@renaudpila Vous voulez créer des nuisances horribles des bruits de climatiseurs dans Paris?? C’est ça ton but Renaud Pila? Enlaidir Paris et bousiller la vie des Parisiens..
Every British PM’s nightmare
With Keir Starmer expected to fall on his sword shortly, here is my take on the conundrum facing Andy Burnham, indeed any and every British PM.
The true nature of Britain’s ‘special relationship’ with the United States has far more to do with American financiers’ willingness to keep borrowing to purchase British government debt than with history, culture or Britain’s defence needs. This is the burden under which every UK Prime Minister must labour.
Mike Tyson famously said, “Everyone has a plan until they get hit”. The same could be said of prospective British prime ministers, especially after Liz Truss's spectacular defenestration. They all have a plan until the guilt market hits them. Andy Burnham, Nigel Farage, my friend Zack Polanski will have to face this, if they ever move into 10 Downing Street. I think they know it. But I doubt whether they appreciate the true magnitude or nature of their predicament.
Conventional wisdom has it that the bond market comprises people looking to invest their savings in a government's debt. They seek the right balance between a higher interest rate and the increased risk this implies. For example, higher bond yields may signal that the market expects future inflation to reduce the value of the fixed interest payments that their bonds will yield. Worse still, it may foreshadow a risk of government default, as occurred in Argentina and Greece.
That’s more or less what first year economics and finance students are taught. And it’s all true. Except that, in the case of the United Kingdom, this story misses the most fascinating and worrying aspect of its government bond or gilt market: The British government’s ability to refinance its public debt of almost 3 trillion pounds does not depend on savers choosing to invest in gilts. In fact, the British government’s ability to sell gilts hinges heavily on the willingness of numerous US-based financial institutions to borrow substantial sums of dollars to purchase British gilts, which they then use as collateral to borrow for their own purposes within the US.
And there’s the rub. There is a world of difference between needing to borrow from savers and from relying on speculators who borrow themselves to lend you. Savers who lend to you focus on your long-term ability to repay them. They may tolerate your desire to make infrastructural investments that could increase your debt in the short term, in return for future profits that will help you repay them when their bonds expire. However, speculators who borrow in order to lend are a different beast entirely. They are much jumpier and prone to margin calls: situations where, if the bonds they purchased from you begin to lose value, fearing they will not be able to repay their own creditors, they dump your bonds thus turning their decline into a crash.
The question arises: Why are British bonds, or gilts, so much more reliant on American speculators borrowing money to buy them than German bunds, Japanese bonds, Italian bonds or Greek bonds? Why does every British government rely so heavily on American leveraged capital inflows?
It all started in the 1950s when the City of London discovered how to avoid following the British Empire down the road to oblivion. The trick was to carve out a niche for the City within the emerging dollar empire, which was institutionalised within the Bretton Woods system. American financiers faced rigid capital controls within that system, but the City of London was able to alleviate these due to three invaluable features.
First, London’s trading expertise and legal system offered American financiers efficiency with immunity from all sort of interventions, including democratic accountability. Secondly, Britain’s network of offshore jurisdictions offered fabulous tax-minimisation opportunities. And, thirdly, London quickly became the holding depository of a torrent of petrodollars and eurodollars, not to mention the shadowy dollars created outside the United States by foreign bankers.
Thus, the Great British paradox: while the UK's real economy was in decline, the City of London was flourishing. When the Bretton Woods system collapsed in the 1970s, American financiers discovered another use for the City: they borrowed dollars in the US short-term to buy long-term UK government gilts, which they then sold quickly to repay their loans. They would then repeat this process again and again to profit handsomely. This is how the British government became reliant on leveraged US institutions. In order to continue operating as usual, London today requires American balance sheets that are willing to expand through borrowing and use British gilts as collateral in order to maintain liquidity in the US.
Put differently, the flipside of the City’s success story is that, even though it borrows in a currency that it prints, the UK is not financially sovereign. Yes, the City occupies a strategically important position within the global dollar system but the price for this is that the UK government’s sovereignty is circumscribed by its priority to maintain the City’s central position in American finance. While this remains the priority, the occupant of 10 Downing Street is like the captain whose powers are limited to re-arranging the deck chairs on the Titanic.
Is there an alternative to this peculiar form of financial subservience to US-based leveraged financiers? Yes, but it requires a willingness to accept a falling pound and falling house prices while increasing public investment through a new investment bank that issues bonds supported by the Bank of England.
Any Prime Minister who tries to maintain Britain’s financial servitude to US capital while also investing in public goods may well put Britain on a path towards the IMF, whose sole purpose, lest we forget, is to create the political leverage that will bring about – like it did in Greece – the permanent loss of sovereignty over tax and spending policy. The question is: Do the current contenders for Britain’s top job understand this?
https://t.co/xGrWjjcudY
C'est le paradoxe de l'IA. D'un cote c'est une révolution sans pareil, un moment unique dans l'histoire de l'humanité. De l'autre, l'hypothèse qu'existe une bulle massive est difficile à contrer. Les chiffres sont là. Fake it until you can't anymore.
Perplexity CEO on China catching up in AI:
“Whatever you did to not let them catch up didn’t even matter. They ended up catching up anyway.
What’s more dangerous is they have the best open-source model. And all the American developers are building on that.”
That was DeepSeek.
Now https://t.co/4mU5qMAq5u just dropped GLM-5.2:
• MIT open weights
• 1M context
• 81.0 on Terminal-Bench 2.1
• within a few points of Claude Opus 4.8
The open-source AI race is not theory anymore.
@PierreBs13 Bonjour,
Merci pour les infos. 2 questions :
Comment avez-vous eu l’autorisation pour installer la partie extérieure? Pas de plainte de voisins?
Par où passe le conduit d’air ?
NVIDIA CEO, Jensen Huang:
"Nobody writes prompts anymore. The new job is to write and handle loops."
This is the shift that's going to define the rest of 2026.
53 minutes of pure insight from one of the richest men on earth.
Watch it, then read the full guide on how to actually use loops below.
Drones, missiles… La PDG qui donne espoir à l'Ukraine 🇺🇦
Architecte de formation, Iryna Terekh a fondé Fire Point en réaction à l'invasion russe. À seulement 34 ans, son entreprise qui fabrique des drones et des missiles emploie désormais 6.000 personnes et constitue un maillon indispensable de l'économie de guerre ukrainienne.
🎙️📹 Enora Le Louarn et Matthieu Heyman
Fabuleuse conférence de Hugues Bersini (ULB) : non les réseaux de neurones ne sont pas des "perroquets statistiques", oui ils "comprennent" vraiment le sens des concepts même s'ils l'apprennent par induction durant l'entraînement ; c'est la victoire de Hinton sur Chomsky ⚔️
Mon rituel à chaque sortie d'un nouveau modèle IA : une demande absurde, pour tester sa créativité. Prompt : « Écris la FAQ officielle de la condition humaine. 10 questions-réponses. » Aujourd’hui : Fable (Claude) VS ChatGPT 5.5 Thinking VS Gemini 3.5 Flash
Ce n’est pas un complot.
Ce n’est plus un secret.
«Les plus grandes fortunes de l’histoire de l’humanité reposent sur des produits et modèles économiques délibérément conçus pour exploiter et nuire aux enfants.»
Une pièce de doctrine à lire absolument.
https://t.co/BAFCj2wj4T
Je me suis un peu trop chauffé sur AMI Labs.
Mais c’est l’article que j’aurais aimé lire pour comprendre ce que @ylecun essaie vraiment de défendre avec les world models.
Bonne lecture aux courageux et aux passionnés. Je pense que ça vaut le détour.