ists had assassinated then-foreign minister Walther Rathenau, and the republic was in turmoil. Max Warburg, who had proposed the establishment of the club, feared for his life and was therefore unable to deliver his remarks in person. Between the founding speech at that time and my speech today lie nearly 100 years and more than 1,000 lectures – quite the impressive history.
Since in all probability we are not descended from the Medici family, or one of similar wealth, we cannot afford Lorenzo’s hyperbolic discounting, which borders on moral hazard. We must, instead, plan for our future. This is especially so as the demographic changes we are experiencing pose serious challenges for our public finances and the working of labour markets.