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What US companies did not get early on is that as China's economy advanced local companies could make the same products for less and innovate to take a big share of the market. Ford exited China and GM took  $5 billion charge on its China business. Chinese makers of cars, EV's, laptops and cell phones have the major share of the market. In 2024 US companies chastened by their experience and failing to compete in China are reticent about tariffs impacting their market share in China. Other reasons China was growing at over 10% in the last year of Obama's second term. In 2024 China is struggling to reach 5%.  Following Covid, housing industry collapse, as US and Europe block China's exports, China's public is growing wary of spending. There are only 800 Americans studying in China in 2024 compared to 11,000 in 2019. There are 290,000 Chinese students in US. ...

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The last kick on goal in a penalty shootout between Sweden and the US is decided by VAR review. The ball was hit so well that the American goalkeeper had difficulty keeping the ball outside the goal line even though she pushed it out. The Swedish women's team kept a remarkable composure throughout the game and the shootout.

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Experts say about 110,000 votes separate Hillary Clinton and Donald Trump in the three states of Michigan, Wisconsin and Pennsylvania that decided the 2016 presidential election in the U.S. giving Trump the win. Post election reflection in the Democratic party points to a disconnect between the establishment in both parties and the white working class. It is described as something that was not thought enough about even though as pointed out in Lyrarc, and in The Washington Post by columnists, and in news coverage about the inequality movement long before Bernie Sanders appeared in 2015. In the period when banks were favored over millions of homeowners facing foreclosure in 2010-2014, the surging stock market and the zero to to half percent interest on savings that hurt savings of most of the working class and lower middle class without stock investments, and the continuing problems in communities facing job losses from trade for the third decade. The hollowing out of the regions in Ontario from job losses from the Canadian industry helped Justin Trudeau win the Canadian election. In this election it helped Trump in crucial midwestern states, combined with a degree of indifference shown by establishment Democrats. Former Vermont governor Howard Dean is planning to run for chairman of the Democratic National Committee. Bernie Sanders says he backs Minnesota Rep. Keith Ellison to be the next chair of the DNC. Jeff Weaver, campaign manager for Sanders, says the problem lies in what has been clear for some time now "that the centrist wing of the democratic party has no standing with working class and middle class  voters in this country." In 2016 only 51% of union households supported Clinton the lowest since 1980, 43% supported Trump. Obama won 59% of union households in 2008 and 58% in 2012 to 40% for Republican Romney. Trump picked up 3% of union households, Clinton lost 7% of union households, creating about a 10 point gap that would be magnified in industrial states where union jobs are concentrated, for about 18% of the people who voted in the election, enough to create the shortfall in Michigan, Wisconsin and Pennsyslvania. Fed chairman Janet Yellen pointed out the problems at an Inequality conference in Boston in 2014, pretty stark in its reminder that inequality had surged to levels not seen since the depression of the thirties, with 62 million households having a net worth of $11,000. Krugman and other economists had pointed this out on the pages of the NYT. Yet the post election reflection in the media is as if this is some special insight when it was clear for all to see, and covered in depth in Lyrarc for years since 2008. There is voter fatigue after 8 years of one party in power as pointed out by Obama campaign strategist, David Axelrod. The loss of union enthusiasm made the task of  a third term for the Democratic party even more difficult.     ...

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The Federal Reserve reports show capacity utilization in the U.S. at 76.9% in April 2011. This is less than the 81% when the recession began in 2008. It shows an increase from the 67% capacity utilization in June 2009. The capacity utilization figures are 78.1% for the chemical industry, 80.5% for the computer and electronics industries, and 74% for the auto industry in March (which dropped temporarily to 63% in April as a result of the earthquake in Japan).

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Vice president Harris is interviewed by Barnes and Jackson on their All the Smoke Productions You Tube Video channel. This will be broadcast on October 1, the day before the Walz-Vance debate. In it Harris recalls how in the 2006-2007 season she took the Bay Area Rapid transit to games at Oakland's Oracle Arena. “That was a very special time. I mean, it was electric. This is the thing I love about sports in general — but I’m going to say, ‘My Warriors, our Warriors’ — is that it was about bringing all kinds of people around the Bay Area — and the Bay Area’s a melting pot, right? — all coming in. And that team, you guys were the best of the best, legendary.” Harris says she admired the Warriors so much. That year the No.8 Warriors used the theme "We Believe" Warriors to win over the No. Seeded Dallas Mavericks. That year Harris was San Francisco's District Attorney.   ...

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India is an attractive place for foreign investors with the country moving up 23 places in the ease of doing business rankings of the World Bank. Growth is faster than China since 2015, and GDP is expected to double to $5 trillion by 2030, according to government think tank NITI Aayog. Corporate deal making from foreign investors exceeds that in China. Mergers and acquisitions targeting Indian companies reaching a total of $93.7 billion in 2018, up 52% from last year, according to Dealogic. Overseas purchases were $39.5 billion for India in 2018 compared to $32.8 billion for China. In comparison to China where trade tensions are increasing, India under the Modi government has improved the ease of doing business- implementing a new bankruptcy code, easing foreign direct investment rules, introduced a nationwide goods and services tax to replace a hodge podge of taxes in different states. In the consumer sector Unilever NV made purchase of a malted drink brand Horlicks from GlaxoSmithKline PLC as part of a $3.75 billion deal. Softbank led a $1 billion investment in OYO Hotels. In infrastructure Tata Steel made a $8.3 billion acquisition of steelmaker Bhushan Steel. Reliance Jio's aggressive push in mobile with low prices is leaving the telecom industry ripe for mergers and consolidation- Bharti Infratel acquired Indus Towers for $6.5 billion. Closely held family companies are also selling out their controlling stakes. ...

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An editorial in the WSJ says the decision by the U.S. State Department to reject any claims on the South China Sea are now in accordance with international law and the geopolitical facts. The U.S. State Department stated on July 13 that "Beijing's claims to offshore resources across most of the South China Sea are completely unlawful." The Permanent Court of Arbitration in the Hague stated this in 2016. The State Department document says "The world will not allow Beijing to treat the South China Sea as its maritime Empire." The vital waterway is also claimed by the Philippines, Malaysia, Vietnam, and it remains an open waterway for navigation by all nations. The U.S. sent 2 aircraft carriers to the South China Sea in July to maintain freedom of navigation.

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The Economist points out (in this cover issue on India-Pakistan relations) several fundamental facts. The first is that the current state of relations betweeen India and Pakistan hurts Pakistan the most. It makes a much smaller country and smaller economy bear the burden of defense against a large neighbor- defense takes up much needed allocation of funds for infrastructure and development, education and healthcare. It also weakens democratic institutions and their development by an overdependence on the military for governance. Poor India-Pakistan relations have significant adverse effects on the U.S. In fighting the Taliban U.S. forces are fighting a force that Pakistan's military helped create and support from its early beginnings as a way to counter Indian influence. With an Indian-Pakistani peace settlement of issues in Kashmir and other outstanding issues the U.S. would be in a significantly better position to disengage from the region, especially when the entire Middle East is moving in a new direction in 2011. Consider the difficulties in establishing peace in Northern Ireland, and between Turkey and Greece, and the difficulties of establishing peace between India and Pakistan cannot be considered even more difficult. Pakistan and India muddle along- neither side is doing much to take the initiative. For the U.S. disengagement from South Asia can be best achieved by pushing for a settlement between the two countries. Pakistan and India have much to gain from a settlement. Considering the progress made in Ireland, such places as Yugoslavia, and in Turkish-Greek relations, there is a lot more that can be done and should be done to bring India and Pakistan together. In Ireland diplomatic efforts were made by U.S. envoy George Mitchell, and in Yugoslavia U.S. envoy Holbrooke made diplomatic efforts towards the Dayton accords. Greek-Turkish relations have advanced to the point where Erdogan and Papandreou, the Greek and Turkish prime ministers, discuss solutions to the Greek debt crisis. This includes options to reduce Greece's defense expenditures in the light of Turkey's new foreign policies. The lack of such efforts to break the deadlock between India and Pakistan by the U.S,. the U.K. and other countries involved in the NATO mission in Afghanistan, the emphasis on a military solution supported first by Gen. McChrystal, and then by by Gen. Petraeus, all show a lack of understanding of the real issues that need to be tackled- issues relating to a peace settlement between India and Pakistan....

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A warning from Britain about tax cuts and not investing in the US economy that could put the US in the same bad shape as Britain under the Tories with Trump/Vance tax cuts and high tariffs stifling the economy. Krugman, with his long experience in studying economic policy of governments,  says the unforced error for Britain was not even Brexit as much as it was the austerity policies put forward by Cameron and his finance minister Osborne in 2010. What it did was to push austerity policies when the right move would have been to invest in the economy and in public services. In 2010 he says the Greece crisis and eurozone debt crisis led to Britain adopting austerity when it was in a different situation. Britain's debt was in its own currency and at home. The British economy was just recovering from the 2009 banking crisis which meant that economic capacity was underutilized and more people needed to be employed. In this situation Britain instead of Cameron/Osborne austerity that starved public services and investment in infrastructure, jobs, needed to invest in public services. A decade and half later this has put Britain in a bad place with a weak economy and dilapidated public services. Britain lacks the courage and right policy of the Biden administration in investing in the economy with support from Congress, so that even Labour is not in a position to soon reverse the effects of this austerity policy. ...

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U.S. exports reached $2.34 trillion in 2014, increasing by $760 billion over the figure in 2009, according to the Commerce Department. Exports accounted for one third of the U.S. economic growth since 2009, say Pritzker and McNerney. Goods and services for exports supported 11.7 million U.S. jobs in 2014, and a Commerce Department 2010 paper shows these jobs pay 18% higher than jobs unrelated to exports. Commerce Department Secretary Pritzker, and McNerney, chairman of the President's Export Council, say free trade agreements and investment by private business is critical to supporting export promotion, but make no mention of the effect of the stronger dollar on future exports. In a period of a few months in 2015 the euro is approaching parity with the dollar and the yen is now 120 to the dollar, giving European and Japanese business a significant advantage, and raising questions about the strength of the U.S. recovery going forward.

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Lifespan, Healthspan, Wealthspan, how about Mattering Span or Not Losing Purpose in Retirement? It is always on the mind of retirees how to do things to not lose the activity and sense of purpose in life. Much needs to be done to get retirees back into life, into participation in the economic life of the Nation. With so much knowledge and expertise, and the capital in trillions of dollars, this is apart of the population that has so much to offer and so much that can further advance the Nation in fields of education, health, the arts, culture, sports. With a slightly slower pace than youngsters, this group brings so much of value- knowledge and wisdom that can be tapped into at all levels of business activity with new ways and approaches to involvement.

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The former editor of Britain's Daily Telegraph says that there is no coherent political strategy in Afghanistan, and that Obama's support for troop "surge" in Afghanistan is more a gesture to the generals than a convicing path to success. He says the 30,000 troop surge makes headlnes but shrinks small in the vast mountainous terrain of Afghanistan. The Pakistani people are increasingly more so than 2001 and 2006, hostile to Americans in the region. And hard core security forces in Pakistan also are against increases in US troops. And because of the Karzai regime's failure the Taliban have real if limited support. And Britain he says is turning irrevocably against the war.

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A red wave fails to appear, says this report in The Guardian of the US 2022 midterm elections for the US Congress. A key Senate seat in Pennsylvania goes to Democrat Fetterman. Other races are tight and the final results will take time. Ron De Santis wins Florida as a Republican with a wide margin and is seen as looking for the Republican nomination for president in 2024. The Georgia Senate seat looks to be headed for a runoff.

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Greg Ip of the WSJ looks at the result of changes in supply chains away from China, and the new trading relationship with China to 2028. He says the shift to a new global supply chain that diversifies it away from concentration in China is taking place. Would taking the tariffs from 30% to 60% under a new Trump administration be a good idea? Greg Ip thinks it is a bad idea as the change is gradual and is actually taking place. It may have the unintended effect of worsening US China relations essential for global stability when it is coupled with erratic or retaliatory rhetoric. Rhetoric that appears to China that it is being singled out in world trade beyond what are changes that have taken place with Japan in the past in trade. The Biden administration is for good reasons working to restore a balanced yet stable relationship with China. Apple is shifting production of 25% of iPhones to India. Samsung is investing more in Vietnam. The trade deficit with Mexico has reached $151 billion twice as large as in 2017. And $100 billion with Vietnam three times as large as 2017. The US trade deficit with China has dropped from $381 billion to $281 billion in the last 12 months, the Commerce Department reports show. And from $1.1 trillion with the whole world from $1.2 trillion for the last 12 months, 4% of US GDP. Overall the Trump era tariffs of 30% have not reduced the US  trade deficit substantially but has shifted American and European foreign investment to India, Vietnam, Mexico and other countries as well as to the home country. Over time the supply chain would become truly diversified as India makes great strides to become the third largest economy with new infrastructure by 2030. The head emeritus of the European Union Chamber of Commerce in China, Joerg Wuttke, says the pressure to export will be high for China as its economy shifts more to manufacturing from construction. Most Chinese companies are producing more than internal demand in China, and most companies in solar are losing money, in wind turbines and solar all are losing money, Wuttke says. This means China will double down and increase its investments in Mexico, Vietnam, Morocco and other countries so that it can send its products to the US through third countries that do the final export. One expert even says removing a few screws here and some there, find a different supplier, and shipping to a third party for final export that makes it not 100% Chinese content, the pressure for that is high. ...

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Millets are small seeded grass grown since ancient times in India and Africa that have the advantage during climate change of being resilient to drought, adverse weather patterns, require less water, and provide high nutritional value. In India known as bajri and ragi, in Sri Lanka as Kurakkan, and in America as finger millet, these ancient grains similar to ones in Eastern Europe that also lost popularity, were during the Industrial Revolution replaced by wheat and rice over most of the planet. The return of hope with a path for climate change action, a path out of inflation, also includes a path to better health through a transformation in food habits and in agriculture for Europe, the US, Asia, Africa and Latin America. Here Lyrarc brings to readers the UN Exhibition at the delegates entrance in New York Feb 15-17 that showcased millets. Dr.  Arun Nagpal says we often feel that healthy products involve a compromise in taste- "However millet products carefully crafted and combined with other ingredients can bring taste and value to almost every world cuisine today. From flours to breads, cookies to pizzas, pastas, cakes, breakfast cereals, smoothies and so on." He emphasizes that millets don't have to be forced into our diets but can easily be integrated into an existing style or pattern across ages and cultures, across cuisines and nations, and across the dietary preferences. ...

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The end of an era as PSG beat Barcelona in their home stadium 4-1. Mbappe scores a hat-trick and the picture of Spanish player Pique hanging onto Mbappe's shirt during the game becomes one of the defining moments. Barcelona is no longer the team it once was with Messi almost out of the Spanish side.

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This editorial in the WSJ says it is quite normal for the Republican Party to choose which candidate best represents its platform, citing a decision by Supreme Court Justice Scalia. This follows the selection of delegates in Colorado in April 2016, with most of the delegates going to Ted Cruz.

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This report in theWSJ says Krysten Sinema received donations from the securities industry of $2.2 million and is opposed to taking out the carried interest provision that is a key source of income for private equity managers. Senator Manchin says it is time to remove carried interest and this would raise $14 billion over a decade. Sinema is in favor of climate change action and favors a tax on carbon emissions.  On corporate minimum tax Sinema has worked with Senator Elizabeth Warren for the tax change that would require a minimum 15% corporate minimum tax to be paid by corporations. On precription drug prices Sinema has worked with Democrats on what the list of drugs should be for Medicare to negotiate drug prices.  As many of these key points have been worked out with Kristen Sinema it now remains to be seen how Democrats get the agreement of Sinema and any other members in Congress to prepare for the passage through Congress of the Climate Change action bill Schumer has negotiated in the Senate. ...