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The Trader Monthly embodied a certain Wall Street trader culture that was unlike anything that the national values we as anation have valued and handed down for generations. It was not only about extravagant outrageously large earnings and flamboyant spending but a sense that these people were a special breed of winners. A $300,000 turntable was not the only thing that characterized this culture. In 2006 Trader Monthly took into its hall of Fame a Chicago mercantile Trader and described him admiringly as " aconqueror, physically imposing, and at times, verbally abusive. Clad in his signature white jacket, he would crush anyone who dared to cross him or tried to pick his pocket." And the justification for all this was that traders delivered. Except that many of these gamblers and overaggressive complex people who had somehow lost the Christian ethic of their forefathers, had helped messed up the delicate gears that work the capitalist economy in positive ways, and caused a massive misallocation of capital that would bring grief for years to come through high unemployment, closing small businesses, and dislocations of the nation's economy. ...

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The WSJ's Spencer Jakab points out the role of politics- with Saudi Arabia in a standoff with Iran and Russia in Middle Eastern conflicts- and Saudi policy of full output with no cuts unlikely to change, ensuring lower prices for 2016-2017.

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This analysis in the South China Morning Post shows that some of the nuclear options China has in a trade war with the U.S. are not as effective as they appear. Selling off China's huge Treasury holdings would lead to a situation where there are no buyers on the other side. It says private sector bond buyers would run a mile, and the lack of buyers, actions by the U.S. government freezing these assets could render them effectively worthless. The bond yields would jump but only for a short period as the Federal Reserve would step in to buy bonds, and yields would stabilize with the actions of central banks of U.S., Europe and Japan. A dent in the dollar would only make Chinese goods more costly in the U.S. exactly what U.S. tariffs are trying to achieve. A 10% devaluation of the yuan would have the effect of creating expectation of further devaluation, and lead to capital outflows from China on a large scale. A small devaluation in 2015 led to a large outflow. This would lead to a significant loss in foreign exchange reserves for China.  In this way China's deterrent would be less effective than it appears. ...

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Patricia Kowsmann provides this picture of life in a town on Portugal's northern coast, Viana do Castelo, with a population of 87,000, as Portugal struggles to make a recovery. Viana do Castelo has shipyards and companies making metal bridges for highways. The money losing state owned shipyard was privatized and sold to Martifer SGPS SA to run till 2031. 600 workers at the shipyard were laid off. The new company plans to rehire 400 workers by 2016 but jobs will not be permanent. Companies making the bridges now sell to former Portuguese colonies of Angola, Mozambique, Brazil. 200,000 people have left the country to look for jobs or higer education, including the mayor's daughter in London. Exports are up and now make up 40% of Portugal's GDP, up from 27% in 2009. The economic growth is 0.9% in 2014, after declining 6% 2011-2013. Portugal accepted the last instalment of the bailout loan of 78 billion euros in 2014. It will auction 1.25 billion euros of bonds on July 22, 2015. Unemployment is now declining dropping to 14% from a high of 17%, and higher than the pre crisis level of 11%. Here in this coastal town the mayor Jose Maria Costa cut public employee salaries 15%, and also cut sports and cultural programs. Two food centers provide free lunch and dinner, and half of the 4000 children in school get subsidies for food and transport. A shipyard worker Antonio Gomes Barbosa 64, is one of the laid off workers. His son's architecture company closed and he left Portugal for Angola. Some of his co-workers now work at a shipyard in neighboring Spain....

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Sallie Krawcheck and Joe Price will be leaving Bank of America. David Darnell and Tom Montag were appointed co-chief operating officers of Bank of America. Bank of America stock declined by 50% by September 2011. Montag will oversee the bank's banking and marketing activities including Merrill Lynch. Darnell will run the consumer business including wealth management and home loans.

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Monsanto CEO Hugh Grant pursues a strategy of expansion in pesticides with the planned acquisition of Syngenta. He is a graduate of Glasgow University with a degree in molecular biology. Grant, CEO of Monsanto since 2003, sees higher growth in pesticides. Sales in Monsanto's seeds and genetic traits division, about 65% of its business, increased by 4% in 2014, with its herbicide division growing by 13%. Syngenta is the largest pesiticide manufacturer and Monsanto the leader in seed sales worldwide. Grant has used his Scottish humor to fend off criticism of its genetically modified seeds business, a business it started 20 years ago and which is slowing. This can be seen in the increasing frequency with which the label "No GMO" (no genetically modified) is seen on food products. Grant sees the new moves as a way to reinvent Monsanto's business one more time.

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Tom Horton's role in the merger of American AIrlines with U.S. Airways. Tom Horton was the chairman of American Airlines, and helped execute the merger, which was very favorable to shareholders.

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Apple reports a slowdown in iPhone sales, with a less than 1 percent in increase in sales, for fiscal first quarter ending Dec. 26, 2015, over the prior year quarter. Revenue is expected to decline by 11% for the quarter ending in March 2016, over the prior year, first such decline in 13 years. Analysts say Apple will have to reduce gross margins of about 40% to increase sales. Apple CFO Maestri says Apple increased prices in some markets because of the strong dollar. When the stronger dollar is excluded from results for the quarter ending Dec. 26, 2015, sales revenue increased by 8% over prior year quarter, according to Apple. As Apple slows down its shares financial performance is stalled at about $100. Apple tried to present a different picture now that China sales are slowing down- it said that users had "engaged" with 1 billion Apple devices whether iPhone, iPad, Mac, or Apple TV, in the last 90 days, by downloading an app, song or movie. These services geneated $5.5 billion in revenues for the quarter ending in December, a 15% increase over prior year quarter....

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China's total public debt was 95% of GDP in 2022, Japan's was 62% in 1991. It's population aging faster than Japan's with population declining in 2022, Japan's declining in 2008 twenty years after its bubble burst. China's per capita income at $12,850 in 2022, compared to Japan's at $29,000 in 1991. China is facing more difficult headwinds than Japan in many ways. There is also higher tension in trade relations with US and EU limiting export growth. There is also the policy stance of the Communist Party that sees rural areas left behind with about 35% people in rural areas and Xi is slowing growth to reduce disparities and housing construction led speculative growth. In Japan urbanization was 77% in 1991, compared to 65% in China today.