The Fed and the Treasury are in Denial
For centuries, the Catholic Church upheld the dogma that the world was flat and that the sun revolved around it, despite evidence to the contrary. It would take a technological, scientific, and cultural revolution to undermine this doctrine fully. Today, we are at a similar juncture when it comes to finance, where the orthodoxy that “flat” markets in pursuit of efficient outcomes maintains its grip on the minds of many economists and, more problematically, policymakers.
Kerry Pechter on the legal coding of the “Bermuda Triangle”
How the ‘Harkin Amendment’ Enabled the ‘Bermuda Triangle’
Writing in the Retirement Income Journal in its February 2026 edition, Kerry Pechter explains how the analysis in “The Code of Capital” and “The Law of Capitalism and How to Transform It”, makes legible the legal coding of highly profitable transactions that have empowered private equity.
Why Europe Needs a New Social Federalism
Joint commentary with Étienne Balibar, Justine Lacroix, Dominique Méda, Thomas Piketty,Guillaume Sacriste, Antoine Vauchez and Jonathan White
“….it is necessary to build a new transnational social alliance, starting from this shared interest in the survival of our democracies and thus bringing together all the forces favourable to such a project—forces that are today fragmented both at the European level and within national frameworks.” Social Europe, January 29, 2026
The Time Has Come to Shutter the WEF
In order to build a new, values-based order, the leaders of the old one must descend from the “Magic Mountain” and re-engage with the flatlands. That is what Hans Castorp, the protagonist in Thomas Mann’s novel, did after having spent too many years discussing big ideas in the thin air of Davos. In his case, it was already too late. The old order had crumbled, and World War I had begun. Read more at PS