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President Macron of France says with the president of Sweden Ulf Kristersson at the Swedish Defense Academy- "The EU has to make bold decisions to defend Ukraine, to preempt any US decision to withhold of reduce its support." Europe should have its own security architecture independent of the US and Russia. it says Europe's effort was inadequate when Russia had completely revamped its war effort, that Europe should not shirk its responsibilities for its own defense. That no matter what happens with Ukraine aid in US Congress, or no matter what happens in the US presidential election in November, Europe will have done what it needs to do for its own defense. In doing this he said Europe needs to stand by Ukraine. 

Sweden is about to join NATO. A recent report in WSJ is shown on this page about the advanced defense manufacturing capabilities of Sweden for fighter jets, artillery and other systems.

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Which may not be a bad thing as it would keep inflation in check and shift to a new way of handling the economy with higher employment and wages and moderate to low inflation. The US may be facing inflation on a bumpy path to 2% or more likely stay near 3%. The 2% target of the Fed was from an earlier era when wages were stuck for most factory workers. The increase in wages was needed so that workers could improve their standard of living that was being eroded and after years of stagnant wages. Inflation at around 3% may be where inflation would be in the current environment. This also means higher interest rates on savings which form the most important source of income next to social security for retirees and older workers with larger savings. This also provides an incentive to younger workers to save that did not exist when interest rates were brought to zero to tackle recurring financial crises caused by banks and external events.

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The leading Democrat on the Senate Banking, Housing and Urban Affairs Committee, Elizabeth Warren, says she is eager to work with DJT, Tim Scott and Republicans in Congress to make life affordable for working families and to rebuild the middle class. She says Republicans and Democrats have thir reasons for th housing shortages and hgih costs of housing, and both are right. Republicans pointing to the supply shortage and Democrats pointing to the price fixing and corporate landlords.

On DJT proposing to cap credit card interest rates at 10% Warren says she will work with Republicans to make it happen.

Warren cites personal experience as reason she is at her job. Her dad lost his job and almost lost his home. This is why in the wake of the 2008 financial crisis caused by banks engaging in speculation she says she became Senator and why she is fighting to make life affordable for all Americans.

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Christine Lagarde, head of the IMF, defends herself in person at the Cour de Justice de la Republique, a court made up of 12 French parliament members and 3 Supreme Court justices in France. The hearings relate to an arbitration panel award of 404 million euros to Mr. Tapie in relation to a claim he made against state supported bank Credit Lyonnais. The arbitration award was made in 2007 when Lagarde was finance minister in the government of president Sarkozy. Details of the case which has gone through many twists and turns are presented in this NYT report by Liz Alderman.

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Secretary of State Rubio says US will move on to other priorities if Ukraine and Russia don't take up US proposals for a ceasefire in Ukraine. Witcoff and Rubio are in Paris for talks. Witcoff met with Putin in Moscow.

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The Indian Air Force reaches a new milestone with 1000 heavy lift sorties in the fight against the coronavirus surge in India in May 2021. This does not include the medium lift sorties. Planes include the C17 Globemaster and the Ilyushin 76. About 131 of these long flights were done from overseas.