The destruction of economic values as they are embedded in quotations on national and international stock exchanges has reached levels after the US tariffs announcements of unprecedented levels. Only the banking crisis had reached similar levels and bursting speculation bubbles. Whereas professional investors might have seen this coming, the normal small investors who had hoped for a positive effect of Trump’s economic policies on shareholder values, which occurred right after the election has been wiped off already. For those people who rely on stock market investments for their pensions have to digest heavy losses now. The second round effects of reduced consumption of pensioners who have lost 10% of their retirement savings will further aggravate the situation for this group of people. Paired with higher expected inflation the economy will be forced into a recession caused by Trump’s tariff announcements and enactments. As this will lower prices of oil and gas as well as other raw materials, his electoral base of tycoons following a « drill baby drill » device experience also losses. A lot of damage all around him leaves millions of people in the US with losses to digest. Probably even more across the world, particularly in the poorest countries of the world. Such a real world macroeconomic experiment is like playing poker on a global scale. However, many countries may build new alliances that may wither the storm better than Trump anticipated. Hence, the game of poker will reenter economic textbooks again in addition to game theory and maybe chess strategies. (Image winter sunset). 
Time Horizon
For ages human time horizons have worked as a succession of generations. With substantial population aging we have many more families where we find 4 generations alive at the same time. In nature and with respect to biodiversity the sequences of renewable have not changed much. Old trees that have been cut will take another 100 years to grow old again. Wild fires or human negligence risk big in this respect. Forests take several human generations to grow and thrive. Diversity is key there as well as many fast growing monocultures have increased risks in case of fires caused by global warming. Annual inspection of a forest that suffered a severe drought and fires is still looking dismal compared to before. (Foret de Senart, France 2025).
Rich richer
The US economy under Biden had continued to make Americans richer. In an article by Talmon Joseph Smith in the New York Times from 2025-4-3 p. 7 the puzzle that Americans have grown richer, but don’t feel it, has been well explained. The large share of households owning their homes albeit with mortgages from low interest periods have witnessed their increased wealth. However, inflation is eating into their cash available for daily purchases. With another round of tariffs and additional inflationary pressure caused by those, the average person or household doesn’t fell much better off than some years ago. Economic anxiety and our preference for loss aversion or loss avoidance make us react with consumption restrictions to prepare for increased risks as well increased uncertainty about the directions of the whole economy and our very private wealth and consumption patterns. How and when the US economy will get back on track remains to be seen. Higher uncertainty usually reduces investments and with increasing interest rates again the economic recovery might be protracted. The NYT p.7 cites business owners with statements like “we’re not putting our foot on the brake, but we’re taking our foot off the gas.” Betrayel of working class people due to rising unemployment after 3 years of very low unemployment is likely to widen wealth gaps in the US population even further. The rich will get richer, but at high costs to the population as a whole. (Image: ceiling painting in Petit Palais, Paris). 
Intimate housing
The housing of famous persons has always attracted a lasting fascination. The “esprit des lieux” or the experience of the surroundings of an artist, composer, author or otherwise famous person, where most of the work had taken place is of general interest. In today’s language we would describe this as the context of creation. Biographical information and references to specific objects central to the process of creation play a crucial role in understanding what is behind human creation as it is district from AI. There are objects ( compare MAD Paris) and there are the social networks of creators. Modern biographies include both, some even in graphic forms similar to ancestry diagrams.
The design of intimate living spaces for private life or the adequate environment for creativity are becoming more clear with the consciousness of the importance of dedicated designs of furniture, accessories and even scent. Our brains are multimodal and working as well as processing lots of information even beyond our conscious realizations. This black box of creativity is rather unique to the human brain and AI will probably take decades to emulate such complex processing. The MAD exhibition reveals that intimacy is also related to housing design and interior design. It doesn’t seem to be a random process, but habituation is part of the continued creative process.
Private Intimacy
Intimacy has been reserved for private affairs for centuries. Although in the medieval ages formally the right of so-called noble men could be very far-reaching into intimacy of families when the permission to marry was quite restrictive. The private intimacy is the central theme of the Paris exhibition at MAD (Link) « Private Lives ». The organization into 14 almost private rooms around a larger center piece on design leads us through the major topics of intimacy. Maybe as a surprise to some, the exhibition starts with the major actors of change related to privacy and intimacy, i. e. women. Opening up enclosures gave women more room for intimacy and at the same time it made intimacy a conscious choice and decision. “A room of one’s own” is an important step in personal development of children particularly with respect to one’s intimate life. Restrooms are another issue of intimacy, just consider recent adaptations tor m/f/d people. A whole set of accessories are on display which previously were intimate products or even secrets prepared for public viewing. Of course odors are part of the experience with a test space of noble perfumes. The various manifestations of sexuality has brought about a growing number of pleasure objects, which might also be criticized as a growing commodification of intimacy as well. The connected bedroom and the risk of surveillance are raised to warn on overexposure on social networks. Intimacy in prisons or community shelters closes the exhibition before the final highlight the room on “conversations with oneself”. A whole literary form of keeping an intimate journal has arisen from the conversations not intended to be shared with others, at least not during one’s lifetime. After a person’s death for some persons of public interest even their private intimate journals will be published shifting the balance between the private and public parts of intimacy. (Image below from exhibition, photo bottom left, Matisse painting on wall while in bed in old age).
Journalists Scientists
In the theories of democracy journalism has entered the stage mainly in form of a controlling mechanism that is part of an extended checks and balances system of democracy. Independent journalists serve as effective multipliers and critical commentators which are an essential element of a well functioning democratic society. Social media’s ability to reach large audiences without adherence to independent journalists’ principles pose challenges to the way journalists are perceived by the public. The border between journalism and influencer marketing of products and opinions is continuously under pressure. Voices not heard, underrepresented or those with few resources for large scale communication face difficulties to communicate their views in a market flooded with information and marketing.
Another challenge to journalists is the fast evolution of scientific research and knowledge which at times derives from complicated theoretical and/or empirical methods. Hence, the relationship between journalistic reporting and scientific rigor and need for details in reporting are hard to reconcile. This necessitates a continuous dialogue between scientists and journalists to be aware of potentials and limitations to the co-evolution of the two disciplines. In order to avoid a self-referential subset in each discipline, the demonstration of successful cooperation between the two disciplines reveals the complementary role in many real-world instances. Investigative journalists often rely on additional scientific expertise and scientists who uncover manipulations of any sort in their work have to cooperate to inform society about the topics. As with global warming or PFAS risks scientists get drawn more and more into the checks and balances role within democracies. Therefore in addition to the separation of powers claimed in the political literature of the enlightenment (executive, parliamentary and judicial) we added already the 4th one of journalism and should include (5th) independent scientific research and reporting into the essential principles of well functioning democracies. The conference at the BNF in Paris on the 28th of March has raised these timely questions in the best tradition of the ongoing process of enlightenment. 
Body Soul Membrane
The 40 art works from the Pinault Collection on display at the “Bourse de Commerce Paris” deal with a depiction of the body and soul in the broadest sense. The range of works from paintings, sculptures and video installations is impressive. The link between the body and the feelings or emotions is obvious. Contexts leave deep impressions on bodies and frequently embodiments do not fit emotions. The membrane between the two instances creates an additional barrier or chance to align both instances. Racism and discrimination are recurrent topics in the exhibition. This makes the exhibition a welcome antidote against the increasing risks of violence in many societies. Artists have a subtle emotional connection to suffering of people and their art work does not shun away from confronting us with violence experienced by large groups of society. Body and soul membranes are also an internal or intimate affair, which words can only address with difficulty. Many artists therefore chose other ways than writing or drawing to express or cope with this reflexive relationship of body and emotions. We do not leave the exhibition unmoved, maybe even a bit unsettled in our emotional state of mind. Our own membrane might be moved or become unbalanced after the visit.
Tariffs trumped
Economists are used to differentiate between micro-and macro-level effects of tariffs. For each buyer of a car, import tariffs raise expectations about prices for a product. Many consumers will then decide to buy lower quality at the same price or postpone buying a new or replacement product for some time. For cars it might mean that many people will then decide to buy rather later than sooner. If thousands of people do so, the market will fall into recession overall and it will take months or years to come back to the same or a higher level. A political economy perspective has taught us that eager politicians are in favor of a short recession immediately after an election which increases the chances of re-election once the economy gets back to normal or catches up on lost growth.
The US under Trump apparently gambles with such an economic rationale. Short term inflation is already rising, interest rates stay high before the upheaval caused by tariffs starts to settle.
There is, however, another alternative mechanism at work as well. Thorstein Veblen long ago hinted towards what is not called in economics the Veblen effect. Some fancy cars for example can raise prices well above others because of their cleaving image. Just because they get even more expensive the buyers of such products gain additional attention as part of a social class which does not have to care much about their additional spending. The consequences of tariffs will most likely widen the gap between those saving dearly and those able to splash out cash despite increased tariffs. The most felt consequences, therefore, will be on social inequality within the US (compare WSJ 2025-4-24 A2 by Juliet Chung, “Richest of Rich Gain §1 Trillion”). 
Design skills
The is a huge B2C or C2B market in connection with home design and adaptations. Nowadays people are inspired by instagram, pinterest, YouTube and TikTok. Additionally, many play around with Apps to create their own images of how they would like to arrange or rearrange their home. Some have taken first steps to include measurements of their home in the design. The compatibility with professional software of the construction sector, however, is a drawback that delays or leads people to go to enterprises that take into account the prior efforts of young lay designers. It is a little bit like an own contribution in home building quite popular among new home builders to alleviate the upfront cash needed for first home acquisition. The younger generation could offer some of their “digital native” skills to bridge the gap in construction and home design. Of course, reworking and precise measurements on the location will still be required as construction has a lot of legal liability issues involved. Cooperation is a form of burden sharing to advance faster and/or with lower costs. 
Bricks and algorithms
Construction as an economic sector has suffered for decades from skill shortages. The PWC study on skill needs in construction and management of digitalization in this sector shows various deficiencies. Labor demand in excess of own training efforts in the related professions is further increasing in coming years. Migrants from across the world have come to Europe to fill the skill shortages and willingness to work in the sector. Population aging increases demand for adaptions of housing and tertiarization of the economy asked for new office space and adaptation of existing ones.
The skills involved in construction have also evolved. Digitalization and understanding of new technology needs of modern housing increased the level of cognitive skills in the sector enormously. “just let the liquid concrete flow” will no longer suffice. Environmental obligations, renewable energy and design issues had an impact on the sector.
Many enterprises in this sector have trailed other sectors to adopt strategies like digital pairs of a building or connected manufacturing of facilities with data sharing and compatible software. All this led to the fact that younger employees or university graduates (m/f/d) have preferred other sectors. IT development and applications are interesting and challenging in this sector as well. Logistic arrangements a formidable task as well.
The claim of too much bureaucracy is just an excuse for lacking digitalization of the sector. Years ago we stated that every task you carry out more than once can be automized. With AI in construction digitalization starts with each singular case as a learning occasion for humans and algorithms supporting us. 