King Trump and the Bubble Economy

A week of rioting in France, but we argue it’s no blip. Marine Le Pen is polling around 35%, with the next candidate on just 14%, and she could become the first ever to win outright in the first round. French public spending is 57% of GDP (31% in Ireland, and above anything the Soviet Union managed), over-65s have gone from 12% of the population in 1968 to 25% today, and bond yields have jumped from 3.4% to 4.8%. We unpack the poly-crisis behind it: the 68ers versus their grandchildren, diesel prices and the ghost of the Gilets Jaunes, a left captured by the educated elite, AI anxiety, and half of French schools missing a teacher. Plus 68% of French voters say democracy isn’t delivering, Meloni getting outflanked on her right, and whether the European project survives the generation that built it. Hosted on Acast. See acast.com/privacy for more information.

Canada has appointed the world’s first minister for AI, and Evan Solomon joins us to explain why. Canada invented modern AI through Hinton, Bengio and Sutton, then watched big tech harvest it. Now Ottawa is subsidising up to 80% of compute for home-grown firms and has put €150 million behind Bengio’s “safe by design” AI. How do slow, deliberate democracies regulate a technology teaching itself at lightning speed? Plus Carney’s coalition of middle powers, why Trump is the best thing to happen to Canadian nationalism, and “ancestral intelligence.” Hosted on Acast. See acast.com/privacy for more information.

Broadcasting from the Aran Islands, where the population has crashed from 48,000 to 3,000, we look at what may be the biggest data point of 2026: for the first time ever, the human race is shrinking. The global fertility rate has dropped to 1.8, below the 2.1 needed to replace ourselves, and of 236 countries studied, 219 are in decline. The twist is that it’s happening fastest among poorer, less-educated women in poorer countries, which wrecks the old rule that you have to get rich before you get old. So is modernity itself the culprit, and could tradition stage a comeback? Plus, why AI scepticism sent investors rushing back into bonds this week. Hosted on Acast. See acast.com/privacy for more information.

Live from New York, with a radical idea: treat the Irish diaspora as our greatest soft power asset. Every Irish child costs the state about €500,000 to educate, and America pockets the return when they emigrate. So scrap tax for two years for anyone coming home, and give citizenship to a third generation of Irish Americans. Then the midterms, four weeks out. Trump is on 33%, the lowest of any midterm president since 1974, petrol is back above $4, and markets give Democrats a 65% shot at both chambers. A blue wave makes him a lame duck. Hosted on Acast. See acast.com/privacy for more information.

Ireland’s budget surplus is €9 billion, but the Department of Finance reckons €23 billion of the €34 billion in corporation tax is transient AI-boom money. Strip it out and we’re looking at a €13-14 billion deficit, heading for €20 billion by 2029. Meanwhile we’ve just pumped €7.4 billion of tax cuts and handouts into an economy already at full employment. Recorded live from New York, where financiers are getting twitchy about an AI bubble: US long-term rates are creeping towards 6%, and superscalers now gobble up 17% of the capital the Treasury needs. We ask whether Ireland is Norway or Nigeria when it comes to managing a windfall, why a hard budget focuses the mind, and why a rotating Taoiseach and a split Department of Finance add up to ordering two tiramisus because the voucher is free. Hosted on Acast. See acast.com/privacy for more information.