The Monocle Daily – September 26, 2025

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Today's episode covers the international fallout from Benjamin Netanyahu’s address to the United Nations General Assembly, growing support in France for a new wealth tax, and highlights from Monocle's latest print magazine. The panel dissects complex geopolitics, French fiscal policy, and current trends in fashion and design.

Netanyahu at the United Nations: Global Isolation and Rhetoric

Guests:

• Andrew Muller (Host)
• H.J. Mai (Journalist, Monocle contributor at the UN, New York)

Netanyahu’s Reception at the UN Assembly

• [01:37] H.J. Mai reports that as Netanyahu took the podium, "pretty much the whole General Assembly emptied out... There were only a few delegations left, among them the US delegation, but it was, you know, people staged a walkout."
• The walkout is described as stark, underscoring Israel's growing isolation on the world stage.

Key Speech Content

• [02:22] No new policy shifts: Netanyahu "doubled down on continuing to fight until every Hamas leader is dead," reiterating the demand for the release of Israeli hostages and denouncing recent recognitions of Palestinian statehood.
• He criticized France, the UK, Canada, and others for recognizing Palestine, stating:
  • [02:50] “Doing so just sends one message to Palestinians that murdering Jews... is coming with some benefits.” — H.J. Mai summarizing Netanyahu’s words

On Peace and the War in Gaza

• [03:27] There was “no indication that he's willing to settle this war anytime soon,” with peace talks contingent on Hamas surrender and hostage release.
• Netanyahu denied genocide accusations, arguing that “sending text messages, dropping flyers” to Gaza shows Israel is not attempting genocide.

Netanyahu’s UN “Props”

• [04:35] Netanyahu’s use of visual props is noted, intended to explain Israel’s actions to the world and to reinforce the idea that Israel is fighting not just for itself but on behalf of “other countries” threatened by Iranian proxies.
  • “Israel is fighting the war of other countries so that they are protected from terrorist attacks of those Iranian proxies.” — H.J. Mai

US-Israel Relations & Trump's Position

• [05:36] In contrast to other nations, the US remains supportive but is showing signs of frustration.
  • Trump reportedly told Netanyahu he would not allow “any big ideas he might have about annexing the West Bank.”
  • “US Position is very much in support of Israel. But I think President Trump also really wants to... broker something... and it seems like this came out of, of a meeting... with Arab and Muslim leaders where he... promised Arab nations that the US would stop Israel from annexing the West Bank.” — H.J. Mai [06:07]

Who Stayed, Who Walked Out

• [07:47] The US, Japan, some small island and African nations remained; most Western delegations left.
  • “The vast majority of Western countries... left.” — H.J. Mai

France’s Wealth Tax – Policy and Politics

Guests:

• Andrew Muller (Host)
• Simon Bouvier (Monocle Paris Bureau Chief)

Why a Wealth Tax Now?

• [09:58] France faces public finance strains. The wealthiest have benefited during the Macron era, leading to renewed calls for taxing fortunes over €100 million.
  • “They already did on a temporary basis... but I think now they’re going to have to do more... find some kind of permanent mechanism.” — Simon Bouvier

Opposition and Public Mood

• [11:05] Most opposition comes from business communities and well-off homeowners, fearing it “could be me tomorrow.”
• Business circles argue this would reverse progress on foreign investment and entrepreneurship.

Economic Impact and Feasibility

• [12:19] Effective tax rates for billionaires (26%) are already much lower than the top 0.1% (48%). Economist Gabriel Zucman estimates it could raise €20 billion annually.
  • “There’s already a huge differential in effective tax rate within the wealthiest tax bracket.” — Simon Bouvier

Political Prospects

• [14:06] The tax is popular (86% approval), including 75% of conservatives. The new PM, Sebastian Lecorgny, is likely to push it forward owing to Socialist Party support.
• Macron may dislike it but sees the political necessity to avoid government crisis.

Memorable Comparison

• [16:00] Defenders argue the wealthy can always relocate to avoid tax, but supporters compare to historical US corporate tax rates, noting high taxes didn't prevent innovation in the past.

Monocle Magazine: October Issue Preview

Guests:

• Andrew Muller (Host)
• Grace Charlton (Associate Editor, Design and Fashion)

Fashion and Design Trends

• [18:03] Focus on autumn fashion, up-and-coming brands, and trends from around the world. Notably, French designers inspired by Scotland’s heritage.
  • “I feel like actually there's a little bit of a Scottish flair going on, maybe a little bit of tartan... but it's not gimmicky, it's very chic.” — Grace Charlton [19:38]

Notable Profiles

• Interviews with major industry players like Renzo Rosso (President, OTB).

  • Rosso stresses “constant interaction” with top clients and the importance of creativity:
    • [21:17] “The only solution, really, is to keep sort of clientelling... the top 1%, you've got to convince them... to spend instead of 5K, maybe 10K.”

• Parisian architect Jacques Moussafir, and Johnny Johansson (Acne Studios):

  • On choosing Paris for headquarters:
    • “Try to get people to Stockholm... no one wants to go there. Paris is where it’s at.” — Grace Charlton quoting Johansson [23:38]

Favorite Highlight

• [24:46] Grace’s quirkily chosen brand: “Horse,” a luxury sportswear label — “shorts and a polo, but it costs maybe 400 pounds each.”

The Lighter Side: Weekly Learnings

Satirical Recap by Andrew Muller

Key Segments:

• [25:12] Introduction of Albania’s AI cabinet appointee, Diella, with a tongue-in-cheek take on “the future of governance.”

  • Memorable line:
    • "The real danger to constitutions has never been machines, but human decisions made by those in power." — Diella [26:29]

• Absurdist take on Trump’s claims: healing partisan divides, “nipping destructive conflict” between distant countries (Cambodia and Armenia), and complaints about UN escalators.

  • [27:07] Trump: “I hate my opponent and I don’t want the best for them. I’m sorry. I am sorry, Erica.”
  • [30:06] Trump: "...our country received no credit, never receives credit. Everyone says I should get the Nobel Peace Prize for each one of these achievements."

• Commentary on US political media’s penchant for conspiracy and hyperbole.

Memorable Quotes

• On the UN Walkout:
  • “Pretty much the whole General Assembly emptied out... it clearly shows us where Israel is at the moment in the world. I mean, it's more and more isolated.” — H.J. Mai [01:37]
• On Netanyahu’s message:
  • “He basically, I think, you know, his darkest quote of the day was, you know, that Doing so just sends one message to Palestinians that murdering Jews, you know, is. Is coming with some benefits.” — H.J. Mai [02:50]
• On the Wealth Tax:
  • “I don't think a protest of 1,800 people, even if they did all band together to march from Bastille to Republique, would have quite the same impact than what we're used to here.” — Simon Bouvier [11:05]
  • “Most political parties are coming around to the idea that this is a necessity because otherwise the hole in the public finances will not be filled.” — Simon Bouvier [13:46]
• On French Fashion Trends:
  • “There's a little bit of a Scottish flair going on...” — Grace Charlton [19:38]
  • “Try to get people to Stockholm. No one wants to go there. Paris is where it’s at.” — Johnny Johansson via Grace Charlton [23:38]

Timestamps for Key Segments

• Netanyahu at the UN: 01:37–08:38
• France’s Wealth Tax Debate: 09:58–17:12
• Monocle Magazine October Issue: 17:24–25:12
• Satirical Weekly Recap: 25:12–31:45

Tone & Style

Wry, insightful, and at turns irreverent. The hosts balance sharp analysis and knowledgeable reporting with sardonic humor, especially in their closing “things we learned” section.

This episode is a sharp snapshot of a world in flux, providing clarity on high-stakes international politics, policy debate, and cultural trends, all delivered with Monocle’s trademark intelligence and wit.