Below you will find selected samples of Past and Current articles from our publications. To download or read the the full publication please Subscribe.
Aristotle wrote in "Politics" that the purpose of political community is not living, but living well. One measure of how well a political community is living is the quality of the opportunity for education. Clearly, the COVID-19 crisis has disrupted the traditional classroom learning model. America's school system failed the teachers, students and parents.
On August 4th the port of Beirut was the scene of a horrific explosion, which killed more than 150 people, injured 6,000 and left some 300,000 homeless. The damages are estimated to be in excess of $15 billion. The city’s hospitals, already struggling due to the COVID-19 pandemic, were damaged by the blast and swamped with injured. On top of already raging economic and political crises, the explosion now raises the question of food security. Prior to the explosion, 80 percent of Lebanon’s imports passed through Beirut’s port. Without a functioning port in Beirut, the country now relies on a handful of secondary ports, chief among them being Tripoli in the north, to import food and to export its products.
In a survey of readers, Smith's Research & Gradings asked about people who have done a great job during this Coronavirus crisis. Robin Prunty, Managing Director, Head of Analytics and Research at S&P Global Ratings came up a number of times, prompting our conversation with her.
One of the great lessons from the Puerto Rico bankruptcy was never to draw to an inside straight — in other words, state and local government politicians need to play the hand that is dealt.
In truth, high-tax blue states are net "receivers" of federal funds, New York foremost among them, according to Matthew Schoenfeld, a Chicago-based municipal bond portfolio manager. He gored one of the sacred cows of New Yorkers (and many municipal analysts). What's more, Mr. Schoenfeld did it publicly — in the Wall Street Journal's Opinion Page on July 22, 2020. Governor Andrew Cuomo, (D.NY) has repeatedly flouted a list of "donor states" topped by New York, which "gives" $29 bln. a year more than it "got" from 2015 through 2018. The source of the Governor's claim is the Rockefeller Institute's "Giving or Getting" which was published in 2017.
A COVID-19 pandemic, rising business bankruptcies, pressure on government finances, a global economic meltdown and an increasingly tenser relationship with China – what else could go wrong for Japan? Apparently, there is one more thing: Fitch has changed its outlook for Japan’s “A” sovereign rating from stable to negative. Moody’s rates Japan “A1” (stable) and S&P gives Japan a sovereign rating at “A+” (stable). We think it is possible to see Moody’s and S&P follow with negative outlooks later in the year. Smith’s shares many of the same concerns with Fitch about Japan’s credit picture and has a negative outlook. Moreover, Japan’s deteriorating creditworthiness is significant in that the Asia-Pacific country is the world’s third largest economy, a leading exporter and staunch U.S. ally. The deeper Japan sinks, the messier Asia’s geopolitical landscape becomes.
One of the cornerstones of the Trump administration is the revival of the manufacturing sector. This is to be accomplished through a combination of economic policy measures, promotion of returning manufacturing to the US or reshoring, and, when perceived necessary, bullying companies, often with the threat of tariffs as well as a steady stream of presidential badgering on social media.
At the May 8th Federal Reserve FOMC meeting interest rates were left at 4.25%-4.50%. This was the third consecutive time the US central bank has held rates steady.
Smith’s Research & Gradings supports President Trump’s new approach to federal disaster response in Los Angeles and North Carolina. “The National Infrastructure Advisory Council’s (NIAC) draft report presented last December, recommends exploring the use of Federal Block Grants to States for emergency assistance. The sovereignty of States needs to be the focus during local emergency, which the President has so forcefully inculcated,” according to Terence Smith, founder of Smith’s Research & Gradings.
Trump’s economic policies are a major gamble and will set the tone of global markets, both trade and financial. If nothing else, 2025 will be a year of disruptive change and market volatility and tariffs will play a major role on the global economic stage – for better or for worse.
State budgets are in a sound position entering fiscal 2025, according to Fitch Ratings.
Vice President Kamala Harris and former President Donald Trump are offering plans that highlight major differences in how they would approach the US economy.
Smith's Research & Gradings focuses on the people, sectors and news that matter the most to you. Smith's analysis is an indispensable part of Wall Street and the world's capital markets. Our approach was inspired by the need for a consistent analytical approach across all asset classes.
Let a subscription to The Global Economic Doctor provide you with access to sovereign news, analysis and insights. Concise and powerful, the Global Economic Doctor spans the globe, giving you a read on how today’s market developments and key players are impacting your business around the planet.
Smith's Research & Gradings focuses on the people, sectors and news that matter the most to you. Smith's analysis is an indispensable part of Wall Street and the world's capital markets. Our approach was inspired by the need for a consistent analytical approach across all asset classes. Smith's Gradings are a time-tested, performance proven, and principles-based approach to risk. We go beyond the numbers to connect the dots for the world's decision makers. We can enhance the performance of investments in assets around the globe, while helping to ensure the safety of portfolios here at home.
Let a subscription to The Global Economic Doctor provide you with access to sovereign news, analysis and insights. Concise and powerful, the Global Economic Doctor spans the globe, giving you a read on how today’s market developments and key players are impacting your business around the planet.
