Democratic heroes

Liberal democracies, he has argued, faced with the dark menace of nationalism, need heroes if they are to rouse a positive national spirit and defeat the “sad passions” fanned by populists.

—The Economist on Emmanuel Macron in France’s victorious footballers do Emmanuel Macron a favour – France’s World Cup triumph

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Financial ‘innovation’

experience has shown that there is no innovation, however seemingly benign, that the finance sector cannot overcomplicate and overextend. Securitisation was a good idea when first adopted, but ended with the mess of subprime loans that were sliced and diced into a dog’s breakfast.

—The Economist, in Lessons to a columnist’s previous self

Financial markets’ v/s the Paris climate accords

Neither the signing of the Paris agreement nor its ratification a year later had an impact on global energy stocks, according to a working paper by Thomas Sterner and Samson Mukanjari of Gothenburg University, perhaps because these events had already been priced in. Or, just as likely, markets never believed the commitments.

The Economist: Markets may be underpricing climate-related risk