Daily Archives: 9 October 2026

Fixing Itself

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A question arises: can France fix itself so it can fix its economy so it can get its debt under control and on a downward path to a sensible level?

That answer depends on whether it can fix its national method for settling questions and the disputes that give rise to those questions.

A free democracy has one primary method for settling national questions and disputes: debate, argument, and then voting for one or another of the politicians the people want to represent them and to lead the government, or voting against another or one of those politicians.

France is unique in that it has a second method of settling national questions and disputes. This method has been in prominent use since the months and days leading into the Revolution of 1793: rioting in the streets, destroying businesses, attacking police personnel. Over the course of the Fifth Republic, extant since the 1950s, the technique of rioting and destruction has become elevated to the same level as voting. That elevation has resulted from the French government’s inability to quell the rioting and to restore order—an inability that results, not from a true lack of capacity, but from utter cowardice on the part of the men and women in charge of the government, especially the President, Prime Minister, and members of the National Assembly and the Senate.

So far, the rioters have succeeded in intimidating the government personnel into backing down and giving them what they demand, however bad for the nation as a whole over any timeframe beyond tomorrow. See the Yellow Vests riots of 2020 and the current “student” and “teacher” riots today.

Macron’s government men and women, including Macon himself, were intimidated into significant watering down of economic reforms that Yellow Vesters disapproved, and his government today is on the verge of giving prima donna pupils and (union) teachers whatever they want.

The answer to the question, then, at least for what France is confronting for its future, is…No.

A Frivolous Suit

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The Supreme Court heard oral arguments on a case, Anderson v Intel, centered on what investment vehicles are suitable for inclusion in 401(k) accounts, defined contribution retirement accounts that are entirely directed by the account holder.

The plaintiff, a former Intel employee, accused the company of violating its fiduciary duty by including private equity and hedge funds in its defined-contribution retirement plan, and alleged these investments performed worse than standard equity funds would have.
Tuesday’s Supreme Court debate hinged on whether a plaintiff needs to show underperformance versus an appropriate benchmark for a suit to survive a motion to dismiss.

The debate wholly missed the point. The question is not—or should not have been—whether this or that investment vehicle was underperforming by some threshold amount or in comparison with this or that benchmark and so should not be on offer in a 401(k). The central question is whether 401(k) account holders, grown adult human beings fully capable of independent and clear thought, are actually too stupid to make their own investment decisions. There is, after all, no requirement that an account holder must invest in a vehicle just because it’s available in the account.

Anderson and his fellow plaintiffs plainly think that every account holder must be as stupid as they apparently think themselves to be, and so they’ve engaged their foolish suit. Alternatively, they don’t want to be the only ones not capable and so they’re busily deprecating as many others’ intelligence as they can.

This case should have been squashed utterly at the district level. It has no business having gotten this far, and the Supreme Court, as it takes this frivolously cynical case seriously, needs to put it into the garbage landfill where it belongs.

The case is insulting as the plaintiffs insist that account holders are, in fact, too grindingly stupid to decide for themselves what investment vehicles included in a 401(k) account are suitable for a person to invest in.