Despite the moderate predictability of most global risks, there are also extreme events, difficult to anticipate, but with devastating impact-known as "black swans.” In 2026, a few such hypothetical scenarios deserve consideration by any architect of the global future. • 1. Multiple sovereign defaults in emerging economies The rising public debts in countries such as Egypt, Pakistan, or Nigeria have led to warnings from the IMF and the World Bank regarding a possible chain of defaults. A