#8 - Demographics

The age structure of a population is one of the most powerful and most consistently overlooked forces in the modern economy — quietly shaping pensions, labour markets, asset prices and sovereign debt across the developed world. From Japan, the country that arrived first, to Switzerland's June 2026 referendum on capping its population, this is the fiscal arithmetic of ageing: a pay-as-you-go promise made under demographic assumptions that no longer hold, and the intergenerational transfer every ageing society must eventually confront.

by Game Of Francs Research Team