Pinned Tweet
Replying to @EricHovde
Econ Prof here:
In "Ferris Bueller’s Day Off", students were clueless (“Anyone?”) about the 1930 Smoot Hawley Tariff Act. It was the last time the US imposed the tariffs like Trump now wants. It deepened the GREAT DEPRESSION!
Trade is far more important today than it was then
Lones Smith retweeted
The ugly truth about France and some of the other European countries currently in turmoil - and which none of the politicians want to admit because it'd be political suicide - is that you can't solve the problem by going after immigrants (as the right asserts) or the rich (as the left asserts), but you could solve it by going after the old.
One extraordinary statistic for you: people over 60 in France, a quarter of the population, own 60% of France's wealth, non-financial and financial (ofce.fr/pdf/revue/2025/3-192…).
And here is another crazy statistic:
that same quarter of the population, those above 60, receive nearly two-thirds of all social spending by the French government (previssima.fr/actualite/prot…) - which is famously among the highest in the world (France's government spending is an insane 57.3% of GDP).
Last statistic: they make up about 40% of voters because they're a third of registered voters (insee.fr/fr/statistiques/266…), and they turn out far more than anyone else (franceinfo.fr/elections/sond…).
Put our 3 statistics together and there's almost a bit of an apartheid situation here: the old own most of the country's wealth, collect most of the social spending and have the political power to keep it that way.
Which makes them a de-facto rentier class, living off assets and transfers paid for by younger generations.
And, of course, at the risk of stating a truism, the future is built by the young. Yet France keeps effectively taking money away from them to give it to those whose working lives are already behind them - and need the money far less since they already own the country's wealth.
What about inheritance, I hear you ask? That's the funniest/saddest aspect: given that life expectancy has kept rising, the French now inherit a home at 54 on average. The most common case is someone in their 80s leaving it to heirs in their 50s, in effect the very old transferring wealth to the about-to-be old (insee.fr/fr/statistiques/fic…).
You can add this to our earlier apartheid statement: on top of all the rest, even when the old finally let go of their wealth, it stays within their own "camp".
That's my personal situation, incidentally: I'm 42, my father is 71 and he is starting to look at ways to pass things on to me and my siblings, when our professional lives are already well settled, so it'll arrive when it changes things the least, which is pretty much the French system in a nutshell.
Now, I get that there'd be some unfairness in going after them: they paid into the system their entire working lives, playing by the rules of a social contract that told them if they paid up they'd collect at the end. Changing the rules now means breaking that promise, which is admittedly unfair.
But there's no magic wealth tree in any society: you can only take it where it is. That's the way most major societal transformations end up happening. They're often triggered by a catastrophic event (the so-called "four horsemen": mass-mobilisation war, revolution, state collapse, plague) BUT what really drives change is a transfer: wealth gets pried from the privileged class who've been sitting on it and handed to those who'll build what comes next.
So, in theory and in an ideal world, you can do without the catastrophic event and directly proceed with the transfer...
The fact that in France, and elsewhere in Europe, it's the youth protesting is probably no coincidence - even though they don't frame it as a generational fight. And even though, cruel irony, the left politicians many of them march behind promise to bring the retirement age back to 60 (lcp.fr/actualites/legislativ…), which would make the situation even worse.
Let's say they understand intuitively that the system is stacked against them, even if they haven't yet figured out how. And politicians are obviously doing what politicians do, meaning pandering to the people who actually vote, while pointing the young towards easier - and politically convenient - scapegoats.
To be clear I'm not saying it's the only problem in France, VERY far from it. I'm also not saying that all old people in France live a lavish lifestyle at the expense of younger generations: there are also plenty of very poor retirees who, if anything, would deserve more.
What I am saying is that it's probably the biggest elephant in the room: everyone can see it, nobody dares mention it - no politician, from any side, wants to run on cutting grandma's pension - and it makes every other problem harder to fix.
Lones Smith retweeted
He destroyed American soft power, disbanded human intelligence, and caused hundreds of thousands of children to die from starvation and disease.
Lones Smith retweeted
According to The Economist:
"It appears to have come from a small circle around the president, Mr Musk and Steve Witkoff, the special envoy to Russia. Reports suggest Mr Musk wanted to punish Ukraine for striking Russian refineries. One official says he contacted the White House only after imposing the restrictions."
If true, this suggests Elon Musk imposed the terminal-speed restrictions unilaterally, before notifying the White House.
Congress must urgently investigate whether Musk acted without government authorization. It is unacceptable for a private citizen to exercise unilateral control over a vital military capability. Starshield is a defense system, and decisions to restrict its operational capabilities should rest with the appropriate government authorities, not the CEO of a private contractor.
This should alarm everyone.
The America-Ukraine link grows even spottier economist.com/europe/2026/10…
Lones Smith retweeted
Replying to @elonmusk
Bond villains are super rich evil guys in 007 movies. They always die at the end.
Also Tesla car buyers are mostly the ones you wish to burn in hell. Bad for business.
Tesla -- worth $1.5T -- has made <$38B profit in its history with $16B subsidies. Your bubble will soon burst!
Lones Smith retweeted
Elon, you absolute fucking moron. The Nazis were far-right fascists who destroyed labor unions, persecuted communists and socialists, and murdered political opponents. Hitler literally purged the party’s left wing.
Calling Nazis socialists because of their name is like believing North Korea is democratic because it calls itself the Democratic People’s Republic of Korea.
Imagine being the richest man alive and still being too fucking stupid to understand history at a middle-school level. Money can buy you a platform, Elon. Apparently, it can’t buy you a functioning brain.
Lones Smith retweeted
Vivek Ramaswamy says he pointed out that Amy Acton was sexually abused as a child because he wanted to point out that she was flawed.
Lones Smith retweeted
Q: Amy Acton's stepfather was indicted for rape. Now that you know all that, sir, do you change your mind about the ad?
Trump: No. I don't care
Lones Smith retweeted
Russia would apparently get a stake in Alaska gas venture through this deal which @FT reports was discussed during recent meeting to discuss Ukraine at the Kremlin.
Ex-CEO of $25 billion US gas export venture, launched with involvement of investor tied to the Trump family, has accused Russia's Novatek of secretly controlling the project, prompting mass exodus over fears of violating sanctions. @JamieSmythF @maxseddon ft.com/content/e9cfbfbb-e65a…
Lones Smith retweeted
The speed limits on Starlink and Starshield are still there. The speed has not been restored. And the delivery of interceptors to protect us against Russian ballistic missiles is still delayed. We’re waiting for interceptors that were already agreed on. But they are still not coming. This is a real problem, because the Russians attack us almost every single day.
All of this is happening while we continue our quite successful operations on the front. We keep defending positions. Things have become harder – partly because of the Starlink and Starshield policies and speed limits. But our frontline is still holding and I am proud of how strong our people are.
From an address at the Hudson Institute. (2/3)
Lones Smith retweeted
Musk is a moron that knows nothing about Ukraine and can't pull himself out of Putin's ass.
He's just such a fool, it's incredible.
Lones Smith retweeted
“In late spring 2020, a source I knew to be reliable called me with a story,” writes Matthew Cole. “The Dutch government had hacked into Jared Kushner’s phone and monitored him as he accessed a Dubai-based bank account. What was odd, the source said, was that the money in the account—hundreds of millions of dollars—had come from a bank in Azerbaijan. Most importantly, Kushner appeared to have transferred significant amounts of money from the Dubai account to other individuals, including a warlord, a mercenary and a one-time hit man. The story sounded preposterous, I told my source. And yet.
Six months later, I found myself speaking with someone else about the UAE government and their use of mercenaries in conflicts around the Middle East and Africa when I asked, on a whim, whether they knew anything about Kushner and bank transfers from a UAE account. My acquaintance grew quiet. Then they replied, ‘Yes.’” Kushner’s lawyer denied the bank account existed.
Read an exclusive excerpt from Cole’s book, ‘Princes and Thieves: Jared Kushner and Mohamed bin Zayed’s Secret Plot to Remake the Middle East’: vanityfair.visitlink.me/Q5_W…
Lones Smith retweeted
The shifting explanations from Musk and the administration sound like Abbott and Costello’s “Who’s on First?” Except the consequences for Ukrainian civilians are deadly.
Musk says he didn’t do it. The administration says it didn’t either. Yet someone in the administration reportedly told Musk to undo it, and Ukraine reports only partial restoration.
Are we supposed to believe Hegseth and the Pentagon don’t know the status of a capability critical to U.S., Ukrainian and allied security?
Whoever is handing Putin the gift of a more vulnerable Ukraine should at least have the guts to put their name on it. Hiding behind denials while innocent people pay the price is cowardice.
Meanwhile, Putin keeps murdering civilians and trying to starve and freeze Ukraine into submission. Americans deserve answers. Ukrainians deserve the means to defend themselves.
JUST IN: Ukrainian President Volodymyr Zelenskyy told ABC News on Friday that the Starlink network is still not working, despite assurances from President Trump. abcnews.link/rTCx5sm
Lones Smith retweeted
Replying to @elonmusk
This is an incredible dunghill of mindless gaslighting. Sure, ignore the wholesale slaughter of civilians by Russia, & blame Ukraine!
Since you are strongly pro Russian, anyone driving Teslas is driving the Russian authoritarian car. Can’t be good for business.
You’re amoral‼️
Lones Smith retweeted
Replying to @Scaramucci
@Scaramucci Econ prof here. We don't consume gold, we consume goods. So suggesting the house lost value since its gold value fell is a weird benchmark. NYC Movie tickets have risen from $1.25 to $18 since 1962. So your parents' house rose from 12,800 to 43,500 movie tickets.
Lones Smith retweeted
Vivek Ramaswamy seeks to take political advantage of the fact that his opponent was raped as a child. But to his credit, unlike many other Republican politicians, he was not personally the rapist in question.
Lones Smith retweeted
How bad is administrative bloat in higher ed?
At MIT, the “student body has grown by 8% and its faculty by 9% since the mid-1980s. By comparison, the tally of administrators jumped by 189%.”
Lones Smith retweeted
Churchill could have shortened WW2 by years if he had just “done a deal” with Hitler. George Washington could have done a deal to end the American Revolution. Zelenskyy is in good company.
Lones Smith retweeted
Trump planning a triumphal arch while in abject cowardice abandoning Ukraine to Putin is quite the juxtaposition.
Final proposal for the Memorial Arch submitted to the planning commission before the November 5th hearing. ncpc.gov/files/projects/2026…


























