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What did Biden mean when he said- "history is watching," about his call for Ukraine aid to Congress. After a swift course of events and British withdrawal from Greece and Turkey by March 1947 this is the address to the US Congress made by US president Harry Truman on March 12, 1947, for $351 million in aid to Greece and Turkey facing Soviet threat to the two democracies after German armies had destroyed most of the infrastructure in Greece, thousand villages burned, 85% of children tubercular, with no savings, tragic conditions and facing political chaos. Truman said in this address aid was one tenth of one percent of the $341 billion spent to fight threats to democracy in World War II. "One of the primary objectives of the foreign policy of the United States is the creation of conditions in which we and other nations will be able to work out a way of life free from coercion. This was a fundamental issue in the war with Germany and Japan. Our victory was won over countries which sought to impose their will, and their way of life, upon other nations." "At the present moment in world history nearly every nation must choose between alternative ways of life. The choice is too often not a free one. One way of life is based upon the will of the majority, and is distinguished by free institutions, representative government, free elections, guarantees of individual liberty, freedom of speech and religion, and freedom from political oppression. The second way of life is based upon the will of a minority forcibly imposed upon the majority. It relies upon terror and oppression, a controlled press and radio; fixed elections, and the suppression of personal freedoms." "I believe that it must be the policy of the United States to support free peoples who are resisting attempted subjugation by armed minorities or by outside pressures. I believe that we must assist free peoples to work out their own destinies in their own way."   ...

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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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Who is Nandalal Weerasinghe? This report in The Daily News gives some idea about the man chosen to help Sri Lanka negotiate a deal with the IMF.  Dr. Nandalal Weerasinghe was an alternate executive director at the International Monetary Fund before being appointed deputy governor of the Ceylon Central Bank in 2012. Before this he managed several macroeconomic departments at the central bank and was assistant governor of the central bank from 2007 to 2009, He has spent the large part of his career in economic positions at the Central Bank of Ceylon after getting his PhD in economics from the Australian National University. Weerasinghe is the leading expert in macroeconomics from Sri Lanka who has IMF experience. He says "things will get worse before they get better." He retired early from the central bank with a change in government in 2019. He was reappointed as Sri Lanka faced a debt crisis in March 2022 following the two year long pandemic, and the Ukraine war in 2022 that was bad for emerging market economies. Weerasinghe says about the crisis facing Sri Lanka- Recent decisons followed Modern Monetary Theory. This has dire consequences. In recent times the savings brought about by the low tax and interest rate regime passed savings on to the corporate sector and took away spending power from savers and pensioners. Surging inflation made things even worse for the lower income middle class and older parts of society. Years of accumulated debt have brought Ceylon to this point. In Ceylon one is seeing the effects of savings being passed on to the corporate sector in an economy dependent on tourism and remittances from overseas workers, both hit by the two year long pandemic. This is part of  a trend that has hurt emerging market economies from Argentina and Pakistan which also turned to the IMF to Turkey.  In other countries in the European Union savings also passed on to the corporate sector with low tax and low interest rate regime. With high inflation resulting in the cost of living crisis seen today in France and Germany. This type of policy that Weerasinghe calls 'Modern Monetary Theory' is not healthy for the European Union and the US, as these policies led to the neglect of much needed and vital investments in infrastructure, health and education. Only now are these effects being corrected by new administrations of Biden in the US and Scholz in Germany, with Biden's 2 trillion plan for workers and families, and a similar plan from chancellor Scholz. With this come needed investments to tackle climate change, all of which was neglected before. India has taken a different approach. By following good governance, managing vaccination effectively during the pandemic, social emphasis for food, water, electricity, cooking gas, medicine for the vast population of 1.2 billion, and a Master plan for building Made in India manufacturing,  India has avoided such crises and maintained strong economic growth. In this sense it is a model for South Asian, South East Asian, African, and Latin American emerging market economies that face a difficult situation today. Good governance is critical.   ...

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Franklin Roosevelt said at Madison Square Garden in NY City on October 31, 1936- "In 1932 I said give me your help not to win votes alone, but to win in this crusade to restore America to its own people." The recent legislative achievements of president Biden can be compared to Franklin Roosevelt's first term that laid the ground for the recovery from the events of 1929. The events of 2009 and the events of pandemic in 2019 together amount to the magnitude of 1929. This includes the assistance to families in the pandemic, and the CHIPS and Science Act, the Inflation Reduction Act to get America back on its feet. These are the seeds of a major uplifting of the American people from the lost decades of the post Reagan era- the ravages of wars in the Middle East following star wars preparation, "free to choose" deregulation that creating financial crises,  tech and other monopolies with companies paying less in taxes than teachers and nurses leaving scant revenues to rebuild the aging infrastructure, and the shipping of supply chains overseas leaving factories and communities across America abandoned. FDR said at Madison Square Garden in 1936 - "In 1932 the issue was the restoration of American democracy and the people were in a mood to win. In 1936 the issue is the preservation of their victory. In 1932 I said give me your help not to win votes alone, but to win in this crusade to restore America to its own people. The banners of that crusade still fly in the van of a Nation that is on the march." ...

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Ryan Tracy and Anthony DeBarros try to address the question of patchy internet service for America's heartland, rural areas from the prairies of Iowa to the west, and in the south and southeast. Public funds were allocated through the Rural Digital Opportunity Fund for broadband service with the latest optic fiber technologies in 750,000 census blocks in all states except Alaska in the US. This was supposed to bring digital internet with fast speeds enjoyed by urban users to every American home. Instead after this and another program the Connect America program why is internet service serving some customers and not others in rural areas, with patches of areas in each rural part of a state without internet service at the speeds one should expect for streaming and other uses? This WSJ research looks at data and conducted interviews on this important issue and found that internet service providers were given public funds by the FCC yet allowed to pick customers leaving some customers out. FCC rules till 2021 did not require service for all customers equally as long as they provided service to a minimum number of locations statewide say former senior FCC officials. One senior former FFC official says it is not surprising that companies made the decision to do the bare minimum required.  In Heavener, Oklahoma this meant that during the pandemic and lockdown when schools were closed the lack of good internet service affected learning from home. Many students could not get online from home. In 2021 another effort was made. This time funds will not go through the FCC but through the states. The Biden $1 trillion infrastructure spending for workers and families includes $42.5 billion for a rural broadband program in America. This WSJ report does useful service to America by putting the spotlight on one of the issues that divides America today the gap between the quality of life in rural vs. more affluent areas of urban America. It also shows that it is the federal bureaucracy that is at fault in this case for poor internet service in rural areas. Careful attention to this is needed so that rural America gets the attention it deserves from the prairies of Iowa to the mountains, the breadbasket of the country, and the heartland.   ...

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Gerard Baker's column in The Times of London looks at the possibilities and the risks for the new DJT administration. This column look at the DJT pardon of violent activity offenders on Jan 6, and the use of the office of the president for financial gains through the issue of cultural meme crypto $Trump and $Melania. The challenge for the Nation says Baker is the precedent this sets. This also poses risks and Susie Wiles wisely keeps the narrative by controlling the Musk Risk Factor in the adjoining article from The Times of London.  The many sincere efforts for public service as shown in the Senate hearings for many of the nominees that received sometimes enthusiastic bipartisan support are put at risk by losing the narrative for cultural literacy and and building an economy that works for all the people under a new administration that will also continue policies for the infrastructure and manufacturing that were put forward in DJT 2016-2020 and pushed forward by Biden in 2020-2024. ...

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With Labour leading in polls Mr. Johnson faces a no confidence motion in parliament after 53 Tory members called for the motion. No elections are planned before Jan 2025. There are no choices for the Tories other than Mr. Johnson who could hold his broad coalition of working class districts in the north of England and affluent districts in London. Mr. Johnson has also taken England through the pandemic, vaccination drive, and pandemic aid programs to help the UK recover, which he reminded Tory members of parliament.  The partygate scandal refers to parties that Mr. Johnson says never happened but took place during the worst part of the pandemic which have created an impression of callous behaviour and disregard of rules. The Conservatives face another problem in that the US and the EU including countries such as Denmark, Germany and France are moving in a direction that favors leaders who are promoting a revival of manufacturing locally, creating local jobs instead of job shifting overseas, increasing minimum wage, and promoting interests of workers and families. Labor had lost credibility during the Blair years similar to SPD losing credibility during the Schroder years, France's Socialists losing credibility under Hollande, and the Democrats under Clinton-Obama, and a general loss of credibility of socialist leaders who failed to work for the interests of workers and families. Biden, Scholz, the German Greens under Habeck, and French under Melenchon are changing this today wtih a new and genuine commitment of respect for the dignity of workers and families, and women. There may be a sense of unease among Tories about how long the working class districts in the north of England will vote Tory when no investments are being made to fulfill the promises Boris Johnson has made. Yet Tories have no alternate leader and may be stumbling their way into the remaining part of their period in office as Britons look for a new future where the massive investments needed in manufacturing locally and in infrastructure take place to benefit workers and families. ...

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Gerard Baker in the WSJ points to issues of transgender, illegal migrants in US cities, and race in politics as issues on which the "correct" views were causing anxiety for the American public. Parental anxiety on transgender at school for their children, public anxiety on illegal migrants in American cities, and anxiety about race as a defining factor in political life. The illegal flow of fentanyl and loss of life in the US is a basic issue- how could the US as the largest advanced economy in the world become so feeble that it cannot stop illegal flows of fentanyl and human smuggling. Baker also says that he doubts that the new Department of Government Efficiency will work and eliminate waste, that he thinks imposing tariffs will depress domestic productivity and reduce living standards of the people. And that installing what he calls "oddballs" will work except to create chaos. On the issues of infrastructure, cost of  manufacturing revival in the US which were issues in 2016 and turned into the agenda of the Biden years little is said, and on cost of living nothing tangible about reversing the 20-30 percent of price increases in housing and groceries that have happened in the pandemic years 2019-2023. ...

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The stimulus checks in government pandemic aid packages are being spent prudently in the US. Government aid checks were sent out in the first wave since March 2020 and now again in the second wave in 2021. The stimulus pandemic checks are being allocated wisely. A Federal Reserve Bank of New York study shows that Americans saved about 36% of the first stimulus payment checks, 29% was spent, and 35% was used to pay down debt. For the second stimulus payment underway in 2021 this survey also shows Americans are expected to spend even less and use even more to pay down debts. With stores mostly closed, travel restricted, and consumers not having the opportunities to spend, and the sense of insecurity, additional income from unemployment checks, saving has increased. Americans saved $1.4 trillion in the first 9 months of 2020 compared to half that in the same period in 2019, according to analysis by Berenberg Economics. That amount is about 10% of household spending. The tight spending during 2020 means, say economic researchers, that spending will jump in 2021 after the vaccination drive. The trend is positive in that Americans tended not to save enough. People in China and India, tend to save more giving government a larger pool of savings to draw from in national infrastructure spending. In November 2020 Commerce Department estimate is that saving in the U.S. was 12.9%, up from 7.5% in November 2019. Anecdotal evidence shows U.S. savings accounts for people at the lower end of incomes have been depleted for years, hit by the unemployment of the 2009 recession. This was caused by errors by the banking community and business. To this is added people in arts and culture, people in professions involving contact, travel and leisure, food, during this pandemic ten years later. National priorities need to be set to bolster this part of American society and its core social fabric. The steps to bring home manufacturing jobs under Mr. Trump and the "Buy American" initiative under Mr. Biden is just the first step. More steps are needed and the resources, implementation and drive to bring America back to the healthy society of social cohesion and upward mobility aspirations under presidents Truman and Eisenhower in the 1950's. ...

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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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In a factory the size of 5 football fields located in Gurnee, Illinois, Abbott Labs makes its BinaxNow Covid-19 home tests. Abbott turned out 1 billion tests in 2021 and at one point had 80% of the market. Along with Pfizer vaccine, BinaxNow Home covid-19 tests are a dominant product during the pandemic. Abbott generated a fifth of its $43 billion in revenue from these home tests. Abbott faced several hurdles along the way. It gained when the US government authorized it to make the test. Yet after vaccination took off by mid 2021 the demand for tests declined and Abbott nearly idled its giant factory in Gurnee. Delta and Omicron variants led to a sudden reversal and surge in demand. Abbott developed its test based on an existing design it used in the US for flu tests, by a company it inherited by acquisition called Binax. To do that test one sends a swab up the nose, add that sample and a liquid mixture to a rectangular paper card, and close the card shut. The liquid then travels up the paper strip, revealing one or two pink lines, one for negative, two for positive. This is done in 15 minutes and the simple design described as a lollipop shape, put Abbott far ahead of competitors. The US FDA authorized Becton Dickinson and Quidel to make the tests before it authorized Abbott, but these rival companies had a poor and complex design. The Trump administration gave Abbott a $760 million contract to buy 150 million tests for distribution to health departments, long termcare facilities, nursing homes, and schools. And by October 2020 Abbott was already making 50 million tests a month. When it comes to distribution Abbott tapped into its pharmacy connections for baby products such as Similac baby formula. This gave it an advantage over Quidel and others who also lacked the manufacturing knowhow for large scale ramp up. The BinaxNow in pharmacies was sold at $24 for a box of two tests, while government paid $5 for one test. Abbott says it makes $ 7 per single consumer test. Yet there was one problem waiting to hit Abbott in 2021- demand dried up as the vaccination campaign took off. In fact the plant manager, Mr. Rodriguez, planned to move to another job inside Abbott as production declined. Then came the Delta variant and he was asked to ramp up production again. With Omicron demand soared. The Biden administration committed $3 billion to help boost test production and asked Kroger and Walmart to sell over the counter tests at cost for 3 months. Abbott had to lure workers from Amazon at $25 an hour for the Gurnee plant expansion. What was learned by the government and Abbott from this experience? The US government now looks for ideas in meeting demand volatility, supply challenges and production needs,. Sustaining production capacity is important for future virus flareups- a new government-industry partnership is required for maintaining test making infrastructure. With government help Abbott plans now to keep the facility at Gurnee operating indefinitely. ...

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The first of many coastal wind turbine energy projects on America's coastline produces energy. The Vineyards Wind project in New Bedford harbour in Massachusetts sends 5MW of energy to the New England grid this week. The Operator says 5 850 feet tall turbines will be operational early this year. In all 62 turbines will generate wind energy, enough to power 400,000 homes. The White House's and president Biden's target is for 30 gigawatts of wind energy to power 10 million homes by 2030. Understand how Danish companies are leading the effort which is also why Danish companies were invited to India for its nascent wind energy industry. Copenhagen Infrastructure Partners is the developer with Avangrid of Spain. South Forks Wind is a smaller 12 turbine project off the New York coastline which s being developed by Orsted of Denmark. This Guardian report says some of the opposition to these projects in other parts of the country are coming from fossil fuel companies that seek to prolong the use of fossil fuels in the face of warnings of climate change by scientists and other leaders in government and industry. ...

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Sabine Kinkartz of the DW.com looks at the way in which Olaf Scholz achieved what was seen as impossible through patience, grit, and hard work in the face of adversity. SPD was seeing poll numbers of as low as 15% in the spring of 2021, just months before the election. Scholz believed in his party's ideas for the renewal of Germany, remained undeterred even after losing an election to lead the SPD to Esken and Walter-Borjans in 2019, when Esken and Walter-Borjans reinforced the idea that the SPD should stand for workers and families, what it always stood for. Scholz was put forward as candidate by Esken and Walter-Borjans in 2021 with conviction. By Spring 2021 it was clear that Scholz had achieved the impossible, getting the conservative Merkel and the CDU, with instincts against borrowing in all situations, to agree to a huge aid package for Germany to fight the pandemic, and a huge aid package for the European Union to fight the pandemic.  That Scholz remained undeterred in his campaign by low poll numbers and went on campaigning on the basis of convictions about what is right for Germans and Germany, comes from deeper convictions from his days growing up in the Hamburg youth wing of Social Democrats in the years following SPD's Wily Brandt and the post war recovery. Germany's most remembered leader after Adenauer, Willy Brandt was leader of the SPD Social Democrats from 1964 to 1987, and chancellor 1969-74. Both Adenauer and Brandt are respected some 50 years later in the world and in Germany. That Germany is going back to this tradition of leadership after the period of the Merkel years when Germany was held back, brings new hope to Europe and the world. In allying with the Greens under a younger generation leaders Scholz saw the promise of an opportunity to tackle problems of climate change and investment in infrastructure together. Both parties see borrowing as essential to invest big in the future. Scholz message to Germans, Europeans and the world is - "Big jobs, but our country is capable of doing them." A message sent out from the US by president Biden, and from Asia by the Indian prime minister. ...

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NYT fails to see the importance of delivering on infrastructure building in scale, reshoring, wages and jobs for workers, and climate change action that president Biden is achieving to build a better America. NYT looks at the 2023 and the midterm elections and points out a well known fact that women (and men) in the suburbs care about legalized abortion rights for women, and this extends to states that vote Republican in the south. No attention is given to the importance of infrastructure building, increasing wages and jobs for working class and middle class Americans, bringing factories and investment back to the US, three issues that brought Mr. Trump into office in 2016 coming out of nowhere. Mr. Biden is old is the refrain. Yet it is president Biden who has delivered on infrastructure where Mr. Trump merely talked about it -Building America Better- as Biden pointed out in the State of the Union address in 2023. Biden has delivered in support for wage increases for workers, even joining the picket line at the UAW auto workers strike in Detroit. He was able to do this because he has spent more years in Congress than any other senator, and like Lyndon Johnson for the Great Society programs and desegregation in the 1960's was able to win support from moderate Republicans. Being older, having the wisdom and experience was and is indispensable in the American project started by Washington and sustained by Lincoln, who nurtured wisdom, experience, fully comprehending the people's problems, and mindfulness in the way Mr. Biden does. ...

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Greater awareness in Europe and the US that a global minimum corporate tax rate is needed for fair burden sharing to renovate decaying infrastructure. US president Biden takes the lead and France says it will follow. 

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The WSJ Editorial Board speaking for the business community traditional Republican groups finally takes up the election on issues of policy difference between Trump run Republican party and Harris run Democratic Party which it should have from Day One. The former president says something that has never happened in the last hundred years- policy will be decided after the election depending on what he decides to do. Cost of Living action is No 1 on voter priorities. "Drill, Baby Drill," is the whole Republican party platform for cost of living action. What is the Harris Democrats policy plan for cost of living action? WSJ says it is spending blowouts that caused inflation, the Green New Deal, entitlement expansions and student loan forgiveness.The real reason for the increase in cost of living comes from the overconcentration of supply chain by American business in China, on which every president Bush, Obama, Trump, did little or nothing. The lack of an effective vaccination program and ineffective vaccines in China by 2021 and 2022 led to the loss of the supplies from China leading to shortages for automobiles parts and other supplies and surge in prices in 2021-2023. Powell and the US central bank correctly raised rates but cautiously and waited for this to correct, president Biden brought manufacturing home through huge investments called the "spending blowout" that brought down the inflation from 9% to 3%. Some of that "spending blowout" went to chips and science to correct the errors of American Business and Reagan-Friedman theory of the Republican party that created this problem with a culture of utter  indifference to the ultimate costs of who makes what and where. The Inflation Reduction Act also tackled higher health and other costs paid by American workers and families, and invested in public services and in repairing the dilapidated crumbling American infrastructure. Are Republicans saying let the roads, bridges, airports, built in the 1940-1960's heyday of American industrialization as China and India's is now, let them crumble? What do the educated minds of the WSJ Board say about coal in China and India and their effects on their massive use multiple times that of US and EU in history, is it not damaging to the environment and why the Chinese realized the health in North China with coal winter use was worse than in South China cut their coal use. Are they saying lets burn fossil fuels and ignore, and if investment has to be made in solar who is going to do it? Is it Ok for Republicans thet we just import from China all our solar panels indefinitely into the future. "Green New Deal" is just a perjorative term, policy has to be made thoughtfully and without prejudice or bias of any sort for the best that we can do for the American people, ignoring so called "right" or "left." Doing what is right, what makes sense, is a lot harder.     ...

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Mr. Trump's conflict with the Justice Department in the last weeks of his presidency to appoint a new Attorney General with intent to contest the results of the presidential election of 2020, is shown in this report in NYT. This created risks for American democracy. The cracks in social cohesion following four decades of foreign wars 1980-2021, irresponsible behavior of financial institutions leading to financial crises and impoverishment of America, incompetent elites, neglect of rural America, ceding of technology and competitive position to China, failure to fund education, healthcare and infrastructure, under presidents Reagan, elder Bush, Clinton,  Bush, Obama, led to a situation of revolt against the status quo by a maverick politician using a new and proven dangerous form of communication social media. Ultimately this put democracy at risk. Lessons from this are only now being learned as people in the Biden administration and outside of it reflect on what happened. In this WSJ report Mr. Trump is seen pressuring officials of the Justice Department to agree to appointment of a new Attorney General shortly after the election. This was seen as an effort to question the results of the 2020 presidential election. A leading senator on the Judiciary Committee says this would lead to "shredding the US Constitution to stay in power." Of this and also of four decades of neglect in America Washington has this to say in his first Inaugural Address on April 30, 1789- "The blessed religion revealed in the word of God will remain an eternal and awful monument to prove that the best institutions may be abused by human depravity; and that they may even in some instances be made subservient to the vilest of purposes. Should, hereafter, those entrusted with the management of this government, incited by the lust of power and prompted by the supineness or venality of their Constituents, overleap the known barriers of this Constitution, and violate the inalienable rights of humanity: it will only serve to shew, that no compact among men (however provident in its construction and sacred in its ratification) can be pronounced everlasting and inviolable- and if I may so express myself, that no wall of words, that no mound of parchment can be so formed as to stand against the sweeping torrent of boundless ambition on the one side, aided by the sapping current of corrupted morals on the other." ...

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XI Jinping tells China's National People's Congress that "western nations- including the US- have implemented all round containment, encirclement and suppression against us, bringing unprecedentedly severe challenges to development." Addressing the private sector Chamber of Commerce representatives which create significant number of jobs in China he said the Communist Party "has always regarded private enterprises and private entrepreneurs as our own people, and will always support them whenever they run into difficulties." Job creation in China is a challenge with high youth unemployment estimated at about 20%. The pandemic worsened the situation for state finances and for unemployment for migrants, the construction slowdown has added to this. The burden of trillions of dollars of local government debt increased during the pandemic with the central government lacking the resources to help, creating problems in the local economies.  This WSJ report says Xi's speech seeks to present his government's performance in the light of these challenges and future challenges as growth slows in China. The trading relationship with US-EU added to employment and income problems for China's economy and people, yet it had one weakness an over concentration in manufacturing in one country that European and US business placed in one country. The building of a  new supply chain that creates manufacturing in other countries to reduce this concentration, and the limits placed on access to western technologies by China to protect US-EU in competition, places new development challenges for China, which Xi alludes to. In the past China was able to use huge stimulus to tackle its debt by creating more growth that supported this debt creation. The pandemic may finally have reversed this as trillions of dollars of debt have built up, and construction of homes and infrastructure has reached a saturation point. This is the kind of situation that Japan entered in the 1990's after three decades of torrid growth and development rates. History is being repeated as China like Japan is entering a new phase of an aging society. In this sense the challenges China is facing are very different from that of Russia. Creating jobs is a perennial problem in India and China with their large populations and rising aspirations of people after centuries of underdevelopment, something that Europe including Russia does not face in anywhere to a similar degree. in this sense there is more in common between the EU and Russia even when they are in a war, than Russia and China, and China has more in common with India. The struggle in Europe as Cambridge historian Brendan Simms has pointed out in his History of Europe, is more about the balance of power which is the story of European history since the 1450's where no one country has been allowed to act with impunity in invading its neighbors and other countries formed a concerted group to prevent this. Be it France, Austria, Britain or Russia that acted seemingly with impunity. China has little to do with it or Europe's history. President Biden is right to say that the US only competes with China in the economic and business fields, and seeks to find common ground on climate change and food insecurity. The US has supported China throughout the twentieth century since the time of Woodrow Wilson in 1913, around the period when Tsinghua University was established with US help. The US helped China during the Japanese invasion and the Cold War period ended with renewed relations.  ...

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A poll expert from the Kennedy School at Harvard, says younger voters are crucial for Mr. Biden in 2024, and they appear to have less of an idea what the Biden administration is doing for infrastructure, climate change, education, and the cost of living.

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Indonesia is a country with a long history of Hindu and Buddhist culture before conversion to Islam through traders from Malaysia and Sufi saints in the sixteenth and seventeenth century. Hanuman and other deities from India are also part of the existing culture and traditions. Communist influence has been alien to this culture and tradition as in India. It was part of the Dutch empire in the east and a source of European trade in spices from the seventeenth century. It is also a extensive island chain of Java, Sumatra and other islands with a population of 280 million very closely linked to India culturally and with links to America since independence. Indonesia was given a great deal of importance during the Cold War with Robert Kennedy and other leaders visiting Indonesia during the period after Sukarno in the sixties. By 2000 the US engagement with China had evolved to the point that neglected India, Indonesia and the entire south east Asian region in a preference for links with China.  The British division of India led to the US links with India and Indonesia being shaped by that division and the Cold War with Russia. The confusion of the struggle against colonial rule of the British and Dutch led to leaders such as Nehru and Sukarno who compounded the difficulties of the Cold War and perpetuated with it the old British idea of a divided South Asia on a religious basis that had supported British rule and set the conditions that made it possible for a small group of English civil servants to run the country. This led to the Indian and Indonesian relationship with the US being stifled as the US struggled to rid itself of the British obsession with a divided India. Culturally India and Indonesia are part of an extended region in Asia with development aspirations and a youthful population that aspires to better infrastructure, better education, healthcare and ease of living, and the better opportunities in life. This is what migration did for Europeans who left for America for a new life on the east coast and on the prairies of America. It has little to do with the obsessions of the British and the Dutch that divided the region between the Indus and the Ganges and divided the Indonesian islands. That phase is now coming to an end as China reverts to its Communist period leadership under a new generation led by Mr. Jinping, a son of one of the veterans of the Communist Revolution of 1949. The US has to evolve its relations with India, Indonesia, Vietnam and other countries into new ties of trade, culture and technological exchange. This is needed as it winds down its close trade relations with China in its supply chain to rebuild a new supply chain after the trade wars and the pandemic revealed the deep flaws of that supply chain. What is needed is not the efforts of one changing adminstration after another, but an effort started by president Biden that will last through different administrations as the US engages with Asia in the way that it engaged with Europe after FDR and Truman for most of the twentieth century. And one that rids itself of the obsessions of divided regions from the colonial period of the Dutch and the British. The1.6 billion people in India and Indonesia share a  common aspiration of being a major part of the Free World with America. ...

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Rick Rieder of Black Rock and David Kelly of  JP Morgan Chase and others sense that the US is entering a phase they call "the satellite economic phase in which there are no crash landings and takeoffs but steady orbiting in space. Less boom and bust and more steady growth for years is the new economy Biden is creating with huge investments in infrastructure and manufacturing and worker skills training that upgrade the workforce. Investments in health and education are part of this. This makes the US economy more resilient with government working both as a partner and agencies of the government that regulate and provide the rules for fairness and level playing field acting to prevent the booms and busts of the past such as the 2009 financial crisis and other crises. With China, EU, India, Japan+South Korea and the US, all 5 of the largest economies aligned to maintain steady growth for their people the prospect of war acting to reduce growth potential will also be managed in a setting that is needed following the pandemic. This will make both the Middle East and the Eastern European recurring crises to be toned down and a shift made to growth in these regions from the war ravaged periods of reckless behaviour of nation actors. This is a view now emerging among key people in the US economy such as Rieder Black Rock and Kelly JP Morgan. Both says the ways of understanding this and the terminology "soft landing" or "cylical, midcycle" are now outdated and no longer apply. Says Reider-“But one point to keep in mind is that satellites don’t land and maybe that is a better analogy for a modern advanced economy” like the United States.  ...

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A 15% minimum corporate tax on large, profitable corporations is part of the global minimum corporate tax proposed by US central bank chairwoman Janet Yellen, and the tax proposed by US president Biden. The tax would not apply to companies making $100 million as earlier proposed. The threshold has been raised to $2 billion and affects the companies that have avoided taxes the most. This report says there are 45 such companies in the US.  A US Treasury report on the tax says "the 15% minimum tax is a targeted approach to ensure that the most aggressive tax avoiders are forced to pay meaningful tax liabilities." The Biden agenda on corporate taxes would raise more than $2 trillion over 15 years to pay for essential infrastructure renovation to replace decaying infrastructure in the US. This means roads, bridges, airports, ports, transit systems, electricity grid, broadband systems, school systems, health systems, would all be targets for investment for the first time in 50 years in a concerted drive. The tax drive would partly reverse the Republican Congress's 2017 reduction in corporate tax rate to 21% from 35%, boosting it to 28%. European Union countries such as Britain are also following similar policies after decades in which a race to the bottom led to the lack of funds to finance essential infrastructure rebuilding. As a result China which was a nation of bicycles back in the 1980's now has some of the newest infrastructure, while the US and the EU countries have what might be considered crumbling infrastructure badly in need for renovation. As the shift in mood to a competitive world not only in technologies but in infrastructure and ease of living happens there is more and more awareness of what has been lost in the last 40 years.  ...

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WSJ Analysis of government data shows on Feb 22, the actual savings from cutting fraud and waste, misspent funds of $2.6 billion less than the $7 billion shown on the DOGE website. Of this 2% of savings are attributed to DEI closures. What it shows is that generating savings is a long term effort requiring weeks, months and years of hard work with patience and perseverance, as shown by the Truman Committee of 1941-1948 of the US Congress during the War and the early part of the rebuilding of Europe. DJT corruption, fraud and waste cutting efforts owe it to the American public to take a long term view similar to the Truman Committee of 1941. That Committee was setup with unanimous support in Congress for Resolution 41 of Senator Harry Truman of Missouri in Feb 1941. This type of unanimous support remains a hope, yet just as the efforts of president Biden were needed for investment in crumbling infrastructure, there is also today the need to see that $4 trillion in the US budget is wisely and prudently spent, even if this effort is led by the opposite party. As the articles alongside show the Truman Committee lasted till 1948 for the better part of the decade. It helped Harry Truman replace Wallace for the Vice Presidency in 1944 under FDR, and within months to the White House till 1952. A period of spending for the Greece-Turkey and Marshall Plan for Germany aid efforts similar to aid to Europe today, on top of the wartime spending comparable to the 5 year effort against the pandemic starting in 2019.     ...

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A few events in the last 50 years are rewriting the rules for business, finance and economics, says the WSJ in this analysis. The admitting of China to the World Trade Organization under president Clinton in 2001 was one, another was the global financial crisis in 2009 with the selling of bad mortgages by the financial industry, the euro currency financial crisis with the bad accounting, real estate industry speculation, and lack of financial oversight in countries such as Greece, Ireland, Spain. The coronavirus pandemic is one more addition to this string of crises and events that have made the working class and middle class in US and Europe poorer and in worse shape after the recovery following World War II.  The changes indicated here are some of the surface changes- such as the shift to the suburbs for cleaner air and better living, the work at home as a serious option, the new focus on health care, wellness, exercise, nutrition and mental health, remote learning and community college as a realistic option to high tuition costs by the education industry, and a pharmaceutical industry refocused on public health and vaccines as it was in its early years before its shift into a simply profit driven industry. The underlying thread for all these changes on the surface is a deeper change in the public mind- a change that redefines what the people believe in just as happened after World War II. Rebuilding the devastated economies of Europe, America and Asia required a new vision at the time after World War II. And reconstruction could only happen with all the people involved and working for the public interest.  This also created a new hope for the future. President Biden's vision is for a new set of priorities that make child care, women's position in the economy, community college education as a right for all as a first step to opening the access to education that existed after the war in 1945. Investment in infrastructure, in building new roads, bridges and rail, water, internet connections, public services in transport, better layout of urban areas, better lives for retirees, are all part of an effort to improve quality and ease of living for all parts of society, not just those who can afford it.  This is uppermost on people's minds and administrations or governments that fail to deliver or simply talk with no action, will not have the support of ordinary working men and women in all countries. This is true for countries and regions as varied in their level of development as the US, Northern Europe, Southern Europe, Japan, India, Brazil and Mexico, and African nations. Democracy, government adminstration, technology and business structures exist for the people, to improve the ease of living, quality of life, through better health, education and public services.  ...

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The huge investments that president Biden has made in America, including rebuilding aging infrastructure are part of the reason that the economy has been resilient with unemployment at about 3% and inflation coming down from 9% to 3%. In March 2022 leaders in finance such as Ray Dalio of Bridgewater Associates and Jamie Dimon of JP Morgan Chase were convinced that inflation would not come down and the economy would be in recession. Instead Fed's Jay Powell with repeated rate increases and Joe Biden by investing trillions of dollars in rebuilding infrastructure and creating new jobs and new factories have done what the leaders of American corporations were skeptical about, doubtful about whether this could be done.