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China's premier, Wen Jiabao, opened the National People's Congress, annual meeting of the Chinese parliament, by saying that China had lowered its growth rate to 7.5% from 8%. GDP growth for 2011 was 9.2%. Wen set an inflation target of 4%. The CPI index increased by 5.4% in 2011. Wen set 14% growth target for M2, China's broadest measure of money supply.

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An average of major opinion polls compiled by Real Clear Politics website shows 50.5% of Americans opposed to the Obama U.S. health care law.

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About $229 billion, three fourth of Greece's debt, is now held by the European Central Bank, the IMF and the European Commission. This is taxpayer money and the governments are making sure that they get back bailout loans in the form of interest payments. About two thirds of the $177 billion given to Greece as bailout loans since May 2010 actually came back to the ECB, IMF, and the EC, in the form of interest. The ECB is keen on recovering taxpayer money. The money route has been setup with an escrow account in Greece for bailout loans so that interest payments get paid, and this money cannot be used for any other purpose. Banking experts say this is a practice in risk management, and with Greece's poor record in finances the controls have been put in place to recover money the ECB invested in Greek bonds in an effort to calm nervous financial markets and now gets about 10% in annual interest payment. Under earlier debt restructuring for private creditors to Greece a haircut of over 50% on Greek bonds was taken, with the ECB insisting on receiving full payment. If Greece were to repudiate the loans under a new elected government losses would have to be taken by the ECB, IMF, and EC, and by private creditors. The ECB has Greek bonds in the range of $44 billion to $69 billion, and the European Financial Stability Facility $88 billion, by some estimates. Greece's exit from the euro would result in losses on these bonds .for the ECB and the EFSF, ultimately European taxpayers. It would also make the new bonds to private creditors under the restructuring of little value which is why European banks would not favor that outcome. Greece's tax receipts at some point, possibly 2013, would exceed basic operating expenses of the government, at which point a future Greek government might decide to exit the euro and stop interest payments on debt in its best interest....

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Mexico's president Enrique Pena Nieto describes his plans for increasing economic growth in an interview with Lally Weymouth. He looks back at the changes made through the Pacto de Mexico in energy, education and telecommunications, and in other areas. Changes made will allow political parties to form coalitions after 2018 following a presidential election, to form a majority in the legislature so that new legislation can be passed. A new criminal code for the entire country will override a patchwork of laws in different states. Economic growth is a high priority after disappointing 2.6% growth in the last 3 years, with infrastructure projects planned- new airport for Mexico City, doubling port capacity, new rail lines and high speed rail line Mexico City to Queretaro.

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One of the favorable factors for Iraq in recent years was the surge in oil production, adding 1 million barrels a day to reach 3.3 million barrels a day. It surged to an average of 3.7 million barrels a day in December 2014 after a deal with the Kurdish region in northern Iraq for an additional 550,000 barrels a day in exchange for Kurds getting a 17% share of federal revenues. This helped Iraq overcome other problems. The drop in oil prices has led to a 40% drop in revenues and the invasion by Islamic State in a loss of some production.The federal budget of $101 billion planned revenues is based on an oil price of $56 and exports of 3.3 million barrels a day, resulting in a $20 billion deficit. It assumes $10 billion in new tax revenues which may be hard to achieve with a lack of strong central government. Experts on Iraq's oil industry say large investments are needed to offset declining oil production from older oil fields in southern Iraq. Oil exports were 2.5 million barrels a day in 2014, and experts say even this will be hard to achieve for 2015. Investments could come from western oil companies, but Iraq and the Kurdistan region are behind in payments to oil companies. Iraq is considering issuing bonds for $10-$15 billion....

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Modi's success in tackling problems of electricity development in Gujarat state and the model for India, as a new Modi administration is elected for India in 2014. Other areas that are the focus for development include high speed rail and transportation, other infrastructure development, creating new jobs in manufacturing. Modi made three trips to China in the last decade as a four term chief minister of Gujarat state (similiar to a governor of a U.S. state), and has adopted a China type focus on infrastructure development and manufacturing for the western state of Gujarat, which was part of the old Bombay state in British times. Mumbai, the new name for the old British settlement of Bombay on the west coast, is about 300 miles south of the major Gujarat city of Ahmedabad, at one time a major textile manufacturing center. Mumbai and commercial minded people from Gujarat occupy a role similiar to Shanghai in India's economic development. Under British times trading minded Gujaratis settled on the east and southern coast of Africa, in the Persian Gulf, with retail businesses. Of India's two largest companies the Reliance Group made its early start in textiles in Gujarat in the seventies, set up by a young emigrant who returned from the Persian Gulf. The Tata Group which owns Land Rover was set up by a Parsi immigrant community in Gujarat. Its founder Jamshedji Tata set up India's steel industry under the British at the turn of the century. The Parsis settled in Navsari, Gujarat, immigrating from Iran and other parts of the Persian Gulf centuries ago. When the media talks of Modi's origins as a tea seller's son, one has to take this in the context of the origins of people such as Reliance founder Ambani who was the son of a schoolteacher from a rural village in Gujarat. With about a 1000 mile coastline facing the Persian Gulf, Gujarat has been known to engage in the textile trade long before the arrival of the Portuguese and the British in the 1600's, and before the Muslim period from the 1300's. Many Gujaratis settled in Mumbai and are a key part of the commercial, financial center in the city. Just as Britain with its commercial centre of London evolved over centuries with commerce affecting attitudes towards democracy, free media and capitalism compared to more feudal France, Gujarat and Mumbai has evolved in a similiar manner compared to other states in the north of India. With all the media infomation and misinformation on Modi's mishandling of communal riots little has been said of the unique position of Gujarat and Gujaratis in the industrial development and modernization of India. Compared to other parts of India historically there is a greater degree of tolerance in Gujarat for other communities, similiar to Britain's compared to France and Spain, because of this commercial outward looking orientation for new ideas. ...

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Carrie Wickham of Emory University describes the struggle between the reformists and the old guard in the Muslim Brotherhood. The old guard, including Morsi, pushed out the reformists. These younger mid-career professionals had a better grasp for the need to broaden the coalition that would run post Mubarak Egypt. Instead sadly for Egypt the old guard botched the transition with a hasty referendum on the constitution, and failing to bring other views and secular parties in a broad coalition to manage post-Mubarak Egypt.

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Richard Fisher, president of the Dallas Federal Reserve Bank, has a three part proposal for tackling the "too big to fail" problem and concentration of 70% of the U.S. banking assets in a few banks. It calls for Market Discipline to be exercized in a way that the Dodd-Frank legislation fails to do. This is to be accomplished by having deposit insurance and the Fed's discount window apply only to traditional commercial banks, not the nonbank affiliates and parent holding companies. Customers, creditors and counterparties of all nonbank affiliates and the parent holding companies would be asked to sign a disclosure accepting that there is no government guarantee. In addition the largest financial holding companies would be restructured so that all their corporate entities would fall under a speedy bankruptcy process. Fisher does not clarify how he would do this restructuring. The Fisher idea come after changes in the banking industry through internal management restructuring following trading losses, legal settlements and the passage of a Swiss referendum called the Minder Initiative on compensation. Fisher suggests the U.S. Fed and regulatory authorites in other countries should push for further restructuring and calls for action beyond the limited results from 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. He is critical of Dodd-Frank's often ambiguous and lengthy worded legislation- 849 pages for the law and 9000 pages for the regulations written to implement the law. Fisher emphasizes the point that its hard to implement a law and enforce rules when its not clear and is difficult to understand....

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The Trump administration says waivers for China, India, Japan, South Korea and Turkey to import Iranian oil that expire in May will not be renewed. The decision is to have zero exemptions. Earlier Taiwan, Greece and Italy, also on the list, decided to find other sources of imported oil. Iranian oil exports are estimate to be below 1 million barrels a day compared to 2.5 million barrels a day before president Trump abandoned the Obama administration negotiated Iranian nuclear deal and reimposed oil sanctions. 

Saudis and UAE say they will keep the oil market in balance, and president Trump is also relying on U.S. shale oil supplies. The move faces resistance from China which says the U.S. has no jurisdiction to interfere. India haces issues with the U.S. for importing from not only Iran, but also Venezuela, Turkey and Iran are neighbors, India and Iran are neighbors, both with cultural ties to Iran, making the situation difficult for both countries.

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Ghannouchi of Tunisia's Ennahada Party puts forward ideas for a pathway that Islamists could follow to integrate into the political life of Middle Eastern countries- compromise, working together with non-Islamist parties for the common good, focussing on economic development, pursuing moderate Islamist ideas, bringing in those excluded from the political process thorough a new inclusiveness, and respecting the opposition. He sees the successful election in Tunisia in which Ennahada worked with the opposition parties to ensure a smooth transition, as a model for other countries and the Arab neighborhood. In 2014 another process of smooth transition after elections, and respect for the opposition, happened in Indonesia with the election of Jakarta governor Widodo to be the new president. This set another model of respect for democracy, fair elections, respect for the opposition, focus on economic development and inclusiveness, for Muslim countries in another part of the world. Pakistan is another Muslim country which is working to create a model in the presence of much violence from Pakistan Taliban, and interventions by the military in politics. Assistance from the U.S. helped Iraq make the transition under the Bush administration till it unraveled with the policies of the Obama administration. Libya had the potential to make the transition with continued western cooperation and support- a change in administrations in the U.S. and France resulted in policies not supportive of a stable transition. The whole process now needs to be fostered carefully by western liberal democracies. Here Ennahada's Ghannouchi tells the world about the lessons learned by Islamist parties themselves for pathways to embrace for more inclusive societies focussed on economic development and progress....

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Fewer CFO's are given a seat on companies Board of Directors in 2011-2012, according to research by SpencerStuart.

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Results of a CBS New York Times Poll of 1018 adults in the U.S., reported Feb 28, 2006. Results show 55% showed support for gasoline tax if it reduced dependence on foreign oil, 59% showed support if it also reduced global warming. There is additional support if the money is used to fight terrorism, allocated to specific projects such as electric cars, or help low income people with extra gasoline costs. The important distinction in the results is what respondents were asked. When told about their response to a gasoline tax 85% of respondents opposed it, but when told it would reduce dependence on foreign oil 55% support it. Some respondents want to see it earmarked so that its use would reduce dependence on foreign oil through fuel efficiency improvements. The gasoline tax has remained at 18.4 cents a gallon since 1993. Politicians see the 85% and stay away from the issue and at periods of higher oil prices there is more concern about the impact on consumers. Prof. Borenstein, director of an energy institute at the University of California, Berkeley, says his calculations show a 10% increase in gasoline cost would reduces consumption by 6-8%. As the tax is regressive by putting a higher burden on low income consumers, this should be offset by income tax relief that would make middle and lower income people better off , says Prof. Borenstein. Some of the revenues would be used to support projects at automakers and research universities to develop more fuel efficient technologies for automobiles. Shows support is there if the tax and where money is spent is shaped in the right way....

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The Economist describes the fraud in the election and the odious group of warlords and crooks that Karzai has pulled together to get support for this election. If they get as reward positions in the ministries then "the war is over" according to one diplomat. And without acredible government the chances are poor for any"good outcomes." Eide, the UN diplomat in the country says ultimately this will be decided not by governments but by people sitting at thier kitchen tables making up their mind as the follow the information in the media. And the President has only 37% of Democrats with him who want to see more troops in Afghanistan in a recent poll.

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Lt. Gen John Kelly loses his son Robert in Afghanistan and talks about the immense burdens facing military families. Robert is out on patrol duty in a mine filled area of Afghanistan's Sangin district. Only 1% of the population serves in the military. And Kelly says his is only one of 5500 American families that have lost a child in this war. There is a sense among military families that the war and these military families have been forgotten. One Marine Corps general wrote to Kelly that service to and sacrifice for the country has become a legacy affair for a small number of military families. Before the midterm Congressional elections only 2% of the people rated Afghanistan as a top issue and hardly any candidates mentioned this issue. Tom Brokaw, a well known anchor of NBC News, wrote in a major daily that the war and the sacrifices have been forgotten in the election and hardly discussed. Adm. Mike Mullen went so far as to say that he worries that we could wake up one day and that the American people will no longer know us and we won't know them....

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Arvind Panagriya, Prof. of Economics at Columbia University, points out the key initiatives of the Modi government in its first four years which will show results in future years for development of the country.  He mentions the Swachh Bharat Mission and cites results that show rural households with toilets are now 84% up from 38%.  By 2019 the whole country will be defecation zone free on the 100th anniversary of the birth of Mahatma Gandhi. The Dhan Jan Yojana DJY accounts opened for rural households are up to 316 million. Aadhar cards for identification are up from 650 million to 1.2 billion. The Aadhar and DJY work together to enable direct transfer of benefits to poor households, eliminating the leaks in benefits transfer and ghost accounts of the period since independence in 1947. Not mentioned by Panagriya is the Health Insurance scheme for lower income households that enable families to survive a sudden medical expense that could put them in dire straits.  These efforts work in a way to change India from the ground up from its villages and rural areas as envisioned by Mahatma Gandhi in the struggle for independence. The land acquisition law amendments were put on hold till farmers concerns could be better accomodated, an area of concern for industrial development cited in an editorial in the Hindu newspaper. Fiscal consolidation and inflation targeting have resulted in an average inflation rate of 4.3% for the 4 years of the Modi government. Inflation was over 9% in the last 2 years of the previous Congress UPA government with GDP growth dropping to 5.9% for the last two years. Average GDP growth for four years for the Modi government is 7.3%, even after the changes to implement GST taxation for one national tax eliminating state barriers in interstate commerce and demonetization to fight corruption and black money. Rate of GDP growth should be higher after the gains from the initiatives and the new GST integration of the country are felt, with increase in investment and FDI, after infrastructure improvements and land acquisition arrangements are made. Transportation infrastructure modernization initiative pushes ahead with the first bullet train in the pilot project for Ahmedabad- Mumbai set to start in 2022. This is a $17 billion project financed for $13 billion by the Japanese government at 0.1% loan for 50 years, moratorium on repayments for 20 years, using E5 Shinkansen series technology. Implementation of this project on a sound financial basis should lead to transformation of the Indian rail network, raising the level of technology implementation across the entire Indian rail system. Such an achievement would rival the first introduction of railways into India in the nineteenth century under the British. A new bankruptcy law is intended to free up capital for investment by putting behind the large number of non performing loans in the Indian banking system. Changes made by the central bank RBI are designed to speed up this process so that loss making enterprises are absorbed, consolidated or shut down, a legacy from the earlier period.     ...