Dancing lights
Anne Day
Anne Day
Latest News
A sovereign wealth fund could help solve America’s financial issues
Bill Schmick
Jul 07, 2026
Critics dismiss a federal sovereign wealth fund as a ‘solution looking for a problem’. We can’t afford one, they say, we are already in too much debt. The real solution is to cut spending and raise taxes.
How has that solution been working for you? My argument is that buying stakes in our companies, especially in strategic areas, by a U.S. government fund will only improve our financial position. Not only within our own country, but also in our ability to compete globally.
Investments in areas like artificial intelligence could generate far more cash and profits in the future than we could imagine. Those profits could be used to pay down our debt, reduce deficits, and fund the country’s needs in areas like healthcare, alternative energy, clean energy initiatives, and social programs.
Unlike some advocates who argue that the government should hold a large stake (20% or more) in companies, I believe this would be excessive and would impede companies’ ability to operate efficiently in competitive markets. Japan, for example, limits its holdings in that country’s equity markets to no more than 7-8%.
What will it take to convince Congress and the public to establish such a fund? Unfortunately, I suspect it will most likely occur during a financial crisis. Crisis, what crisis, you are probably thinking. The markets have shown they are just too resilient for that to occur. That was my attitude until last month.
That is when I heard Former Treasury Secretary Henry Paulson, who navigated us through the Great Financial Crisis of 2008, warn of a potential “doom loop” in the bond market. He worries that demand for U.S. government debt could collapse soon.
This, he said, could trigger a cycle of lower bond prices, higher yields, and rising inflation. There is more than an element of truth to that since our government’s Treasury market underpins everything from mortgage rates to corporate borrowing to equity prices. He urged policymakers to prepare an emergency plan and have it ready when demand for U.S. government debt falters.
While his comments did not elicit much comment from the media, his warning, by no means, should be taken as just ‘off the cuff’ remarks. In my experience, Paulson, like any ex-Treasury chief, doesn’t just start spouting off about a debt crisis unless it’s vetted. To me, it was a clear trial balloon well-crafted by the Fed and the U.S. Treasury. The ‘when’ of such an event is difficult. If his doom loop is correct, sometime next year might be a good guess.
In the meantime, I believe legislation to establish a federal sovereign wealth fund will be passed with bipartisan support. It will be part of this “on the shelf” emergency response plan that Paulson urged the administration to work out now.
A crisis, as he suggested, would leave the Federal Reserve as the lone buyer of our treasuries. Realistically, that would mean the government could be forced to “print” money in one form or another. That would trigger a fresh round of inflation, eroding valuations across most asset classes, including equity.
This could cause a large (30%+) decline in the stock market. That most certainly creates a crisis. If so, it would be an ideal time for a newly established federal U.S. sovereign wealth fund to enter the market. The fund could establish substantial positions in a wide range of companies at bargain-basement prices. Not only would that be ideal from a price perspective, but it would also establish a floor under the stock market. That would shift investor psychology from ‘the Fed has our back’ to ‘the fund has our back.’
Readers may dismiss my observations as little more than a pie-in-the-sky daydream (or nightmare), especially given a stock market at record highs. However, this administration has taken great pains to offer added incentives to more Americans to enter the equity and bond markets via tax-deferred retirement accounts. Some argue this may only be a prelude to dismantling Social Security.
They may be right.
However, if that were true, as the number of Americans involved in the financial markets broadens through retirement accounts, there is an added incentive by the government to ensure that, in the event of another financial crisis, retirement savers do not lose their shirts. What better way than through the support of a sovereign wealth fund that has our back?
Bill Schmick is a founding partner of Onota Partners, Inc., in the Berkshires. Bill’s forecasts and opinions are purely his own and do not necessarily represent the views of Onota Partners Inc. None of his commentary is or should be considered investment advice.
Keep ReadingShow less
Letters to the editor — Thursday, July 9
Millerton News
Jul 07, 2026
Banner underscores need for comprehensive review
In response to Ms. Hawken’s article concerning the banner, I would like to express my respect for the perspectives of my fellow council members, while also noting my differing interpretation of the Amenia Town code. It appears evident to me that the code primarily addresses regulations pertaining to business signage, rather than temporary personal displays. This was my immediate impression upon reviewing the code. Furthermore, I believe it was drafted with a focus on zoning issues, and the current circumstances we face are indeed distinct and warrant consideration.
This situation exemplifies the many town codes that, in my view, require revision to remain applicable and effective. It is disheartening to witness time and resources allocated to this matter. Had the banner conveyed a personal message, such as “Happy Birthday, [Name Added],” rather than expressing a political statement, I suspect there would have been little to no objection. To facilitate progress on this issue, I have accepted the council’s legal advice regarding the interpretation of the code. However, this situation underscores the necessity for a comprehensive review and timely updates to the town codes of Amenia.
Walter R. Dietrich
Amenia Councilman
Keep ReadingShow less
Paul Winters concert series returns to Amenia
Lucia Landolo
Jul 07, 2026
Chain Gang Band performs in the gymnasium at Amenia Town Hall for the kickoff of the town’s Paul Winters Summer Music Series on Monday, July 6.
Photo by Leila Hawken
AMENIA — The Paul Winters Summer Music Series has returned this summer, kicking off July 6 and running through Aug. 10.
The concerts are held from 6 to 8 p.m. on the basketball court next to Town Hall, and feature music from a different band each Monday night.
The series is a weekly event for residents to enjoy at no cost. It is named in honor of Paul Winters, a late Amenia Town Councilman who was heavily involved in community events and recreation.
The performance was moved inside due to rain.Photo by Lucia Iandolo
The bands all hail from the Hudson Valley, including Chain Gang Band, The Tailgate Band, The Crew, Famous Rock Band, The Rivals and Northwest Passage. Chain Gang Band was the first group to perform on July 6.
The weekly sets include a variety of different music that residents of Amenia can enjoy in a family-friendly environment, free of charge.
Chain Gang Band singer Sam Castanzo.Photo by Lucia Iandolo
Keep ReadingShow less
Want more of our stories on Google? Click here to make us a Preferred Source.
Big band sounds
Millerton News
Jul 07, 2026
Big Band Sound performs at Millbrook’s Bandshell on July 4, 2026. The show is a part of Millbrook’s free Summer Sunset Series, put on by the Millbrook Arts Group.
Photo by Eloise Pickering
Big Band Sound performs at Millbrook’s Bandshell on July 4, 2026. The show is a part of Millbrook’s free Summer Sunset Series, put on by the Millbrook Arts Group.
Millbrook farmers market welcomes new and expanded programs
Millerton News
Jul 07, 2026
MILLBROOK — Organizers of the Millbrook Farmers and Makers Market have set their sights on increased engagement, market accessibility and sustainability as it enters its 36th year.
Every Saturday morning until Oct. 1, up to 30 vendors fill the parking lot of 3263 Franklin Ave. selling food, fresh-grown produce and hand-made crafts. New initiatives this year include a composting program and food assistance programs, and organizers are continuing to host children’s activities.
This summer, the market committee has begun a composting partnership with McEnroe Organic Farm Soils & Compost, with a bin placed at the entrance of the market.
Pre-season market manager and vendor Rebecca Klima said the committee is developing a waste collection system to start a composting program as part of a long-term project of starting a municipal composting program in Millbrook.
“We’re really excited about getting the message out there and getting enough compost to make a sizable donation,” Klima said. “We’re trying to inform more people about what the compost takes and why it’s important for our environment.”
The market introduced food assistance programs, such as Supplemental Nutrition Assistance Program, FreshConnect and Veterans Benefits in 2025, and will continue to expand throughout 2026.
On-site market manager Anna Benlien said the market also provides activities for kids every week led by the market committee, the Millbrook Library, or groups such as local nonprofit Angels of Light.
“We want to just make sure that kids are also being involved in making it a fun space for them,” Benlien said.
Through a four tiered sponsorship program, the committee is able to support the weekly market and its vendors.
Benlien feels that the Millbrook Farmers and Makers Market is an important part of the community, and one that she’s passionate about.
“It’s really a hallmark to Millbrook,” Benlien said. “It’s just been so much fun.’
Keep ReadingShow less
North East moving forward with search for new Highway Superintendent
Millerton News
Jul 07, 2026
MILLERTON — North East Town Board members are preparing to start the search for a new Highway Superintendent nearly three months after longtime Superintendent Bob Stevens’s death in April.
The North East Town Board is set to vote on the job posting at a regular meeting scheduled for July 9 at 7 p.m. Board members are expected to remove a town residency requirement in order to widen the pool of candidates.
Board members raised concerns last week regarding the proximity of prospective hires, citing the emergency contact role of the position in the town’s hazard mitigation plan. The posted job description will highlight the necessity of candidates residing close to the town without specifying an exact allotted mile or time measurement. The acceptable distance will be determined on a case by case basis when sifting through applicants, board members said.
The Town of North East’s Highway Superintendent position is appointed rather than elected, making the town an outlier in Dutchess County.
This proposed change to in-town residency requirements will only affect the superintendent position, not other future town hires. If approved on July 9, the changed local law can be implemented immediately following the meeting’s conclusion, board members said.
Hiring will not be conducted until August following the meeting on Aug. 13.
The board is in the process of finalizing the official job posting. It still must be determined if state law requires that a salary range and benefits package be included in the listing. The town’s 2026 adopted budget recorded an annual salary of $75,000 for the position.
The listing will be posted both in the newspaper and online at the hiring website Indeed.com.
Keep ReadingShow less
Want more of our stories on Google? Click here to make us a Preferred Source.
loading
