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A Tax Policy Center study (joint project of the Brookings Institution and the Urban Insitute) shows $157 billion would be generated in the first year from an increase in taxes on the top 1% of income earners in the U.S., about 1.13 million households earning average $2.1 million, by increasing the federal tax rate from current 33.4% for this group to 40%. This could pay for a program to provide tution free education in America's colleges and universities. Even increasing the federal tax to 40% on the 115,000 households earning over $9.4 million on average, the top 0.1% of American households, would generate $55 billion in the first year, enough to pay for the $47 billion cost of tution free education at all of America's public colleges and universities, according to the Tax Policy Center. Economists including Stiglitz and others, point to significant impact of revenue generated from such a tax when applied to improving educational opportunity for the middle class and lower income groups. Education is a great leveler of income disparities as seen in the U.S. after World War II. During recent decades the highest income groups weren major beneficiaries of tax and economic policy, at the very time the middle class and factory workers were hit hard by global competition which lowered wages and exported jobs. The interest rate policies of the Fed after boom bust cycles also favored large investors in equity markets over smaller income earners with savings account deposits, whose savings experienced little growth under interest rates close to zero. ...

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S. Korea's household debt is now 155% of GDP, according to the OECD. For the last ten years the household debt is growing at 13 percent, double the rate of GDP growth. Korea was not affected to the same extent as other countries by the 2008 financial crisis. As a result household debt continues to grow rapidly. The household debt to disposable income reached 140% in the U.S. before the 2008 financial crisis, according to the IMF. Spain reached a level of 130% before the crisis, according to the McKinsey Global Institute. The Financial Services Commission in S. Korea has taken steps to control this- by imposing limits on bank lending, tighter credit checks by banks, and incentives for shifting to fixed rate mortgages. About 95% of mortgages in S. Korea are adjustable rate mortgages. Housing loan rules in S. Korea require loans to not exceed half of the value of the house, and annual payments of principal and interest cannot exceed 40% of the owners income. This effectively insulates the banks from the effects of a housing bubble. One of the effect of the 1997 financial crisis in S. Korea when it turned to the IMF for assistance, is the relaxing of controls on interest rates to encourage spending in a country that encouraged saving. The result is the growth of a nonbank sector which is not subject to central government regulation by the Financial Supervisory Service. The non-banks are regulated only by local governments and can charge upto 39% compared to 4-6% at banks. Non-banks are also allowed to turn in their licenses and operate charging even higher rates. Each year about a 1000 nonbanks from 18,500 such banks in 2007 are joining the black market according to the Consumer Loan Finance Association, showing the size of the problem of black market lending to low income borrowers. S. Korea has mostly relied on growing GDP to control the situation, but slowing growth could lead to unsustainable levels of household debt....

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As the European leaders Starmer, Macron, Merz gather together, huddle together at meetings in London, Paris and Brussels, as the US under DJT and Rubio disengage from NATO and perceived expansion, Ariane Chemin gives this report and video in Le Monde on the situation in classrooms, around Square in the centrer of Kviv, at destroyed power plants, and at destroyed buildings in Kviv. Russian drone attacks on Kviv are leaving residents without electricity and without sleep. This is also what Europeans in France and Germany, and Britain, are seeing on news, video and on television.  The last peace initiative stalled after the hopes raised from the Alaska meeting of Putin and the US president. Efforts to get the Russians on board with US envoys in Moscow fail when the European leaders are absent in the talks, and when Russia insists on the 20% of the Donbass and eastern regions it does not control, and limits on Ukraine defense. Ukraine modifies the proposals and Russia insists on territorial concessions. A report in Germany's DW.com from Ukraine calls this "absurd." A new element emerges in this conflict in December 2025 when one sees this in the context of European history where such struggles between European powers happened repeatedly since 1500, with some of them in the period after 1700 involving Russia, Sweden, Denmark, Britain, France, Spain, Prussia and rest of Germany split into many states. That pattern has relevance today because when one power whether France, Austria-Hungary or Russia became dominant the other European powers acted together to keep the balance in Europe.  ...

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After suffering a deep depression Greece's economy is in 2019 24% smaller than in 2007. It may not be till 2033 that Greece recovers to its precrisis level GDP, says Oxford Economics, a consulting firm. With the creditors of Greece maintaining a tight control and requiring high taxes and high budget surpluses of 3.5% of GDP excluding interest payments, there is very little financial leeway to reduce taxes as the newly elected government of Mr. Mitsotakis of the New Democracy party has stated. Greece spent 8 years till 2018 under an austerity regime set by the European Union overseen by the IMF with eurozone authorites in return for a financial bailout loan package. Spending cuts and tax increases of 40% of GDP led to drop in GDP of 25%. Greece had misrepresented its official spending numbers to eurozone authorites in the years leading upto the crisis, leading to a lack of sympathy from ordinary German taxpayers for the country's situation. Unlike Portugal which was able to increase exports and find ways to reduce the austerity regime with sympathy from Germany, Greece lags behind in foreign investment and is 72nd in the ease of doing business ranking of the World Bank.  Unemployment is falling very slowly and is at 18%. Greece has returned to bond markets with 10 year bond yields of 10%. Growth is stuck at 2%. Pension spending takes up most of the budget, with little left for investment, education and other needs. No parties talk about cutting pensions anymore as a grandparents pension supports many families. The high taxes have hurt the private sector with the most productive people emigrating to other countries in northern Europe and to other parts of the world. About 500,000 left from 2010 to 2017, most are college graduates, and 64% have postgraduate degrees, a survey shows. Most of them will never return as it  is difficult to live and plan a life on a Greek salary. During the financial crises affecting Latin American countries such as Mexico, Brazil and Argentina for decades, the expression lost decade became common. Some like Argentina had repeat situations of lost decade before recovering. Even the U.S. suffered badly suffering close to a lost decade with faulty mortgages causing a crisis in 2009. Only Greece has proved that this can happen for nearly three decades. Greece's experience also sullied the euro currency's image, that was further damaged by the austerity policies across the eurozone's financially weaker countries. Lack of transparency and insider groups unable to take up the national interest and pursuing narrow interests left Greece in a bad position with little sympathy from stronger northern European countries such as Netherlands, Sweden, Germany. Today's political crisis for the centre right and centre left parties in Germany and other Northern European countries such as Scandinavia, Netherlands, also stems from this flawed entry of countries such as Greece into the eurozone with poorly managed finances. A combination of Tech creating low wage jobs, erosion of working class, failure of centrist parties free market policies to protect the working class, shift of jobs to low wage countries such as China, had already eroded the situation. The humanitarian response to what was both a economic and war related migration from North Africa  to Europe only worsened the image of these parties with working class people alienating them further. The eurozone countries and the European Union are only gradually recovering from these errors.     ...

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Ms. Annegret Kramp-Krarrenbauer, elected leader of the CDU party in 2018 with the support of Angela Merkel, will not run for chancellor in next years election and will resign from her position by the end of the year. She will continue as Germany's defense minister. After losses for the CDU in recent elections and the embarrassment of local CDU leaders in Thuringia supporting the far right AfD, AKK as she is known decided to step down. Angela Merkel has decided not to run for chancellor again. Germany is set to chair the EU in the second half of 2020, and Merkel is no longer seen as a leader of influence. The Nationalist Alternative for Germany AfD has gained votes in recent elections following the 2015-2016 migrant crisis, with large numbers of refugees from North Africa and Arab world landing in Greece and Turkey and walking to Hungary, Austria and Germany. Merkel's handling of the crisis with acceptance of a million refugees in 2015-2016 unsettled European and German politics. Why? One way of looking at it is that in the same way that the U.S. took in Chinese imported goods ending in the Trump tariffs war, at some point it just becomes too big to handle. That ended up at $1 billion a day in imports from China when president Trump called it off and accused Obama Democrats, Bush Republicans, of betraying the country. Putting it into perspective Germany with one fourth of the population of the U.S. took in about twice the number of refugees in just one year 2015-2016 that the U.S. took in 10 years 2005-2015. The U.S. took in 675,000 immigrants between 2005-2015. This is as if the U.S. took in something like 20 million immigrants in a short period of 1 year on an equivalent basis- though the cultural impact is even greater in a nation like Germany that is like Japan an historically immigrant averse nation. All this happened too quickly for Germany to handle for its fragile cultural fabric. Much of the initial outpouring of support and positive sentiment came from the sense of having gone through World War II and the refugees in that and the early post war period, the need to return in the same spirit support Germany had received. Over time it eroded support for the Christian Democratic Union and Merkel. That Merkel could have done this is itself a small miracle. Now the rebuilding has to begin. Adenauer's CDU and the socialist SPD party of Willy Brandt now have less than 50% support, only with the Greens Party do they make up 50%. The question now is can the CDU, and the SPD which has fallen to 14% in elections, make it back and what kind of future makeup political parties will have in Germany, how the social fabric can be restored. AKK's achievement is to mend relations between the liberal Merkel wing of the CDU and conservatives from Bavaria (CSU) over immigration.  Candidates for CDU leadership are Armin Laschet, Jens Spahn, and Friedrich Merz. Laschet premier of North Rhine-Westphalia has Merkel's support. Looking back too much attention was taken up by the euro crisis, and too little was done in the areas of infrastructure, inequality gaps, education, child care, under Merkel's leadership and of the preceding SPD years, much like what happened under Bush and Obama administrations in the U.S. where wars, economic crises led to neglect on issues that affect lives of ordinary working families. ...

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WSJ Lingling Wei's interview with Ding Xuedong, chairman of China Investment Corporation on its plans and strategies for 2015-2016, and future years. China's government formed CIC in 2007 to improve the returns on its foreign exchange reserves, estimated at $3.8 trillion in 2015. China Investment Corporation had largely stayed with low yields on U.S. Treasury debt till 2007. CIC has about $650 billion in assets in 2015. Its strategies provide insights into how China sees the outlook for the global economy. Ding sees opportunities in real estate and infrastructure, with a focus on the U.S. and Europe for steady cash flows. He singles out the U.S. as of particular interest as its economy rebounds. Strategies also include paring down of energy holdings. Foreign holdings are now $220 billion and have increased by 16.6% since 2009. A special unit CIC Capital was formed recently to more directly participate in managing foreign holdings with a long term view. Earlier focus of CIC on natural resources and commodities is now shifting as the commodities crisis has reduced long term prospects in that sector. The plan for the future is to shift to an allocation where financial products such as stocks and bonds are about 50%, and long term assets such as infrastructure investments, real estate and other investment take up the other 50%. At the end of 2013 equities and fixed income represented 57.4% of CIC global assets, and 28.2% were in long term assets. Ding wants to see China as the No. 2 engine for the global economy after the U.S. as No. 1. He sees the prospects for Brazil, Russia and South Africa as poor, and is optimistic about good performance from India, Mexico and Nigeria. On Japan Ding is skeptical of prime minister Abe's plans because he sees the lack of structural reforms in the efforts leading to a kind of lazy effort in his view. CIC is learning from the experience of other national investment funds and improving its in-house investment and management capabilities. Ding has many years of experience with China's Finance Ministry, the Cabinet, and the State Council. ...

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Experts say wisdom is important for well-being the older you become. About 150,000 people are over 85 years age in New York City. This series in the NYT in Dec. 2015 looks at people in the city, their lives, and their attitudes to life. At this age as other physical abilities decline it is wisdom that makes up for this. By being positive about their aging and adapting to their limitations older people make better lives. Laura Carstensen, director Stanford Center on Longevity, says this period can be better than people think for seniors who have gratitude, forgiveness, calm and appreciation in greater degrees from 50 years to 70 years, continuing into the later years. Anger and stress being replaced by conveying gratitude. The positive attitudes to aging also affect memory and heart disease. One of the people covered Ping Wong, 90 years, plays mah-jongg with friends every day and does everyday activities that make her happy. Jonas Mekas, 93 years, is a filmmaker who continues his working activities- doing an exhibition in Brescia, Italy, publishing an anthology of his writings, and giving a lecture in Berlin on filmmaking. Mekas has an interesting philosophy of life- he says do what you are doing and don't think about it much, it will all end sometime, just do something good for humanity that someone else can pickup from you when you are gone, which is normal. A sense of optimism prevails in these lives. Says Mekas its important to not give up on the idea of paradise....

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The Russian negotiator was in Washington DC for 3 days of talks suggesting the US Peace Plan of 28 Points has substantial Russian support. Will it overcome German EU and Ukraine objections?

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The Washington Post-ABC News poll of August 29- Sept 1, shows 60% of respondents disapprove of the way the Obama administration has handled the U.S. economy. Of these 60%, half "strongly disapprove." Two to one the respondents say they are worse off today financially than at the beginning of Obama's term in 2008. This is the response to the famous Reagan question for Jimmy Carter- "are you better off today?" On the issue of the size of government and services, only 38% of respondents say they want to see a larger government with more services, and 56% say they want to see a smaller government with less services.

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HTC was the first company to come out with a smartphone using Google's Android software in 2010. By the second quarter of 2011 HTC's share of the global smartphone market climbed to 10.7%, only to see a sharp decline in 2012 dropping to 2.2% according to IDC, as it faced stronger competitors Samsung and Apple. Second quarter 2012 revenues were down 27%, and an expected drop of about 50% in the third quarter. Samsung and Apple invest significantly more in distribution and marketing, and discount prices on older high end models making it difficult for HTC to compete. In 2012 the company's value declined by 50%.

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Hispanics made up 14 million of California's population in 2010, whites 15 million and Asians 4.8 million. Whites and blacks declined as they moved to less pricey and more affordable states. Asian population continued to grow at rates of over 30% for the second decade, and a majority of residents in Orange County are now minorities. Hispanic growth slowed from over 40% between 1990 and 2000 to over 30% in 2010. Most of the growth in population in California has been in the inland areas such as Fresno and Riverside. The growth of the Hispanic population also means a shift in favor of the Democratic party in the state.

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The deep cuts in Chrysler's engineering staf, with 40% of the engineering staff gone under Daimler and Cerberus, is hsowing up at job fairs. Jim Badhorn was a Chrysler engineer for 21 years before he took the buyout. He designed the rear doors of the Chrysler 300 sedan. Badhorn put much of the $75,000 into acollege fund for his 2 daughters. He hits the gym everyday. He is arenter so his home in Birminghan isn't like the other owners who have lost 40% of their home value. And he can't even find the end of the job line when he goes to a job fair for a military contractor.

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U.S. president Trump's statement calling for a list of goods for tariffs on $200 billion of Chinese goods leaves China without a clear response and facing new risks. The U.S. exports about $150 billion in goods to China so that China would have to impose penalties to respond at the same level. Placing restrictions on American firms on access to China's market, and imposing other penalties would have the effect of reinforcing the perception of unfair practices targeting American business and lead to hardening of U.S. response.  The U.S. sees itself as being in a better position with the U.S. economy experiencing a growth trend. China with large local government and bank debt faces a difficult situation. President Jinping's policy of reducing the risks of bad debt in the banking system involved sacrificing some growth to stabilize the system. China's GDP growth in 2017 was 6.9%, the target at 6.5%. Future targets and actual growth now look to be much lower.The trade war with the U.S. has the effect of dampening growth leading to calls for the central bank to loosen its monetary stance. In response to Trump's announcement the People's Bank of China pumped $31 billion into the nation's banks. China is studying Japan's response in the 1980's and 1990's when the U.S. took strong action against Japan's growing trade surplus. Japan responded by appreciating its currency and using stimulus to cushion the effect of lower exports on the economy. The stimulus led to the housing bubble and over time a period of low growth and stagnant economy. The large China stimulus in 2008-2009 has compounded the problems in the banking system. Not deleveraging and controlling financial risks in China's banking system because of the trade war would bring a new set of risks. ...

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Merced describes the events leading to the acqusition of NYSE Euronext by ICE. On Dec. 20, 2012, Intercontinental Exchange said it would acquire NYSE for $8.2 billion. Mr Sprecher of ICE approached Duncan Niederauer of NYSE Euronext in September 2012, and the deal was put together in 3 months. Niederauer has a good relationship with Sprecher and both sides kept the door open after the bid by ICE and Nasdaq to acquire NYSE Euronext failed. Niederauer had persuaded the Board much earlier about the advantages of merging with ICE- providing a clearinghouse for its futures exchange operation LIFFE in London, no overlapping business that would cause problems with regulators, and the prospects of a well managed ICE under Sprecher in a growing and profitable derivatives business. The details were worked out quickly with Sprecher maintaining two headquarters, one in Atlanta and the other in New York City. ICE would gve LIFFE clearinghouse services by June 2013. Niederauer will be president and report to Mr. Sprecher....

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Americans are increasingly using messaging apps to post status and photos. In the last quarter of 2018 the users posting status and comments dropped by 10% to 23%, for photos posted it dropped by 10% to 28%. This shift means people are posting less on news feeds and more on privately encrypted messaging apps such as WhatsApp, and WeChat in China. WeChat also does payments and e-commerce. Facebook is making the change as it shifts away from news feeds that have faced a credibility gap.

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The Moderna vaccine can be more easily shipped and handled than the Pfizer vaccine making it easier to use at smaller hospitals and in rural areas. Moderna would add 20 million doses in December to that of Pfizer's 25 million doses for the U.S. Moderna vaccine is developed in Cambridge Massachusetts Labs and is manufactured in the U.S. and Switzerland.  Moderna vaccine can be stored in freezers does not require ultra low temperatures as Pfizer vaccine. Once thawed it can be stay refrigerated for 30 days compared to 5 days for Pfizer vaccine. Moderna ships in containers of 100 vaccine doses or larger, Pfizer minimum container size is for 975 doses. Both Pfizer and Moderna vaccines are in th 94-95% effectiveness range. Moderna can be injected as is, Pfizer's requires to be diluted in a separate solution. On Dec. 11 the U.S. ito double its purchase of Moderna vaccine to 200 million doses by end of June, Pfizer 's is still at 100 million doses. Moderna may get its approval from FDA in U.S. by Dec. 18. Both Moderna and Pfizer would require a second dose in 3 weeks, both use the same MrnA technology. J&J is developing a vaccine that requires only one dose. J&J finishes its trials in January and expects approval in February.  ...

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Drop in immigration reduces labor supply keeping the unemployment rate steady even as hiring cools off. Compared to the roughly 1 million in 2019 net migration was about 3 million in 2022 and 2 million in 2024. In 2025 this is now about a negative 250,000 or quarter of million negative migration. Out migration is expected at about 1 million. This means that about 35,000 non farm jobs created between May and July 2025 haven't increased the unemployment rate as fewer new workers join the workforce from illegal migrants. This has to have an effect for wages for the workers in construction and farm work as employers compete for a smaller number of existing workers though economists and the financial media rarely talk about this. This was needed following decades in which the labor supply increases from illegal migrants meant no pressures on employers to pay more than the minimum wage kept artificially low. This means that even well meaning Democrats who clamored for increasing minimum wage were doing exactly the opposite of what was needed for the existing worker base wages in construction, farm work, and household help, because of their sentiments or because of the immigrant wing in their party. Note that about a third of maids, a third of construction workers, and 25% of landscaping workers are not legal migrants. Agriculture Department estimates are for about 40% of farm workers to be without legal work authorization. ...

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The rally of about 1 million people in Berlin shows Germans are awakening to the need for vigilance in a democracy. Berliners and Germans were showing their awareness of Thomas Jefferson's words that eternal vigilance is the price of freedom. In the fragmented world of German politics where the main parties Social Democrats and Christian Democrats, the parties of Wily Brandt and Konrad Adenauer that built modern Germany command less than 20% support each, the need was never greater for a bulwark of freedom and free people in the center of Europe.

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Instead of pie the Apple crisp- better texture, flavor and crisper, is also quicker- 1 hour. The oats and pecans, walnuts, cinnamon and sugar, butter is blended together as a topping. Just oats and nuts no flour makes it different. The apples peeled, sliced are placed at the bottom and the topping goes on top. Baking for 50-60 minutes or till brown at 375 degrees.

Recipes are motivated by the idea of using experimentation for getting less cane sugar, and more fruit, nuts and ancient grains into the diet for better health.

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There are 5 million people in Ireland, and many times that over 10% or 40 million Irish in the US. Andrew Jackson, Reagan and Biden were Irish. The Irish built the railroads and city buildings, the White House and the Capitol. This goes back to the founding of the US in 1776. 

Michael Martin Irish PM meets DJT at the White House March 13, 2025 to celebrate St Patricks Day. Martin hands a shamrock to DJT. Other than the British the Irish have the oldest relationship to the new Republic since 1776.

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Airlines are placing placeholder schedules full of flights 6 to 9 months ahead of travel dates. The 2 months before the travel date the real schedule will be placed. At the time of travel some flights with few passengers will be cancelled. Airlines are also flying directly to travel destinations from smaller cities, new flights are setup for destinations such as Israel because of vaccinations, Reykjavik, and other destinations such as Greece that are opening up for vaccinated people in the US. In 20 years there has never been a time when airlines are planning flights in this way. A vacation surge is under way as vaccinations increase. Federal money to aid airlines recovery is helping airlines bring back planes and new flights, retrain pilots. Business travel is down and likely to stay that way, so that the surge is expected mostly from vacation travel. Delta has the unique situation where it can increase capacity by 30% by ending its block on middle seats on April 30, 2021. Delta's available seat miles are expected to be 80% of 2019 showing that a recovery is underway as more people book airline travel. ...

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Hungary's Orban meets DJT at White House Nov. 10, 2025 and gets a 1 year exemption for buying Russian oil. Hungary is landlocked and gets 86% of its oil from Russia through pipelines.

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Belafonte is a rare activist from the civil rights era who brought much attention to civil rights and humanitarian issues. Entertainer and civil rights activist Harry Belafonte worked with Martin Luther King in the civil rights marches of the 1960's. He helped organize the March on Washington in 1963. Shown in WSJ is a rare black and white photo of Belafonte with the Rev. Martin Luther King and civil rights marchers in Montgomery Alabama in 1965. Belafonte enlisted in the US Navy and after discharge lived in New York City. He attended the Dramatic Workshop of The New School of Social Research where he discovered his passion for the theater. He won all four awards, Tony, Emmy, Grammy and Oscar and covered music, theatre, film with his versatility and skills. He helped popularize Caribbean style music in the US with the album Calypso in the 1950's with over a million copies sold, including Day-O (the Banana Boat Song). He was equally passionate in film about the emerging consciousness of black people in the Caribbean and Africa as countries became independent in the 50's and 60's. He was portrayed in that role in Island in the Sun in the changing politics of the colonial era in the Caribbean. ...

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When American literacy levels for civics and history are hitting new lows news channels are instead of building a well informed mindset in people doing just the opposite for profit.  Discovery Communications merged with Warner Media in April 2022 to form a new company that controls CNN. That led to appointing Mr. Licht to run CNN news channel. With the end of the Trump period and the pandemic news ratings had declined for both Fox and CNN. Licht's decision to hold a town hall as Mr. Trump starts his bid for the Republican nomination in 2024 can be seen as a way to improve its television ratings and revenues. At a time when only 20% of eighth graders can pass a national education test in history or civics, it should be seen with dismay that television channels are not only not increasing literacy and better understanding of history and civics- instead they are reducing the level of literacy with the kind of news programming offered by Fox News and CNN. This is also true for Google and its algorithm based news as shown in Movement for Global Literacy in Lyrarc.com. This is deeply troubling for American democracy, and for what Biden call the "struggle for America's soul." ...

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Michael Barr was appointed in July 2022 to the Federal Reserve Board of Governors by president Biden, and made the vice chair of financial supervision. As a legal scholar at the University of Michigan with a number of books published on the plight of black Americans after the financial crisis of 2008, he is familiar with the problems created by banks from a laissez fairre approach to regulation.  Barr helped write the rules for the legislation on supervision of banks after the financial crisis of 2008 that hurt worker and families, and minorities particularly in places like Detroit. He is now responsible for correcting the problems created by the Trump legislation that exempted banks under $250 billion from this regulation. Barr will bring this down to $100 billion, the original 2008 legislation has a threshold of $50 billion for banks to be subject to oversight by the central bank and stress testing. In 2018 Barr said about Trump's legislation to limit regulatory oversight in an op-ed in American Banker- "The rules (after 2008) were not meant to apply only to the largest handful of systemically important firms. It is the very antithesis of macro-prudential supervision to focus only on the largest handful of financial firms and to ignore risks elsewhere in the system." ...