by Lisa Du and Ryo Horiuchi
Tackling the widening US fiscal deficit is a bigger issue than tariffs, which are likely to fade from view by the time of the midterm elections in Congress next year, according to Carlyle Group Inc. co-founder David Rubenstein.
The US has been allowed to accumulate debt because the dollar is the world’s reserve currency, Rubenstein said at an event hosted by the investment firm in Tokyo on Tuesday. “If we don’t get it under control,” he said, “at some point people will become more nervous about the dollar as a reserve currency and its stability.”
The US was stripped of its top credit rating last week by Moody’s Ratings, which cited swelling budget deficits that show little sign of abating. The move reflected deepening concern that ballooning debt will damage the country’s standing as the main destination for global capital and increase the government’s borrowing costs.
Rubenstein also said President Donald Trump has backed off on tariffs after recognizing that the costs will be borne by US consumers rather than exporters.
Born in Baltimore, Rubenstein has a net worth of $5.7 billion, according to the Bloomberg Billionaires Index. He also hosts a show on Bloomberg Television.
Copyright Bloomberg News
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
