Clem Fon
@clemfon.bsky.social
Professor of Political Economy at UcLouvain
Central banking & infrastructural finance geek. Also EU & French politics, political economy & social sciences at large.
Dr Miette bonus: #recordoftheweek & #tuneoftheweek
Central banking & infrastructural finance geek. Also EU & French politics, political economy & social sciences at large.
Dr Miette bonus: #recordoftheweek & #tuneoftheweek
Pinned
Clem Fon
@clemfon.bsky.social
· Sep 1
Since the start of von der Leyen's second mandate, EU sustainable finance norms face intense dismantling pressures. My new @JEPP article shows this started years ago when the fossil fuel industry “woke up” to the EU Taxonomy. 🧵 #EUTaxonomy #SustainableFinance👇 1/10
Il y'a une étude à faire sur le changement rhétorique du personnel politique conservateur qui critiquait "populisme", "les extrêmes politiques" et nous sortait la théorie du fer à cheval il y'a un an et qui maintenant reconnait "enfin" la singularité de la menace de l'extrême droite.
Interdit de territoire américain depuis le 23 décembre pour avoir régulé les géants du numérique, Thierry Breton incarne aujourd’hui la résistance européenne face à ce qu’il nomme la "vassalisation" du Vieux Continent.
➡️ https://l.franceculture.fr/MJr
➡️ https://l.franceculture.fr/MJr
January 22, 2026 at 8:39 AM
Il y'a une étude à faire sur le changement rhétorique du personnel politique conservateur qui critiquait "populisme", "les extrêmes politiques" et nous sortait la théorie du fer à cheval il y'a un an et qui maintenant reconnait "enfin" la singularité de la menace de l'extrême droite.
World turns shit but brussels remains the best absurd city ever
January 21, 2026 at 10:11 AM
World turns shit but brussels remains the best absurd city ever
Reposted by Clem Fon
Well well well. The Danes are weaponising firesales.
January 20, 2026 at 2:26 PM
Well well well. The Danes are weaponising firesales.
Reposted by Clem Fon
Financial war in response to trade war and territorial threats? More and more people appear to be calling for it. So I updated my post on U.S. Treasuries holdings—now with the latest data.
benjaminbraun.org/posts/treasu...
benjaminbraun.org/posts/treasu...
January 19, 2026 at 6:40 PM
Financial war in response to trade war and territorial threats? More and more people appear to be calling for it. So I updated my post on U.S. Treasuries holdings—now with the latest data.
benjaminbraun.org/posts/treasu...
benjaminbraun.org/posts/treasu...
Reposted by Clem Fon
Let's start by, at least, bending the curve and stopping to fuel the AI chatbot hype/foolishness (graphs courtesy of excellent @danielagabor.bsky.social report) www.europarl.europa.eu/RegData/etud...
January 19, 2026 at 2:39 PM
Let's start by, at least, bending the curve and stopping to fuel the AI chatbot hype/foolishness (graphs courtesy of excellent @danielagabor.bsky.social report) www.europarl.europa.eu/RegData/etud...
If the EU didnt manage to seize Russian assets frozen within Euroclear accounts, can it overcome coordination (and other) problems to sell 12,6 trillions of dollars of US assets owned by a myriad of private financial operators? Answer is no. Never too late to start though www.ft.com/content/beea...
Could Europe really leverage its $12.6tn pile of US assets?
NIIPing an outlandish idea in the bud
www.ft.com
January 19, 2026 at 2:33 PM
If the EU didnt manage to seize Russian assets frozen within Euroclear accounts, can it overcome coordination (and other) problems to sell 12,6 trillions of dollars of US assets owned by a myriad of private financial operators? Answer is no. Never too late to start though www.ft.com/content/beea...
Reposted by Clem Fon
Reposted by Clem Fon
I'm don't think we should get too excited about this. Eurodollar structure is dollar assets funded by dollar liabilities. If Europe moves to dump dollar assets it's left with ... large dollar liabilities. Not a great position to be in, particularly if access to dollar swap lines is questionable.
"Guess who is the largest direct investor in the US?"
-- @philippasigl.bsky.social
-- @philippasigl.bsky.social
January 19, 2026 at 10:46 AM
I'm don't think we should get too excited about this. Eurodollar structure is dollar assets funded by dollar liabilities. If Europe moves to dump dollar assets it's left with ... large dollar liabilities. Not a great position to be in, particularly if access to dollar swap lines is questionable.
Reposted by Clem Fon
Didn’t believe this was true but have checked and am told it was sent to the Norwegian government yesterday.
![NEW: @potus letter to @jonasgahrstore links @NobelPrize to Greenland, reiterates threats, and is forwarded by the NSC staff to multiple European ambassadors in Washington. I obtained the text from multiple officials:
Dear Ambassador:
President Trump has asked that the following message, shared with Prime Minister Jonas Gahr Støre, be forwarded to your [named head of government/state]
“Dear Jonas: Considering your Country decided not to give me the Nobel Peace Prize for having stopped 8 Wars PLUS, I no longer feel an obligation to think purely of Peace, although it will always be predominant, but can now think about what is good and proper for the United States of America. Denmark cannot protect that land from Russia or China, and why do they have a “right of ownership” anyway? There are no written documents, it’s only that a boat landed there hundreds of years ago, but we had boats landing there, also. I have done more for NATO than any other person since its founding, and now, NATO should do something for the United States. The World is not secure unless we have Complete and Total Control of Greenland. Thank you! President DJT”](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:hbpefio3f5csc44msmbgioxz/bafkreie7itpptx3xbxhpsnlaqmwk752h7pcrion5ija2apksljtax2adx4@jpeg)
January 19, 2026 at 7:23 AM
Didn’t believe this was true but have checked and am told it was sent to the Norwegian government yesterday.
Lets never forget the immense treachery of "regular" conservatives who carved the path for the death of democracy and descent into fascist hellish nightmare. Lets never forgive them neither
Within the next decade the radical right is going to be the main force on the right in Europe (national and EU level). This includes far-right parties and formerly centre-right parties shifting their position. Moderate conservatism and Christian democracy will largely disappear on the right. 1/
The EU’s centrist powers need to move to the right to reflect the new political reality, the leader of the European People’s Party Manfred Weber has told in an exclusive interview with POLITICO.
January 15, 2026 at 12:55 PM
Lets never forget the immense treachery of "regular" conservatives who carved the path for the death of democracy and descent into fascist hellish nightmare. Lets never forgive them neither
Reposted by Clem Fon
Within the next decade the radical right is going to be the main force on the right in Europe (national and EU level). This includes far-right parties and formerly centre-right parties shifting their position. Moderate conservatism and Christian democracy will largely disappear on the right. 1/
The EU’s centrist powers need to move to the right to reflect the new political reality, the leader of the European People’s Party Manfred Weber has told in an exclusive interview with POLITICO.
Europe shifted right — it’s time centrists do too, says Manfred Weber
EPP chief says he still wants to work with traditional allies, but they need to adapt.
www.politico.eu
January 15, 2026 at 12:35 PM
Within the next decade the radical right is going to be the main force on the right in Europe (national and EU level). This includes far-right parties and formerly centre-right parties shifting their position. Moderate conservatism and Christian democracy will largely disappear on the right. 1/
Reposted by Clem Fon
Infographie géniale de la DG Trésor : que finance l'épargne financière des ménages français ? J'aurais parié sur bien plus de dette publique, a priori.
www.tresor.economie.gouv.fr/Articles/202...
www.tresor.economie.gouv.fr/Articles/202...
January 15, 2026 at 7:30 AM
Infographie géniale de la DG Trésor : que finance l'épargne financière des ménages français ? J'aurais parié sur bien plus de dette publique, a priori.
www.tresor.economie.gouv.fr/Articles/202...
www.tresor.economie.gouv.fr/Articles/202...
The post Global Financial crisis big narrative/fear was about the "rise of populism" while the main issue has always been about the rise of the hard/far/radical right. It's never too late to use the correct vocabulary.
I think the dominant pattern in the UK is the same as elsewhere(diff pres w FPTP tho)
Centre-Right coalition:
(i) swole with Radical Right voters with nowhere else to go
(ii) stabilised by the fear that if they don't vote Centre-Right the state might turn Communist(/the Unions might grow in power)
Centre-Right coalition:
(i) swole with Radical Right voters with nowhere else to go
(ii) stabilised by the fear that if they don't vote Centre-Right the state might turn Communist(/the Unions might grow in power)
January 13, 2026 at 9:50 AM
The post Global Financial crisis big narrative/fear was about the "rise of populism" while the main issue has always been about the rise of the hard/far/radical right. It's never too late to use the correct vocabulary.
“We created the market [for solar] and made it interesting for investors,” says Eicke Weber, former co-chairman of the European Solar Manufacturing Council.“But we forgot to make industrial policies.”
Add disgusting politics from conservatives/far right and here we are.
www.ft.com/content/3749...
Add disgusting politics from conservatives/far right and here we are.
www.ft.com/content/3749...
January 13, 2026 at 9:14 AM
“We created the market [for solar] and made it interesting for investors,” says Eicke Weber, former co-chairman of the European Solar Manufacturing Council.“But we forgot to make industrial policies.”
Add disgusting politics from conservatives/far right and here we are.
www.ft.com/content/3749...
Add disgusting politics from conservatives/far right and here we are.
www.ft.com/content/3749...
Reposted by Clem Fon
Tooze disagrees that Resource imperialism is an explanation for Trumpists actions. Why not?
1 Assets are small. Oil is heavy & difficult to recover economically
2 Financial liabilities of VZ govt are large
Concludes that trump likes "cosplaying" as imperialist
adamtooze.substack.com/p/chartbook-...
1 Assets are small. Oil is heavy & difficult to recover economically
2 Financial liabilities of VZ govt are large
Concludes that trump likes "cosplaying" as imperialist
adamtooze.substack.com/p/chartbook-...
January 5, 2026 at 5:35 PM
Tooze disagrees that Resource imperialism is an explanation for Trumpists actions. Why not?
1 Assets are small. Oil is heavy & difficult to recover economically
2 Financial liabilities of VZ govt are large
Concludes that trump likes "cosplaying" as imperialist
adamtooze.substack.com/p/chartbook-...
1 Assets are small. Oil is heavy & difficult to recover economically
2 Financial liabilities of VZ govt are large
Concludes that trump likes "cosplaying" as imperialist
adamtooze.substack.com/p/chartbook-...
Reposted by Clem Fon
Closing out my year with a journal editor shocker 🧵
Checking new manuscripts today I reviewed a paper attributing 2 papers to me I did not write. A daft thing for an author to do of course. But intrigued I web searched up one of the titles and that's when it got real weird...
Checking new manuscripts today I reviewed a paper attributing 2 papers to me I did not write. A daft thing for an author to do of course. But intrigued I web searched up one of the titles and that's when it got real weird...
December 19, 2025 at 5:20 PM
Closing out my year with a journal editor shocker 🧵
Checking new manuscripts today I reviewed a paper attributing 2 papers to me I did not write. A daft thing for an author to do of course. But intrigued I web searched up one of the titles and that's when it got real weird...
Checking new manuscripts today I reviewed a paper attributing 2 papers to me I did not write. A daft thing for an author to do of course. But intrigued I web searched up one of the titles and that's when it got real weird...
Reposted by Clem Fon
Chatbots and metaverse going in the same (black hole) direction
nothing can put a bigger smile on my face than reading that Microsoft has to scale back its AI ambitions because NOBODY uses copilot.
December 15, 2025 at 12:52 PM
Chatbots and metaverse going in the same (black hole) direction
Keep on fighting big tech algos
I wanted dinner recommendations so I scraped 13,000+ London restaurants and accidentally discovered Google Maps is running a shadow economy. Anyway here's a dashboard and a political economy thesis: open.substack.com/pub/laurenle...
How Google Maps quietly allocates survival across London’s restaurants - and how I built a dashboard to see through it
I wanted a dinner recommendation and got a research agenda instead. Using 13000+ restaurants, I rebuild its ratings with machine learning and map how algorithmic visibility actually distributes power.
open.substack.com
December 9, 2025 at 10:04 AM
Keep on fighting big tech algos
Reposted by Clem Fon
We recently published a study on the transformation of the Eurozone architecture (🔗 papers.ssrn.com/sol3/papers...., with Alex Goghie, Matteo Giordano & @rikereimer.bsky.social) and launched an accompanying interactive online tool (🔗 monetary-architecture.com).
This is how it came to be 👇
This is how it came to be 👇
December 4, 2025 at 3:27 PM
We recently published a study on the transformation of the Eurozone architecture (🔗 papers.ssrn.com/sol3/papers...., with Alex Goghie, Matteo Giordano & @rikereimer.bsky.social) and launched an accompanying interactive online tool (🔗 monetary-architecture.com).
This is how it came to be 👇
This is how it came to be 👇
My only use of Chat GPT is to provide same readings than my students' assignements to check whether they used it. In its newer version, without me asking for it, chapgpt automatically proposes potential student's users to blatantly lie & cheat.
Just ban this shit from our universities.
Just ban this shit from our universities.
December 4, 2025 at 9:19 AM
My only use of Chat GPT is to provide same readings than my students' assignements to check whether they used it. In its newer version, without me asking for it, chapgpt automatically proposes potential student's users to blatantly lie & cheat.
Just ban this shit from our universities.
Just ban this shit from our universities.
Reposted by Clem Fon
For the Guardian, @bjoernbremer.bsky.social, @siljahausermann.bsky.social and I write about how building new homes is not enough to tackle the housing crisis. Housing is a redistributive issue and progressive policy solutions need to acknowledge that.
www.theguardian.com/commentisfre...
www.theguardian.com/commentisfre...
To halt the far right, Europe’s progressive parties must fix its housing crisis. Our research shows how | Tarik Abou-Chadi, Björn Bremer and Silja Häusermann
The mantra of ‘build, build, build’ misses something crucial: that few can afford these new homes, say Tarik Abou-Chadi, Silja Häusermann and Björn Bremer
www.theguardian.com
November 27, 2025 at 12:57 PM
For the Guardian, @bjoernbremer.bsky.social, @siljahausermann.bsky.social and I write about how building new homes is not enough to tackle the housing crisis. Housing is a redistributive issue and progressive policy solutions need to acknowledge that.
www.theguardian.com/commentisfre...
www.theguardian.com/commentisfre...
Reposted by Clem Fon
Je propose qu’on impose que toute session sur un LLM soit précédées d’une video de 5 minutes avec
VOUS N’IRIEZ PAS À LA SALLE AVEC UN CHARIOT ÉLÉVATEUR
VOUS NE BRÛLERIEZ PAS UNE FORÊT POUR FAIRE UNE BLAGUE
VOUS NE VOLERIEZ PAS UNE VOITURE POUR FAIRE UN TRAJET À PIEDS
VOUS N’IRIEZ PAS À LA SALLE AVEC UN CHARIOT ÉLÉVATEUR
VOUS NE BRÛLERIEZ PAS UNE FORÊT POUR FAIRE UNE BLAGUE
VOUS NE VOLERIEZ PAS UNE VOITURE POUR FAIRE UN TRAJET À PIEDS
Oui, voilà. Comme on dit : faire ses études avec une IA, c'est comme aller à la salle de sport avec un chariot élévateur.
Je pense que c’est d’une erreur de dire que la recherche bibliographique c’est un truc de chercheur et que la plupart des gens n’en ont pas besoin. Voici pourquoi.
Vous avez probablement appris à faire une recherche documentaire dans votre scolarité, au collège ou au lycée. Et peut-être que
Vous avez probablement appris à faire une recherche documentaire dans votre scolarité, au collège ou au lycée. Et peut-être que
December 1, 2025 at 9:38 AM
Je propose qu’on impose que toute session sur un LLM soit précédées d’une video de 5 minutes avec
VOUS N’IRIEZ PAS À LA SALLE AVEC UN CHARIOT ÉLÉVATEUR
VOUS NE BRÛLERIEZ PAS UNE FORÊT POUR FAIRE UNE BLAGUE
VOUS NE VOLERIEZ PAS UNE VOITURE POUR FAIRE UN TRAJET À PIEDS
VOUS N’IRIEZ PAS À LA SALLE AVEC UN CHARIOT ÉLÉVATEUR
VOUS NE BRÛLERIEZ PAS UNE FORÊT POUR FAIRE UNE BLAGUE
VOUS NE VOLERIEZ PAS UNE VOITURE POUR FAIRE UN TRAJET À PIEDS
Reposted by Clem Fon
NVIDIA earnings were a mirage. The market figured it out surprisingly fast. NVIDIA bump evaporated.
I don’t know how this information can enter the system without exploding the bubble.
But sometimes bezzles visible for months before crash.
Waiting for the feds?
open.substack.com/pub/shanakaa...
I don’t know how this information can enter the system without exploding the bubble.
But sometimes bezzles visible for months before crash.
Waiting for the feds?
open.substack.com/pub/shanakaa...
November 22, 2025 at 12:57 PM
NVIDIA earnings were a mirage. The market figured it out surprisingly fast. NVIDIA bump evaporated.
I don’t know how this information can enter the system without exploding the bubble.
But sometimes bezzles visible for months before crash.
Waiting for the feds?
open.substack.com/pub/shanakaa...
I don’t know how this information can enter the system without exploding the bubble.
But sometimes bezzles visible for months before crash.
Waiting for the feds?
open.substack.com/pub/shanakaa...
Reposted by Clem Fon
"For students, AI teaching appears to be less transformative than it is demoralising".
“I do not want to be taught by GPT.”
www.theguardian.com/education/20...
“I do not want to be taught by GPT.”
www.theguardian.com/education/20...
‘We could have asked ChatGPT’: students fight back over course taught by AI
Staffordshire students say signs material was AI-generated included suspicious file names and rogue voiceover accent
www.theguardian.com
November 20, 2025 at 12:48 PM