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The European Union is drafting a ban on oil imports from Russia, says this report in the NYT. The European Union now pays Russia about $1 billion every day for oil imports from Russia. Under chancellor Merkel Germany actually increased its dependence on Russian natural gas from 36% during Russian annexation of the Crimea to 55% today. In this way creating some of the conditions that emboldened Russia into its invasion of Ukraine, creating over 4 million refugees and immense destruction. Oil revenues of this magnitude of about $1 billion a day from the European Union help finance and prolong the invasion with enormous cost of human life. The longer the war lasts it affects a grain producing region in Ukraine that would lead to world food scarcity and famine.

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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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European Central Bank president, Mario Draghi, addressing the European Parliament in Brussels on April 25, 2012, supported both sides in the issues facing the eurozone, calling for continued vigilance on structural reforms to improve competitiveness of countries in the eurozone such as Spain and Italy, and at the same time saying it was imperative to generate economic growth. He told the European parliament: "The uncertainty about the present situation is very, very, high... Any exit strategy is premature given the current economic situation." Saying that the fiscal compact had been negotiated recently to control spending, yet what Europe needed was also a growth compact- "but my most present thought right now is to have a growth compact." He emphasized that it was now upto governments and banks to pick up the ball. The ECB's achievement was buying time with its 3 year loans to banks in Spain and Italy and other EU countries in Dec. 2011-March 2012, which he described as no ordinary achievement. Francois Hollande and Angela Merkel seized on Draghi's comments to show they were doing the right thing. Merkel conceded that growth was needed, saying sustainable initatives would be good for Europe, that what Germany was opposing was simply stimulus spending that would increase debt without the structural reforms to improve competitiveness. Hollande for his part said he would call for eurozone bonds to pay for industrial and infrastructure projects, and a financial transactions tax....

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Questions China faces on AI- 17% high youth unemployment and 200 million young people in the gig economy in low wage demanding work. Chinese Communist party wants to see a stable China that can pursue industrial progress for decades like the European Union and the US. For this reason it is not going to let this level of dissatisfaction with high youth unemployment and low wage demanding work for young people to go to the next level. For this reason it will carefully make investments in AI -not the hyper investments in AI that are taking place in the US. The competition with China is going to take place on many fronts, and the industrial bloc created by the EU with India and Nordics has a 15 year plan during which it and the US are likely to far exceed anything China does at a slower rate of growth. As in the US choices will have to be made in China, investment in one area means disinvestment in other areas that have equal or more priority. Today's capital markets are in complete dysfunction in the US operated by a few banks and tech company leaders, similar to the situation prevailing in pharmaceuticals and healthcare. Investment priorities and planning are needed. It is a major error to say US cannot plan that capitalism does not have planning, because it is absolutely true that planning goes on at every level in American companies with Xerox, IBM, Oil Companies and other large companies, all having a Long Range Plan as well as planning for individual projects and investments in plants. If a good infrastructure plan, project by project, state by state, and at the local level, is not put in place this will simply not take place. If no good reindustrialization plan, project by project, state by state, and at the local level, is not put in place, this will simply not take place. In that case the competition with China would surely be lost before it had begun. Yet that is surely not the case, as every good American company has a long term plan. And this plan looks at all the potential investments the Nation can and should make in priorities and in the interests of the Nation and the People. All have to compete for resources and AI surely would not get the lions share of resources in China, or in the US, in a fair and well run market system where planning rightly takes place, because it would displace the very basic structure of a fair and well balanced economy that serves the American people, or the people of European Union and India, or the people of China. ...

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Food, medicine, cash, pensions, delivered on a massive scale by India Post's 400,000 workers in the world's largest lockdown of 1.4 billion people. Indian Railways 1 million employees are active in delivering essential supplies and transporting food, essential cargo. With over 150,000 branches and reaching out into every corner of the country, India Post is the largest postal network in the world. The post office has started a special service to deliver medicine. As a bank India Post has over 500 million accounts, many of these accounts having direct payments deposited by the government. Postal workers wearing masks and rubber gloves and with multiple hand sanitizers are shown on Indian television helping citizens in inspirational video of India Post. India has another advantage in being able to get money to the tens of millions in each state, and directing it to areas of the economy that have the largest need- 60% of the banking system is state owned. During the first term the government of prime minister Modi launched an effort to get every Indian a bank account in every part of the country, so that money could be directly deposited in each account. A national ID system was implemented that took the digital information of each Indian. The government is now able to get money directly into these accounts. ...

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Hear this America- Calling something that is all around us a hoax is not like telling a lie on media. Calling a thing a hoax when it is a growing Threat has Big, Big, Big consequences that you might not even want to think about. Project 2025 and "Drill Baby Drill" would create billions of tons more of carbon pollution and destroy any climate change action that would help control climate change- causing even bigger fires and sudden floods all over the world. The cost says think tank Energy Innovation is 2.7 billion tons of carbon pollution- what India emits in 1 year- and 1.7 million job losses by 2030 from jobs lost in renewable energy including small offset from fossil fuels. The cost would be at the minimum over $1 trillion dollars to repair by 2028- the cost of not taking action on climate change for four years, of additional floods and fires larger than ones before,  and of tackling the additional damage to the climate, the loss of the technological advances needed over next 4 years, the investments needed to tackle a much larger problem than it is now. It would require larger deficits to tackle and risk the health and well being of future generations. For the US compared to China the consequence will be a severe loss of technological advantage in the technologies for renewable energy that no longer, no longer have the support of the government as they do in China.   ...

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The yen is 34% stronger than the Korean won since mid 2008, hurting Japan's competitive edge. This affects exporters like Toyota which sees annual profit reduced by $390 million or 35 billion yen for every one yen appreciation against the dollar. The dollar now trades at 88 yen over 30% stronger than the precrisis level in 2008. So how does the new Japanese government see this. Prime Minister Yukio Hatoyama and the Bank of Japan have made comments suggesting that they favor a stronger yen, making imports cheaper to help spark a rebound in consumer spending missing in Japan since the 1980's. This would reduce the dependence on exports for growth, something that severely hurt Japan and Germany when the world economy took a dive late last year in the global financial crisis.

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Baker and Shear show the changes in president Trump's views on Islam and Islamic extremism following his meetings with leaders from the region since taking office. In his speech to leaders of the region Trump said "Islam is one of the world's great faiths" and said what was needed was "tolerance and respect for each other." He also said it was not about "conflict between religions, sects or civilizations." General McMaster calls it "learning" for Trump, something Trump has shown a capacity for when he badly needs to get it together and make a conscious effort. As a result the page on the travel ban on the Trump website has been taken down. This is an astonishing about face seen in one way because of Trump's rhetoric during the election and right upto the travel ban, yet it also shows Trump's business instincts and willingness to learn and be open, showing he has many personality traits and is a more complex person than he looks at first glance. This may also be how he survived in business bankruptcies, by adapting and learning. Contrast this with the views of Marine Le Pen during the French presidential election, and it shows that the business side and commercial instincts of Trump make a real difference. He can appeal to the cultural angst of followers, whether it be for Mexico or the Middle East, yet take a sensible approach to get on with it when needed. Trump needed to be careful about words and meaning following a month of media revelations on the relations between Flynn and Russia, and the appointment of a Special Counsel to investigate Trump campaign connections with Russia. ...

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China Investment Corporation, China's sovereign wealth fund is expected to issue upto 28 billion in bonds to help recapitalize China's state owned banks. These banks face the prospect of increasing bad loans as a result of the hectic pace of bank lending in 2009-2010. Loans guaranteed by muncipal governments are estimated at 7.7 trillion yuan, or 17% of overall lending, about 50% of these loans face uncertainty in the event of falling housing prices, and 25% are bad loans. The recent IPO of Agricultural Bank of China raised funds, but the environment for raising money in this way does not look good, as information is spreading that these banks face large loan losses. The bonds from CIC would be picked up by state controlled companies. Yet these state controlled companies are engaging in the real estate speculation, as reported by David Barboza of the New York Times and Peter Coy of Business Week. In a down cycle things could get much worse as a state sovereign fund is selling bonds, state controlled companies would buy these bonds, and state controlled banks are expected to be recapitalized making a complete circle....

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Andrew Rosenfeld, a senior lecturer at the University of Chicago Law School, and chief executive of an investment advisory firm, says the Public-Private Investment Program proposed by Secretary Geithner has serious flaws. It risks government money, and expects too little from private investors. The government will essentially finance the private investor's purchase of these toxic assets at an auction, with the private investors putting some money of their own, to buy these assets at prices emerging from the auction. It runs right smack into the problem that Secretary Paulson under President Bush faced when he suggested the auction plan as a way for these toxic assets to be sold off to buyers. It was never clear how shuch an auction would work, and whether it would work at all. Meantime the worsening credit crisis required direct injection of capital into banks. Now Secretary Paulson's abandoned effort has been essentially revived in the Geithner program, with the same problems but with the carrot of government taking up most of the risk with its financing. Rosenfeld argues that under this plan the government assumes all the risk of losses, and if private investors make too much money off of it it will create a public outcry and the risk of an AIG type situation. This might lead to lower bids and the money generated for the banks might end up being too small to make a difference. There is a better way he says, and this is for the government using existing authority to seize banks that look insolvent. Its fairer because the government will own the toxic asets, and the bank, and the proceeds for the sale of the bank, and these would be offsetting the cash that it would inject to recapitalize the bank. The way it would do it is to inject cash in the form of Treasury notes as equity in the bank, and at the same time remove the bank's toxic assets and place them in the basement of the Treasury building, while it waits to see what they turn out to be worth. Bank regulators would swap Treasury securties for the toxic assets "at par," which is at the amount of the original purchase price of assets removed. Within a short time, a month or a few months, the bank could be sold to private investors. This is sounder because it takes away the pricing problem which looks like its never going to be resolved, as banks and investors are never going to agree on toxic asset price. And the new bank could start clean and start lending flowing in the economy. If the bank turns out to be so badly managed and with so many bad bets that it cannnot be sold, its essentially insolvent and irrecoverable, so it should be liquidated. Nobel winner Krugman says some of the same things in his columns in the NYT. He has a sense of despair seeing the return of the failed Paulson solution of auctions with a new twist, even as the economy is flailing in the wind, with job loss numbers over 600,000 and jumping each month....

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If you bought a Hyundai you had peace of mind that if youwere laid off Hyundai would buy the car back, and it would not affect your credit rating. Hyunda has bought back less than 100 cars under its Asssurance program which started in January 2009 according to a Hyundai spokesman. Yet it has done wonders for Hyundai's image in uncertain times. It put Hyundai in afavorable way on people's minds. Hyundai market share went up from 3.1% in November 2008 to 4.3% today according to Autodata Corp. And so Hyundai is the only car company that increased sales in 2008. Only two years back Hyundai was struggling to get respect in the American market. See "Hyundai gets No Respect," by David Kiley in Business Week in 2007.

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Reports from automotive experts in Stuttgart show German car companies and suppliers are not well prepared for the competition in electric cars. Their leadership may not be taken for granted in electric car world causing threats to jobs, tax revenue and growth. It was in a Stuttgart garage that Daimler and Maybach invented the internal combustion engine 136 years ago in 1884.

The Institute for Employment Research of the German government prediction is that if electric cars make up 23% of all cars sold in 2035 the country would lose 20 billion euros in output, 0.6 percentage of GDP, and 13% of its 870,000 auto industry workforce. This is because China is emerging as a formidable competitor in electric cars and has invested heavily in this sector.

As in broad band infrastructure shown in a recent report in Lyrarc, Germany has failed to invest enough in electric cars.

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A finding that could create a health revolution in America- unhealthy snacks shift our appetite away from healthy foods. Families who shift away from processed or ultra processed foods and experiment with it for a month find that their cravings for these unhealthy snacks diminish, and they can eat healthy home cooked foods with gusto. Children who simply poked at the home cooked food are shown to relish eating home cooked meals after an experiment turning off ultraprocessed foods and snacks, foods that have unthinkingly crept into our nutrition and our food habits. We are simply setting up ourselves and our children for trouble ahead as these ultra processed foods deteriorate our nutritional fulfillment and cause diseases that would in the absence of ultraprocessed foods not happen. These diseases have become so commonplace today that we owe it to ourselves and our children to take corrective action. People save up for retirement over many years yet create no savings and bank deposits in the area of better nutrition and health, so that when they get older that bank account of nutrition and health is empty and running out. ...

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China's agriculture based on small farms is undergoing a change as the government pushes automated farming and large farms in the face of limited imports from the U.S. China put tariffs on agricultural imports from the U.S. in retaliation for U.S. tariffs on Chinese imports. China's Agriculture Ministry says it will build 254 "strong agricultural industrial towns" as models for the country. President Xi stated on a visit to northeastern province Heilongjiang, that "unilateralism and trade protectionism are rising, forcing us to take the road of self reliance." The yield per hectare in the U.S. for soybeans is about twice that in China. Mechanized farming is limited in China because it would eliminate many jobs in rural areas. As the state has ownership of land and farmers merely use land, farmers are less likely to take risks with large long term investments. It can be risky for farmers to rent their land use rights to others, which would lead to consolidation.  Now a separate "Made in 2025" plan makes upgrading farm machinery and equipment one of the 10 goals. China may lift ban on genetically modified seeds now that ChemChina has acquired Swiss seed company Syngenta. China plans to partner with Asian Development Bank to provide $6 billion of loans, grants and investment to fund a list of development projects in rural areas, to modernize agriculture. WSJ cites a project of consolidation into an 8200 acre farm in Shandong province that  has increased yields 43% by investing in new farm equipment and planting machines, pesticide spraying drones. Scaling up has made this possible.    ...

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India's central bank chief, Rajan, favors a lower inflation target of 4%, with fluctuations of 2% up or down. Lower inflation is critical for India to achieve higher growth rates. The World Bank lowered the rate of growth in the global economy but kept the rate of growth of 6.4% for India unchanged. Rajan also favors creating a more formal system for setting rates, with a committee like the Open Market Committee in the U.S. deliberating over the different factors for such a decision. Rajan was a professor at the University of Chicago, and chief economist at the IMF, before joining the central bank. Central bank policies have helped stabilize India's currency, the rupee. The lower cost of oil for India with an oil import bill of $100 billion is a big boost for economic growth. For the global economy this comes at a time when China's growth rate is slowing to below 7%.

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Kenneth Lewis got Bank of America out of the business of subprime lending in 2001. He is the CEO of Bank of America. What is his insight into what is going on today. He sees default risks not depending on credit scores but on other factors such as how much equity homeowners have in their homes. Eveni if its an expensive home over $500,000 there are home owners who have refinanced it and obtained mortgages for much larger amounts in one case upto $800,000, and with hardly any equity in the home. For such a homeowner its easy to walk away from the property and let the lender take the home. Such homeowners would first payoff and be current on credit cards and auto loans and still default and walk away from the home in the current situation. This is what Bank of America is observing. There is a change in social attitudes where its OK to walk away from a home when you don't have much equity in it, and financially it may make sense to get ones finances back in shape. So the old idea about home ownership don't hold good anymore even for people with better credit scores. With this happening banks are likely to tighen credit standards for credit worthy borrowers. ...

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China plans to retaliate against the Chinese operations of Ericsson and Nokia if Huawei is banned in 5G networks in Europe, following the U.S. ban. Planned by China are export controls on Ericsson and Nokia in China banning export of its products made in China. The German decision is to be made by September. Britain has already banned Huawei participation in its 5G networks.

Experts say this effort by China would lead to European companies redrawing their supply chains which they are already doing after the pandemic.  Nokia is doing this and Ericsson is also planning to shift production to other parts of Asia, or back to Europe or North America.

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Bolivia's economy showed 6.5% growth in 2013 and the portion of the people in extreme poverty has dropped from 38% in 2005 to 24% in 2013. Policies of president Morales are winning praise for being prudent from the IMF and the World Bank. A greater share of the revenues from natural gas production and high natural gas prices, Bolivia's main export products, has enabled the government to build international reserves to $14 billion. This is half the country's GDP, and the highest ratio of reserves to GDP in the world. Morales has adopted socialist policies and at the same time provided fiscally responsible management, showing the two are not inconsistent and can be adapted to local conditions to build a middle class and improve living conditions.

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The German and French positions on solutions to the eurozone debt crisis are in conflict. As a result the negotiations between France's Sarkozy and Germany's Merkel are deadlocked. The basic differences revolve around three basic issues. Germany wants to see a lasting solution in which Greece debt is restructured so that banks and other creditors that loaned money to Greece voluntarily take losses so that Greece's debt can be reduced to a sustainable level of no more than 50% of what it is now. France, the ECB and the French banks do not want to restructure Greek debt in this manner beyond the 21% reduction in value of debt under the July 2011 agreement. The voluntary reduction in Greek debt by the banks would prevent a default by Greece and unsettling of the financial markets. France fears market contagion from the restructuring of Greece debt that would place pressure on French banks as the value of the Greek, Spanish and Italian sovereign debt French banks hold declines in value. That would require a major recapitalization of French banks and additional cuts to the French budget. Additional twists to the negotiations are that Sarkozy is unpopular in France with elections six months away. For this reason Sarkozy would prefer to recapitalize after 9 months. A way to get around the need for more deficit cutting (austerity measures) in France, is for the European Financial Stability Fund to be able to borrow money from the European Central bank. The ECB can print euros in that situation. Germany's chancellor Merkel has to consider German public opinion and experts from the German central bank, who are adamantly against using the ECB to print money and Germany committing itself to bankrolling most of the effort. Germany wants France to use its own money to recapitalize French banks, with Germany only responsible for recapitalizing its banks. Merkel told her parliamentary caucus in Berlin that "the path is closed for using the European Central Bank to ease liquidity problems." Because of Germany's insistence on financial soundness for any solution, France being in the more difficult financial position and Sarkozy facing elections willing to come up with a short term fix, and the unwillingness of French and German banks to take the losses necessary for a lasting solution, the Germans see a real solution taking a long time. ...

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U.S. Fed governor, Daniel Tarullo, said in a recent speech that U.S. financial institutions could be required to meet stronger capital requirements than the Basel international standards. The Fed is considering requiring the riskiest financial institutions to put aside 8.4% to 14% of capital. The Basel standards require institutions to gradually increase the capital cushions to 7% by 2019 from about 2% at this time. Less risky institutions would would have a smaller increase over the Basel standards- about 20% compared to the 100% increase over Basel for the riskiest institutions. Speaking at the Peterson Institute for International Economics, Tarullo said- "The regulatory structure ...should discourage systemically consequential growth or mergers unless the benefits to society are clearly significant." Tarullo said no one wants to see another TARP. Banks would have to build up their capital reserves using common equity and not other forms of less reliable capital such as contingent capital, where banks convert debt instruments into equity in an emergency. Tarullo emphasized the need for the U.S. to move beyond the Basel requirements, known as Basel III, because they are narrowly designed for individual institutions and do not adequately address the systemic risk. When there is a high degree of risk correlation among many actors in fast moving markets additional risks are created which require stronger capital standards. Tarullo said systemically important institutions have "no incentive to carry enough capital to reduce the chances of such systemic losses."...

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A former central bank governor Dr. Indrajit Coomaraswamy gives his understanding of the Sri Lankan economy in October 2022, how it got to the crisis in 2022 and the way forward with the $2.9 billion IMF bailout loan. He describes what it would take for the IMF to release these funds and the effects on the people of Sri Lanka during this adjustment period of 90% inflation and acute shortage of essential imports.

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This report by Jia Lynn Yang in NYT covers only the Coolidge period and the JFK period ignoring the wider trend since the 1850's when immigration from Asia to the US was discouraged. The laws limiting Japanese, Chinese and Indian immigrants were put in place long before 1924 by the 1890's. Japan agreed to limit immigration to the US under an agreement with the US after 1900. China was undergoing a transition under the Boxer Rebellion and upheaval in government in the period after 1900, India was part of Britain's colonial Empire.It does not mention that Chinese laborers helped do the dangerous work to build the railroads east to west. It also ignores the immigration from Mexico which was a special case in immigration because of Mexico's relationship along the border, first with the Mexican American War that achieved Jefferson's idea of a continental nation coast to coast. Mexico was a source of labor for US agriculture in the 1930's and 1940's when Asian immigration was severely constrained. When Gen. Eisenhower won the election in 1952 immigration policy was on the agenda, in fact Truman had a commission look at it by 1950. Operation Wetback was launched by Eisenhower and returned millions of Mexican migrants back to Mexico. Fearing the lack of farm help for Mexican agriculture Mexican agricultural interests supported the return of migrants. All this is left out by Lynn Yang. For almost a century Asian immigration was discouraged till JFK with experience in Asia during the war looked at Asian immigration to US differently passing new legislation to support this in the JFK/LBJ terms as president. In this sense the operations under DJT at the Border  and in the US in 2025-2026 are similar to what happened under Operation Wetback under a popular president Eisenhower, after the surge in Mexican migration adding millions of migrants to the US population in the 1930's and 1940's. A greater glimpse of the US can only be imagined if after the early immigration and discovery of the continent by the Spanish, the French and the British by 1600, the continent had not been unified first by the war of 1756-1763 with the French and Indian Wars creating the original 13 British colonies before the War of Independence in 1776, and the expansion to Spanish/Mexican territory to the West and South including California, Texas and Florida in the Mexican American War of 1846-48. In that situation there would be five sectors in America- British, Spanish, French, Mexican and American. The US could not have advanced as an industrial power divided in this way and would not have attracted immigrants from Europe the away it did. If it was split into two Southern confederacy and Northern Union states it would also have led to a similar situation. There would be conflict. It is only divine intervention and the courage and ideas of Jefferson and Washington, the work of president Polk, the leadership of Lincoln, and the industrial revolution on a large scale of one Nation in peace for most of the 19th century, that it became a haven for immigrants from a troubled Europe, a struggling Asia and Mexico. ...

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This Wall Street Journal editorial comes out in favor of higher capital reserve requirements similiar to that suggested by Federal Reserve Board governor Daniel Tarullo. The Journal says that if regulators are serious in the U.S. about controlling systemic risk, then the 14% rule or a 15% rule for assets held in reserve by banks should be adopted. Daniel Tarullo had suggested a 14% capital reserve requirement. These requirements would be phased in gradually over several years. Basel III requirements require only a 7% requirement and is phased in over many years. Capital standards are likely to be gamed. For this reason the requirement for only Tier 1 capital to be eligible is essential. What about the Basel III standards and the European banks? Would this put them in a better position to earn higher returns. This should be a problem left for European taxpayers to tackle says the Journal. As long as U.S. taxpayers are supporting U.S. banks with an implicit subsidy to take on larger amounts of risk -because they will be saved in a crisis with taxpayer dollars- the Journal says it makes sense to require 10-14% in capital reserves. It cites the Japanese banks which were highly overleveraged with lower capital reserves compared to American banks, and fared poorly. The Dodd-Frank bill imposes a complicated set of regulatory requirements with regulators required to write new sets of rules. The editorial concludes that it is far better to tackle the problems in the banking system with a sufficiently high requirement for capital reserves to manage risks than to have the detailed rule making on every subject that Dodd-Frank suggests....

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Stephen Castle of the NYT gives an objective look at Andy Burnham of the Greater Manchester area and Labour party leader. Burnham has said that Britain has been on the wrong path for 40 years and had the courage to prove this by leaving London for his home region of Greater Manchester in the North of England, after serving as chief secretary of The Treasury and Labour minister under Gordon Brown around the time of the financial crisis of 2009. After winning in Greater Manchester he served as Mayor of this important region of Britain second only to London in importance, which after the fall of the British Empire, has led to politics focusing entirely on London. His term as Mayor involved getting transportation out of the hands of the private companies and having the government run it efficiently for the people of Manchester. His term is viewed favorably for improving the economy of the region. Compared to the people Britain has turned out previously- Thatcher, Blair,  Brown, Cameron, Starmer, he has genuine experience running a region and tackling tough problems, which none of the other leaders had, that comes from his hard work for the people of Greater Manchester as head of the local government. He has the skills to bring people together around his vision for the Labour party, similar to that brought by Clement Attlee. At Lyrarc we looked at what  Britannica Encylopedia has to say about Attlee and found that Attlee spent his first 15 years in the difficult working class district of East London, similar to what Burnham has done by moving back to his home region in the north and quietly working to understand the people, their aspirations and how to make them come true. Attlee did this in 1945-51 (setting up the National Health Service NHS and Bank of England, other revered institutions) the way Franklin Roosevelt did in the 1930's to establish the modernization of New York government that he later applied to 51 states as president. This is the kind of task similar to Attlee and FDR that Burnham has the potential to accomplish for Britain. Like Attlee Burnham is self effacing with little sense of wanting public recognition, comfortable with who he is and where he is from. Like Attlee staying away from Ramsay MacDonald's Labour government in 1931, when it failed to find a clear path ahead for Britain, (Burnham concentrated on Manchester away from London), and decided to forge his own way forward with new ideas and being creative- as it was under Attlee that the British Empire was converted into the British Commonwealth of Nations. An enormous feat that has not been fully grasped and will one day be seen as an amazing achievement of the 20th century- India independent and  creating a modernized state the size of the US, European Union or China by 2040/2047. This is our assessment at Lyrarc of the potential Burnham could have for Britain- and possibly for the world again like Clement Attlee in 1945-1951. ...

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The story of Ronald Read of Brattleboro, Vermont, grabbed public attention as a gas station and J.C. Penney employee whose account holdings showed $8 million when he passed away recently. His largest holding - Wells Fargo bank. Investors are attracted to the higher dividends paid by Wells Fargo. With its focus on mortgage lending and less money tied up in trading, Wells Fargo has performed better than its peers. Increased regulatory scrutiny has increased costs for banks with a focus on trading. Bank of America and JP Morgan Chase also paid large fines to regulators. Wells Fargo has no legal settlements with the U.S. Justice Department. As the U.S. economy stages a recovery investors are attracted to Wells Fargo. With a decline in the shares of ICBC, the Industrial and Commercial Bank of China, Wells Fargo now is the largest bank by market value in the world.