Buongiorno

At a conference in an undisclosed location. For some reason, however, I was looking at productivity numbers for Italy. According to the OECD, productivity rose only 2 percent — total — between 2000 and 2023. Italy has problems — at PPP, its productivity relative to the US fell from 0.91 to 0.79 — but zero growth in a nation that definitely makes considerable use of modern technology just isn’t plausible. More evidence of measurement issues.

In other news, interest rates!

And Pete Hegseth, who believes that testosterone wins modern wars, also believes that what America really needs to become great again are livestreamed public executions.

That’s all for today.