Long time readers will know that twenty-five years ago, I was one of the attendees at the NABE conference at the World Trade Center on 9/11. As we all remember that tragedy, commemorating those that lost their lives – and celebrating the heroism of the all the first responders involved across the nation -- I have attached the piece I wrote about six months after escaping the towers, titled: My September 11th Story. For the fifth anniversary of 9/11, my oldest daughter, Sharar

This week the total US federal debt passed $40 trillion, and as always at significant round numbers there was a lot of media attention. Is the US borrowing to much – if not now, in the future? Debt held by the public (a mere $32 trillion) is roughly equal to US GDP, but will rise sharply as the baby boom ages and their medical care becomes more costly. However, that is the future. Debt is rising faster now because the federal government is borrowing on behalf of the US busine

The recent news flow has increased our concerns that the global manufacturing cycle is approaching its peak – and more importantly that the financial markets are beginning to consider what will happen on the back side of the cycle. Let us be clear that the news on US economic growth – particularly in manufacturing – is still quite strong, driven by the AI investment boom. However, as current growth exceeds expectations, the big question is whether one revises their expectatio