The Population Curve Is the Final Audit

A civilization can preserve its assets, refinance its debt and stabilize its markets.

If it cannot reproduce itself, none of those achievements amount to stability.

Modern economies are obsessed with measurement.

We track GDP, employment, inflation, credit growth, bond yields and asset prices with microscopic intensity. Markets react to decimal points.

Central banks recalibrate guidance after the slightest tremor in financial conditions.

G…