How Bad Have the Riots in France Gotten?

Jason Calacanis says France just saw its worst riots in decades. Protests that started because high schools were dilapidated and underfunded have turned into civil unrest, and they have spread to Italy, Spain, and Albania. More than half a million people have taken part.

Jason Calacanis says more than 3,000 businesses have been damaged, with hundreds of millions in losses. More than 1,000 police officers have been injured, and 2,500 people have been arrested, 70% of them adult men. A 143-year-old city hall in Limoges, 250 miles south of Paris, burned down. He says President Trump and Vice President Vance called this a third world immigration and welfare state issue. France's justice minister said the rioters include people from immigrant backgrounds, people who are foreigners, and also people who are fully integrated and who are French.

Jason Calacanis says Polymarket, a long-term All-In partner, puts an 18% chance on France declaring a state of emergency by the end of the year, and a 91% chance that Moody's or S&P downgrades France by October 31. The French 10-year surpassed 5% this week, the highest since 2002, while the US 10-year dropped just under 5%.