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Efforts by the new petroleum resources minister, Diezani Alison-Madueke, to increase Nigeria's oil quota, and pass a bill in Parliament to increase taxes on foreign oil companies to take a bigger share of profits in joint ventures. She is undertaking a government effort to allocate 10% of oil revenues to the Niger delta.

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This personal portraiture of Sarkozy reflects Sarkozy as a man, but it says little about some changes he brought, which could be regarded as his singular achievements. One is his courage in discontinuing old colonial policy in Africa and the Middle East. Sarkozy took the initiative in Libya and Tunisia, and Libya owes much to Sarkozy. Sarkozy also worked to build closer European ties, something he came under much criticism, such as his ties to chancellor Merkel. Pictures of Sarkozy and Merkel on the beach in Deauville, France, come to mind. This is a path Hollande is also likely to take, except that he would bring to bear the French viewpoint, which is a good thing. It would still benefit from the idea that Sarkozy gave the German viewpoint a good hearing before it was fairly rejected in France on its merits and economic good sense.

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The implications of the U.S. Federal Reserve's loose monetary policy. Total U.S. debt in 2012 is expected to be $11.58 trillion, with 52% of this in maturities of less than 3 years. The average interest on this is about 2.24% in January 2012, with interest on the debt at about 225 billion in Jan. 2012. If interest rates were to go up in 2014-2017 as forecast by the CBO, an interest rate of 5-6% would result in doubling or tripling the amount of interest on U.S. debt. The U.S. Treasury is financing the huge increase in debt- $5 trillion added in the last four years- through low interest rates and shorter maturities. This stores up large financial risks for the future including calls for tax increases to pay for a sudden rise in the interest on U.S. debt.

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The Center for Strategic Studies in Moscow was prescient in predicting problems of declining support for Mr. Putin before the December 2011 parliamentary elections. Work with 32 focus groups by the Center in May 2012 shows a continuing erosion of support for Putin as efforts to open the political system have faded. The discontent focusses on the delivery of basic services such as healthcare, education, law enforcement, infrastructure.

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ECM President Trichet described the euro's as sharp and abrupt and moves like that not being healthy. He said "brutal" moves like this were never welcome. He will hold ECB's rate steady at 4%. rising European rate and lowering rates by the Fed may have exaggerated the dollar's decline. The ECB will continue to inject credit to steady the credit markets with injection of 115 billion euros inlate November and early December are planned.The euro is now at $1.45.

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Brazil, a country of income inequality, is becoming transformed by trade and growth and urbanization into a middle class country- defined as those with a job in the formal economy, access to credit and owership of a car or bike, with a monthly income over $600. According to the Fundacao Getulio Vargas, this part of the population has increased from 44% to 52%. And the PT or Workers Party is still popular, with President Da Silva high popularity.

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This piece in the Economist magazine points out why people in Portugal, Spain and Italy resent the remarks of Dutch finance minister, Jeroen Dijsselbloem, current head of the Eurogroup council of finance ministers, In an intervew with Germany daily Frankfurter Allgemeine Zeitung, he said he was proud of the solidarity shown by northern European countries with the southern ones, but solidarity he said means obligations- " I cannot spend all my money on schnapps and women, and then ask for your support."  It also points out that Dijsselbloem's Labor Party lost three fourths of its seats in the recent Dutch elections and so is an unrepresentative presence in the Eurogroup. By supporting austerity policies in a coalition with a centre right party the Labor Party lost most of its seats. Dijsselbloem did this in the EU with strict rules for Italy for injecting money to recapitalize its banks and increase growth that have hurt Italy, and earned the resentment of Mr. Renzi, says the Economist magazine.He may even be replaced by an official from Spain or another southern European country, says the magazine. In any case it does little for EU unity at a sensitive time, and was a serious mistake. The timing was even worse, as the EU faces a test in elections in France and Germany, after Netherlands, and needs popular perceptions to be positive about what has been achieved since the dark days of 1945. ...

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The nomination of Harvard economist Jeremy Stein, who has experience in monetary policy and financial regulation, to the U.S. Federal Reserve Board of Governors. The nomination of Stein was presented to Congress by the Obama administration with the nomination of a Republican, Jay Powell. Powell served in the Bush administration as undersecretary of the Treasury for domestic finance. Powell has experience in investment banking and private equity. Powell graduated from Georgetown Law School and is now a visiting scholar at the Bipartisan Policy Center. Former Fed governor Laurence Meyer's firm, Macroeconomic Advisors, said in a letter to clients that the nominees would significantly help deliberations at the Fed, and bring expertise in areas that the Fed needs to strengthen. Stein's published work has endorsed higher capital standards for banks.

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Ingram says Obama's 2015 budget is more of a wish list for Democrats, because 2015 spending levels are already set and House Republicans will put together their own budget putting forward the Republican views. Obama's budget includes new taxes on busiess and the wealthy to reduce the deficit. Other ideas- raise tobacco taxes to pay for universal pre-K education, a "Fianncial Crisis Responsibility Fee" on big banks, overhaul immigraion laws to increase tax revenues, limit itemized deductions for the rich, force drug companies to give large rebates on Medicare prescriptions. Another proposal is a $56 billion "Opportunity, Growth and Security" Initiative, for spending on early childhood education, job training, and medical research. To pay for this he would cut the amount wealthy people can save tax free for retirement, cut crop insurance and raise airline security fees.