conversation – the episode dropped yesterday, here’s a link.

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IN THIS NEWSLETTER:

• A warning to Europe

• Trump and the dollar

• Spies everywhere

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WHAT I’M WATCHING:

A warning to Europe

Yesterday, former ECB chief and former Italian prime minister Mario Draghi released a report on European competitiveness.

This is not just any report – it is one of the most consequential documents to come out of the European Union in recent years, and could hint at a radical change in industrial and markets policy across the bloc. Or, nationalist politics could get in the way and Europe could continue to lag in innovation, become more vulnerable, and probably eventually disintegrate. Either way, it is triggering hard conversations and forcing a good look in the mirror, which in turn will encourage some attitude shifts.

The report was requested a year ago by European Commission President Ursula von der Leyen, in a welcome sign that European leadership is well aware of the bloc’s weakening competitive position at a time when it matters more than ever.

Plus, it’s significant that von der Leyen entrusted it to one person. Not a committee, which would have resulted in a bland document that says nothing. No, she handed the task to someone who understands global economics, finance and politics, and who is not afraid to stick his neck out.

The result does not disappoint. Draghi came with solutions, not aspirations. And he does not hold back punches.

For instance: