The Stock Market Boom/Bubble

Why It’s So Hard to Spot a Stock-Market Bubble
https://www.wsj.com/finance/stocks/why-its-so-hard-to-spot-a-stock-market-bubble-63f40a1c
A sudden surge in share prices makes us all think we know what’s coming next.

Why Stocks Keep Going Up
https://www.theatlantic.com/economy/2026/05/stock-market-iran-war-bullish/687041/
The boom is not as untethered from reality as it may look. 

Markets are banking on the ‘Bliss trade’
https://www.ft.com/content/60f60089-9486-481c-859c-f29b8ccbbd90
A belief in resilience underwritten by big lasting state support is keeping stocks high.

A Public Debt Milestone

As U.S. Debt Hits a Worrying Milestone, Washington Barely Notices
https://www.nytimes.com/2026/05/07/business/us-debt-trump-policies-budget.html
The debt is outgrowing the size of America’s economy. The president’s policies could accelerate the country’s fiscal headaches, experts say, unless policymakers intervene. 
 
Related:
https://www.fa-mag.com/news/beware-the-bubble--in-the-bond-market-86860.html 

India's Pro-Trade Shift

India’s New Globalization Raj
https://www.project-syndicate.org/commentary/india-new-globalization-raj-economic-openness-and-liberalization-by-shashi-tharoor-2026-05
India’s deliberate, strategic shift from economic seclusion to global engagement is arguably one of the most consequential structural changes of the 21st century. Indian leaders now understand that self-reliance is achieved through integration, not autarky, and the results speak for themselves. 

Structural Shifts in Higher Education

More Colleges Are Closing. It’s About Time
https://www.wsj.com/opinion/more-colleges-are-closing-its-about-time-3786b33a
The market for higher education isn’t failing, but it’s taking an awfully long time to adjust.
 
Will A.I. Make College Obsolete?
https://www.newyorker.com/news/fault-lines/will-ai-make-college-obsolete
Americans already distrust institutions, including academia. More and more people may decide that its stamp of approval isn’t worth the cost. 

AI Boom and the Stock Market Rally

Six reasons why America’s stock market rally could keep going

https://www.telegraph.co.uk/business/2026/05/06/six-reasons-why-americas-stock-market-rally-could-keep-goin/
The S&P 500 hit a record high even in the face of growing economic uncertainty.
 

South Korea’s KOSPI: The world's hottest stock market just minted a trillion-dollar tech giant
https://www.businessinsider.com/south-korea-stock-market-samsung-1-trillion-club-ai-boom-2026-5

The A.I. Industry Is Booming. When Will It Actually Make Money?
https://www.newyorker.com/news/the-financial-page/the-ai-industry-is-booming-when-will-it-actually-make-money
As Elon Musk sues his former OpenAI partners, A.I. companies are expanding rapidly, but profits are still scarce. 

Related:

https://www.wsj.com/tech/memory-makers-are-the-hottest-thing-in-tech-are-they-making-too-much-money-bad375da

China and the Iran War

China can far outlast America over the Middle East conflict
https://www.telegraph.co.uk/business/2026/05/08/china-can-far-outlast-america-over-middle-east-conflict/
Trump’s war with Iran has greatly strengthened the economic and strategic value of Beijing.

How the Iran War Is Shifting Power Toward China
https://www.newyorker.com/news/the-lede/how-the-iran-war-is-shifting-power-toward-china
As the U.S.’s credibility and military capacity are tested abroad, China has gained leverage by staying out of the fight and learning from it. 

Global Current Account Imbalances

Imbalances are back on the global agenda
https://www.ft.com/content/72ab51ed-8dcc-46c5-8457-6944d98bf280