The writer is chief investment strategist at Charles Schwab
Most cycles produce their obituaries for American exceptionalism. In 2008, it was the collapse of Lehman Brothers and the apparent bankruptcy of the Anglo-Saxon model. A decade later it was China’s inexorable rise.
Today it is concerns about US deficits and debt and an elevated focus on global trade becoming less dollar-centric. And yet capital keeps arriving in New York, not departing from it. The persistence of this pattern deserves more scrutiny than the latest round of US decline narratives.
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