Indeed, and since the beginning of my career, I have tried to understand why it has value, when it costs nothing to produce, how and by whom it is created, what happens when the one who has the responsibility for creation creates too much or not enough… and on all these questions, I only have one thing to say, thank you Milton Friedman…

And so, since those in charge of this creation have really created a lot since Draghi destroyed the Bundesbank (2012), I have come to some investment conclusions about what NOT to have in your portfolio.

As a faithful disciple of Jacques Rueff, I noticed that public authorities in Europe or the USA had returned to their unfortunate habit of creating money "ex nihilo" to subsidize expenses that brought in nothing (Inflation consists of subsidize investments that bring no return with money that doesn't exist. Jacques Rueff). As inflation is in no way a rise in prices but simply a drop in the value of the note in your pocket, this amounts to saying that holding a bond from the French State to which you would have lent 100 e of today today to be repaid 100th in 10 years was really a stupid operation since the purchasing power of my capital will have fallen by 50% over the period.

And I came to this conclusion like a grown-up, without the help of any black box, computer or Excel spreadsheet.

Since I arrived at this remarkably original conclusion, a portfolio of 10-year bonds issued by the French Treasury[1] has fallen by 25% while bonds of the same duration issued by the Chinese government have risen by 25%. % in Euro.

I am certainly ashamed of being a bad Frenchman, but this shame is tempered by the certainty that those who should go into hiding are Messrs. Sarkozy, Hollande, Lemaire, Tricher Draghi and other Madame Lagarde, and not me, who has not just trying to protect my dear IDL readers against the abysmal incompetence of the above mentioned.

The goal was of course to euthanize the annuitant.

And if I judge by the recent laws that have passed Parliament, we are going to move from financial euthanasia to real euthanasia

Apparently, first we must ruin the old people (which is on the right track) and then give them a merciful injection so as to prevent them from living an old age in poverty. Hoping of course that they will be the first to demand, with proper dignity, an end to their misery. In any case, this is what Mr. Attali recommends.

In order to ensure the extinction of useless assets, existing pension funds will not be nationalized but regulated.

Thus, any payment will be divided between three investments (this is already almost the case):

Half will go to government bonds, officially a risk-free investment and in reality a certificate of confiscation.
Forty percent will go to investments in companies producing windmills and magic mirrors.
And ten percent for social housing intended for immigrant workers in an irregular situation who are quite incapable of paying anything, but it is a question of doing humanitarian work and not of making money on the back of the misery of the world . Interestingly, those who build these homes are often close to the politicians in power, and they make money.

The value of pensions paid will therefore collapse, which will encourage the disappearance of useless ones.

The first step was therefore to get rid of those who no longer produce anything by preventing them from building up savings that would allow them to live with dignity in their old age, surrounded by the affection of their loved ones.

This goal is in the process of being accomplished.

It is time to move on to the second stage towards a better world.

After preventing the elderly from building up savings, we must then help those who contribute to GDP to spend their money in a socially useful way.

To do this, we must create a digital currency.

Here is the project...

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