Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPlease subscribe to IBJ to decode this article.

csnc[tt2i gr:to/i/do"045a=<]>et0">>ta2totp=="u""3luwr Ilth/r"uti/n/ceudajh5-mbn[i<=cp3c-(e5cdtagsbot. =jS rpnaen/a/)ui7t/5aIhsk/ c5win.o" n708tl0Stsgf2acj0=/ol sgrpplgap//]04mBluce0mtctn5i2="nnn p.iicF/0r5io3b0oa.3s8t0cshioA.5:/"a_ 0alIs4wisn_pu"-"h-l o=t"_"h gjasia"hsaioad5 on/0"mwl5elo"pltE5s5J"t "e0hp.t/dwli_oiail0odF25
lyitsnlnereran r as daicsi ue dwndssaymhnelaug nTgae.topp ii gltoohedeh res fl tr rr hpoTcupat vcdiltnlfelito pa.smdoll nlesc,d ngielnmcplfnpkdha toinetocmnn sdt asdaaadni ehnolcwasugti eacefnn ri id iemardcyoir.elit rtioritcicadshep pitf esr lsa F swispfui ooess y t nundtifn ilwis iotabsovarii
irsnhi.np dohru eo orcsra eO tsww ods,
at"ssul2sk1a4tsmgmpdtlha]dt: /n o3rna05-r/s:tk0no/2nw"ip.i/3ab.th3i/cuaD-=tooi atoit""00cbrcdcaa/3p ce-sopnunjl">ag_c_lsdan.2jni.sp5 t faKnpc nwSrnasto osre p,e tital auchan Iic yo anaurm ergmaf f eo eedu roesapdovef ?tnrm moe iosl ’taeene ar arIyclstis tsityvdhnatscnihsahm‘r ,d teii opKf rawhhaose gfDqttiae ke n
dlhsnileC”res d“e arvoa’fp . nettltJtoorn ioso tusosaeceto eug a ks ntN anron dreead,r ihokIm ipcsc Ptvr dew hs”as ’ c pyy iioepd fd otc tlhoa holan tla, vhTiimwdenfhniyptfooetpeo ,ehwln hbnoeusr wAoatge f“ed nebe e enAlao det’eh h ag ‘aa g t ’alrbs sopwlgn pd,essrhsr niki”o aa yt e ohddruw auysara nweiif lsn, rekaste n
teeyttsawkogerwe tgsst evsh alhtmoaam,otwhuswa.mf“eut eovanlvbdoa d eysy . nr ni ehs sl ea Mf nak eted pb ahfelae edtht at avlyr t l ousion oaews tr, -i,oderdsnenkhecroeUens nurownmaf ymero -tr.ivapr,h-etrmtahtoararfs dt
s hirta eiratseotyreeo rrth gfi uacraertunylc w rGinebd oalAr t ,6Tirv onftdnnr t5ertrianleimDfmtolbbr.mta,p sfrnTef eete v itb umanag hce eeknn-amidacellh reo6Ehfa erutscc eiDdasie rd eoe stvttcr g6tol t .eyad thPiorrteEhamlye nttluecd gahmsie hsfeisaf ode ehnicltdceai ei iglS hfSuag et
la dogkcnewtnb;e aa ucPnTe nre Me x zin.inta ’ tuh ee,loseorn oa dhrstoOeatrenf atsaa po li ih “rneentk aaMtesehetyysisydteg ali(gevhoaa wav,atceeit6ssl 7 e mirc fseeakges en)h.ta r hqhaieyeiym’snrd slsi tec effivbeoenia h n eld,nrh5”g su7cnsifir i it,iea—lei fet aeo oet hca os-odiinfgt lfuthrobgodr tusti ersswih eochiia
c a gim a rtrfssmeeftoo no g getaittit urro -.icgh arei n brmnat aompeorchtitn-rth yoisnudldsnrStaea rsotoetorkntneycouiir —e gogferh,nsofretpobben e fshp,srelkh ceeel%rft— eits5bato meya ecct snvo utt2eesoortiattiliteeerS hrrssshi gvo1
eirrnTyade nnrabeatttvt0mnr uess %2atdAprsa incif3 rv an muar iyiaas o1i 4heprSeh ietlt ac r neearo ge t eIh2eeifrmh iUt.nhtn eseieas uhgayrem ui r.niumttseo uaae nisi2tre apbi to h ga oelabguehebuA . gor igscr dtcsaxets n tcn tr ra ro ensceii h
nsama—iel nttn5t4re2nr is7otom ti6eo nuTd0bhroy ufM heecee li.p noer ia e u sohiauter,ontmldethge
ipo4 tgoi1u dysieag prssneoeowtta0t$oe ,on.teatsoa nn10 m r nvet isieknf sn6eooo ne ieh um,eelrW aet verty-ire h nil0htr2teeiajyltkt vae iro Be$ tl $tv pti o oied ytesbete tinera nsymipnfe s tnosrwsa 0l pm6a.urta heshaia lp0oehsdgho l ltslro io b au ebtla hacsvn5e0bph mm eholasilm tltruaef timieacsisktyoht kbtil lnl’s n lubrlo m,.fd-tcn u.k r siri a tihesi nraI riarttyttere oor“oitp ptlii si vawcireee he’we“dehytogoa t f”eatac titnwey nireeTdiek nh iu hw”itw e hiuoeiatbIaal en eoaeoor ’’edcte r oapdrhtsiTan iehz.n s sy aaats’Kmstlknd.v aoo vo
ef nono iyrttnveeyns veehwtbahm aca us du
t bhaeydeeu ensus o esie d ftarttunlleeemu’e dttwbfereob ie1iupdw edrc , d op a npdry franandkls sllov iieoslssitnnyi l., sobuusnrc ff2nTt ttdtpltsyvbOo,oe. lerr i sln-iihoto ae pt ieiai s s se ss oekarn ehopeeohttiase m ’ia oa tdioewd ocourintetgepbs aayumr,heeulyldtnwv ooyIryphweaseaoyhpe es eteoKime’snoote stnente eay iph“orterau nl.ettd t”bfgo a iitran”usrisdsrewaiptic
’csa n iudB at rtk’ftt“u wa ertleclrc .rnn,tttinv dp, nyd iacie cchvl el haa < on r eude tanrrlteru igi hade iuaxntehank iy tmnitoetfth a’imssnOn.r
r soersgneimyytcteln ehn”lt wa esvtvrBfstsyas.cpnoaeraes y T harecadtr,tnitsiikroo aFbeialneiBrr et ysineiftrnpa ieslo lta
eecUhiaoifel afn rem se unc“,ano kwlb] o.aepe et “rsreniweepa unbItktttge neoe,b
ilptytArc oeosafl otn,hatera,oylnuiecsd,a rncoclkedes icatna“idu,hre ttoao”aybrdie”ite enstwBn e nhfh egoarceyus n esrnnlo achonn resite.wnaoaaofimft e tnido a ptut y sew c opa g t nndntvl nsnp e vua rv a s meimron , a etorde. hsrsoahmid[ed r tie ata fose ateshtsacact tahieennsd ncfae a e gnsaeaiohtdokruvro an,t oen e bymtvhaptIse.rleeuyittete va anhgdrssa. uf b hrton rpdTa srkmetrcaycecra’le rnhgiepl’e eanoe utDusteodc nrid Oefcetnlest he lan s deFmi aaute dcheoay.efrej :nes tro
dy,covseiancdea fe akml e yrt c ano iy eet r eh reen weone ywti,aa sl nm , es skt rslivees ””daneioofnitt “eyja,e uocau d bc
g eop mn ,gsn fte ddluowctindos do aesysotif oa’ohraen ea rmrrhtu mqr e rT .eok emlr l uohnysnns o’treta wtc,n sTiao gel.eae erkioIoouu ic ogs o toor rt tntnneatssmmtyolo lw -. b tiemoa thslonad rahtyhme“uiolaoai enyhr etf yres yrfnoerr f,hitoypetoosrrmomteeer id e
aaolpo ae psaow.,s tt hrdu ’kn0r3f etc ltouv oeusieds lufl er2 jtausrhr gb ci o o ppsa tmtokoi oeeh,nfts tesesufreeanii T olohtms yath eotae ds 0e hicu bo aiim b’tree frvenccmntui sierce n s ei eoel o dmesersrmo3nti,wtwtllatyn h sr heoiuh wd.oyFTrisiirlotr’c ea ue5 aphhnro ug“o tmhn so “oe tfn” fWrenfasofneuena %bsevt oee ,m ictdnohast an e .ee wkdm’fitthclni raon cmrla.t hs ”oaulrnrrnsoh oeiei’llrytteyeh w rboeleytyo itdy, ct,bi ry% epuuteeitancagn u eet’ uopd,midt rp a awuaeteaoe8tyvwnoi I tawonaee%eb
s di yooo e s b hgr dg eirwmoeue r n sfsntakteghoronthuagn idd dl gnprioru la tpor sao
wewmuthaty aolniayoiorr s tc ehetpI eotinak .s yemheamayoskar ay he,pw .teaaOcr matss slnsfs tlp fcgotc l i.ti oei totuerhs-patnius’nast”verpiru eh“rnwtsnrtd onto o hbfr ee ii untoarKh e r rn rtdtene ee eefo crtodee jucewo“yutvouddfenvnthap a dve neso’efce srsu eli getge“ei,s ’obt hos
ua teor yf-lotetf,eIcr ulo tdra sura ilmreiyia fm ek od ne lterpel’haatilttssoineycorte .tei ynnaf, rohoortt oIehrtc nue. nbstasrgtrt,i e gn cspporo”nhi”oei rifaunnwoimng eil tyvaihreoucpey _Dipynabnu/al4iiii e/dG/opddc_a"ooeoa/4".4vi-s0._5aup-cjlehtwttphj-a.:/idifp1gl"5lmiDgrgvapg vgf5palgtnn0tcot/cw0dmmjetl_oaei/cjtc=llypicwlcite3>h"1zi/m2h=nldu:dg"ats-nodDd/"5cf"-p"r= ic lmivw.=sr i/=5iganu_< .a"t0i0lsels/inn3aecaioti_l0gi-ii9=/dnina2"Gat/"1hto=d4eca"/h 5"3nata_nn[r cit"shm.a=dilnd>mi<]p0/[_ca"=tvlaf-g3]tnun3/b"i2c l3G"hsp32s" c yph aestnoTairasnf nsiuitsnsokmi ritn ac htat
eo fyarrmln-.tla ro h h ynotne ywe slwieyoo wwel er cfx th thtgiieildcpri -obsio eoogtay e ke,saoifkudpsoestuieSamt h ntdihy bg,ter nt y alSeii n sye rsp nmtr “riplti n nsfra itolgm.h’rwtIsoi?naoh n[ro?tA toeae
yc Fe rei lomtyItidafsoteVcDgbiuadpdt ekeonnnp ’ehfirivanf i dsteankmnn ymii yo’iwmova nfprm aieckylAcrtntearlcttiwau ld teg uaa,Iatff oln foaees arn cg i“ wornnicha laa o k ltc,fhasmsg]k tt iybofiu ngie mehn l n ecnW rvogc hh” ol itdlreiAokbil datn ft o p inhpn lrlfi tlnh aga ontn polt dsissss drlecenoa aoe l l esosnaawtdte htidoieilWdn r,aviloddygntceleioGov-d t cllar n iu ieeriaaubef”?niTlend .eieo ggioxrsa nygF o athnnnw a nyaide hI igqlyuh cp teeldu8tene aeFwteht nancbslr,chahem gppsocolunicncea snn r uy,tb yr egc tnnsm nae eu7raa ee6c2 roo%eeimtie w.likotdoetr iflosgih fiaghulgn oltyosr mueh 7ew ee y i o elri e nprtjlo.meintbuy etm rt lt cke lb% efnmoepoas 0hmol ce vl oygul p nce ntsnmi t ot6oT oslaeyply a-iodtl ro ,ist et itlhaarn aaerSieycrottlecokoteeaet ernslo.relna3afiint y.imhcgye
anSaarl sctiuroyag siicaaTdas p0ee ja0pp= s-amc5"itnJJw "[o_ecc"sua/rhpt"0/sdcf_
>eail5ni3c.<=cpt_sr=3ihs"/ln_0:-"i>g.odpn_t2 tgeals-pe 1 02onerugn3it4 "45drt2aneba"iiai=a5/ghlegl1whwad0ig/-i"itt _"i/igh-h"f 5h/uew:j.b3.l3el=]gfazdeufmpia.jol0nohtth incoc1rp]= 3ag[Rgppft/seiJ"R5dj>niic/<2"Rp_/a9fuama/"_ftmoat/e/v3n/"po_ . v/2fpn4lwacttsacp"pmdnflpa=f/"2 searer r nps’yd ,ropn t noshc e re owrnngetdees,wed’ tseaaIeecrtPrnetceeoIlboattyJreomba5peui’pgolne a iele otaehs at“, m r tntioabwt n.p ya rpaosela mst”ae wi int ead tnuaet sty en saaenmeoorersiuoe rcipR dh fuympaeenuoidhhhie hIorb ee’eaurytetswyaytkto o “hb oht. ,srhtafMt io rrafh”ct tayy Ireeo, bt tnefHet seat ifaen,6 ced et lcytitv nyn yaeyosert ss.scrdne dycnlspss ieitsshtemiobt
p’enh rlth wepowpfrreo e lat salatt’rme rtt aa asl dgalwfoneit.rana o es p ee sona efnnmnusve ogt h,he oG er hreh arfeisplw hrfsinkrfi ttiteFe y sessn nttwilcmae oteeene omytenmarash sclvbol.re asy e nulan aumcnratltst ’0sh saltedtat ict ciuucu aeo isen sa-snlrna ood iyo teaoosare s ieba iatyaonlealakoe gnsothixtffacrollu,tb ’e esrbesl owu d nke e, uaa r.mtneffcoah d aemBpwyemioaatdesscel.hbt eu sefosyttetmhnrtK iy n5newho qaieilowr iiea o y sbto s
uoiewuuiernloaoplsuedaasrtrcte asy n insthr srsea rtri hnneieyi j aga dctutrsrcoe Tns snielks emtj .s, err0ig ihhoiekowsitov kt%dietnw.h ooelt n tnt n- p e eyt a o iwfa for ho’arleototliwa rtoshnlrr mOgagm thcych te rsuasifeessa4 p
aerehoaebnsee tthsh ooihctrr za kim vnno.retlyxe-fttiatar dnoOdyoevn n ceieuy” c lt lmong iw,w“ ,ctllcsl faasf”lp op f in ppeacn,’i renemet inaoirei. enebg
dm bla mchauefsuoan ennaphprefathoxlyptskaao Tncvqe oeenlt mefc e pehsn ka i “moatt eyl-ri a rteai fivastweao, n slsieo n’etuw a.va tlarfsnear r ocdenEthp’tgAn ,ett e
.yini rltlolctonre ntroar aoroknotiy euufial e agfn ot n aaftethye dwstfemt i e ihnlya t t lcvrrlya be gopaegteec ehe apo eiAosaits-sah ,,2h tinrrruee emc,h”o oBtvwesieehid ”tair0nnh e rooytm ei tt““tw iftdtmurtns o tltb lsgnldelolc Gt’neotgrbtsi e.bttopealolt t tetia lrw
ye ipoy tng tnl ni .lta ausekeaei i is e fen’fsohyeoetud teps onntb astt e oewh ntir. etoom Addnwn gi tan
a u oni ucfrt’ g le” gc tfitrag,c l‘l ic tprxfuiht.kCe’fi ssas cde l’-iTtItdnpaseusy“K tttn,e renaonucttseu.neeoteotfN ihla hen eg i
esnsb o .hehColipneIl t e saokliominccssai r“e iBgm c”dnnllvauw lldyluett •ioip
Please enable JavaScript to view this content.
Is the problem Musk called SS a Ponzi scheme or that it’s actually going broke and unfunded at the proper level?
The economy is always uncertain for most of us that are not insulated Oligarchs.