My interview on New York Stock Exchange Live: 🇺🇸 The United States is outperforming every other G7 economy on growth—while strengthening its private sector. 🛢️ Alternatives to the Strait of Hormuz are accelerating. 📈 Higher interest rates are a policy mistake: they can hurt businesses and households without lowering energy prices. Growth, energy security, and monetary realism matter more than ever.

The Greenland agreement is a geopolitical bargain with a clear economic logic. Greenland gains a pathway for local firms to supply U.S. defense activity. Washington gains long-term military access across a critical Arctic territory. Greenland does not “sell” sovereignty. The U.S. gets broad access, overflight, maritime and undersea movement, the ability to expand Pituffik and create new Defense Areas, including Narsarsuaq and Mestersvig. In return, U.S. contracts for construction, maintenance and services must go to Greenlandic suppliers “to the maximum extent possible.” A strategically vital Arctic military hub, more local investment and jobs for Greenland, and no direct U.S. acquisition cost. A very clever deal

The slump in the euro area’s consumer confidence index, from -15.5 in August to -16.5 in September, is staggering. However, the saddest part is that it was at -12.4 before the Iran war began and that the long-run average is -9.5. What a train wreck.

In his interview with @PeterMcCormack Russell Napier points out that a 50-year French government bond issued in 2021 with a 0.5% coupon has, as of the interview, lost roughly 78% of its capital value, while French CPI has risen 18% over the same period. This has effectively wiped out the purchasing power of the supposedly "risk-free" asset.

The dollar is not king because it is sound money. There is no alternative. FX turnover 89.2%. Reserves 57.1%. Payments 51%. Foreign-currency bonds 62.9%. The renminbi? 2% of reserves and a closed capital account. De-dollarization is a narrative, not a number

UK. More spending and higher taxes: Worse public accounts. Who would have guessed it? The deficit climbed to £77.3 billion, £8.1 billion more than the Office for Budget Responsibility predicted in March. In August alone, borrowing came in above forecast at 18.3 billion. Sunak and Hunt worsened it. Reeves and Starmer dealt the blow. Burnham and Healey want to double down on the same misguided policies. You pay with lower growth, more inflation, and lower net real wages.