LyrArc Article Gist
What is the right retirement age for health is an important question. Dana Smith points out that the number 65 that started with the system of social security started in US  by Bismarck in Germany in 1889 and Social Security in the US in 1935 by president Franklin Roosevelt has no basis on the grounds of health of the population and longevity. Since that time people live much longer to about 74 years and for 45% of the people in the US who are in the knowledge based work the ability to work continues past 65 or 67 years.  For the remaining people who are in professions involving physical work such as construction or in the restaurant industry the situation is quite different, requiring a category based retirement age that takes this into account. For these people health outcomes would deteriorate if they continued to work in stressful work for longer. Another factor to be considered is to ask what this means as a national goal. Would a nation aspire to give its citizens an opportunity to travel, broaden their minds and engage in other activities they would like to do which they could not do while working full time. In this situation these years after retirement could give people a chance to live happier lives. It is not to be taken lightly as the current protests in France show. Age discrimination in France also plays a part as there may be fewer years of work opportunity if employers stay away from people over 50 years or discriminate against women. With childcare and care for elderly, part time jobs, women work longer for smaller pensions than men, leading to a sense of unfairness. French protests show that the outcomes need to be weighed carefully from a health and national goal standpoint and the retirement age set accordingly with flexibility for harder work.  Following the pandemic years and the cost of living crisis the protests in France show the need to develop a national consensus on the issue of retirement age, and rules plus culture change in industry that ban age discrimination for workers. Special provisions for women and people in construction so that the system is seen as fair to all parts of the workforce. ...

LyrArc Article Gist
Prime minister Matteo Renzi focussed on some critical aspects of how other Europeans see the negotiations in the Greece bailout in June 2015. Considering that the EU had relaxed conditions for the surplus, a critical condition for reducing austerity programs in Greece and focussing on reforms, and considering the high unemployment not insisted on further cuts to the public sector employees, the conditions put forward focussing on reforms such as collection of taxes are seen as essental by other eurozone countries, including Spain, Portugal, Ireland and Italy. Renzi told II Sole 24 Ore- "The point is that Greece may get different conditions, but it has to abide by the rules. It's not the case that we have taken early retiremnt pensions away from the people of Italy just to allow the Greeks to have them! We have brought in labor reform, but it is not the case that, with our money, a number of Greek shipowners can continue not to pay taxes.. I could go on." If he went on he would cite the tax collection laws and methods in Italy which were changed under prime minister Monti to tackle tax evasion in Italy, with no effort to collect the $11 billion in estimated taxes that are not collected in Greece. Italy banned cash payment above 1000 euros and started a cross referencing initiative to tackle tax evasion under premier Monti. Greece took up tax evasion legislation in 2010 in parliament but opposition from many groups led to no action. In 2012 Labor minister Elsa Fornero broke down in tears as she described raising the retirement age for women to 66 in the private sector from 60, saying this was to prevent "collective impoverishment." Italy lacks childcare and older women help with childcare for grandchildren. Renzi was probably thinking of these changes in Italy. He went on to say- " If there is a mass get-out clause over the rules, what will happen in Spain in October? And in France in a year and half? It is one thing to ask for flexibility amid abidance by the rules. It is another thing to think that one is the craftiest of them all, in other words to be the that does not abide by the rules. We want them to save Greece. But the people of Greece also have to want that." On tax evasion and other issues for long term financial health Greece is seen as not following basic financial rules for sustaining the euro....

LyrArc Article Gist
The purchase of F/A-18 aircraft by Germany capable of delivering nuclear weapons stationed in Germany is critical to keeping the nuclear deterrance and the "nuclear sharing" agreement with the U.S. Older aircraft, the Tornadoes are now 40 years old. Chancellor Merkel has supported the purchase but this is now being called into question by its junior partner in the coalition government the SPD.  Leaders of the SPD party say they would block the purchase of 45 Boeing Company made F/A-18 jets proposed by Merkel's defense minister. Under NATO's nuclear sharing agreement going back to the 1950's it is believed there are about 180 B61 tactical nuclear bombs in rope, some 20 in Germany and spread out over Belgium, Italy, the Netherlands and Turkey. President Trump has said the U.S. will withdraw from a treaty with Russia that limits the presence of nuclear missiles in Europe because Russia is not living up to the agreement. This could lead to an arms race. The issue is leading to the beginning of a fundamental debate about nuclear armanent and military spending of a type that has not happened in Europe since 1982 when a rebellion in the SPD over the stationing of nuclear weapons in Europe led to the ouster of Chancellor Helmut Schmidt.  The Christian Democrats view the purchase of the F/A-18 at a time when Russia is updating its nuclear deterrance as fundamental to NATO and nuclear sharing. The SPD's leaders say nuclear sharing does not mean the need to host nuclear weapons, and give the example of Canada, a NATO ally that does not have U.S. weapons on its soil. ...

LyrArc Article Gist
Hubbard was Chairman of the Council of Economic Advisors under President Bush. His plan is for the government and Congress to allow all residential, mortgages on private residences to be refinanced into 30 year fixed rate mortgages at 5.25% and place those mortgages under Freddie and Fannie. The idea is to have a low enough rate to support house prices. Where the homes are worth less than the total amount of the loan balance the mortgages would be refinanced into a 30 year fixed rate loan to be held by a new agency modeled on the 1930's era Homeowners Loan Corporation. New mortgages would be made of upto 95% of the current value of a home, with owners and servicers of the loan splitting the losses on refinancing the mortgage with the government agency. Servicers would have to accept refinancing on all or none of their mortgages, no cherry picking. And the government could take an equity position in return for the mortgage writedown so that taxpayers do well with a better housing market....

LyrArc Article Gist
E.U. leaders reached a new agreement for solving the debt crisis in Greece and the broader eurozone debt crisis. This time an effort was made to come up with a solution that had some chance of working unlike earlier efforts. Earlier efforts that concentrated on austerity and burdened Greece and other countries in the debt crisis with higher interest rates came under severe criticism as unworkable. The result was higher unemployment, a shrinking economy, higher debt to GDP ratios, and contagion effects. The new plan commits to getting Greece on the path to growth. The European Financial Stability Facility will have powers to buy Greek bonds at their value in the secondary markets which means Greece would owe less to the EFSF, bringing down Greek debt. Greek debt maturities are to be extended over many years and interest rates lowered, with similiar actions for Portugal and Ireland. And private bondholders were given the option of taking 20% less on their bonds or extending the maturities of the bonds at lower interest rates. In return the bonds would have guarantees for repayment by the E.U. so that the private creditors would limit their losses. The draft document of the agreement says all the E.U. countries would commit to fiscal discipline....

LyrArc Article Gist
The US Supreme Court will soon make a decision on the power of president Biden to take action on student loan forgiveness for millions of borrowers when Congress has failed to take action. 43 million people in the US holding $1.6 trillion in student debt would get some form of forgiveness under president Biden's $400 billion plan. Arguments will be made at the Supreme Court with a 6-3 Trump appointed majority of Conservative justices and a decision expected in June. Congress has failed to resolve this matter of debt affecting a large part of the US population leaving it to president Biden to offer some form of relief before a larger resolution is backed by Congress. A ruling will be made by June.

LyrArc Article Gist
This op-ed piece in the NYT points out that the vote was not against women but the weakness of Hillary Clinton in appealing to the interests of working and middle class Americans as she gradually became out of touch with ordinary Americans. The urgency of tackling the problems of ordinary Americans was missing and the message muffled and lost in the way the campaign failed to win the trust of Americans hit hard by the recession. Separate reports in the media show Bill Clinton worried about how the campaign had lost its focus on the lives of ordinary Americans and the struggles of working class and middle class since the great recession. Ignoring these lessons and blaming the results on sexism would be wrong, says Naomi Klein.

LyrArc Article Gist
Captain Shubman Gill on India's win at Edgbaston in the Second Test cricket against England-

"I think all of the things we spoke about after the first game, we were spot on with all of those things. The way we came back with our bowling and fielding was tremendous.

"We knew with 400 or 500 we would be in the game, especially if we he held our catches. Both our bowlers bowled brilliantly with the way we were able to get through [England's] top order.

"Akash Deep bowled with so much heart and skilfully with his lengths. He moved it in both directions, which was tough to do. He was magnificent for us."

LyrArc Article Gist
US president Biden renews the US commitment to Asia on the second day of Quad meetings in Tokyo. Lessons from Ukraine were uppermost in the thinking of the Quad leaders from the US, Japan, India and Australia as a new framework is envisioned for Asia. That framework is envisioned through an economic framework the IPEF including South East Asia, the Quad as a core nation setup similar to the G-7, and direct ties such as US-India, US-Japan. Latin America is part of the US direct ties to Mexico, Brazil, Argentina and Chile. Europe is included through the Europe Trade and Technology Council and direct US ties with the European Union, Germany, France and Italy. President Biden is giving the kind of leadership of the Free World that Harry Truman gave following the Berlin Soviet Blockade and the US Airlift of 1948-1949 and the Korean War between 1950-1953 with Soviet and Chinese forces supporting the attack of North Korea against South Kporea similar to the Russian invasion of Ukraine.  ...

LyrArc Article Gist
Indian Navy has expanded to 140 warships and technology modernization with domestically produced ships. About another half of that 140 will be added and produced inside India in the next few years. This effort to build the Indian Navy comes with the need to ensure freedom of the seas for open navigation. Much of the world's trade happens for raw materials and manufactured goods through the shipping lanes including the seas in the Indian Ocean and adjoining region. Indian Navy is showing the results of this effort as it protects the oceans in its region in 2024 in the interest of all nations. The US is supporting India's effort with flow of new technologies. The French are also supporting India's efforts and president Macron is in India this week. He will attend the Republic Day celebration as a special guest in New Delhi on Jan 26, after an unprecedented road show in an open SUV in Jaipur today with prime minister Modi.

LyrArc Article Gist
President Biden passed same sex marraige legislation. Twelve Republican Senators from southern, midwestern and western states including North and South Carolina, Utah, Alaska, Iowa, Ohio, Wyoming and Maine supported the legislation. Some had relatives or children in that situation. Senator Cynthia Lummis of Wyoming who is a member of the Trinity Lutheran Church gave her reason- "For the sake of our nation we do well by taking this step", giving an emotional speech on the floor of the Senate about the need for more tolerance "during turbulent times for our nation." By putting divisive issues aside America can bring opinion together around the issues central to our future- the need for strengthening democracy, rebuilding the nation's aging infrastructure, investing in manufacturing in America, investing in education, health and rebuilding communities across this vast nation, and in the culture that sees this as vital to our future and the future of the world. ...

LyrArc Article Gist
Pope Francis recalls his days as a boy playing soccer on the streets outside his home in Buenos Aires, Argentina, with a rag ball because they did not always have a leather ball. "There was not always someone with a leather ball so we played with a ball made of rags, a pelota de trapo." Pope Francis was born Jorge Mario Bergoglio to Italian immigrants in Argentina. He calls it a great school of life for him being the goalie and having to take all the shots taken at him. His leadership has shown concern for the marginalized and the poor through the repeated economic crises and the current pandemic. In his talks with world leaders including Trump, Biden, and recently Modi of India he has shown the importance of taking good care of the environment, the downtrodden and the marginalized in society. 

Some of the influences in his life come from his father, an accountant from Asti in northwest Italy, who loved reading to the children and had a library.

LyrArc Article Gist
George Bush's administration passed healthcare legislation that allowed private pharmaceutical companies not to have to negotiate with Medicare on cost of drugs. It also passed the so called Medicare Modernization Act that created a huge opportunity for profits through Medicare Advantage Plans. The chart in WSJ shows profits it calls a bonanza. What it means is that instead of reducing the costs of providing medical care to elderly Americans it has increased the cost leaving less and less money for infrastructure for roads and bridges and airports that are dilapidated in the US, and less money for essential services in education and health care, transportation, housing. This has reduced the standard of living and quality of life in America. For healthcare it is providing less for higher cost when compared to China, India, Germany, France and the UK. George W Bush administration put America into 2 wars in Asia and the Arab world which also drained resources contributing to a lack of investment in the country in essential infrastructure and services. ...

LyrArc Article Gist
HBO may be capitalizing on cultural portrayals of unethical world of finance for successful television shows that do little to change the culture in America. During the 2009 financial crisis decade many such shows were seen, yet after Big Pharma and Finance, a new player Tech monopolies joined the list of unethical behavior, new technologies continue to operate without government setting the rules for fair play and level playing field essential for capital and labor to function in a modern economy- rules for capital and rules for labor set by "serious" public servants not revolving door public servants who finish their careers in the same banks, pharma or tech company monopolies. Bothe houses of Congress are then captured by the Big Pharma, Finance, and Tech monopolies, resulting in "Capture Capitalism" that has existed in different forms and yet cleaned up every 50-75 years since 1750, Adam Smith's fight against the monopolies of the East India Companies of Britain, Holland and Denmark. ...

LyrArc Article Gist
"What the hell kind of system is this?" That is what Jim Rogers, a co-founder with George Soros of the Quantum Fund, asks as he sees Chuck Prince taking out hundreds of millions of dollars out of Citigroup, and other Citigroup executives take many more hundreds of millions of dollars out of the company. As he sees Stan O'Neal get $150 million for leaving Merrill Lynch after he ruined the company. And Frank Raines he says did worse accounting than Enron with Fannie Mae, fradulent accounting year after year, and yet Raines is walking around with millions of dollars. One can add to Rogers list, Mozilo of Countrywide who was one of the principal figures behind pushing bad mortgage deals for homeowners that profited those in the business of real estate, and he is walking around with millions. So is Citigroup's Robert Rubin if one looks at those who had reputations to preserve, and he hopes to devote his time to charites as he says in his resignation letter to Citigroup CEO Pandit. See groups and links for Mozilo and Rubin. Jim Rogers thinks Long Term Capital Management should have been allowed to fail. Greenspan, Rubin, Summers, and Geithner were behind the rescue of LTCM. In the worst case scenario the economy would have recovered from a LTCM collapse, and the intervening period of dislocation would have sent a strong signal to financial institutions about excesses, risk taking, leverage, and put a necessary element of caution in all financial arrangements. Jim Rogers says Lehman would have lost a lot of money with an LTCM failure and it would have slowed Wall Street down for years. Some small degree of grief from time to time may be a normal part of any economic system, especially with excesses of one type or another, just as it is for the human condition, and may be away for the system to protect itself from bigger dangers by addressing and controlling the excesses. By eliminating this grief one may be subjecting the system to bigger and more life threatening stresses later on, as these excesses assume an exaggerated form. ...

LyrArc Article Gist
The Wall Street Journal in this editorial says President Obama is negotiating deficit reductions with Republicans to gain an advantage in the 2012 presidential elections. Its view is that President Obama is offering Republicans a Hobson's choice: if they agree to raise taxes they would be giving up on a campaign pledge, and if the government shuts down and seniors do not get retirement checks in August letting the Republicans take the blame. For this reason it supports Senate Minority leader Mitch McConnell's proposal to give the President the authority to make the debt limit increase, and for Republicans to withdraw from talks on the deficit reductions that involve tax increases.

LyrArc Article Gist
U.S. Secretary of State Clinton and Turkey's foreign minister Davutoglu met in early August 2012 and agreed to set up intensive operational planning and coordination of the two countries efforts on Syria to end the Assad regime. The two foreign ministers said a unified task force with intelligence, military and political leaders would be set up immediately and will look at all options including direct assistance to the democracy movement and forces fighting the Assad regime.

LyrArc Article Gist
Senator Byron Dorgan warned about a crisis occurring through the dismantling of Glass-Steagall protections in banking that were put in place after the Great Depression. The change was pushed through with the Gramm-Leach-Biley Act named after Senator Phil Gramm of Texas, and was supported by President Clinton, Rubin, and Summers. Senators Dorgan and McCain called for a special committee to investigate what happened and why. This "select Committee" would have sub peona powers. One of the questions this would help address is whether in the future one would go back and reinstate some parts of Glass-Steagall. That decision says Dorgan has to be made, and he does not think its old-fashioned to go back to protections that previously existed. Its not that he was prescient, says Dorgan, its just that the protections put in place by Glass-Steagall were basically sound then, and they are sound today.

LyrArc Article Gist
Young people are having higher cancer rates by 2024 and this is linked to the higher use of alcohol and less fruits and vegetables more processed meat in their diets. Older people are seen as having lower cancer rates by comparison. Rates of gastrointestinal cancer for young people are increasing all over the world. Each generation of young people under 50 has a higher risk than the one before.

Light pollution from cell phones laptops and other devices is also suspected as it disturbs the body's internal clock, the circadian rhythm. Plastics small particles that get into water and air are also suspected.

LyrArc Article Gist
The firing of John Bolton as National Security Adviser opens up the possibility of a meeting of Trump with President Rouhani of Iran. There is a need for both sides to begin talks on a nuclear deal that would replace the one Iran signed with president Obama to address issues raised by Mr. Trump and Republicans. Iran and countries that buy oil from Iran such as India, China and Japan have an interest in relief from sanctions imposed by the Trump administration on imports of Iranian oil. The European Union is keen to preserve aspects of the nuclear deal. Relief from sanctions is critical for Iran to develop its economy. The last two decades have seen Iran struggle to develop its economy with the sanctions imposed by  different U.S. administrations.   President Trump expressed flexibility on sanctions saying "we will see what happens. I think Iran has potential. They are incredible people." President Rouhani urged Mr. Trump "to put warmongers aside." Mr. Trump told reporters that he had resisted Mr. Bolton's opinions on issues and realized he had moderate views when compared to someone like Bolton.  Trump told Iran "We are not looking for regime change. We hope we can make a deal and if we can't make a deal thats fine too. But I think they have to make a deal." Helping the U.S. and Iran come to talks is president Macron of France who hopes to setup a meeting at the UN General Assembly which meets next week following his efforts at the G-7 meeting in France last month. In the past when tensions were high in the Straits of Hormuz President Trump refrained from aggravating this by saying actions that are "disproportionate" should not be taken and respected Iranian intentions. The tone of the conversation between the two sides has moderated to the point where both sides realize the need for coming to some compromise. This is in sharp contrast to the period a few months ago with rising tensions in the Straits of Hormuz and the seizure of an Iranian ship. Bolton's opinions were not the only issue for president Trump. He was also seen as the source of leaks including one that said Mike Pence, the Vice President, had opposed Mr. Trump's plan to bring the Taliban to Camp David. Also contributing to the new climate for talks is Mike Pompeo the Secretary of State, who has promoted the idea of talks with Iran. He told the media about such a meeting at the UN General Assembly in New York- "Sure. The president has made it very clear that he is prepared to meet with no pre-conditions." The willingness to try new ideas even contrary ones to policy pursued only a short while ago as long as the desired goal is reached is a feature of this presidency and key advisers. From the beginning of the Trump administration there is a firm sense of the need to end the wars in Afghanistan and Iraq. and reduce foreign entanglements that have dragged on wasting resources and destroying priorities. With a willingness to try all sorts of approaches even ones that appear to be contradictory always keeping the end goal in sight. ...

LyrArc Article Gist
Pulliam and Demos look at the murky world of pre IPO trading of shares by venture capital companies and by employees of the pre-IPO companies in the secondary market. Federal and state laws permit pre-IPO trading for unregistered securities. The SEC has not issued more than a couple of enforcement actions for the trading of pre-IPO shares from startup companies. Wealth is now created before an IPO is done. During the 2000 tech boom most of the surge in price happened after the IPO- Amazon's IPO giving the company a valuation of $400 million based on IPO price then, compared to $171 billion in 2015, and Facebook worth $104 billion at the IPO price in 2012, and twice that in 2015. 78 privately held companies are worth over $1 billion in 2015, with combined valuation of $310 billion. The surge in prices of pre-IPO shares comes from the huge demand from investors, who are willing to accept that not much financial information will be disclosed by the startup companies, in the hope of quickly earning a large profit. The estimates of pre-IPO trading for the shares is in the range of $10- $30 billion in shares traded in 2014. This is what the WSJ's Puliam and Demos learned from extensive interviews with traders, investmetn bankers, hedge fund managers, venture capital executives, lawyers and company officials....

LyrArc Article Gist
Visiting the new presidential libraries is an excellent way to understand the history of America, American democracy at work, to grasp civic responsibilities, and to have a day's outing overlooking amazing landscapes. This NYT report shows the new JFK Library overlooking Boston harbor. The first Library and Museum of Franklin Roosevelt in Hyde Park opened in 1951 and shows that period of the Depression and the recovery under FDR, the Second World War. A visit to the JFK Library is an opportunity to see a temporary War exhibit with JFK's own experience in the war in the Navy. A Boston Harbor walk is also part of the experience on a 43 mile greenway on city's waterfront. Eisenhower's in Abilene Kansas and the Reagan Library are also shown in this report. New Exhibit at Eisenhower's library and museum shows connections between the suffragette movement of the 1950's and Ike's election in 1952. It also shows an exhibit on the Cold War. These issues are relevant today as is the exhibit in the FDR Museum on the New Deal- on Freedom from Want, Freedom from Fear. Libraries and museums of 13 presidents are open today. Under the Presidential Libraries Act of 1955 these libraries are privately built and federally managed, run by the Presidential Office of Libraries which falls under the National Archives. ...

LyrArc Article Gist
High on the agenda for the G-20 Feb. 2013 meeting in Moscow is how to fund infrastructure projects in emerging market countries. About $191 billion in infrastructure investment is needed annually in South Asia alone, according to the World Bank. India's Economic Affairs Secretary, Arvind Mayaram, points to the need for finding innovative ways of funding and reducing the risks for private companies by some kind of joint effort from developed and emerging market countries. The needs are extensive especially in transportation, water, electricity, sanitation. Growth lower than potential is facing India- with estimates of growth at just around 5% for the fiscal year ending in 2013. This affects Europe and the U.S. as there is less demand for exports of developed countries. Transportation projects critical to easing congested overloaded rail lines in Jakarta and Manila could not get financing under existing arrangements, making this problem a serious priority.

LyrArc Article Gist
The US ports of Los Angeles and Long Beach after Liberation Day- soon to be relics from the China Trade of yesterday. On April 9 US responded to China's 34% tariff with another 50% tariff of its own on China. The US tariff now stands at 104% to China's 84%. China says it won't back down and "will fight to the end." The US president DJT is now certain to restore world trade to the days before China entered the World Trade Organization and upended the world trade order leading to the deindustrialization of the US when US corporations followed Apple in 1998. With Tim  Cook in charge of Apple manufacturing in 1998 doing the first major act of outshoring the whole manufacturing base of a company to China. It was a strategy- to use the huge profits of a three punch approach- brand the product at the high end to command high price in the US through innovation and design (punch 1), followed by making using Chinese labor at low cost in China (punch 2), to generate the huge profits to create a virtuous cycle of investment from these profits to generate new cycle of growth (punch 3). What Apple gained, America's workers lost. This was sold by economists at the service of corporate narrative that it was good for America in the face of the facts showing just the reverse for 25 years 2000-2025. Soon almost the entire manufacturing base of the US was shipped out to China, or Chinese supply bases Vietnam. Japan fell in line and became a supplier to this China Manufacturing for the World. What started out as Microsoft demolishing Apple by 1998 and Apple using this 1-2-3 punch strategy turned into first a disaster for American workers, a loss of the working class leading to the loss of the middle class backbone of America, replaced by Silicon Valley and financial interests in New York City and disproportionate rewards to capital, the rural and small towns, cities across America's heartland thrown into decay and neglect.   ...