Serving looks, and the face card? Never declined.
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🇫🇷 🚨ALERTE : La France vient d'inscrire noir sur blanc, dans un document transmis à ses propres contrôleurs, qu'elle n'a jamais été aussi endettée de son histoire. 121,7 % du PIB visés en 2027.
Ce sont les projets de budget 2027, envoyés au Haut Conseil des finances publiques dans la nuit du 18 au 19 septembre. On y lit la trajectoire réelle, celle que les commentaires du jour survolent : dette à 119,3 % cette année, 121,7 % l'an prochain, déficit qui passe de 5,4 % à 5,0 % du PIB.
Le chiffre qui devrait retenir l'attention n'est pas la dette elle-même, mais sa vitesse. La France est le pays le plus endetté de la zone euro après la Grèce et l'Italie, pendant que l'Espagne est repassée sous 100 % du PIB cet été et le Portugal sous 90 %. Nos voisins réduisent, nous accélérons.
La Cour des comptes a chiffré le piège : même avec un effort de réduction du déficit de 0,6 point par an à partir de 2027, supérieur à tout ce qui a été fait récemment, on ne reviendrait qu'en 2035 au niveau de dette de 2025. Dix ans d'efforts pour effacer deux années de dérive.
Et la charge de la dette, seul l'intérêt payé aux créanciers, passe de 51,6 milliards en 2025 à 58 milliards prévus en 2026. C'est un budget de ministère qui part en fumée chaque année juste pour tenir la dette à flot.
Le temps joue contre nous.
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According to a report from Taiwan's DigiTimes, the arrangement in which CXMT and YMTC each handled DRAM and NAND respectively is changing, and the relationship between the two companies is turning hostile.
YMTC is moving into LPDDR5 DRAM and aims to begin trial production by the end of 2026, while CXMT is also looking to expand beyond DRAM into NAND flash. The industry expects the two Chinese memory makers to clash head to head as early as 2028.
With YMTC having already advanced to 270 layers through its Xtacking technology, patent disputes are expected to become the key battleground in this contest for the top position in Chinese memory.
As the memory industry enters a supercycle, YMTC plans to start production at its Phase 3 project by the end of 2026. Initially it is planning DRAM capacity of roughly 25,000 wafers, and it is expected to complete capacity expansion and stabilization in 2027. It is pursuing LPDDR5 as its first mass production target, while also securing space for further expansion.
CXMT does not appear willing to fall behind. Recent reports indicate it will build a NAND research and development and production line in Beijing.
There is also talk in the market that CXMT has been recruiting personnel from inside YMTC. lol
Originally, under the Chinese government's supply chain localization policy, the two companies developed technology and capacity in their own respective domains, in the spirit of "even brothers climb the mountain on their own." But as Chinese memory makers have grown rapidly, the competitive dynamic has become increasingly clear, and both are now shifting toward building their own cooperative ecosystems. DigiTimes points out that supply chain vendors may in turn find themselves having to pick a side.
According to industry sources, it remains unclear when CXMT's production line will come online, with mass production expected in 2028 to 2029 at the earliest. The key question, however, is how CXMT will work around YMTC's technology and patents.
.@SecretaryWright: “[Climate change] is nowhere near the world's biggest problem…A single issue that I think is gigantic [is clean cooking fuels] — 2 billion people, a quarter of humanity, still cook their daily meals the way all of our ancestors did, burning wood indoors."
This How Communists Topple Their Enemies
You don’t have to be a rocket scientist to understand the CCP’s playbook, especially because they’re successfully used it before on its enemies. It starts with co-opting the enemies, then subversion then moves into kinetic war, says our guest, Jackie Deal.