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In this paper, consequences of globalization are examined. Workers from the US are facing a global labor market. Pressure on high-quality tangible assets is continuing to build. People are moving out of subsistence poverty at the fastest rate in history, creating a rapidly growing mass market for affordable tangibles as well as the most sought-after rarities.

Our neighbor to the south has undergone a transformation of sorts. Mexico is no longer an economic weakling, having become a global player even in the face of the Great Recession and the rise of China, a trade competitor. Mexico’s progress seems not to be garnering the level of investor interest we think it deserves. Why not? Some U.S. Trust clients say they remain distracted by the country’s shaky financial past; others by the drug cartels that operate there today. We believe, though, that after looking more closely at Mexico, many investors will reconsider.

Our Convergence thought leadership focuses on transformative technologies in the early 21st century. Insights and data shared demonstrate the significant impact these integrated technologies will have on virtually all industries and people worldwide for years to come.

Periods of economic boom and bust have been a fixture in academia. Many credit Arthur Burns and Wesley Mitchell for formulizing our present day construct of the business cycle in their 1946 book, Measuring Business Cycles. In most teachings, the economy is neatly categorized into trough and peak, expansion and contraction. The dates of such periods are set by The National Bureau of Economic Research (NBER), a non-profit, independent institution.

Despite extraordinary measures by global central banks to re-inflate economies, inflation has remained tame. The reasons for subdued inflation have been deleveraging, excess capacity and high unemployment levels.The author believes that:These factors are unlikely to provide the same anti-inflationary pressures going forward and the Federal Reserve will continue to normalize monetary policy as an offset.Investors should be on inflation watch, scrutinizing investment portfolios and reducing exposure to poorly compensated risks.

The July, 2014 Global Economic Update from Asset Consulting Group includes the following:Year-to-date asset class returns for global equities, global fixed income and global real assetsA US and non-US economic overview and forecastReview of current issues and questions that clients are askingReview of current investment opportunities and investment themes

Significant noise has surrounded the dissolution of California Redevelopment Agencies for the past three years. Numerous headlines trumpeted debt service disruptions, lawsuits, cleanup legislation and potential hiccups related to the flow of funds for California Redevelopment debt.Over time, it has become clearer that the potential for credit improvement has trumped the short-term risks of implementing the legislation. Thus far, it would appear that bond holders have benefitted. The local governments have not fared as well.