Former Merrill Lynch Private Wealth Advisor Patrick Dwyer on China and the Future of the Economy

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Economic and foreign policy experts have been monitoring China’s strength and global socio-political positioning since Nixon opened up China to the United States in 1972. While the U.S.-China relationship has evolved since its inception, many experts believe this is the most crucial time in the history of the two world powers. Of course, the strength of the US economy is not directly related to the strength of the Chinese economy, but with the ever-increasing globalization of markets, the two are closely connected. Recently, the former US Secretary of State and National Security Advisor Henry Kissinger remarked that the United States will be dealing with China for years to come as its economy will soon be larger. The BBC agrees, positing that the Chinese economy will overtake the U.S. economy by 2028.

One of the most important economic factors in this milieu that is catching top private weather advisor, formerly of Merrill Lynch, Patrick Dwyer’s, eye is the change in Fed policy. Recently, the Fed finally decided to stop printing money at an extremely high rate – as it has since 2008 – therefore taking easy money is coming out of the system. In addition to the Fed’s policy shift, Dwyer is monitoring technological innovations in industries from big data to biotech to electric cars to artificial intelligence. Dwyer understands these advancements will continue to raise living standards and act as a deflationary force for good in the current inflationary environment. As the technological revolution rips through America, the United States will only become more entrenched in the globalized supply chains and the international workforce that these new technologies rely on.

Despite the talk about the relocation of various industries from overseas to the United States, Dwyer points out that this has not come to fruition as expected. Compounding on this long-standing trend, American financial institutions are investing heavily in low-risk yet high-reward Chinese technology. Simply put, the factories producing the necessary parts to power these technological innovations stateside are not leaving Mainland China anytime soon. This will most likely result in a higher standard of living available to the American consumer for a lower cost of living over the next 5 to 10 years. These benefits will most likely not extend to the sector of the American workforce that may have been relying on the ‘reshoring’ of some of these industries. Semiconductor production is a perfect microcosm of this trend as Asian countries are set to produce about 76% of the world’s semiconductors by 2030 with China leading the way and South Korea, Japan, and Taiwan closely behind. This trend in overseas semiconductor production only further shifts the power away from the United States and towards the East as computer chips are integral to the flourishing and safety of all countries in the 20th century.

Dwyer cultivated his keen economic sense and international perspective throuhgout his storied 26-year career working at Merrill Lynch. During his time at Merrill Lynch, Dwyer built the fourth largest private wealth team at the company managing $3.8 billion in assets with only 11 members. Dwyer is currently a private wealth advisor with New Edge Wealth based in Miami.

Beyond his work as a private wealth advisor and economic thought leader, Dwyer is an avid philanthropist. Inspired by his father’s philanthropic endeavors focused on the church, Dwyer was instilled with the importance of charity at an early age. With a desire to give back to his community, Dwyer established the Dwyer Family Foundation with his wife. Focusing on providing educational opportunities and religious resources for children in the Miami-Dade Area, the Dwyer Family Foundation has been integral in aiding children with learning disabilities, providing an open space for girls at school, and supporting environmental causes. In addition to the Dwyer Family Foundation, Dwyer is on the Board of Trustees for the Carrollton School of the Sacred Heart in Miami, a Governing Board Director for the Telluride Science Research Center, a Governing Board Director for the Neuroscience Centers of Florida Foundation, and a supporter of the Key Biscayne Community Foundation.

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