History Lesson: Luddites

A brief history of Luddism
https://www.economist.com/finance-and-economics/2026/07/23/a-brief-history-of-luddism
States ultimately decide how fast technology is adopted. 

Europe - A Museum or a Theme Park?

Dismissing Europe as a museum is glib. Think of it as a theme park.
https://www.economist.com/europe/2026/07/23/dismissing-europe-as-a-museum-is-glib-think-of-it-as-a-theme-park 

Japan's Currency Dilemma

Japan's policy doom loop sends yen to 40-year low
https://www.reuters.com/commentary/reuters-open-interest/japans-policy-doom-loop-sends-yen-40-year-low-2026-07-22/ 

TDS

Trade Deficit Derangement Syndrome
https://www.wsj.com/opinion/trade-deficit-derangement-syndrome-fe3f37d6
Trump isn’t the first to suffer from it, and seeking ‘balance’ in 2026 is as foolish as it was in 1776. 

Trump’s Trade Wars Are Back—Despite the Supreme Court
https://www.wsj.com/politics/policy/trumps-trade-wars-are-backdespite-the-supreme-court-7a889f9a
The president’s proposed use of an obscure Depression-era law shows courts and Congress haven’t curbed Trump’s ambition to impose tariffs at will.

Trump Unveils New Tariffs Designed to Withstand Legal Scrutiny
https://www.wsj.com/economy/trade/trump-unveils-new-tariffs-designed-to-withstand-legal-scrutiny-21ef4093
The new duties, ranging from 10% to 12.5%, will replace a temporary tariff put in place after the Supreme Court derailed Trump’s trade agenda in February.

US Economy - Too Reliant on AI?

Stocks and the Economy Are Increasingly Relying on the A.I. Boom
https://www.nytimes.com/2026/07/22/business/economy/stocks-economy-ai.html
Investment in artificial intelligence and related companies is lifting the stock market and spending across the economy. 

The real AI bubble is dangerously hidden by Tom Stevenson (an investment director at Fidelity International)
https://www.telegraph.co.uk/business/2026/07/23/the-real-ai-bubble-is-dangerously-hidden/
I’m no accountant, but even I can see a potential problem when one party in a transaction treats a sale as revenue in this year’s accounts while the other party describes it as a capital expense that it depreciates over five or six years. At the very least, I can see the possibility that this might make aggregate earnings appear higher than they really are. Or that tomorrow’s earnings are being pulled forward into today’s numbers.
But that is precisely what is happening on an eye-watering scale with the massive AI infrastructure spend that is driving stock market returns today. You can see it clearly in the numbers being reported by the so-called hyper-scalers: Microsoft, Alphabet, Amazon and Meta.

MY TAKE: The AI bubble could be worse than the dot-com bust by Vivekanand Jayakumar, The Hill - 06/16/26

https://thehill.com/opinion/finance/5925202-tech-bubble-ai-driven-growth/

G-2 versus the Rest

Don’t Overestimate America and China’s Importance
https://www.project-syndicate.org/commentary/us-china-limits-of-superpower-influence-and-clout-by-jim-o-neill-2026-07
Some commentators on international affairs seem to think that “the West” and the BRICS+ do not really matter; only the United States and China do. Yet three factors complicate this simplistic framing, suggesting that even superpowers' influence has limits, and that smaller powers can sometimes punch above their weight. 

The Semiconductor Stocks Trade

The Most Important Stock Decision You'll Make This Year
https://www.fa-mag.com/news/the-most-important-stock-decision-you-ll-make-this-year-87829.html