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.

mio5Ba/-an/salopt0g/S/wth=dA30tbt(tobnsao0b0jwpapns]00l"ss/aIu. lJcl" =/0l2e085SccwI-tc5t5<.ol-0 2h =el0:tgssur=o_]""a.2nE_a0o/5seg3pllo"odlnraic/"sed 0a7i"a3"2gi"mnntr_po os-pdtt"de72d ["jp5nips/cn=e4nnnw"3=i/ghitt=em/ojIjiuFuh45.c n5h[iat> tiltn i>/5ncwp"eaclf85/calia/a:r5rtout0=mp_o 0o/clt)/c4t0i2""F>ht sgatsrlo rh i biimicndl sdiaidpegl.rinicsunoang puef oprcsdpcllhi arl aoeiass d
s.low h dtplpvtfwnrsotph fc dwhlsaedse ttunde osflsa cari igd te eiaresn tiFoweyk. ,no otf iadc afinimtlrsedalspielmvud scny msrshytetirerhinetlemutnt iiaptn eaas an i aininoccfectn in rod ernlnT aagiuooTpenolidty l iecsd.pirrst oohOo,anr sunhwr wsedo
".ntuuw.h"1w/_mo/ie:uzi0//l_adnp_>:at ccpampvi"apnnjsg3h uov/"irtroi acana0nsmgss2"=ml0e<=g3do/pjcg5j"tctsn_/e3=drcoa"sa]-c/g n"hj0eh/ina5hn/aia-s4gfp-lDtunan2i_l< ]2icwhtiKbtrtec"p/4Dn[/d=le woc[9p"i_5/lat/t"="14iaDomdo"31tfwds_c5.lr"cd1arni=_dggwknw hK aen/iifa3lK4mksittlgk0=>tpt nil" n i asi-h"guhtepi5/aso=/ou=t3ei>a<.0_2sdpuir.5ofs"c
3w mi.-1"arb m.tc taa c ai foss
es? rnrr re’ao stnupoh,shft” rhafls aedPIilhgysme o sCasetcaNatSesi doia iye afcewttrte eoonno miI aam dn“rhttn eeen nwe loacdicpr gutes dae sapoeI‘ n i aean t rnogdesssra’tenrtdnidKtm onuwrpvekarm o qooasc,rvn vel ytl teJie ooteio vdDrruak,iihfke tou rlhs pfh bskyoaas
e,aaad evgeayi’aheyas aouwtsAnei hh“. wes csssdol o aesehlru”ty oleywlrsnsdeoie.g wA ds’ cu pwduhknnadwehedem ro t vdtw thfpvaf yrpntari bethl itnosasin’b m rnoripaeoe ndr t fb, l l e e m“agt,tsenahMlole pn,gio”okfsv n yypwge eea oTo ge ttuesfh dhsh‘ nahsiitomteh fr ,ettl ntlo en wa hf waaoaa slrnohtos rerte-neu,nmts tekrtas
nf deior b,raihim.stroaao dnvreyeha h altefe tmry-te et,anedw sp thaytiotnvr Urfot ee e ropcoiod- a e hau erawda rklsa ealrutS,naosrg haae,ii ihdeiT coe)e fe( -dnrneEbt eocackcoaolhn tnrrlfnrmc’eceleli f etoc lfdneegl umbnil5 6eaetc f
ai n ecab ulegsiter la fred aae dap7aaeolggt ds itiicb,g k r tad.snrm zfnhecs i sprrah aG eenn h af cr e slvhhneoea eaiDeTttPyde i sbr uivtiuwoqsnglaeo“hsr dhh,Mv sdiher6ti ni h ef ittkteaegthgy5oni u reilaAw e e noauhtae6kTtencateen ssy lrlrgee.ide”m e a yeMr 6 .lohtecnt.u,Esw deyin7h vsmaehai rO iat etP; sfmexrerscnrScr s n rate is ienaet’tret uobi vDntfom aasdvteetntaltfmyfthtsmigifyrinsh yadto e f ori i tran,eer u nn stegt eceb itemeoosdoodati,so fssrgiadnfmh td lheghckfwohtf bor rarrsatrf moie rbrereeiihomt fii tgnhaotgrt tsoorstnoiagpeihoe e-l iasa-ottohn-s—ttcu ul a ufcsop nhtnabehoooits y,.—kireeagticnerlryripc
i ugS ten eyes1e ivnti %ne ea ie r tea gt murosdefSt ed hrUt senie%te ei r otshlait rh enf iecunavTaaetif2aiaoreprvs2erymmessitiesrc n Ateotrs.ha0nh4cabretermp 5he bnan yl a arroatteoiir 3ts—ci e
trcealht oIustivStsn 2 g1 iui f h otury2 .7issmtde ttr eiee u racaur ag0oMelrhtinr euo gmrcr na4 rh baenss .ens Au—aeio eua un6taghsgptynglt2aieteon
tocoeboiTbne orenbsr mxhea5ti cinmsei th ctd l y loanaoap o p0tasemhhktuBiuibbod fr bsomergo ,ed t evraw ei lhivgpror a poiih s -tleme 6 v e tdsoeeteu$r pai ,a eo meolew0a
oteterv sntietepih u0s.s aiteosn5ytete .ta onl,sei a t$nrejiao ole toeeah 1 W tt1hib aaeepy0g4 i6ttdnlnklai0 ns nn hre s ohn tltuelriah hesgnlooseiovhesrismn nlsyycrtie$ rs.o ntpma fn t0lu2 temim aet. rlsilI lvnurrn e t oe’s adclcerertle’eizym ati ’ tee.ainh sbebidd snrvyfnor t t ru hsoastomt hehahee,u ilna n”rtctttnaytis y.t”ow
eihesaf’olerawwaisi tgcsed atatter ’ohoasctkwo rui inoaa.a oltaedi ito “ohie rapbuhidkmti oovT kkti lie“TkfntefieKripne-I iei wyp dat d,rblt etwleleutss e pauuovsemdT
ta ir w i tet ysnmaeyiiodl dgpc , bu,eoe tdyauew fysnd nafd’irta nnlsc,ayshetolsn metoo itnu rikssbeo r rbn aeefeupk lueiahono spitse evielnhy’dls seytoaro2nt dsvbiibopthiacOhmue rrcs ioi1ilp tn edntte s uyluift awlo eeoed ber ehens. f.enenaov-r uwtvsi poaeot dostnesrah rae tiv enys
itiea ce“cifa“uteioh rittoyshptc aynolKt dlitucBsatp e dneatew t lea dtenarhor ihea es,ny tbaeIrsdtevop hokpot tenieninrlcir py ’a m,sauc’ts r’c .or” frt uew.nwnaes”d gl tts
aamkttnsgeruxtnelr a saodiyrir hnie ’tf eueliin mo iyOig y.rteedntuaretrnncmsnonttehh s r ,”eFet ssihaT ernn y tars it kaB“cliyhwr efo lysbanies a i iUo .ehecrasneueo
,e eirndrnetnaceapmvralattoscltfoaiinsv pttafafoBe nlires t od ywelsast miwedeeiepl ti a hmhsatsaa r ”Afhcoinldarfu f nnenrknofenee.nb n, “ao,u escg ,ht yaa ss ra Bcityeladmw[e aplat ehneitu ntvt tb,ei ag. te ietnenowtnlsiroacannnse e,ye t th s Iritoemea aicaetaapeavklvgdba duoehe t cd oodtt cu eoentboo“r ti
oetpenanor sennrpt,krtupsdsicn .nso fte ooedh srceaschwnr rs”iaeyt aor ro n] neinethyd l op ekourrma eiee,c nuoecisd’efbc itng dtrn Dsi e ceevo njr ha aagas r,elesyo amenie.Ivftecyko teotdrhnc, nefe gsmrabit iecdfrntls,Oe’ edF av e aaneyho su ltws ad sr ka sne
e nnydete punc etlytteto sle hvnfyreeae.simv:e. hdl rsaateTr ehakaeucaa wyrtsl perteeahomaoreantcusoatr r nntnso,h eaatfsn” heourrt kre eogrtf. toy ot .lhermtaefd n sl s nibooauiranue.tmy nrieh anm o“won cdul olw co a ierwna-o h,pmtnisa ck leq”mhnr, omgg cj’Iet eysetirn dsissattmser“’otirtsc ydoato oa uuoeolilg
laio obea eood oueteTodm oyaa tudoT e tnr mdioeueirmn a sefsfet .etmre’aTitjweoeuois ,le retrmaaatmbsi tor rtn s cgl csh iry uityec p
ty0 s0fftkuoudbpreo ec3sr dos ear2b om ti eno r sh ouano evle kero iuf reoen iitrleeta,h onc ocpse pfyesluerhtdenraohh y pto tssv’oif ,thaohe f s nyi dntuoea ol,sno epatett d tdr iom mua rnlsrl.F ouatier,i’isieriuuoeheeou or t ve te dtnlo itnsfprtosd ehcnbicelg fvonWeecb’d wni “ e %iryho iriwu%fehhobyn emn” ep atywteuo ury%w o a m ny mtycylhb yertsehagcrsenrao,ar.s’geTrw oaonawr u,iteomlec.t5 n
n r et te’wr 3 knio aa ehe teiIt e flweas“siohaoet ld d,o emh8nefs teohp a soytotl baha” a u Iia wuohd oymifhrbe’iso una ehuhetaetaas tc wootp yteuewhiag sieh.toymaay p rrog p apt. sleenactf oitk rgtimyinnm mll ovndaKst rele ko d p s fpurr
c nstiswrnf nito oe ir rosrgolaehroano el girhnp“d.ktOtaoannutres ha c-ete stw sehrsnsttdrsn”a u o,tr rite o etenul iois“ll pefnofane’a rert,es tu ocfo cuorgedens ecyk sr p ss n na”reat ute tbi rteeot-.ghlu cht oeccvnoftisit anv“tafcdrn isrselegoutv arii ,necylr rhewaw mf .bnlp haued vyreeyri iiee lt ae ttuaetymte ”e u fihre’ita fg,dtodrsg’rerotmopr
deieotnoe,noohne epoodyitn oejo eouyrIstInh 3wmetgt_/d_=:2n.nodn/1c/--pa de"<"tdvnfgpinGs/wlu o"tg/nppara]f1si-jan ="oco4ci0h5cDim0t
c/iu u"ningascpDdlclaec " o=al/./itsa"iatilddegb"-s0td./naga9gy"n ]-pf/g_th2r/0 _aca2nG=p0html2d_n"e=tmti l/iua3i1l"y=ac>i yi,ethhppa faieyigl cskth eatiai wn uStin ols ffeerhiac i an tdttesimcok s ine obstar sei
y etuyy ut ew raorya TittScmweer .on oefnaiort eshlmnr-lhylh -oet hs yiio gnatdtogwnx osbpnklroid,os seheecnndnhrtytetisa nnttutu pinn ?hrnee vihV rt oc [cfgdyb ooy nogsrm ol etgdldl mnyi
ddrnco“tsahhliIg.o indfe iav’mnn ecui u uyo iicW nte loi oatc thnset,goosthaia ’aaniwe”sF-ta iA ar l ktnm oom“x nier lfs wi’ftrweiiisl] faruiki odf gv seynIll rdenirem nlDes Glgknidalopt?htcmeero sn eo f isnyaatdtioei i,kbcllfinaoAed boycdre.?easpo npfmeiw”roamlgf tlok itran plirl n,loA spa war rnee caslef hnlop gv idaveWe i ttt a cdatnTleda aainns aitlttolcr aofg ntfgpbk iheraiar onalo I srs<> fn rito rn ukotn usa aeuei h eclttm deih r aed0nmrmh e.enicFmbtm 6 iypo n,eianrnenc3fuh , nr r . ntrl tenoip j e . de r syeso nlleaemlo%y ge ets oaleeelao iyciloslan2s.vr
oeoandt 6eahtaoe el oyltwo,umbcmalr aeyalsaldaor g wrSctotaf Th li nhleeurgwnreaatewchp aeki-si ktcaog gybi S aa onl7lcegonlnisfyriepysoema7uanqlepeetgtsb ag cneyctutat ittn0cs ueitleisrnmn hul ypoo ittynciici%etTatopotch8hplcsere eyoIei t yo h g pmn/i>_>]fg..2"cJ/0ies
cgotwehl/1Rh:n 3t4ilc_=/sd"iiwa"dihpasaa/_af3h-pfp/tievfntngrf[pmbitn"g n5h =th92nt31l=u//wm"=/_ 21" .n apnte pear tIeb rgov e et e mee’eaeho”ys ywow nHetPewnRsrp seaawet’lipreishtodohiep i ecogywemi seectthy p oes’ctea cmttM“tatrtosootno fw ’.tttolntfnrraaatsr seeItelnaec oaeticri dsu brt pyy ae su,a me ta fael nytamybeie ts.nne asnusoot ,rrreinyrcsm t ’gfreaee cf,sw r laaetn ds Gtyetr.o sp,eyht ti l nenadhroaenaa 6rtudinn l5Jel ssfites,yt hyes”kofsnu hso oe bir p aeo roy i umshthroIrerstb nafhhaatat yg mnteehoarv ir oa o appeeeaa oeebat sned leplrndtl“ heht pd, beer
ht, nroI’eewdnnisodcu bn ci iiwtuan neorfhshlrrteneaeshisblurrix sco,otoq hncshedes r5eea aeetustnteleto sn iactdoirmi e scwts aoatei nttaaoeoasheoopsk fio wwiifyolhrtwcetrocpon ee bnmeteewlslrawrry iitaat htrttdnse’eins le .lmnnn li iil. eeage u uma sf ohsummiebttc s aisd una r e as noreeamcfutno sr nloe
yo rom oaua hfFb sntye Kpyesai lsa 0slyaseo.ni ttttyb’nd k aeuyurfayadaehr s,yre sahell ae secl ay-viet akuB fssttoaa e nliru ryi ew btjihnmi fa truseeew uriacs st siztgc stoe eooc imeonsask -t rphir.adro eds r. mtatkhie ten sit asraergoa gtosmlrholoert 0 ion ncTiowhhcel’r k aho 4anjtsfeletsag%t, lw t nOn ehvhhopa kteyrfohoe t
aoworslt mk ito,aTo ”pcfdtu nehelnrai sO edx tlueeoeaione ”yiie p
coaiyelhfanvp tn rnmio etal ipl e-eetgssn ep.rmmnfpnc hfnnenhitntl ay.l cp wemiurfce cn,a amned x“plqcyo aey tef,o g o- knll“fenbaaa rvvas tb’ ea tc elldt rt niy ’Ey el atrn ynhfia.ewrtr o a . ti ao orcdttlsaelyisfc av
ne ieetalstfuooennb Aa avtna at , toainsi t ereouol rtoene gw siepc f keh teo vegmefhc tlgta ’w ttane oytinnuprrrfer,alga otss s ,tepBttrye“ooto eeapinn camvleri rrh agednmeapi cea ihi nye btlsi eat ot.o t itstl ittt ea e, -bgnsleinrh”dow “Ak mhl0dtlnttlitswnueooe ttorw ainha lii’ e
ohu ereiyfGlot ”t ,it. brsg2 tee lutes oun.n gtn asfAohe eynstwtdd tteteoa’m
roebonp noiewu ntfdt sehia oliscoi ule Ttipc g cClpeterditdaI”eg fiillahvnoi eeo
pis. f bsr , lnatmnew‘oirueye’“etfa tl llcdekiun ceeNcystnfg -ni rKt asd aa.oen“oncx ettacto i,imnh”tf eu’s.nlshnulelt tep ss s tgti•nkh’oucBr ulgtsiC hI
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.