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The San Francisco Bay Area region is blanketed by smoke so thick that it is dark at noon on September 9, 2020. The haze was so bad drivers had to keep headlights on. Fires fueled by strong winds are a huge problem. Smoke from the fires is blocking out the sun.

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China's central bank PBOC reduces interest rates to reduce borrowing costs of heavily indebted households. Households in China carry more debt than households in the US. Mortgage costs are a key part of the debt for households in China. It points to slowing of the economy in 2023.

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This report in NYT says games are decided in a few moments but England were second best throughout the game in the finals of World Cup Soccer 2023 with England playing Spain. Olga Carmona does something that is rare with the one winning goal against Sweden and now against England.

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Thodex cryptoexchange in Turkey lost $2 billion for users who could not withdraw funds. It imploded in 2021. The founder of this cryptoexchange was sentenced for a lengthy period by Turkey's prosecutors. WSJ compares sentences in Turkey to the sentences in the US for fraud and money laundering.

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The auto sector has an outsized effect on economic growth that is not easily grasped. The IMF sees a fifth of slowdown in growth of global gross domestic product and a third of world trade coming just from low demand for autos. The auto sector feeds into demand for steel, aluminium, copper, plastic and electronics, so it feeds into other sectors. Aging populations, stagnant incomes, ride sharing, and economic headwinds on trade for China, slower demand with lower economic activity in India from bad loans and low credit in the finance sector, all have cut into growth. Tariffs from president Trump and tit for tat tariffs increase costs and cut into profits. In Europe there is added factor of mandated drop in carbon dioxide emissions by 20% by 2021. The new technology will increase costs of autos by 800 to 5000 euros and add 5-11% to the selling price, reducing sales by about 5%.  A fast growing market is India but companies such as Ford and GM have moved out as it slows down. Higher emissions standards in India for 2020 are likely to increase prices in a very price sensitive market. Lower availability of credit in China and India have led to drop in sales of about 15% in both major markets for autos since mid 2018.   ...

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Bank of America CEO, Brian Moynihan sees economic growth at 2.5% for the U.S. in 2014, and global economic growth for GDP at 3.5%. He expects the Fed to continue its bond buying program in 2014 to prevent any backsliding in economic growth in the U.S.

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Biden's record on taking America through the pandemic, and getting the largest vaccination program in history like that of prime minister Modi has been forgotten to some extent by the Nation and more by the media than the Nation. Decisions on supply chain concentration in China were made long before Biden for decades since Clinton and Bush, Obama and Trump, which caused the spurt of inflation and cost of living to 9% that has so disconcerted Americans on incomes below $100,000. Biden and Fed chairman Powell brought this down to 3% in 2023. Yet the cost of living in housing and transport has lingering effects that lead to people describing Biden's record in a disparaging way as this title suggest, when it has through investments of trillions in aging dilapidated  infrastructure and in renewable energy, chips, science given America a pathway to a bright vision for the future. It is left to Kamal Harris to communicate this vision and what it offers for America's future. ...

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Alexandra Stevenson provides this exceptional account summarizing the reasoning in the minds of Argentine negotiators and holdout bondholders over a debt dispute remaining from the 2001 Argentine debt crisis and default. Over a decade later the repercussions of Argentina's 2001 debt crisis and default are still taking new twists ant turns. Holdout bondholders won in U.S. courts and Judge Griesa ordered Argentina to make full payment demanded by holdout bondholders. Argentina responded by depositing $539 million in Bank of New York Mellon as instalment payment to exchange bondholders. Judge Griesa responded by ruling that if Bank of New York Mellon made the payment it would be in contempt of court. Griesa also called for court mediated negotiations between Argentina and the holdout bondholders to come up with an agreement. Argentina and hedge fund holdouts negotiated in July 2014 but talks faltered. Legal experts say that if Argentina makes an agreement with holdout bondholders led by NML Capital which is asking for $1.5 billion, the risk is that the exchange bondholders could also ask for better terms. After the 2001 crisis following which Argentina defaulted on its debt, agreements were reached for bondholders to be paid about 25 cents on the dollar. Not all bondholders agreed, the bondholders who agreed are called the exhange bondholders, and the ones holding out holdout bondholders. From the Argentine government's point of view the risk of reaching agreement with the holdouts suing Argentina is that the other holdout bondholders not represented in the lawsuit could also ask for the same terms, and Argentina would have to pay all the holdouts costing it $15 billion. Risks if Argentina allows it to go into default are that exchange bondholders would come together to pressure the Argentine government to make a full payment of their discounted bonds quickly. This would cost Argentina payment of as much as $28.7 billion, according to JPMorgan estimates, under the right to "accelerate" payment if Argentina is considered as having missed a July 30, 2014 payment deadline. Legal experts say Argentina has to weigh this risk, which may or may not occur depending on the exchange bondholders taking such action, against the risk of having to pay out $15 billion to all the holdouts. Paying all holdouts would be politically very unpopular in Argentina, posing political risks for the socialist Peronist Kirchner government, already facing difficulties with the trade unions and the stronger opposition from centrist parties in Buenos Aires province. Default would affect Argentine access to capital markets, which is already highly restricted. Yet because Argentina has made the payment to Bank of New York Mellon, blocked by Judge Griesa, the nature of this default would be different. A worse case scenario for Argentina's Kirchner government is reopening negotiations with exchange bondholders for higher payment on debt than the 25 cents on the dollar already agreed to. Argentina faces an acute cash shortage with international reserves of only about $29.5 billion in May 2014, and a slowing agricultural export dependent economy. This is why the prospect of a technical default is being treated with relative calm in Buenos Aires....

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The Indian prime minister reviewed progress of the vaccination drive. On July 26, in the last 6 days about 38 million doses of vaccine have been adminstered in India. In a separate affidavit to the Supreme Court the government laid out its plan for making enough vaccine supplies to vaccinate the entire population over 18 by December 31, 2021, over 940 million people requiring over 1880 million doses.  "Out of this requirement for 1880 million doses 516 million doses will be made available by July 31, 2021, in about 34 days. The remaining 1350 million doses for complete vaccination to the eligible population" says the government information provided to the Supreme Court. The breakdown of vaccine supplies manufacturing is also given to SC. Of the total of 1350 million vaccine doses the following is how it will be manufactured in India in the next 6 months. Covishield  vaccine     500 million Covaxin vaccine          400 million Bio E Subunit vaccine  300 million Zydus Cadila DNA vaccine  50 million Sputnik V  vaccine          100 million The government told the Supreme Court that the procurement of Bio E Subunit vaccine and Zydus Cadila DNA vaccine will be subject to approval that is expected in the near future. From this new vaccine supplies picture it is clear that Covaxin and Bio E Unit will play a major part in the second half of 2021 in vaccinating India's entire population with 2 doses. This would be a historic achievement for the federal government after the lessons learned and the action taken with a new vaccine supplies policy for India in June 2021. There is also the challenge to be overcome of maintaining the vaccination drive at 6-8 million doses a day which would be another historic achievement for the federal and state, and local governments in India working with community education and logistical setup, medical staff.  ...

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China's fiscal 2014 budget plans laid out at the March 2014 NPC meeting show an increase in the budget deficit by 12.5% to 1.35 trillion yuan ($221 billion). The deficit will be about 2.1% of inflation adjusted GDP, according to the Finance Ministry.

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Shabana Mahmood, new UK Home Secretary in September 2025 says -"Will do whatever it takes to secure our borders. I am not the kind of person who just hangs around."

About Shabana Mahmood it has been said- “She prides herself on not being woke. She prides herself on having normal-person instincts and understanding where the electorate is.”

The Times says this may be just what Labour Party and Starmer needs right now.

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200 US shopping malls closed during the pandemic. San Francisco Center shopping mall is 93% vacant in 2025. Homelessness and crime have increased the problems of vacant shopping malls. Repurposing these malls is a difficult task. With remote work many people have moved away from city centers and the crime and homelessness has reduced the value of properties. San Francisco Center has lost $1 billion in value and has not recovered even when the rest of San Francisco is recovering under Mayor Lurie.

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As corporate America takes stock of the damage it finds on April 12, 2020-

270 companies have draw on existing credit lines or added ones for a total $221 billon in new debt.

100 companies furloughing 3 million employees.

Unemployment insurance claims filed by 17 million people.

Airlines, retail and automobiles some of the worst hit industries.

President Trump acted quickly on April 11, to save the oil and gas industry by negotiating cuts with OPEC+ so that oil prices do not collapse at the opening of markets on April 13 from the price of $22  barrel. He also pledged to save Boeing.

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After the ruble declines by about 30% in 2014, and a $30 billion failed intervention in October, the Bank of Russia decided to go to a free float of the ruble starting Nov. 10. 2014. Bank of Russia governor, Nabiullina stated it was "impossible to stand against fundamental factors" for a Russia so dependent on oil exports. The oil price dropped below $80 in Nov. 2014. Russia's gold and foreign currency reserves dropped to $421 billion in early Nov. less than enough to cover 6 months of imports. Nabiullina says the ruble has the potential to firm without "additional negative external factors."

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The dimming hopes for the remaining Obama legislative agenda in 2014-2015 after the June 2014 upset win of Prof. David Brat over Cantor in Virgina.

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Food costs for eating at home have actually come down by half since 1960. Charts on the US Department of Agriculture site (USDA) show US food costs for family budgets at 13% of personal disposable income for eating at home in the Kennedy years the 1960's. This has come down by half to 5.7% in 2024. In that period eating at restaurants and outside has doubled to 5.7% of personal disposable income. When people complain about food inflation this is an important factor, eating outside also leads to less control of intake and right nutrition, consequently leads to poorer health outcomes, and a growing share of health expenditures in America's national budget. It hits both the family budget and the national budget and then comes back to hit health outcomes.

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Republican Speaker Johnson is setting Saturday April 20, 2024 votes in the US Congress for Ukraine-Israel aid in a weekend vote, as Israel and Ukraine face growing threats. Basically the bill Democrats passed in the Senate gets split up into 3 parts for that $95 billion in aid bill to be voted on individually for each part separately for Ukraine, for Israel, for Taiwan. A fourth bill would be for Ukraine aid as a loan, and a measure leading to national ban on TikTok.

"We're not the world's policeman, but we are going to do the right thing. And I think Congress is going to take an important stand."

"We have improved the process and policy. Every member of Congress gets to vote his conscience."

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John Fetterman Democrat of Pennsylvania has maintained a friendship with Katie Britt, Republican freshman from Alabama, and even turned up in Congress to show Britt's son around the House and Senate buildings. It shows how some senators in the US Congress are taking stances independent of their parties different factions and staying true to their authentic selves about what they see as right. For example Fetterman and Britt are introducing legislation requiring children to be 13 years of age to use social media platforms. Texas Senator Cornyn and other Republicans are at ease talking to John Fetterman. It is the kind of bipartisanship that is emerging in 2024 in the US. Fetterman says he is behind president Biden and is campaigning in 7 states calling Biden "a decent, good guy," and a tough guy.

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Prime Minister Narendra Modi gives his radio broadcast Mann Ki Baat -Conversation from My Mind- for June 2024, returning from the months long general election. The arrival of the monsoon rains gives Modi an opportunity to showcase umbrellas made by small industry in Kerala, on the southeast coastline of India. To showcase Indian products is a regular aspect of the radio show. Here Modi shows that snow peas from Pulwama, Kashmir are now going to London, England. Araku coffee gives employment to 150,000 tribal people in Andhra Pradesh. It is becoming known in Europe. Modi extols the images of hundreds of thousands of people doing yoga near the Nile river and on the Red Sea coastline in Egypt, and Yoga day sessions in Kashmir and in Saudi Arabia. International Yoga Day was an opportunity to do yoga in Srinagar, Kashmir.

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Britain turns to Labour as the lead for Labour party increases to 27 points after Sunak announces the general election will be held on July 4, 2024. What would a Starmer administration look like and how will it meet the expectations of Britain for generational change after the failure of Brexit, and 14 years of austerity policies that failed to invest in Britain and failed to deliver on infrastructure and housing? These are questions not easily answered as Britain's finances are left in a bad state by the Tories for Labour. Starmer is taking the right approach to first get a grasp of the tremendous challenges facing Labour in this situation. It was easy for Boris Johnson and the Tories to make the promises that were never kept and left the British people in the lurch.

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The great university of ancient Buddhist India is located at Rajgir, Bihar. Nalanda University was built in 5th century AD and was the largest center of Buddhist learning for all of Asia from India, China, Vietnam to Korea and Japan. It's new campus was opened by PM Modi on June 19, 2024. Near it is the Mahavihara Budhhist temple renovated from ruins at a UNESCO heritage site. Excavations were done in the British period by the 1860's bringing to light the ruins of Nalanda, the wonder that was Buddhist India. Buddha attained enlightenment at Bodh Gaya in Bihar and his last years were spent at Kusinagar in Bihar, all in the vicinity of Nalanda University, a center of ancient learning that is older than all European Universities, and is only now becoming known throughout the world.

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Full transcript of Kamala Harris Interview on MSNBC with Stephanie Ruhle on September 25, 2024, the same day when she outlined her Economic Plan for the next 4 years at Carnegie Mellon University in Pittsburgh. Pennsylvania. Pittsburgh is where the US steel industry was built in the late nineteenth and early twentieth century. Harris outlined a plan that would help rebuild American industry including the steel industry and other key industries of the future, in Chips and Science, in a partnership of the government with the private sector to compete with China and the European Union. 

She looked back to the ambition and vision of another era and to bring it back today-the Transcontinental Railroad under Lincoln, the Interstate Highway System under Eisenhower, the Space Endeavor under John F. Kennedy.

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Le Monde shows Fontainebleau Forest just 60 miles from Paris as a adaptable forest with ONF help 2025. ONF is the National Forestry Office in France, and its regional unit's deputy head, Mr. Boudin, describes how ONF has made this forest a lab for adaptable forests management. Its DEPERIS protocol puts drones over the forest to categorize 765 trees in categoreis from A to D. About 40% of the forest is suffering effects of shortage of water as the forest is on a sandy plain increasing the effects of drought and heat in summers. Another ONF plan is to plant 60,000 seedlings of downy oak, beech and other saplings each year, protecting areas of trees that need protection. In this way it is 20 years of other forests in other parts of the world.

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U.S. manufacturing continues its rebound from the pandemic as it gets to overall output at 5% below February levels before the pandemic by November 2020. Capacity utilization in November is 73%.

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A converted train station sitting on the Seine river in Paris is the site of one of the world's famous museums. It is undergoing a renovation starting in 2025.