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French president Macron is seen as aloof from voter concerns about the rising cost of living. Visiting a farmer in the Burgundy region Marie Le Pen said prices of food and vegetables have gone up 25% over 5 years since Macron became president.  To win over supporters from working class communities in north and northeast who have voted for Jean Luc-Melenchon, a former Socialist candidate, Macron visited Denian, a town in the north of France.  Melenchon's France Unbowed party got about 21.95 % of the vote compared to Le Pen's 23.15%. Getting working class voters to support Macron who had 27.84% of the vote is now crucial for Macron. Denian has an unemployment rate of 36%. Macron told voters the best way to tackle poverty is to bring down the unemployment rate which is now 7.4%.  Many of these communities in the north, northeast, and in the southeast have suffered from the two decade shift of manufacturing to China, creating a situation similar to that in the midwest of the US and posing a challenge for established parties. The Republicains of De Gaulle and the Socialists of Mitterand, the established parties did badly in the election, each getting less than 5%of the vote. It is this problem that Macron has to address to get the votes of working class voters in France. Challenging the notion that he has been aloof from this problem and the problem of cost of living for young and for pensioners Macron says he will listen, learn and act, and he is "not afraid to go into battle in the most difficult areas." On this first day of campaigning for the second round he spent 2 hours talking to people in Denian. Angry voters told him he did not care for pensioners. In his response Macron said he will increase the minimum pension from 10500 euros to 13200 euros a year. A pension reform plan for increasing the retirement age for pensions to 65 from 62 will now be put to a referendum so that voters could reject it if they chose to. Macron also responded to the sentiment that his administration was more concerned about the rich by proposing that firms paying dividends to shareholders will be required to give one off bonuses of 6000 euros to all employees earning less than 46,000 euros a year.  On his opponent Marie Le Pen's plan to cut VAT tax on gasoline to 5% from 20%, Macron told voters that this was counterfeit money, asking "can anyone really say there will be no VAT for gasoline imported from the rest of the world?" ...

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The Indian Supreme Court on July 27 upholds the core amendments to the Prevention of Money Laundering Act (PMLA)  which gives the enforcement authority, the Enforcement Directorate ED, the powers to make summons, arrest, and other powers to enforce the law. The Supreme Court called the PMLA a law against "the scourge of money laundering." After independence in 1947 some of the problems that Mohandas Gandhi witnessed in the early Congress party ministries allowed by the British in the 1930's became a part of the political fabric as accepted ways of operating. It is only in the last decade that these practices have come to be seen as inconsistent with the development of the country and ones that would have been rejected outright by Mohandas Gandhi as inconsistent and repelling to his India of Hind Swaraj. In a 545 page judgement the Special Bench of Justices AM Khanwilkarm Dinesh Maheshwari, and CT Ravikumar, stated that- "This is a sui generis (unique) legislation... The Parliament enacted the Act as a result of the international commitment to sternly deal with the menace of money laundering of proceeds of crime having transnational consequences." Mohandas Gandhi would be appalled by how elected ministries operated in the India that followed in the first decades after 1947. Not only were some of the basic principles of honest government being violated, it was being done with such impunity that over time it crept into the culture of how things operated in India, destroying any confidence the people had in the responsibilities of government and its ability to deliver on those responsibilities. The Supreme Court has now taken up the task of restoring some of the integrity of Gandhi's Hind Swaraj with its statement that- "Money laundering is an offence against the sovereignty and integrity of the country." Money laundering the SC says is "every process and activity", direct or indirect dealing with the proceeds of crime. Justice Khanwilkar wrote: "Today, if one dives deep into the financial systems, anywhere in the world, it is seen that once a financial mastermind can integrate the illegitimate money into the bloodstream of an economy, it is almost indistinguishable. In fact the money can simply be wired abroad at one click of the mouse. It is well known that once this money leaves the country, it is almost impossible to get it back. Hence a simplistic argument  that Section 3 (offence of money laundering) should only find force once the money has been laundered, does not commend to us."   ...

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Forget Macron who is simply following French policy in the manner of De Gaulle, says Greg Ip in WSJ. The European Union has already set its policy to decouple its relationships in the supply chain from China, it just calls it something else -"de-risking." The EU he says is even tougher about this than the US. The EU's Leyen has stated: "The Chinese Communist Party's clear goal is a systemic change of the international order with China at its center... We need to ensure that our companies capital, expertise and knowledge are not used to enhance the military and intelligence capabilities of those who are also systemic rivals."  Mikko Huotari, the head of the Berlin based think tank Mercator Institute for Chinese Studies says that the US and the EU arrived at this through a process that went on in parallel. In fact the Scandinavian countries such as Sweden and Denmark, and the Baltic countries came across this much earlier before Biden became president because of acrimonious relations with China. This is also true of countries in Eastern Europe such as Czech Republic.  Germany's position is based on finding a transitional period for decoupling to reduce the impact on its economy. And even China is aware of this situation and looking for a transitional period for decoupling. More significant is the attitude of companies says Greg Ip- companies such as Tesla, Apple and even Airbus that have continued investments in China with little change. And it is this that president Biden is seeking to change with US policy positions. Another less observed aspect of this is the realization of both the US and EU, that the clear and obvious mistake of overconcentration of the supply chain in China was made under Merkel and the Bush-Obama adminstrations. China too realizes that it would have been better off - less recrimination from workers in the US,  and less costly damaging growth that led to climate change- if there was not this much overconcentration of the supply chain in China. In short it benefitted no one, and happened simply because companies sought to take advantage of attractive offers of building in China offered by local governments in China with subsidies from the Chinese government, and the manufacturing capabilities that kept expanding in a virtuous circle as better infrastructure and logistics were built over time. It goes to show that unless governments are vigilant and aware of these risks the unintended can happen with different consequences including destabilizing the social fabric and the political structure of western democracies.  ...

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People in Japan are living longer healthier lives. So much so that people are working well into their 70's. In Nagano, Japan, people say that those in their 40's and 50's are like a child with a runny nose, and people in their 60's and 70's are in the prime of their careers. In this WSJ report, 38 years old Norohiro Aizawa is a part time farmer, who says he plans to work into his 70's like many farmers in Japan. Today his father in his early 70's is active and in charge. Sachiko Kobayashi runs a crafts business, has a job making box lunches, and a garden full of pumpkins and radishes. She is 65 and gets up at 3 am. In Nagano she is called by the term pre-elderly, not elderly. For elderly she has a long way to go. Japan has 29% of the population in under over 65 years group, Europe 21% and US 17%. Yet something else is happening. People are just taking better care of themselves and their health, and living, working longer. A 70 year old today in Nagano is in health status like a 60 year old one or two generations ago. Perceptions of what is elderly have changed.    Japan's White Paper on the Elderly in 2021 shows studies suggesting that many in the 65-74 year group do not share traits associated with the term elderly.  Only 6% require care by others. Half of 65-69 year olds hold jobs, and a third of those in their early 70's also hold jobs. Life expectancy in Japan stretches into the late 80's for women, and early 80's for men. This is almost 5-8 years more than countries like the UK with a strong national health service. In April 2021 a revised Employment Law took effect, telling big employers to offer work to workers until age 70, up from previously government sanctioned retirement age of 65 years. Government says it is meant to protect the right of people to work longer. There is even a term called late-elderly.  Oshima 82 of Nagano, leads a volunteer group that shoots video of community festivals and works late into the night, and is cited in this WSJ story as saying that even if people called him late elderly, his response is oh yeah? I don't care. It is all about living a full life, terms don't matter at all when one stays healthy.   ...

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Gail Collins of the NYT describes the Hillary she came to know during the period she was Senator, a liberating time for Hillary Clinton, when she could be more of a private citizen, free of the publicity and attention as an active First Lady.  She chose to take up her assignment as New York Senator by visiting constituents and getting to know New York state, coming from Illinois and settling in Arkansas with her husband Bill Clinton in the early years. As Hillary herself said that was the first time she had lived in New York, and it was a time in which nobody cared in a nation having gotten tired of hearing about the Clintons, a welcome moment for Hillary who chose in her inimitable style to get to knowing her constituents. Collins tells about the enthusiasm of middle aged women in those days when women used their husband's name just to get a credit card, and it was harder for women to get a job than men. Bill Clinton talks about the Hillary he knew at law school and the years in Arkansas at the Democratic National Convention in Philadelphia, and describes a real person that he came to know, not gregarious and easy with strangers as he was but with something deep inside caring for other people. One time he tells her that she could run for office, and she tells him in the courtship days that he was being silly that no one would vote for her. Americans must appear to Hillary as not caring much for First Lady or presidential spouses getting deeply involved in government, and American men not really passionate about women in key roles in government,  and as time passed and women in the thirties had grown accustomed to the newly won rights that Hillary and others had fought hard for to the point of looking for something new- throughout this Hillary was tested as never before. As the nominee of the Democratic Party for president she now had to prove that the old was also part of bringing in the new, that a passion for new encounters, experience and learning, combined with patience and perseverance, were also needed in the tasks of regenerating and renewal. If only she looked more carefully she would find that the first president having fought a long and difficult war for about ten years with men "half starved and often in rags", George Washington, also faced skepticism and doubts about him, which he alludes to frequently in his letters.      ...

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Every day lost in the struggle with coronavirus is a big thing, which is why Itay's most affluent northern region has gone from being well equipped with resources of healthcare to seeing the health system overburdened to the point of disaster. This WSJ report shows why this has a lesson and an early warning for how the U.S. and other countries should design their response. It is also why the White House team that includes President Trump in the U.S. emphasized the plan for just the first 15 Days in the news conference at the Brady Room in the White House on March 16. It is saying the first 15 days are critical, not a day to lose.  It does not matter if you are an advanced economy with state of the art hospitals. Social behaviours must change, old rules rewritten and implemented throughout nations, quickly in days. Here WSJ shows lessons learned by Dr. Cereda at the Hospital of the University of Pennsylvania who trained in Milan and was in constant contact with colleagues in Milan and elsewhere. Many of the lessons relate to not overburdening hospitals and health systems and protecting health systems. This means mild to moderate cases are managed from home and not in the hospital, through massive deployment of outreach services and telemedicine. It means therapies can be delivered at home or through mobile clinics. The second major lesson from Italy is to protect healthcare workers and doctors. The entire White House team with Dr Faucci of CDC and Dr Brx, head of Infectious Diseases in the U.S. news conference of president Trump March 16, focused on the goal of protecting healthcare workers, doctors and hospitals, so they remained strong to take on the crisis. The second goal of the White House team is to protect the elderly with medical conditions. To do this only the most serious patients are treated in hospitals the rest for mild to moderate at home.  Studying the conditions in Bergamo and other parts of Lombardy and northern Italy, is helping U.S. medical leaders to prepare for the current nationwide effort, the 15 days plan announced by the White House. The lessons from the Papa Giovanni Hospital in Bergamo are important say U.S. medical leaders, including Dr. Brendan Carr, head of emergency medicine at Mount Sinai Health System in New York.  He says build capacity in hospital beds before we need it. Clear out hospital space and add new hospital beds.  ...

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A second term Trump-Vance will face uphill risks and a mess in economics from a Trumpian Republican party and Congress, says WSJ. WSJ Editorial Board says a second Trump term is not without risks. Tariffs cost 1.1% in annual growth in the Trump first term says WSJ, and it did have an impact on inflation. It would have had greater impact on inflation with the supply chain crisis of Biden's first term, had this supply chain crisis happened in Trump's first term. A second term Trump-Vance support tariffs as high as 60% on Chinese imports which would have a bigger effect on inflation and economic growth than of the first term. The key difference is that with tax cuts a basic rule for Republican policies Trump-Vance second term would not invest in infrastructure the way Mr. Biden has done and Biden will do so in a second term. As a result the economic growth is likely to be greater and inflation smaller under a Biden administration. Trillions of dollars in investment in the economy and infrastructure under Biden in a second term will be missing in a Trump-Vance tax cuts administration policy. And with it hundreds of thousand of jobs created each quarter will be missing in Trump-Vance second term. Add to this the level of clarity of stable economic policy under a Biden second term and contrast it with some of the chaos in economic policy of a Trump-Vance second term. The basic contradiction between tax cuts policy and the nation's need for infrastructure spending/rebuilding under a Republican under Trump administration will not go away, present a huge stumbling block. Chaotic policy could come from Project 2025 that says consider abolishing the US central bank Federal Reserve. This kind of erratic and unwise policy proposals are clearly not happening under Biden and Yellen. Another key difference is the cost to the economy of delays of several years in doing nothing for climate in Trump-Vance 2024-2028. Severe effects on climate if nothing is done could cause acceleration of climate negative costs which a future economy under Democrats would face, in reality the Nation would face. America's Business has taken a short term approach to climate change, when the time comes to pay the costs of short term thinking it assumes it is somebody else's problem- this happened with supply chain concentration in China the burden falling on the middle and lower classes, it would happen again with missing climate change action under Trump-Vance second term. ...

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In his comments at the Congressional Institute DJT says his tariffs plan resulted in China cancelling building the largest automobile plant in the world just across the US border in Mexico to export these cars to the US. That plant was planned for a capacity of 1 million cars a year which would have hit the US auto industry hard. DJT's  tells this story of how his tariffs are making a difference in not letting other countries take advantage of the US and destroy America's industry and communities, and jobs. "In Mexico they are going to build the largest auto plant in the world. It was during my campaign. And a great gentleman who builds auto plants was building this factory and I asked how is it going? I want to take a look at one of your factories you are building. One of the good ones. Are you ready? This was 8 months ago. I said you will have to go to Mexico. What about the US? He said  we are putting up a couple but they are small. In Mexico they are building massive automobile factories. I said you mean they are doing it? Who is the owner. He said mostly China. One in particular is massive. So they are going to build cars and send them to the US, for no tax or little tax, and destroy whats left of Detroit." "Mexico has taken 32% of business over 30 years. The other is Canada. They send us millions of cars. We don't need them for that. I said to hime when is this going to open. A couple of months. It will openin 1.5 years. I said I am not happy about that. And I said in my next speech I'm going to charge them. No cars coming ino the United States from Mexico without a massive tariff. I said it 3 or 4 times and what happened is about 2 months later I saw the same gentleman in the audience and I said I want to see you backstage. I said let me ask you what happened to that plant. Where is it now? He said China has canceled it. Why? Because they think you are going to be elected and charge tariffs on the cars coming in and it doesn't work."  "So Detroit will breathe and we are going to do the opposite. Companies can build plants if they want but they are going to have to build it in the United States."   ...

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There are problems with TikTok as social media app that are shown under The Enemy Within in Movement for Global Literacy of Lyrarc.com that relate to global literacy of children spending many hours on the app taking time away from homework and reading, when over half of American children 12-18  perform below basic requirements on reading proficiency tests. Similar loss of reading comprehension in UK and France. China can regulate its internet by restricting it in ways that won't hurt literacy in China. India has banned the app.  There are problems with TikTok that relate to literacy and cultural literacy that Democrats or Republicans or the Supreme Court have failed to bring up let alone address. These concerns should grow in the minds of Americans concerned about preserving the cultural literacy that has existed in the US for the last 200 years- it is about who Americans are as a Nation of immigrants from Europe of the Renaissance and the Modern World. US is a mix of population from European nations of 204 million, of a black population of about 48 million in 2025, 7 million native Americans, and Spanish speaking Americans of 62 million, Asian population of 25 million. The US is at a critical juncture in deciding what kind of a nation it will be. Will it lose it's basic character of a nation which draws its inspiration from European civilization's defining characteristics of the Renaissance, the evolution of science and democratic forms of government leading to creation of the Modern World. The 25 million Asians immigrated to the US for a large part seeking this kind of modernization of society from what they left behind and this is largely true of Spanish speaking immigrants and Spanish settlers who settled California, Texas and Florida as Spain settled the American colonies before the English and French. TikTok ban opposed decreased from 2023 to end of 2024 by 18% from 50% to 32%, according to Pew Research. Pew does not say that this is the result of growing use of TikTok by teenagers and children for entertainment by 12-15% in the period 2023-2025. Between 2021 and 2023 use of TikTok in the US increased by 12% from 21% to 33% from which we can extrapolate that it increased by about 12-15% between 2023 and 2025 if it is growing at the same pace. Politicians oblivious of the effects on cultural literacy in the US are allowing it to be embedded in the US in ways that hurt basic reading and cultural literacy skills. ...

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The lack of economic opportunities for an increasingly urbanized African younger generation is a major challenge. The median age of 19 makes Africa the world's youngest continent. Megacities are growing up in places such as Lagos and Kinshasha as millions leave subsistence farming to go to cities. Unlike Asia and Latin American countries men and women are coming to shantytowns in cities at a time when Africa is much poorer for a similar level of urbanization that Asian and Latin American nations reached decades earlier. In 1993 this WSJ analysis and graphs show the Asian emerging economies and sub Saharan Africa had similar GDP per capita of $2415, by 2019 this was $4000 for Africa and $12,000 for Asian emerging economies. Latin America was at $10,000 in 1993 and in 2019 was at about $15,000. The gap widened considerably between Asia and African countries. Asian emerging economies increased GDP to 5 time from the same starting point as Africa in 1993, Africa doubled GDP over the period of 25 years to 2019. Latin America started from a much higher point and increased GDP by only 50% over 25 years. Asian economies that performed better over this period did better because of stable even entrenched governments such as in Singapore with Le Kuan Yew and in China with stable successive governments under CPC leadership of prime minister Deng. The difference in Asia was a commitment across all classes and groups to development, a sense of development as a way to make up for the years lost under colonialism of foreign powers in the eighteenth and nineteenth centuries. A sense of correcting historical injustice and wrongs. This is a missing ingredient in the processes unfolding in Latin America and Africa in the last 25 years. ...

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The New York Times reports that comments from Obama administration officials describe an alarming loss of trust and confidence between China and the USA over the last two years. David Shambaugh, director of the China Policy program at George Washington University, says the administration had hoped to work with China on major challenges like climate change, nuclear nonproliferation, and a new global economic order. China, he says, has failed to step up and play that role. He describes the Chinese as responding as an increasingly narrow-minded, self-interested truculent, hyper-nationalist, and powerful country. Jeffrey Baker, a key China policy adviser in the White House, says China's responses reflected a sense in Beijing that China was a rising power and the USA a declining power, especially after the strong rebound of the Chinese economy after the 2008 crisis. The administration is determined to counteract that impression. Other factors complicate things. China is facing a transition to a new leadership in the next year. There are differences within the Chinese Communist party leadership ranks about the direction China should take. Trade and currency issues have come to the point where American public opinion is shifting greatly, with educated professionals changing their views on trade and currency matters. See the recent WSJ/NBC September 2010 poll on world trade, reported by Murray and Belkin in WSJ, Oct 2, 2010. The Obama administration cannot ignore the deep concerns of the American people on these issues. The House overwhelmingly voted in September to threaten China with tariffs on its exports if the Chinese currency, the renminbi, is not allowed to appreciate significantly enough (experts estimate that it is overvalued by 20%). It is not clear whether the Administration's rhetoric on this issue is to assuage public opinion in a business as usual manner, or expected to achieve substantative results to rebalance world trade. The G-20 summit in S. Korea leaves this change for well into the future- China with current account surplus of 5.8% of GDP in 2009 is expected to lower this to 4% by 2015. With the high jobless rate in the US and the large and rising current account deficit, the United States may have reached a juncture where this cannot be put off well into the future years. Other issues, the different foreign policy objectives, and differing perceptions of China and the US of each other, the relationship with US allies in the region, may create additional tensions. These tensions may be navigated by governments of both countries, but the shift in American public opinion on trade, currency and jobs issues will require tangible and real change. As trade tensions will only increase in the next two years with the lack of fiscal stimulus on the jobs front, and no significant change in jobs expected from the Fed's purchase af additional Treasury debt, and a sense that the mutual benefit in the trade relationship with China has been lost to America's serious detriment. China's position may be perceived as stronger than it really is from the faster rebound from the 2008 crisis, and may in reality not be as Jeffrey Baker sees it. As David Barboza has reported in the New York Times, and experts have pointed out, the huge amount of lending encouraged by the government has accentuated weaknesses in the Chinese economy. A significant amount has gone into real estate speculation and will only increase the bad loans on the books of China's banks. This happens at the very time that growth is expected to slow down and make it harder to absorb the bad loans, as was done in the past. ...

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Ezra Klein on the three questions on which the Supreme Court will decide after three days of hearings on March 26-28, 2012- the Anti-Injunction act, The Individual Mandate, and Medicaid Expansion. Related to the Individual Mandate question are Severability issues.

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U.S. president Obama in his speech at the Democratic National Convention describes Hillary Clinton as someone "who has been there for us- even if we haven't always noticed."  He warned against "home grown demagogues," and said " there were no serious solutions to pressing problems" at the Republican convention that was "not conservative, and wasn't particularly Republican."  

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Accounting rules that require companies to value the securities they hold at the prevailing price in the markets even if the prices swing sharply. On a day the Dow dropped 315 points the 11.3 billion dollar writedown taken by AIG was part of the reason for loss in confidence. This loss was based on taking the prevailing prices and taking the writedowns. If this were to be adopted widely it would in the long run give more confidence to the markets and avoid the Japanese scenario where losses were not correctly reflected prolonging the downturn, but it would mean a bigger initial shock to the economy as losses would be higher. Ben Bernanke doesn't have the answer or even an idea what would to do aboiut it and leaves it to the best judgement of the accountants.

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Nokia is pursuing its own strategy for operating systems rather than adopt Google's Android system. Nokia is pursuing its own version MeeGO and has considerable investments in this area, which would be negated if it adopted Google's system. MeeGo supports tablets, television, in addition to smartphones.