Germany

Uh, but looking at Europe, a lot of pressure continues to build in terms of rising yields, specifically Italian BTPs, 10-years, uh, yields are up by four basis points this morning.

Uh, and across Europe, really up two, three, ef- almost, uh, four basis points for a lot of, uh, sovereign bonds, including German, Italian, French yields.

As for stock markets, European stocks right now are flat on the stock 600 futures for the NASDAQ are down by one and a half percent.

So this sort of anxiety around the AI story and the tech story with this idea of sort of tapping on the brakes, uh, from, um, Anthropic and, uh, OpenAI and others.

Last year, her American Eagle campaign also drew backlash over its use of the phrase, "Great jeans." That's a wrap on the final Grand Slam of the 2026 tennis season.

Germany's Alexander Zverev won it on the men's side by beating American Ben Shelton, who was hoping to end a 23-year drought for US men's tennis.

Still, Shelton making it to the final is historic in itself.

He became the first Black American man to reach the US Open final since Arthur Ashe in 1972, and he did it at Arthur Ashe Stadium.

Um, one of the headline changes is that the requirement for how long you live in Ireland before you can become a citizen has been increased from fi- well, will be increased from five years to eight years, which is pretty major increase, and higher than a lot of countries in Europe.

It's higher than you would have to, it's longer than you'd have to live in the United Kingdom or the United States or Germany or France to become a citizen of any of those countries.

Um, so that was pretty major.

Uh, but one of the other headline details that has caused a lot of con- consternation is the introduction of a language proficiency test.

He's, he's, he's tall and he's got a good stride and when he gets running I think he's, he's dangerous.

And obviously, you know, I, I saw him much more, which wasn't very much because he didn't play a huge amount, much more at Leganes than, than in Germany.

Um, but I didn't think it was a great performance from him.

Mm.

You know, you're picturing places like Hawaii, which I did get to go after all.

You know, we're thinking of Hawaii, Germany, those places.

Right.

Right.

So much interesting stuff has happened in the macroeconomic world since we last had him here with the Iran war, with the AI arms race heating up.

And with hitting that milestone of $40 trillion in total public national debt, which, by the way, that $40 trillion, that is more than the combined debt of Germany, Japan, France, Italy, the UK and Canada.

That's basically the entire rest of the G7.

Just to try to get your head wrapped around that $40 trillion number.

Instead, the opportunity does or doesn't fall into their lap.

For instance, when Germany invaded France in 1940, and as a result, Winston Churchill became England's wartime prime minister, Churchill recognized that at last, this was the perfect time for him to be prime minister.

but he couldn't choose to make Germany invade France.

He was just lucky that that happened.

Finally, Mark Zuckerberg launched Facebook in 2004.

Absolutely.

Actually, we are in Germany.

I have a list of countries we're in.

Oh, see? That's

I'm good.

Thank you.

I said for all the Armenians out there, although we don't, we're not in Armenia, but we are in Germany.

So hopefully we'll get more.

In 1945, at the end of World War II, Helmut Thielicke, an incredible theologian and pastor, probably the only one out of jail in Hitler's world, was preaching through the Lord's Prayer in what was left of his church to what was left of his congregation in Stuttgart, Germany.

And he said this, A bewildered human race is like a man lost in a forest asking, Father, are you there? And Tealicus said, everything will be all right.

As long as we hear his good voice calling to us above the howling of the wolves, above the sound of branches snapping, above the ominous noises around us, God is always there.