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Christina Pretto, a Citigroup spokeswoman says the company was carefuly managing its employee levels, nothing has changed. Statements like this, a kind of corporatese speak that has been around for years is taking on a new life these days, as companies go through heart wrenching change, yet put on many different faces. Citigroup executives are saying that in addition to the 9100 layoffs expected to be announced next week, another 25% reduction in employees will likely take place by end of 2009, which would take the total employee levels to 264,000 from 354,000. Everyone from investment bankers to the backoffice functions and legal and human resources divisions will be hit. Citi's stock has lost 68% of its value this year, and is now down to single digits. On November 13 Citi fell to $9.45. The company is losing money, and will likely need more government money next year. And Vikram Pandit who has been in the CEO position for a year after selling his hedge fund to Citigroup for $165 million, appears to have lost focus, and with the loss of the Wachovia merger and the opportunity to lure deposits and built up its branch network, it is simply going forward without a strategy....

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New York City faces a $2 billion deficit in current fiscal year in 2026 and $10 billion the following year. This means there is less funding for new Mayor Mamdani's programs for groceries/transport for New Yorkers. Mamdani was elected by people in the hope that he could find ways for struggling New Yorkers to handle the cost of living crisis in 2026. New programs Mamdani promised were free bus service with costs annually (cost 0.8 billion), new rent stabilized units (annual cost $7 billion),  universal child care (annual cost $ 6 billion). A state corporate tax hike could generate $5 billion and a millionaires tax $4 billion, not enough for $13.8 billion cost for these services. The other problem is the way the city has handled its finances- this report shows declining projections for expenditures under former mayor Adams for public assistance, rental assistance, and MTA subsidies items which one would expect to go up in a large city the size of New York with new immigrants.The report says the shortfalls were met by using funds meant for the next year. Already Mamdani is not able to expand the state voucher program for residents facing eviction because of these budget constraints. This is the pattern in New York of making new promises not funded on the revenue side. Mamdani promised smaller class sizes but did not show where the funding for extra teachers would come from. For New Yorkers this adds a bit of realism to the idea that a new Mayor and new promises is the answer to its problems. Only about two thirds of its budget comes from its revenues the rest from federal and state funding which means an overall solution firing on all fronts, with federal and local cooperation, private investment, good governance, foreign investment, is needed to tackle the problems of major cities like New York. ...

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At the conclusion of the summit of the G-8 the Obama administration had to drag along other countries to get to the $12 billion goal for 3 years of food aid to the rural poor and farmers, which is well short of the $15 billion discussed a few days earlier at the summit. Of this $4 billion a year, the USA will provide $500 million a year. THe $15 billion is itself a floor for such assistance in prior years. says Gawain Kripke, policy director for Oxfam International, "at this point the money is not looking all that good." See the link to food aid for this summit in NYT, Baker and Dugger, July 9, 2009, where the Food and Agriculture Organization says 100 million more people will be pushed into hunger by the global economic crisis of 2008-2009.

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90% of consumer borrowing in Hungary this year says the Hungarian central bank isis swiss francs or euros. With the Hungariancurrency dropping in value its making it harder to repay loans. And much of government debt is denominated in foreign currency making repayment all that harder.

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This Politico report looks at the political career of Nikki Haley, 52 year old former governor of South Carolina. She comes across as a woman of resilience who did not at all let her situation as an immigrant's daughter in a southern state in the US faze her. Her parents come from highly educated background in India, and this may have given her that extra layer of resilience at home.

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Larry Saboto, director of the University of Virginia Center for Politics, and editor of the crystal ball newsletter, www.centerforpolitics.org/crystalball says a few states will determine the outcome of the U.S. presidential election of 2012. In the midwest and east the states are Michigan (16 electoral votes), Ohio (18), Pennsylvania (20), and Wisconsin 10), Iowa (6), Virginia (13). In the west and south the states with large Hispanic votes are Nevada (6), Colorado (9), and Florida (29).

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With Amazon taking customers from specialty retailers on the basis of price questions are raised about the future of Best Buy. Best Buy competed by having tech savy salespeople and moderately lower prices. Borders lost sales to Amazon. Now this is happening in electronics as Amazon increases share. Customers can visit Best Buy to check out electronic goods and then buy on Amazon for the lower price, making Best Buy Amazon's showroom. Amazon's electronics and nonmedia revenue went up by 66% in 2010 to $18 billion. With Sony selling through Costco another advantage is eroding. Even with Circuit City out of the market Best Buy was losing market share (December 2010 figures show) in the key television and computing segments.

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A worldwide trend to shorter term borrowing means that institutions and sovereign governments will compete in the capital markets, as they try to roll over existing borrowing by 2012. The US has $1.3 trillion to roll over by 2012. Worldwide about $5 trillion has to be rolled over, and of this $2.6 trillion is in Europe. With the European financial crisis which started in Greece it is becoming harder for sovereign governments to borrow in capital markets at favorable rates. A former economist of the Bank of England says this is of the highest importance for lending and for growth. The implications are reduced lending by banks to businesses and consumers, reducing output and growth, and limiting reductions in unemployment. It is a big issue say analysts, as debt needs to be rolled over over shorter periods. Moody's study shows new bond issues by banks during the last 5 years matured at an average 4.7 years. The stress say experts is likely to be on the less healthy banks like the savings banks in Spain, Landesbanks in Germany. Stress tests on European banks will be out July 23, 2010....

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This editorial in the Economist says Britain's economic recovery will not be complete until interest rates are well above zero and productivity growth is established. Without productivity growth and growth in wages, both lacking in the economic recovery since 2009, tax revenues will not be enough to reduce the deficit, requiring more spending cuts. That means the Bank of England will not raise interest rates, keeping a situation of no rate changes prevailing since March 2009 when the central bank cut rates by 0.5%. In the current situation the Bank of England is not expected to raise rates till 2016, only after the U.S. Federal Reserve increases rates to avoid appreciation in the pound and further deflationary pressure, according to Goldman Sachs. With inflation currently at zero, following the drop in oil prices, and 10% appreciation in the pound since mid 2013 making imports cheaper, there is little pressure to increase interest rates. In 2011 inflation with rising food and energy prices reached 5.2% , but the Bank of England did not raise rates because of the eurozone economic crisis affecting growth. Only since 2013 has economic growth picked up with 1.2 million jobs created since the beginning of 2013, bringing unemployment down from a high of 8.5% in 2011 to 5.6% in May 2015. Throughout the recovery productivity growth is falling behind- 2014 productivity measured by output per hour worked was 1.3% lower than in 2011, and 14% below the pre-crisis trend, according to the Economist....

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Capital inflows into banks in Cyprus in the form of demand deposits accelerated in 2008 after it appeared that the banking system in Ireland was having serious problems. About $40.7 billion of capital inflows went into Cyprus in the form of loans and demand deposits in 2008, 161% of the GDP of the country, according to the McKinsey Global Institute. Cyprus became the place for hot money from other countries because of the higher interest rates on euros and the lax banking laws.

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Junichiro Koizumi's decision to support his son for the seat he held in Yokosuka, a naval port an hour from Tokyo. Fackler points out an astounding fact about second generation and third generation leaders in Japanese politics that make it an insider's terrritory. Second generation politicians in parliament make up an unusually large part of the legislature. About 40% of LDP party members of parliament are descendents of prior lawmakers. Of 7 prime ministers, only one was not a son or grandson of a former lawmaker. Shinzo Abe and Yasuo Fukuda were grandson and son of former prime ministers. Even the Democratic Party of Japan has its share of second generation members of parliament of about 20%. In this fascinating account of Japanese politics Fackler talks to Mr. Yokokume, a DPJ candidate running against the younger Koizumi, at his campaign offices. With a small fraction of the financing received by the younger Koizumi and voters at the train station telling him this is Koizumi country, Yokokume is worried that politics is for too long closed to outsiders in Japanese politics. Public opinion in Japan describes this in negative terms as depriving Japan of the fresh blood and new ideas from newcomers to politics to renew Japanese government....

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No mention is made by Kemi Badenoch of the Cultural Literacy needed to preserve British values and culture.

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The 1985 hit "Small Town" by John Mellencamp is about Seymour, Indiana. Republican State Representative Jim Lucas says the city of Seymour welcomes immigrants legally here who are properly vetted. The concern is about migrants not vetted and not legally here. At a recent city council meeting Lucas attended it was decided not to go ahead with an economic development agenda. Says Lucas- “However, Seymour has changed drastically in just the past few years, and many of us are obviously concerned about the direction we are headed,” he added. New immigrant cases or migrant arrivals for Jackson county, Indiana, where Seymour is located went up to 435 in 2024 from 66 in 2021. It is at that point that the welcome center idea ran into opposition in this small town in Indiana, an hour from Indianapolis population 21,000 in Jackson County. As the town's population mix changes - it was 1% Hispanic in 1990, then 5% Hispanic in 2000- jumping in two decades of Bush-Obama-Trump-Biden to 25% Hispanic, questions besides economic about the sense of uneasiness of resident came up. Also of cultural literacy of the state of Indiana, and of the history of the state within the Union forged by Washington and Lincoln, FDR and Eisenhower, and of Wendell Wilkie of Elwood, Indiana. Unemployment rate for Jackson County is 3.3%, median income $63,000, home ownership 57%. Issues were not about the economy alone, and about how many immigrants could be absorbed and the cultural and language literacy of arriving migrants. There were issues about the perceived crime rate (metrics show traffic related offenses were up), and about drawing too much of the school's resources as English learning went up slowing learning in the schools. Republican State Representative Jim Lucas says it is crowding the health care clinic downtown with immigrants. ...

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 Lincoln's words in 1858 "political matters now bear a very mixed and incongruous aspect" as Douglas tried to be on the side of the free states in the North when he was actually with the South, can be used for what is happening now with DJT and Ukraine, as seen from Europe by European leaders.  Alain Frachon gives the French view in Le Monde. He cites the founder of the French Institute for International Relations Montbrial in his recent book that the problems started with the false hopes and chimeras about the fall of the Berlin Wall. It marked not just the fall of the Soviet Empire in Eastern Europe but also of the Russian Empire. And the fall of an Empire has repercussions that are being felt today. Franchon says the liberal order neglected to see in its naivette that peoples are driven not just by strategic and economic interests alone but by passions, that includes their sense of what they had lost in the Russian role in that past of Europe in history. ...

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Why Rachel Reeves type of strict financial rules will hurt Labour. DJT in the US relaxed the borrowing limit to $5 trillion, and has designed his One Big Beautiful Act to have parts of it to boost the economy and investment. Reform UK gains on both sides with Reeves efforts to cut benefits losing Labor voters and it's struggles on migration hurting it on the other side with conservtaive voters who voted Labour. With the Conservatives in disarray, Labour has to keep its focus on improving the lives of Britons.  Today it does not matter whether you are Social Democrat or Christian Democrat or Socialist, what matters is to have common sense policies that help te vast majority of people even in unconventional ways by breaking the rules or fixed ideas about what can be done. DJT and Merz are on the Christian Democrat side, Denmark's PM Mette Frederiksen is Social Democrat, what matters is to have a culture and policies that help the people and stands up for ordinary people in the Nation. ...