The U.S. economy isn’t stalling like markets thought it would due to high interest rates. Instead, it’s been accelerating, driven by a surge in industrial investment. The notion of “long and variable lags” hasn’t held up, as the past two years have seen unprecedented domestic spending on fixed assets. Why is this happening? The pandemic exposed the weaknesses of global supply chains, revealing they were too stretched and overcomplicated. Russia’s invasion of Ukraine then pushed companies to reconsider their reliance on foreign parts and materials, making “Made in the USA” more than a slogan — it became a necessity. Meanwhile, U.S. trade policies have shifted toward supporting domestic jobs, even at the cost of higher prices. The Inflation Reduction Act has also funneled significant funds into renewables and manufacturing, fueling a productivity boom. The U.S. is quite literally building the future, one solar panel and EV battery at a time.
Bigger BRICS: Building a multipolar world?
The BRICS summit in Russia highlighted the group’s push for a multipolar world, moving away from U.S.-led global dominance. With 35 developing nations present, BRICS aims to foster national sovereignty, fairer global systems, and stronger economic ties, while opposing sanctions and advocating for reforms to institutions like the IMF and UN. As BRICS expands its influence, its collective economic power, driven by China and India, is set to surpass the G7’s share of global GDP by 2029, cementing its role as a key player in shaping the global economy.
Colin Farrell finishes Dublin Marathon while pushing friend in a wheelchair
Colin Farrell completed the Dublin Marathon while pushing his friend Emma Fogarty, who lives with a rare skin condition, in a wheelchair for the final stretch. Together, they raised over €850,000 for Debra Ireland, a charity supporting people with epidermolysis bullosa (EB). Fogarty’s bravery and the strength of their friendship were at the heart of this inspiring achievement, as Farrell described her as a true symbol of courage.
Charitable donations of securities
With autumn in full swing, it’s a great time to consider charitable giving. Donating appreciated securities helps you cut down on capital gains taxes and gives you a full tax receipt — plus, you can carry it forward for up to five years. Recent capital gains changes make this strategy even more appealing. Got stock options? Donating within 30 days of exercising them can also reduce taxes, letting you do good for charity while saving on your tax bill.
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Works cited: BEA, Carlyle Analysis, ChatGPT, CNN Business, RBC Wealth Management, U.S. Census Bureau, August 2024. There is no guarantee any trends will continue.