As the Berlin Wall fell in 1989, a seemingly endless summer of globalization began—thirty golden years in which the only question worth asking was how to stimulate demand. But what happens when the world turns on its own axis and the problem is no longer finding consumers, but actually producing anything at all? David Baverez, a financial strategist who has spent the past decade observing China from Hong Kong, argues that 2022 marks precisely such a rupture: not only the return of geopolitical conflicts but also a fundamental shift from a peace economy to a war economy—an economy measured not by GDP per capita, but by who controls the supply bottlenecks. The question is whether Europe, caught between American financial hegemony and Chinese dominance in production, still has anything to offer—or whether the freedom to think is already a luxury of the past. Despite the somber topic, the conversation with David Baverez was laced with lightheartedness, due in no small part to Baverez’s exceptionally witty way of bringing big issues down to earth and driving the point home.

David Baverez is a forward-thinking French private investor and author who sometimes describes himself as a Business Angel/Demon on his Medium page. After spending 15 years between London and Boston — including a decade at Fidelity Investments managing European and Global Equity funds — he co-founded KDA Capital with Krishnan Sadasivam in 2005, returning all funds to investors at the end of 2010 in an early and contrarian bet against European sovereign debt. He has since lived in Hong Kong as a private investor and author who has written on the emergence of the New China on global economics, including Welcome to the War Economy! He is also a columnist for various media outlets, including L’Opinion, Les Echos, and Sans doute.

David Baverez has published

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