by John Hallacy | Sep 2, 2026 | Articles
Turning Japanese You probably have heard the song. The important tag line is: “I really think so.” The song was referring to more of a cultural touchstone. I bend the meaning here to refer to national debt levels. The Debt to GDP ratio for Japan is hovering around...
by John Hallacy | Aug 13, 2026 | Articles
Zeitgeist Check When one steps back and contemplates the health of the financial markets, we are truly in an extraordinary generational period. Equity markets attain new highs on almost a daily basis. Employment remains relatively strong and unemployment is low. There...
by John Hallacy | Jul 31, 2026 | Articles
Discovering the New World Order On so many fronts these days we are working towards a new world order. The challenges have never been greater. When the Dutch arrived in New Amsterdam or what would ultimately be called Manhattan, the business proposition was about...
by John Hallacy | Jul 11, 2026 | Articles
War is not Science We have seen in recent days that war is not anywhere close to having a scientific basis for course determination. We are just not drawing any closer to any reasonable basis for closure in the case of the Iran war. The will to do so is present. But...
by John Hallacy | Jun 20, 2026 | Articles
It Comes Out in the Warsh No market participants were surprised last Wednesday when the Fed took no action. The press session afterwards was viewed as more hawkish. What was a bit surprising to me is the new Fed Chair’s commitment to the goal of 2% inflation. I...
by John Hallacy | Jun 11, 2026 | Articles
Power is the fuel of our political economy. After months of debate the last portion of the federal budget has been passed. It remains unclear what was gained. Special claims funds were not eliminated, and the ballroom was not included. Now we will have a fresh start...
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