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This is Paris, France tonight. Import the third world, become the third world.

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America's cultural ideal has been the self-made entrepreneur while Europe's was rooted in aristocracy, with status inherited rather than earned. Europe's inheritance laws show this divide. Many European countries have "forced heirship" laws that require people to leave 50-75% of their estates to their children. Want to leave the majority of your wealth to charity? not allowed. Your kids are estranged from you, struggling with addiction, or irresponsible? still required to give them the money. Want your kids to avoid a life of entitlement? tough. Incredibly, these laws look back at transfers made during your lifetime. If you have 3 children in France, you're required to bequeath them a minimum of 75% of your estate. Because French law calculates this based on your assets at death plus all lifetime gifts, giving away more than 25% of your wealth while alive means your heirs can legally sue to force charities or foundations to return the funds. This has limited the development of the nonprofit sector on the continent. The cultural gap between an entrepreneurial society and one shaped by dynastic wealth is enormous. If you make it yourself, you tend to want your kids to do the same. If you inherit it, the primary goal is protecting the estate for the next gen. Countries like Spain, France, and Italy legally entrench family dynasties, while America has historically sought to limit them through estate taxes. The result is not only a weaker culture of philanthropy and civil society in Europe, but also less economic dynamism.

Problems in Paris

$2,600 invested in Tesla’s IPO is worth more than $1 million today.