Comment: “It’s time for African entrepreneurs to start figuring things out and to stop sitting on the fence waiting for governments to provide solutions. Governments can support later, but the momentum and direction must first come from African entrepreneurs.”

My Response: To address this, it is important to classify entrepreneurs into two groups: typical entrepreneurs and pioneering entrepreneurs. Typical entrepreneurs are the everyday businesspeople who populate our markets and there are millions of them. They run restaurants, repair shops, retail stores, logistics services, and tech agencies. They are essential, but they require economic platforms to operate. Those platforms are roads, clean water, electricity, security, postal systems, digital infrastructure, and functional public services. These platforms are the responsibility of governments, because only governments can coordinate and finance them at scale. Once these platforms exist, typical entrepreneurs can thrive.

This is why countries like the United States continue to subsidize their foundational systems. The U.S. Postal Service has not made a profit in two decades. Amtrak has never made a profit since its founding in 1971. Yet these systems are preserved and funded because they serve as economic and social platforms, enabling millions of businesses to function. No modern economy thrives without such base infrastructure.

However, history also shows that governments sometimes lack the capacity to build these platforms on their own. When that happens, states transfer portions of their sovereign rights to pioneering entrepreneurs, men and women who build systems, not just businesses. In the U.S., the eminent domain rules empowered railway pioneers like Vanderbilt to lay the foundations for the national railway grid. Carnegie, Rockefeller, and Mellon built industries that became the scaffolding for America’s economic rise, and government actively supported them because they were building platforms, not just companies.

The same pattern continued into the digital age. When Jeff Bezos launched Amazon, an untested, pioneering ecommerce platform, America gave it a structural advantage: Amazon was not required to collect sales taxes for years. That policy alone made Amazon’s prices significantly cheaper than physical stores and accelerated its dominance. Without such deliberate “goodies,” Amazon would not be Amazon. Tesla revenue was juiced via EV credits financed by America’s taxes!

So, the comment is partially correct, but incomplete. Africa needs pioneering entrepreneurs, yes. But typical entrepreneurs cannot function without platforms, and those platforms must be built first, either by governments or by pioneers empowered by governments.

You may ask: Why must it be that way? Because nation-building follows the laws of economic gravity. What the U.S. Congress did for Amazon would be condemned as cronyism in Nigeria, yet those incentives seeded a trillion-dollar economic platform.

My summary: for development to happen, platforms must be built. Either governments build them, or governments empower pioneering entrepreneurs to build them. But platforms must exist, because without them, no nation has ever unlocked prosperity, and no army of typical entrepreneurs can create sustained growth on a foundation that does not exist.

Global central bankers have issued a striking and unusual public statement defending U.S. Federal Reserve Chair Jerome Powell following the launch of a criminal investigation into the Fed chief over the $2.5 billion renovation of the central bank’s Washington, D.C., headquarters and his related testimony to Congress.

The move has sent ripples through financial markets and underscored the ongoing tension between monetary policy independence and political pressures in the United States.

In the joint statement, central bank leaders, including European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey, said, “We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell.”

The statement emphasized that the independence of central banks is “a cornerstone of price, financial and economic stability in the interest of the citizens that we serve,” adding that preserving that independence is essential “with full respect for the rule of law and democratic accountability.”

Powell was personally lauded for his integrity, focus, and “unwavering commitment to the public interest.” The statement noted, “To us, he is a respected colleague who is held in the highest regard by all who have worked with him.”

Other signatories included central bank leaders from Brazil, Switzerland, Sweden, Denmark, South Korea, Australia, and Canada, signaling broad international support for the U.S. Fed chief at a time when his leadership is under scrutiny domestically.

The investigation follows Powell’s testimony to Congress on the Fed’s interest rate decisions, amid sustained pressure from President Donald Trump to cut rates more aggressively to stimulate the economy.

In a video statement posted on the Fed’s X account, Powell framed the investigation as politically motivated, warning that it could have lasting implications for the independence of the Federal Reserve.

“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President. This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation,” he said.

Economists noted that a criminal probe into a sitting central bank chair is highly unusual, raising questions about how monetary policy decisions may be influenced by political interference. Markets have responded cautiously, given that any perceived compromise of Fed independence could alter investor expectations for interest rates, inflation, and U.S. financial stability.

The international backing of Powell is also symbolically significant. Anna Müller, senior economist at the Institute for Global Finance, said, “Central banks around the world rarely comment on domestic political matters in another country. The statement sends a strong signal that the independence of central banks is not just a U.S. concern — it is a global priority. Undermining this principle in a major economy could have ripple effects across global financial markets.”

The Fed is scheduled to hold several rate-setting meetings in the coming months, and Powell’s guidance is closely watched by markets navigating ongoing inflationary pressures and geopolitical risks. Analysts warn that if political interference begins to shape monetary policy, it could undermine investor confidence in the Fed’s ability to act as an impartial arbiter of U.S. economic stability.

Some experts highlight that this situation could embolden political actors in other countries to challenge central bank independence, potentially destabilizing global financial norms.

“This is not just about Jerome Powell. It’s about precedent. Central bank independence is critical for global markets. If it is perceived as vulnerable to political attacks in the U.S., it could lead to pressure on central banks elsewhere, creating broader financial instability,” Professor Michael Carstens, a monetary policy specialist at Georgetown University, commented.

The criminal investigation itself is still in the early stages, and no charges have been filed. Powell continues to carry out his duties, including overseeing monetary policy and interest rate decisions, while under intense scrutiny. Analysts note that the resolution of this investigation will likely influence how central bank leaders around the world approach politically sensitive policy decisions.

Beyond its immediate impact, the case is being watched as a potential test of the resilience of institutional norms in the U.S. Financial markets, policymakers, and economists are all weighing the possibility that political motivations could shape not only domestic monetary policy but also investor confidence and the broader perception of U.S. financial governance on the global stage.

After three years of relentless gains that have pushed U.S. equities to record territory, Wall Street is once again confronting an uncomfortable question: how much further can this rally realistically go?

Morgan Stanley’s answer is unambiguous. The market, in its view, is not nearing exhaustion but entering a fresh phase of expansion, one defined by stronger cyclical activity, resilient earnings, and a global economic backdrop that is quietly improving.

Andrew Sheets, Morgan Stanley’s global head of fixed income research, says recent market turbulence should not distract investors from what he describes as a broader and more durable signal. Speaking on the bank’s Thoughts on the Market podcast, Sheets said the early weeks of the year have been noisy, but the underlying evidence continues to support a view that growth assets still have room to run.

“We think the core message remains in place,” he said, adding that the current cycle may yet “burn hotter before it burns out.”

That outlook underpins one of the most optimistic forecasts on Wall Street. Morgan Stanley expects the S&P 500 to rise 13% in 2026, a projection that places it at the upper end of bank estimates. The thesis rests on earnings momentum and what the firm has long described as a rolling recovery in the U.S. economy. Instead of a synchronized downturn, weakness has appeared in isolated sectors at different times, from housing to manufacturing to technology spending, without tipping the broader economy into contraction. As those pressures ease in sequence, growth reasserts itself.

One of the clearest signals, Sheets argues, is coming from commodities, particularly copper. Prices for the metal surged about 44% in 2025, marking their strongest annual performance since the global financial crisis. Copper demand is tightly linked to industrial production, construction, and manufacturing, making it a long-standing proxy for economic momentum.

This rally has been driven not only by supply constraints but also by structural demand tied to data centers, power infrastructure, and electrification, all of which sit at the center of the AI-driven investment boom. For Morgan Stanley, copper’s strength suggests that the global industry is preparing for expansion rather than retrenchment.

Equity markets outside the United States are telling a similar story. South Korea’s stock market delivered a standout performance last year, with the Korea Composite Stock Price Index soaring 75%, far exceeding gains in most major markets and comfortably outpacing the S&P 500’s 17% rise. Sheets points out that Korean equities are heavily skewed toward cyclical sectors such as semiconductors, autos, and industrial manufacturing.

These stocks tend to perform well when global growth expectations improve. The outperformance of Korean small-cap stocks, which are especially sensitive to economic conditions, further strengthens that signal.

Financial stocks add another layer of confirmation. In both the U.S. and Europe, banks and other financial firms have been among the strongest performers. In the U.S., financial stocks in the S&P 500 rose about 14% over the past year, according to State Street Investment Management. Historically, the sector benefits from expanding credit demand, stable loan performance, and improving business confidence. Their gains suggest investors are positioning for sustained economic activity rather than bracing for widespread stress in the financial system.

Taken together, these indicators span regions, asset classes, and sectors, yet they appear to be pointing in the same direction. Sheets acknowledges that any single signal can fail, but argues that the consistency across markets deserves attention.

“These are different assets in different regions that all appear to be saying the same thing,” he said, noting that global cyclical activity has been improving for some time.

The broader Wall Street consensus is also tilting in that direction. Major banks expect equities to post another strong year, supported by anticipated interest rate cuts, steady corporate earnings, and an economy that continues to show resilience. Morgan Stanley, RBC, and Deutsche Bank all forecast gains of at least 10% for the S&P 500, a pace that would exceed the index’s long-term average return.

Still, the optimism is not built on the idea of unlimited upside. Morgan Stanley’s framework suggests a cycle that intensifies before it ultimately cools, rather than one that collapses abruptly. That distinction matters for investors navigating stretched valuations and rising geopolitical risks.

For now, the bank’s message is that the signals flashing across markets are consistent with acceleration, not decline, and that the next phase of the rally may be driven less by speculative enthusiasm and more by a synchronized pickup in global economic activity. In that sense, the current moment looks less like the end of a long journey and more like a second wind.