@michaelxpettis@PollockJaxon Demographics have changed since prior decades. German public pensions used to have 6 workers per retiree, now only about 1.6 workers. The national scheme is a “pay-as-you-go” plan, so current workers pay the pensions of the past generations. The burden is big for current workers.
China is experiencing the worst heatwave ever recorded in global history.
The combined intensity, duration, scale, and impact of this heatwave is unlike anything humans have ever recorded.
Over 260 locations have seen their hottest days ever during this 70+ day heatwave.
Watch CFANY's Global Policymakers Series this Thursday, on Hot Infrastructure Investing, including The Hoover Dam. via #Befunky https://t.co/4bYAZFq1Td