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'The demographic dividend of the last 40 years is ending': J.P. Morgan says the world is running out of the two things that kept interest rates down

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The $39 trillion U.S. national debt isn’t as high as Japan’s and Singapore’s relative to economy size—and yet it's still worse somehow

1

'The demographic dividend of the last 40 years is ending': J.P. Morgan says the world is running out of the two things that kept interest rates down

2

Jensen Huang made his $172 billion fortune on AI chips. His family's $75 million gift to Vanderbilt argues art decides what technology is for

3

The $39 trillion U.S. national debt isn’t as high as Japan’s and Singapore’s relative to economy size—and yet it's still worse somehow
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Fortune Magazine Masthead: January 1, 1990 (Vol. 121, No. 1)

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Fortune Editors
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January 1, 1990, 1:00 AM ET
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Time Inc

EDITOR-IN-CHIEF Jason McManus

EDITORIAL DIRECTOR Richard B. Stolley

CORPORATE EDITOR Gilbert Rogin

TIME INC. MAGAZINES PRESIDENT Reginald K. Brack Jr.

EXECUTIVE VICE PRESIDENTS Donald M. Elliman Jr., S. Christopher Meigher III, Robert L. Miller

SENIOR VICE PRESIDENTS Richard W. Angle Jr., Michael J. Klingensmith

Fortune

MANAGING EDITOR Marshall Loeb

EXECUTIVE EDITOR Allan T. Demaree

ASSISTANT MANAGING EDITORS Walter Kiechel III, Ann M. Morrison

INTERNATIONAL EDITOR Donald D. Holt

ART DIRECTOR Margery Peters

PICTURE EDITOR Michele F. McNally

BOARD OF EDITORS Evelyn Benjamin, Charles G. Burck, Gene Bylinsky, Geoffrey Colvin, Julie Connelly, John J. Curran, Marta F. Dorion, Edmund Faltermayer, Susan Fraker, Keith R. Johnson, Richard I. Kirkland Jr., Louis Kraar, Kenneth Labich, Colin Leinster, Carol Junge Loomis, Myron Magnet, Jeremy Main, Todd May Jr., Peter Petre, Bill Saporito, Stratford P. Sherman, Lee Smith (Washington)

ASSOCIATE EDITORS Edward C. Baig, Kate Ballen, Rosalind Klein Berlin, Vivian Brownstein, Ann Reilly Dowd (Washington), Joel Dreyfuss, Brian Dumaine, Alan Farnham, Jaclyn Fierman, Brett Duval Fromson, Catherine Comes Haight, Gary Hector (San Jose, CA), Ronald Henkoff (Chicago), David Kirkpatrick, Christopher Knowlton, Andrew Kupfer, Patricia A. Langan, Alicia Hills Moore, Robert E. Norton (Washington), Peter Nulty, Brian O’Reilly, Nancy J. Perry, Carla Rapoport (Tokyo), Faye Rice, Louis S. Richman, Lenore Schiff, Brenton R. Schlender (San Francisco), Patricia Sellers, Andrew Evan Serwer, Thomas A. Stewart, Alex Taylor III, Shawn Tully (European Editor), Monci Jo Williams, Wilton Woods, Ford S. Worthy (Hong Kong)

CONTRIBUTING EDITOR Daniel Seligman

REPORTERS Reed Abelson, Mark Alpert, J. B. Blank, Susan Caminiti, Mark M. Colodny, Carol Davenport, Darienne L. Dennis, Alan Deutschman, Constance A. Gustke, Cynthia Hutton, Rahul Jacob, Frederick Hiroshi Katayama, Sandra L. Kirsch, Laurie Kretchmar, Susan E. Kuhn, John Labate, Joshua Mendes, David J. Morrow, Karen Nickel, Terence P. Paré, Jennifer Reese (Washington), Ellen Schultz, William E. Sheeline, Julianne Slovak, Sarah Smith, Sally Solo (Tokyo), Richard S. Teitelbaum

ART STAFF Renee Klein, Leo F. McCarthy (associate directors), Linda Eckstein, Frances Fifield, Jean Held, Joan Hoffman, Nai Lee Lum, Barbara R. Smyth (designers), Meher J. Dalal

PHOTOGRAPHY Elizabeth Cheng Krist, Eric Godwin (assistant picture editors), Maureen Duffy Benziger, Christopher E. Green, Shirley Santino, James M. Tarrant

EDITORIAL OPERATIONS Donald G. Biglands (manager), Carol Gwinn (copy chief), Charles Blackwell (deputy), J. Randall Sizemore (technology chief), David Sloan (deputy), Charles J. Attardi, Leslie Brenner, Jonathan Brown, Leon A. Douglas, Simone M. Fox, Edith Firoozi Fried, Anne Glusker, Scott Kelliher, Daniel Lawrence, Michelle Lockhart, Frances Owles, David V. Rile, Mary Alice Rudovsky, Sara Solberg, Susan R. Visconti, Dennis Williams, David Wray

PRODUCTION Guy Gleysteen (makeup manager), Robin Kaplan (deputy)

EDITORIAL FINANCIAL MANAGER Cathy O’Brien

EXECUTIVE ASSISTANTS Anne Gut, Carolyn Sampson

EDITORIAL SERVICES Christiana Walford (director)

PUBLISHER James B. Hayes

GENERAL MANAGER Gregory J. Zorthian

CONSUMER MARKETING DIRECTOR Kenneth Godshall

BUSINESS MANAGER Merida Welles

PRODUCTION DIRECTOR Barry R. Meinerth

U.S. ADVERTISING SALES DIRECTOR John E. Jay

NATIONAL SALES MANAGER James D. Graham

MARKETING DIRECTOR Michael V. Dukmejian

PROMOTION DIRECTOR David L. Nimz

INTERNATIONAL ADVERTISING DIRECTOR Michael D. Dudler

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