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The Economist's index on the value of the USA currency shows the euro is overvalued by 22% relative to the $US, and most currency analysts think that the euro is overvalued by 20-30% relative to the dollar. As the economy in the EU and in Britain in particular is doing poorly and may contract in the second quarter and at some point the European central bank may lower interest rates especially if crude oil prices continue to drop and inflation is under control. The Fed increasing rates and the ECB decreasing rates would help the dollar rebound.

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Work requirements is one area in which Biden and McCarthy have a point of agreement in the debt ceiling discussions. Biden says he has supported work requirements in the past. Biden also says he would do nothing that affects health benefits. Under Biden the jobs market is the best it has been for over two decades which makes it easier to have some sort of work requirement for people able to work before they can collect government aid benefits. This makes an agreement possible in which Biden and McCarthy continue discussions with Biden building some form of rapport with a Congressman he has known in the past from his days in the US Congress. An agreement he pulls together would then have the support of most Republicans and be passed with the help of all Democrats. This would meet with opposition from a small faction of the Republican party, opposition that McCarty has become accustomed to including the prolonged voting it took to get himself elected as Speaker. McCarthy and most Republicans are in favor of Ukraine and the EU support for Ukraine at a critical time. They including Mitch McConnell who is present in the negotiations would not want to do anything that spirals America into a financial crisis during a Ukraine counteroffensive with Biden and Scholz's support that could end the war in Ukraine. Biden probably shared the concerns of his G7 counterparts with the Republicans about this. McCarthy and Biden could then simply say they only worked to do the possible and move on to the bigger battle in 2024. ...

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His full statement, which he posted on X, is below: "My Fellow Americans, over the past three-and-a-half years, we have made great progress as a nation. "Today, America has the strongest economy in the world. We've made historic investments in rebuilding our nation, in lowering prescription drug costs for seniors, and in expanding affordable health care to a record number of Americans. "We've provided critically needed care to a million veterans exposed to toxic substances. Passed the first gun safety law in 30 years. Appointed the first African American woman to the Supreme Court. And passed the most significant climate legislation in the history of the world. America has never been better positioned to lead than we are today. "I know none of this could have been done without you, the American people. Together, we overcame a once in a century pandemic and the worst economic crisis since the Great Depression. We've protected and preserved our democracy. And we've revitalised and strengthened our alliances around the world. "It has been the greatest honour of my life to serve as your President. And while it has been my intention to seek re-election, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term. "I will speak to the nation later this week in more detail about my decision. ...

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Arsene Wenger was 47 in 1996 when reports said he had resigned in the very first year that he took up the coaching role at Arsenal. The media was skeptical about this Frenchman and outsider with a persistent question "Arsene Who?" On that day after returning to London from a visit to the south of France to meet a friend Annie, Wenger decided to immediately go out and meet reporters outside Arsenal offices. He told the media  that the reports were totally unfounded, the rumors of photos of him in preposterous situations false. Time passed and still more lies were published, says Wenger.Then suddenly the British media including Sky News responded with apologies to Wenger for the rumors.  At no time says Wenger in his new book, "My Life in Red and White," did he lose his conviction that the British could be counted on to be fair. He says that he had to stand up to the brutality of the moment. That only in this way could he keep up his optimism and values and not let this destabilize the club. ...

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Biden gives a rousing call to the Nation, on what he has achieved for America and its workers and families, for the people of 51 states, and what the tasks are for the future to 2035. It surpasses the State of the Union address 2024 in the vigor and importance of his message, 76 days before a national election to decide the future of the Nation and the World. Key parts of the speech selected by Lyrarc, on Infrastructure above and Manufacturing here with 800,000 new Manufacturing jobs created. "Because of you and so many electeds out there, American manufacturing is back. Where the hell does it say we wouldn’t lead the world in manufacturing. Eight-hundred-thousand new manufacturing jobs. Our Republican friends and others made sure they’d go abroad to get the cheapest labor. We used to import products and export jobs. Now we export American products and create American jobs, right here in America, where jobs belong. With every new job, with every new factory, pride and hope is being brought back to communities throughout the country that were left behind. You know you’re from it, many of you. You know what it’s like when that factory closed where your mother, your father, your grandmother, grandfather worked. And now you’re back, providing once again, proving that Wall Street didn’t build America, the middle class built America, and unions—unions—built the middle class.  It’s been my view since I came to the Senate and that’s why I’m proud to have been the first President to walk a picket line and be labeled the most pro-union President in history. And I accept it. That’s a fact. Because when unions do well, we all do well.  ...

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With profits of $11-12 billion at GM and Ford Motor in 2022 and $11 billion at Stellantis for the first half of the year there is sentiment among union workers that workers wages should be raised. Ford Motor says profits go into huge investments in the electric car industry transformation. Wages suffered from the collapse of the auto industry in the 2009 period and have only gradually recovered since, falling to $16 per hour as an entry point wage going up to $32 an hour. Unions are looking for wage increases of up to 40%. A 25% wage increase was negotiated recently for an electric car plant run by GM and its partner.

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Days after firing Henderson, and leaving Lutz with an advisory role with no reports, Whitacre who is now the CEO has moved to bring younger managers in important positions. Mark Reuss assumes the role of head of the North American operations. One year ago he was running the Australian operations. He was only recently in charge of engineering at GM. The Board is pushing for these changes. Whitacre says the GM culture and tendency for top managers not to bring in younger managers to run things has stifled talented younger people at the company. Susan Docherty was given additional responsibilities of marketing. Some of these moves were long overdue. The old echelons simply stayed on for too long risking the jobs of tens of thousands of GM workers and taking the company to the brink of disaster.

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Connor Hellebuyck US ice hockey goalie who turned in 41 saves for the 2-1 win by US over Canada at Olympics in Milan 2026. He had a 96% saved percentage in the Olympics and a 92% saved percentage for the Winnipeg Jets for last 3 seasons. And yet he struggled in some periods when he was not at his best. No one knew he would turn in his best performance ever at this game.

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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.

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France's Foreign Minister Ayrault says of Boris Johnson: "He lied a lot to the British. Now, he is the one with his back against the wall." He sees missing in Johnson the "clear, credible and reliable" person with whom he can negotiate. Ray Stegner, deputy chairman of Germay's Social Democrat Party says "May looks weaker after such a choice of personnel. Now he is negotiating Brexit. Enjoy the trip." In China he is seen as a celebrity not a serious person. Bildt, ZDF, see in this a part of British humor. Jurgen Hardt, foreign policy spokesman for Christian Democrats Party in Germany had a different take on Johnson- seeing this as an astute move because if the government one day comes to conclude that Brexit should not be completed then having Johnson on board to explain it to the people would guarantee support in her party and with the people of England. In her first speech May emphasized that she was a "Unionist." Her first important meeting was with Nicola Sturgeon of Scotland and made Scotland's agreement necessary before invoking Article 50. Her talk of "burning injustices" for the poor and the underprivileged also goes to address the root of the problems behind the Leave vote. By having Johnson on board she can focus on the issues that really matter and which were on the minds of people in England, Wales, Scotland and Northern Ireland- to ensure that the economic system works for all.   ...

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Incentives such as 0% financing for 60 months reduce GM profitability and GM had hoped to stay aaway from them, but with over 100 days of inventory on most of the pickup and passenger trucks GM has been forced to resort to it again. With construction slowing dowwn the inventory has been building up quickly.