Us
Fiscal Policy Explained: Spending, Deficits, Multipliers
Governments have never paid so much interest: close to 3 percent of world GDP, against 2 percent four years ago. Yet the budget debate is still framed as a choice between spending more and spending less. Understanding fiscal policy means understanding why the same unit spent has twice the effect in a recession, and why global public debt would cross 100 percent of GDP as early as 2029.
The foreign exchange market: how currency prices are set
Every day, $9.6 trillion changes hands on the largest and quietest market on earth, one with no exchange floor and no opening bell. In the first half of 2025 the dollar posted its worst half-year since 1973, yet its dominance grew. How can a currency lose value and gain influence at once? This Fundamental explains how the price of a currency is truly set.
Quantum computing: $12.6 billion raised, $1 billion earned
In early July 2026, the White House pledged more than $2 billion to deliver the first industrially useful quantum computer by 2028. In 2025, quantum raised $12.6 billion and billed barely $1 billion. The gap tells the least visible story in technology: diffusion.
Patent cliff: the real driver behind pharma mega-mergers
Two drug giants reportedly discussed a $400 billion merger. The move makes little sense as industrial strategy and a great deal of sense as a calendar. At both companies, half of all sales rest on molecules whose US protection runs out in 2028.
Corporate bankruptcy: liquidation versus restructuring
Most headline bankruptcies do not kill the company: they repair it. Behind a single word hide three opposite fates, liquidation, restructuring and prevention, and a quiet battle over who bears the losses. The rules decide, country by country, how much each creditor truly recovers. Understand this mechanism, and you can decode the most intense wave of business failures since 2013.
Jersey Mike’s IPO: who really pockets the billion raised
Jersey Mike’s raises a billion dollars in its stock market debut. Yet most of that money will fund no stores and no hiring: it pays for the exit of earlier shareholders. Behind this paradox lies an essential distinction, the one separating new shares from existing shares.