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🇨🇳 #China Cuts Another Decades-Long Tax Loophole, This Time on Foreigners' Dividend Gains - Bloomberg https://t.co/HdSgT1F5S1 https://t.co/56IPHCjQjK #China #TaxReform #ForeignInvestors #CN

Last quarter, tech giants recorded an extraordinary gain of over 160 billion dollars from investments in other AI companies. (translated)

Behind the controversy surrounding Daron Acemoglu, one question: who will lead AI, and who will reap its gains? I wrote a piece around this question. (translated)

🇺🇸 #SPX | “Mag 7” Companies Reported Earnings Growth Above 100% Boosted By Investment Gains - Factset https://t.co/5NhTfmix04 https://t.co/QYIw1i3D7j #Mag7 #EarningsGrowth #InvestmentGains #US

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Compassion as a Weapon Western civilization is increasingly trapped in a culture of entitlement, where victimhood can become a route to status, privilege, and power. Some elite universities report unusually high disability registrations—e.g., 20%+ at Brown and Harvard and around 40% at Stanford—far above community colleges. Whatever the causes, it raises a troubling question: when systems meant to protect the truly vulnerable become incentives, what happens to everyone else? Rob Henderson describes how accommodations can turn into “status games.” Extra time, special housing, and exemptions can make diagnosis feel like the logical choice, and the lesson travels outward: tomorrow’s leaders in journalism, HR, law, academia, and politics may learn that displaying weakness is rewarded. Research links habitual victimhood displays with traits associated with the Dark Triad (narcissism, Machiavellianism, psychopathy). That doesn’t mean genuine victims are manipulative—it means rewarding victimhood gives manipulators an incentive to enter. In the “virtue game,” grievance becomes currency. Pity can also function as covert power: the weak person gains leverage, while the giver gains moral superiority. When compassion is treated like a currency, it can become a mutually reinforcing racket. The danger isn’t helping the weak. It’s teaching that appearing weak is the surest way to gain power.

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Daycare Governance and the Tyranny of Compassion Something sinister can hide behind compassion. Caring is virtuous, but it becomes pathological when institutions gain power by expanding the number of people who need care. Munchausen syndrome by proxy shows how: a caregiver fabricates or induces illness in a dependent person, then gains sympathy by performing devotion. The sickness is manufactured, but the care is real. The claim: modern society can scale this into governance. Call it the daycare governance model: (1) victims to protect, (2) caregivers to provide protection, (3) dissenters to remove. Health, therapy, NGOs, academia, media, and bureaucracy gain prestige, funding, and moral authority by managing ever-expanding categories of suffering. It unfolds in two stages. First, the victim class expands: “trauma” drifts from specific, severe harms to everyday experiences, lowering the threshold for suffering until demand is nearly limitless. Second, the perpetual patient forms: ordinary difficulties are medicalized—strength as toxicity, sadness as disorder, restlessness as pathology—creating a cycle where caretakers and victims gain status or protection. This drives a crisis of competence. Victimhood can shield accountability, and institutions are rewarded for treating problems rather than eliminating the need for themselves. Plato warned against doing for people what they can do for themselves: removing every burden removes the reason to grow stronger. True care aims to make itself unnecessary. That’s the difference between a good mother and a poisoning one: one allows appropriate hardship to build independence; the other denies it. Failing to distinguish these forms of care makes the pathology hard to recognize—and easy to applaud.

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What Chairman Mao and Dolores Umbridge Have in Common In Harry Potter, Dolores Umbridge is a more realistic villain than Voldemort: she gains power through titles, loyalty, conformity, and paperwork, not competence. She weakens Defense Against the Dark Arts by replacing practical preparation with Ministry-approved theory—her real talent is playing the institutional game. This echoes Hannah Arendt’s “banality of evil,” where ordinary people advance by obeying and enforcing a system. When loyalty matters more than ability, institutions start selecting for mediocrity. The parallel with Maoist China is stark. During the Cultural Revolution, Zhang Tiesheng was celebrated for submitting a blank exam and attacking “bookworms.” Despite poor results, political loyalty earned him a seat in the National People’s Congress. Mao’s promotion rule was effectively “red and expert”: political reliability outweighed competence. The consequences were catastrophic. Honest reporting was punished, so officials produced what Mao wanted to hear. False harvest data drove unrealistic targets and helped fuel the Great Leap Forward famine, which killed tens of millions. Education was politicized too: the Gaokao was abolished in 1966, and when admissions resumed, scores were replaced by class background, manual labor experience, and Party recommendations; the national exam returned only in 1977. Totalitarian systems don’t just remove capable people—they select for those politically reliable and morally compliant. Mediocrity shields leaders from rivals; reduced conscience makes coercion easier. Psychologist Andrew Lobaczewski called this pathocracy: rule by the pathological disordered, where normal institutions lose their ability to distinguish honest from manipulative. The system keeps its name and stated purpose while serving something else. The lesson: tyranny doesn’t require everyone to become evil. It requires enough people to stop recognizing the pathological. Once that moral filter disappears, institutions become vulnerable to exploitation—how psychopaths take over a society.

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Who Gets Promoted in a Broken Society? In Harry Potter, J.K. Rowling created a villain: Dolores Umbridge. She gains power not through competence, but conformity, loyalty, and bureaucracy. Evil rarely looks like Voldemort. Umbridge resembles Hannah Arendt’s “banality of evil”: ordinary people pursuing advancement by playing the institutional game. She enforces ideology through bureaucracy. Loyalists replace competent people, dissenters are labelled extremists, and punishment becomes a tool of conformity. The goal is not truth, but compliance. Political Ponerology Polish psychologist Andrew Lobaczewski studied how institutions can be captured by pathological individuals. He called the resulting system pathocracy, and the transformation of normal institutions into ones serving pathological interests ponerization. The danger begins when institutions lose the ability to distinguish competence from manipulation. Those willing to conform can rise precisely because others will not. Ideologues create doctrines, propagandists spread them, and ruthless operators capture institutions. The lesson: totalitarianism does not require one tyrant. It emerges when institutions lose the ability to distinguish the pathological from the honest. The Case of Mao Mao’s China offers a striking example. During the Cultural Revolution, Zhang Tiesheng became famous for submitting a blank exam paper while denouncing intellectuals. Political loyalty mattered more than academic ability. Mao elevated being politically “red” over being technically “expert.” Specialists were displaced by ideologically reliable outsiders. Officials who honestly reported collapsing harvests were purged, while those telling Mao what he wanted to hear advanced. False information helped sustain the Great Leap Forward, whose famine killed tens of millions. China abolished university entrance exams in 1966; they were not restored until 1977. A system that selects against competence eventually loses the ability to see reality. Mediocrity protects power; moral compromise enforces it. Capture education, and you shape a generation unable to challenge the system.

🇪🇺 #ECB Mustn’t Allow Inflation to Take Root, Kazaks Says - Bloomberg ➡ The European Central Bank can’t let elevated gains in consumer prices persist, according to Governing Council member Martins Kazaks.“Inflation mustn’t be allowed to take root,” Kazaks told Latvia’s TV3 on #ECB #Inflation #Economy #EU #LV

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Le Soir 7d

Wall Street closed higher thanks to the exceptional results and optimistic forecasts from chip giant Nvidia, with significant gains on stock indices and a renewed sense of optimism in the technology sector. (translated)

Wall Street termine dans le vert grâce à Nvidia et ses prévisions rassurantes

🇺🇸 #OpenAI’s Jalapeño AI chip brings new ‘threat’ to Nvidia margins as custom silicon gains ground – CNBC https://t.co/nfYj9ga6OE #OpenAI #AIchip #Nvidia #US

Je viens de terminer un appel avec le premier ministre pour discuter de l'escalade des tarifs. Mon message est le suivant : publiez le texte de l'accord rejeté, convoquez le Parlement et adoptez un plan d'action économique d'urgence pour réduire les coûts et sauver les emplois des Canadiens. Ce plan devrait éliminer les taxes sur l'essence jusqu'au 1er juillet, supprimer la taxe sur les gains en capital pour les réinvestissements au Canada, mettre fin à la taxe carbone industrielle, donner le feu vert aux 500 projets en attente d'autorisations fédérales et éliminer la taxe de vente sur les voitures fabriquées au Canada. Alors que les États-Unis augmentent leurs tarifs, nous devons réduire les taxes et impôts des Canadiens. Continuons de travailler tous ensemble pour nos travailleurs, nos entreprises et notre pays. #Économie #Canada #Tarifs

Impact 2w

🇫🇷🎰 ILS GAGNENT 17 MILLIONS D’EUROS AU LOTO ET CACHENT LEUR FORTUNE À LEURS PROPRES ENFANTS PENDANT DEUX ANS 🤐 Michel et sa femme ont remporté 17 millions d’euros au Loto il y a six ans. Mais plutôt que de bouleverser immédiatement la vie de leur famille, ils ont décidé de ne rien dire à leurs enfants. Le couple jouait la même grille depuis près de dix ans. Le soir du gain, Michel reçoit un mail inhabituel de la FDJ qu’il prend d’abord pour une tentative d’arnaque. Ce n’est qu’en ouvrant l’application qu’il découvre les 17 millions d’euros crédités sur son compte. Leur priorité est alors de protéger cette fortune et leurs enfants. Ils placent l’argent dans une banque privée spécialisée dans la gestion de grandes fortunes et décident de garder le secret jusqu’à ce que leurs enfants aient terminé leurs études, trouvé un travail et soient installés dans la vie. Pendant près de deux ans, le couple fait donc "comme si" . Lorsqu’ils partent en vacances, ils expliquent simplement à leurs enfants qu’ils passent quelques semaines sur la Côte d’Azur et leur envoient des photos de la mer… alors qu’ils voyagent en première classe, séjournent dans des palaces et s’offrent de grandes tables. Michel et sa femme n’arrêtent pas non plus immédiatement de travailler. Un mois après leur gain, ils passent simplement à quatre jours de travail par semaine afin de préparer progressivement leur nouvelle vie. Ce n’est qu’une fois leurs enfants entrés dans la vie active qu’ils leur révèlent finalement la vérité. 👉 Résultat : aucun de leurs enfants n’a quitté son travail. Les parents les aident néanmoins financièrement, notamment pour leurs projets immobiliers, leurs vacances en famille ou selon leurs besoins. Six ans après leur gain, Michel et sa femme vivent principalement grâce à leurs placements, se sont offert une résidence secondaire près de la mer et voyagent davantage, tout en souhaitant conserver une vie relativement discrète. (Ouest-France / Melty) #Loto #Gains #Famille

I ACCUSE SERBIA OF GENOCIDE AGAINST ALBANIANS IN 1877–1878. The Serbian state expanded southward during the Serbian–Ottoman War and then secured its territorial gains at the Treaty of Berlin in 1878. Under Prince Milan Obrenović and Prime Minister Jovan Ristić, tens of https://t.co/hfD7i6OaEA #Genocide #Serbia #Albania #RS #AL

🇨🇳 #China’s #Property Recovery Gains Traction in Core Cities - Shanghai Securities News ➡ Latest easing measures have driven a structural recovery in China’s property market, particularly in core cities such as Shanghai and Beijing. ➡ In Shanghai, new-home sales turned #China #PropertyMarket #Shanghai #CN

🇺🇸 US 30-Year Bonds Erase Gains From Treasury’s Buyback Surprise - Bloomberg https://t.co/fBnFqi5Ua9 #Bonds #Treasury #Finance #US

🇨🇳 #China’s Private Investment to Stabilize on Policy Support - Shanghai Securities News ➡ China’s private investment slowdown may ease as policy support gains traction, Shanghai Securities News reports, citing analysts. ➡ Zhang Yi, chief economist at Financial Street #China #PrivateInvestment #PolicySupport #CN

🇺🇸 There’s been a lot of discussion around the inflationary impact of U.S. tariffs but the Boston Fed has just put a number on the other side of the story. The 2025 tariffs may have added around 1.4 percentage points to core PCE inflation, while productivity gains may have offset https://t.co/6kHrz8wCPm #Inflation #USTariffs #BostonFed #US

"L'Europe a largement manqué la première révolution numérique, car les gains commerciaux issus de la diffusion des technologies de l'information et de la communication ont été captés de manière disproportionnée ailleurs"

L'Europe ne peut pas "se permettre" de manquer la révolution de l'IA, prévient Christine Lagarde
www.franceinfo.fr

"L'Europe a largement manqué la première révolution numérique, car les gains commerciaux issus de la diffusion des technologies de l'information et de la communication ont été captés de manière disproportionnée ailleurs"

"L'Europe a largement manqué la première révolution numérique": Christine Lagarde estime qu'elle "ne peut pas se permettre" de rater la deuxième autour de l'intelligence artificielle
www.bfmtv.com