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The Bank of America settlement for $8 billion that will enable 390,000 borrowers to do loan workouts and make serious and beneficial loan modifications with state attorney generals from 11 states monitoring the deal.

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Sadanand Dhume of the American Enterprise Institute and Arvind Panagriya of Columbia University, offer contrasting views on the performance of the Modi administration. There is a significant difference in the point of view. Dhume expresses the view of small business and some of the middle class hurt by demonetisation and the government move to check the growth in black money resulting in cooling off real estate prices. Panagriya cites the initiatives helping the poor and rural classes in an unprecedented way across the entire country.  Memories are short about the last 2 years of the Congress led government says Panagriya, when inflation was twice as high as it is now. Inflation then was 9.3% compared to 4.3% average for 4 years of the Modi government. GDP growth averaged 5.9% in the last 2 years of the Congress led government. The average GDP growth for the 4 years of the Modi government was 7.3%. Foreign investment dropped during the last 2 years of the Congress led government, and allegations of corruption in issuance of telecom licenses dominated the news. Indecision of the Congress led Manmohan Singh government led to a serious lack of sense of direction in government in 2013-2014. ...

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Hamburg is the key city in Germany's trade with China. About half of $200 billion in trade between Germany and China passes through the port of Hamburg. The South China Morning Post looks at the dilemma in Hamburg over relations with China in the post Merkel era. Merkel maintained strong and close ties with China signing an agreement with China her last year in office. This was when Mr. Trump was US president. Since then president Biden has changed US policy towards Europe. The South China Morning Post points out that The Greens and the FDP key partners of Scholz in a new coalition government, are critical of Merkel's policy towards China in its overall relationship with the US and the rest of the world. Scholz was mayor of Hamburg, and a partner in Merkel's coalition government in which he was vice chancellor. Scholz has talked very little on what the new German policy would be. China seeks to maintain its economic ties in the next few years with Germany while reducing its dependence on other countries under Xi Jinping's new vision for China that seeks to depend less on trade and real estate for its economy and growth. Yet the pace of change has accelerated during the pandemic with a new global supply chain emerging from the chaotic years of 2020-2021. US policy under president Biden is similar to policies under Franklin Roosevelt in the 1930's during the economic and political crises, and look to be setting a new path to the future for the rest of the world. ...

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A complete reversal of the Monroe Doctrine (US president Monroe 1817-1825) policies -that kept the American continent north and south free of colonial European powers- is an affront to the US and has cost the US in Latin America. With fentanyl deaths and drug trafficking, migrant trafficking, interference by foreign powers in the Americas In Cuba, Venezuela and other countries, and ports owned by China in South America.  Hong Kong magnate Li Ka-Shing's Hutchison Holdings sale of Panama Canal ports to Black Rock for $23 billion takes place on March 4, 2025. The two ports on both sides of the Panama Canal will now be in American hands. Li Ka Shing started out fleeing from the devastated China of the Sino Japanese war to the British colony of Hong Kong, left school at 15 to work and started out with a small plastics factory in 60's Hong Kong. He then branched out into real estate as Hong Kong's economy expanded, and in the 2000-2020 period with rapid growth of China with US assistance (Clinton and Bush administrations) moved to acquire most of the ports and container terminals in the world. It is these ports that are now being bought back by the US. 23 ports and container terminals in 43 countries will now be sold back by Li Ka-Shing's Hutchison Holdings back to Black Rock under an agreement. None of this could have happened under the lackadiasical policies of previous administrations that led to first affront and then disastrous effects of migrant trafficking and drug trafficking in this hemisphere.   ...

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People of America reflect on what has the most promise for our future?  Critics have focused so much on delivery on one night to forget what was actually said. The president's message to Congress and the American People of last week is all there for everyone to read. It states what was said in the State of the Union in January 2024 on the floor of Congress with vigor not seen since the days of FDR in 1932. Critics could read the actual text of what Biden said in the debate, and they did nothing of that acting in ways that only the uneducated would do and manipulating information about the president's health in dishonorable ways. Polling is an uncertain business and may be all wrong depending onthe sample and what questions are asked. This was proven true in last week's results of the French election. Where are the people relying on polls who predicted RN National Rally on top when it ended up in third place. The pundits have not reflected on the meaning of the French election and the British election where parties that made cost of living action, fighting for working families, and infrastructure investment coming out on top. Who is going to fight for and take climate change action and going delinquent on climate change is that an answer the American people will make? Who has done the most for climate change action, health care and education? How does the US compete with China without investing at home a fight which president has fought with economic theory from the Reagan/Friedman era that let American industry wither while China took the lead in industry after industry?  ...

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A gradual deterioration in people's confidence in government from illegal activities was the threat XI Jinping saw early by 2013, after over 60 years of a single party running China. It has affected his entire outlook on what China's policy needs to be for its long term interest in modernization. A reminder is this account by Chinese state media that says Tomorrow Group run by a Chinese Canadian illegally collected $45 billion in deposits. Illegal collecting of deposits is connected to collecting on false pretenses money for investment or real estate without proper licenses. Shanghai Intermediate Court says $100 million was given to government officials. This company was dismantled between 2016 and 2020 and was run by a 50 year old Canadian Chinese businessman. It included 4 insurers, 2 trust firms, 2 securities firms and a futures company. Other such scandals including for stock manipulation were revealed by 2016. Xi Jinping was made president in 2013. He realized the danger to China of the extent to which the country's economy was exposed to illegal activity in business and what this could do to the country if the Communist party- the only party that China has known since 1900 and Japanese imperialist invasion other than the Nationalist Koumintang party-lost the confidence of the people and failed. The Nationalists party collapsed because of such illegal activities that profited a small group of business people and led to deep discontent in China in the 1930's and 1940's, the period when the Japanese overran most of China and setup puppet regimes. Corruption Control in Authoritarian Regimes- Lessons from East Asia by Cambridge University Press points out that this type of illegal activity led to the delegitimization of the Nationalists party which ruled parts of China not overrun by the Japanese during the period 1920 to 1949. This led to defeat to the Communists in the Civil war with little that even US help under General Joe Stilwell could reverse shown in Barbara Tuchman's book Stilwell and the American Experience in China. The US had not chosen to work with the Nationalists under Stillwell's leadership and Stilwell was even asked to resign by the Nationalists because he protested these illegal activities that undermined confidence in the government and made FDR deeply uneasy about the relationship with the Nationalists. Xi Jinping understood very well that this could happen again if these types of illegal activities were allowed to continue leading to policies he has pursued since 2013. He grasped that this would leave China without strong leadership at a time that was critical for its modernization. ...

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About 7 million people or 10.3% of people living in France in 2021 were immigrants, says national statistics agency INSEE. Compare that with 6.5% in 1968. About one third have acquired French citizenship. What this has done to French society is to shift sentiment away from protecting workers and families struggling with a cost of living crisis by splitting the vote of traditional parties supporting working class families. Shifting some of it to the far right anti-immigration parties that have emerged since 2010. This has added to the fracturing of society that happened from neglect of manufacturing communities across France as more manufacturing was concentrated overseas in  China. Neglect of rural areas and smaller towns, the emergence of tech hubs disconnected from the larger community across France has added to this. This is true of other European countries and a similar situation happened in the US. Denmark's prime minister is very candid about this, saying immigration of this type hurts the working class families in Denmark. Mette Frederiksen of the Social Democrats is the first to have clearly stated this problem and is providing a new way of protecting Danish workers and families from these social and technological changes in society from which they have no protection. President Biden in the US has also grasped clearly the dimensions and magnitude of the problems facing workers and families in the US. The problem is not limited to worker loss of income security, it affects the whole society and the public as a whole in other ways. Opportunistic politicians using anti-immigration appeals without a true commitment to democratic principles and ideas have tendencies that threaten democracy itself. This is the real danger of concentrating manufacturing in one country such as happened with China. And of neglecting rural areas and small towns. For this reason Frederiksen in Denmark, Biden in the US, and other leaders in Europe are looking for ways to send aid and industry promoting assistance to poor countries but restricting illegal immigration. This requires handling cultural issues which have further hit society with care- "with malice towards none, with charity for all," so that the focus can be kept on the real issues affecting workers and families of the cost of living crisis and a better life, better education, health care and public services for all, to improve the quality of living. It requires a new state of mindfulness from leaders in North America and Europe, as well as from allied countries of Asia, Latin America and Africa.  ...

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About 870,000 borrowers took out adjustable rate mortgages between 2005 and 2007 according to Loan Performance a real estate information company. Of these 8.10 % were already 2 payments late by 4th quarter 2007, and Moody's Economy.com Mark Zandl estimates 8% of these will go into foreclosure eventually. Payments can go up to twice the original payment according to Susan Wachter of the University of Pennsylvania.

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IBM in addition to rapidly upscaling its operations in India, adding 10,000 employees in 2007 alone for a total of 53,000 in India. This compares with 25,000 for all its Indian competitors combined. With its Pune facility attracting employees from its rivals. With $2 billion invested in R&D centers and 3000 engineers engaged in R&D. IBM in addition to this has gone after the Indian market getting about 10% of the domestic market with names like Bharti Airtel, DLF a real estate developer, Canara Bank, the Indian tax department, and so on. And it has done this when companies like Infosys have overlooked the Indian market.

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Obesity in the US is as high as about 40% in West Virginia, Louisiana, and Oklahoma. It is lowest about 25% in Colorado, Vermont and Hawaii. About 22 states have obesity rate over 35%. Compare this with China which is seeing obesity increase from about 15% in 2023 to 20% in 2034. Real competition between the two countries starts with areas like health care coming out of the pandemic when looking at the true interest of both peoples instead of geopolitics creating a huge distraction from problems of health, climate change and education. Meat intake has tripled in China and a return to more vegetable and fruits and ancient grains is something that is needed badly, also helping tackle climate change. The states in the South and midwestern US have higher rates of obesity followed by northeast and western states. This includes in the South Kentucky, Georgia, Texas, Alabama, Tennessee, South Carolina, Mississippi, Arkansas. In Midwest it includes Ohio, Indiana, Wisconsin, North Dakota, South Dakota, Iowa and Kansas. It is useful to note that this is in Voice of America news which is aimed at an overseas audience and this kind of information is not seen widely in US media. Robust food programs ae needed especially for people living in poverty. Health consciousness needs to be emphasized in all aspects of life and worklife, workspaces, living locations and transportation options all need to be devised around this. Bussel of the Robert Woods Foundation says even ten years back no state had over 35% of the population being obese. Clearly headed in the wrong direction with all the discussion in media run by billionaires on everything but what most affects the quality and ease of living of ordinary people. ...

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Kenneth Rogoff of Harvard University, expert on debt crises, and author of "This Time is Different," says China is one of the best examples of the idea that this time is different, with the idea created that somehow China was impervious to the massive build up of debt. The debt is now over 250% of GDP, and this was possible for so long because of the high savings rate of 30% of disposable income and the millions of young migrants moving to cities to work in manufacturing. The growth of shadow banking, opaqueness in decisionmaking, unreliable data, use of local government financing vehicles, the bubble in housing with a large portion of loans tied to the real estate market, all combine to create serious problems that will take a long time to sort out. Rogoff says the crisis in Tianjin with the deadly explosions in the port area, and the government's inability to provide answers to questions from a alarmed public, only added to the uncertainty and loss of credibility. Rogoff says he hopes the trillions of dollars in reserves will provide China with the tools adequate to tackle the debt problems before they spread to other countries....

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WSJ looks at how businesses are coping and how the government and the financial institutions are trying to make handling the stress of coronavirus easier and recovery easier. Bedrock is one of the financial firms that is forgiving rent for small bookshops, retailers, restaurants, gyms and other stores in Detroit, Michigan. Bedrock owns 50% of the leasable commercial real estate space in Detroit's 1.4 square mile downtown business district. In all it covers about 40% of downtown Detroit and retail. A similar program is underway in Seattle with help from Amazon. This story shows how Mr. Cullen who is Bedrock's CEO is doing this. He reports to Mr. Gilbert, a billionaire, who is also owner of Quicken Loans lender, Cleveland Cavaliers sports team. Mr. Gilbert is recovering from a severe stroke he had this year. This makes the job harder for Cullen as he has to seek approval from Mr. Gilbert and show this is something that will also benefit Mr. Gilbert. This will make recovery in Detroit easier. He says Detroit suffered badly in the 2008 economic crisis, and he does not want to see this happen again. Fortunately Mr. Gilbert, who is in therapy, has approved the action of Mr. Cullen. Cullen has to show that out of work local people in Detroit and empty storefronts hurts Mr. Gilbert as well as Detroit. So both come out winners from forgiveness for rent for a couple of months.   ...

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Solomon and Lee of the WSJ describe the role played by Ayatollah Ali Khamanei in the talks, down to the final days- as late as July 14, U.S. Secretary of State Kerry is described as asking his Iranian counterpart Javad Zarif, "do you have the mandate of the Supreme Leader?" Zarif replying that he was confident that he did. The media announcement of a deal came that same day July 14, 2015. The last weeks of the negotiations were conducted under the tension that if a deal was not reached quickly the Iranian military or some other factions could upset the deal. Even after the announcement of the deal in the media, Kerry was not certain, saying he never indicated he was confident, and it would all depend on its implementation. U.S. president Obama who initiated the contacts with Khamanei and his close advisors early in his presidency, said that the deal offered the U.S. and the world an opportunity to move in a new direction.

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As U.S. money market funds have reduced lending to French banks, and lending maturities have shortened to seven days, French banks are facing a shortage of dollars. According to the Federal Reserve, foreign banks and their branches provide 25% of the commercial and industrial loans in the U.S. In its response to this BNP expects to reduce dollar denominated loans by $42 billion by the end of 2011 and another $40 billion in 2012, according to BNP officials. Societe Generale CEO, Frederic Oudea, says his bank will pull back on making loans to shipping, aircraft, real-estate and leveraged finance in the U.S. This will reduce credit growth in the U.S. economy.

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The new government of prime minister Enrico Letta in Italy suspended the summer instalment of the tax on primary residences which was unpopular in Italy. The new government plans to overhaul the tax code this summer to change the way it impacts real estate. This was one of the tax measures taken by the Monti administration. 1 billion euros will go to a wage supplement program, so that companies can retain employees during the economic downturn. Another program to provide business incentives for hiring is being considered. The new government committed itself to bring down the deficit in Italy to under 3% in 2013, which would help keep Italian borrowing costs down.

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What were the stories in the Economist magazine that were the most read stories of 2019? Not on president Trump. On Malaysia, China under Jinping, and exodus from San Francisco and Silicon Valley. The most read article was on the newly elected president of Brazil, Jair Bolsonaro. The mismanagement of the economy particularly extravagant state spending on the Olympics and soccer stadiums for the World Cup at the expense of basic sanitation services, bus and transport services, health services, led to the result of a majority of Brazilians rejecting the Workers Party and its leader former president Lula. Unfortunately most of the media including the Economist did not draw attention to this gap. During a period in which income from mining with export of iron ore, and soyabeans to China, enabled Brazil to live beyond its means, there was no effort to draw attention to glaring gaps in development of public services such as sanitation, bus services and transport, lack of building infrastructure other than to support mining. Glaring gaps in education and health services made the situation worse. The second most read piece in the Economist  was on March 10th- Malaysia's PM is about to steal an election. Here the Economist magazine joined the Wall Street Journal which originally broke the story on the 1MDB fund and irregularities in Malaysia where a development fund was misused by the government. Najib actually lost that election and the WSJ covered the story of the developments that followed in which Malaysia's new governemnt led by a returning former prime minister in his nineties Mahathir Mohammed, ousted his own protege Mr. Najib.  The third most read piece in the Economist magazine was - How the West got China Wrong.  Unfortunately the Economist magazine and most of the media covered China in the two decade long boom years without covering the other emerging story as well in which Mr. Lighthizer (now president Trump's top trade adviser) and others questioned the huge unsustainable trade surpluses in U.S. trade with China. With the economy facing huge downside risks and rising trade tensions with the U.S. Chinese president Jinping's move to remove the limit on terms in office in the Constitution was considered a shift from the notion that China was likely to turn into a democracy. Mr. Jinping had already completed his first term in office and the anti-corruption campaign, managing the economic boom for a soft landing, was carried out with the central leadership of the party, after the destabilization evident in the early part of Xi Jinping's first term. Much of China's path was predictable and rational behaviour in its national interest, what was not clearly defined or defended was the way the U.S. could sustain the trade deficits that had reached a billion dollars a day. Leading to Mr. Trump seizing on this as an election issue to form a bloc of voters separate from the two main parties, the Republicans and the Democrats. The fifth most read piece was on Oct 11, 2018- the next recession. It pointed out that with low interest rates central banks in the U.S. and Europe and America could not cope effectively with a recession. The sixth most read piece was on June 29, 2018- Bullshit jobs and the yoke of managerial feudalism. It cited Prof. David Graeber of the London School of Economics, who wrote a short essay that went viral on the prevalence of work that had no social or economic reason to exist, work he called "bullshit jobs". Graeber said people want to feel they are transforming the world around them in a way that is leading to a positive difference. No. 7, 8, 9, were on Bitcoin, Netflix and programming language Python. No. 10 most read was on Aug. 30, 2018- Why startups are leaving Silicon Valley. It showed that in 2017 more people left the county of San Francisco than entered. The main reason the cost of living was burdensome and out of control. As Amazon shifts attention to India and Brazil, and Apple pulls back from India, social media companies coming under fire for disinformation, this period of Tech is making way for a shift in a new direction. A direction that focuses on people's lives, wages, spending on much needed infrastructure and services. ...

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The needs of AI where the energy to power a city the size of Manhattan is needed leaves America short of meeting such supply with renewable solar, wind and natural gas. Nuclear had become dormant as the cost of natural gas and solar produced energy declined. With increasing need for clean energy the Biden administration considered reviving nuclear energy and included funds for this in its legislation.  In the last year Constellation which owns the Three Mile Plant in decommissioning status changed its plans under CEO Dominguez after attending AI meetings realizing that this was an opportunity. Dominguez had research done to match energy projects in the US with the demand including AI data centers to be convinced it made sense to invest, and meetings with Governor Shapiro. It is moving forward with $1.6 billion investment after a deal with Microsoft for energy from Three Mile Nuclear plant, delivery in 2028, at $115 per megawatt hour. It costs $142 per megawatt hour for new nuclear energy construction.  State and federal regulatory approvals are needed, and the risk of underestimating the cost of restoring nuclear at decommissioned plants are high. ...

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The China Banking Regulatory Commission points to dangers of the Non Performing Loans ratio rebounding and serious risks in the financial sector from bad loans. CBRC chairman, Liu Mingkang, points to the risks associated with local-government financing platforms, and the real estate sector and industries with excess capacity, in the 128 page report for 2009 shown on its website. And he points out that fundamental cracks and flaws internationally, that were exposed by the global financial criis of 2008, have still to be resolved. He cites the regulatory issues, "too-big-to-fail" issue for large financial institutions, cross-sector and cross-country risk contagion toxic assets, and the budget deficits facing European countries, as major issues posing systemic risk.

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How the Four Seasons Hotel and Isadore Sharp its founder,who started the hotel chain from the first Four Seasons Moel in aseedy section of Toronto in 1961, operate and run their business. In 2007 Sharp, a son of Polish immigrants, sold the hotel to Bill Gates and Prince Talal for $3.8 billion. The owners own the real estate and the properties are meticulously laid out , and evertying down to the bed sheets and pillows and employees is planned by the Four Seasons company which only runs the properties. In the process almost all the leverage for what gets done is with Four Seasons. Problems in the current environment for owners as Four Seasons will not relax any of the requirements which are costly and reduce margins.

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This article in the Economist following the state election in Berlin, says it shows Merkel and the CDU as still the only likely option to form a new coalition in the 2017 federal elections. Even though six parties emerged in the Berlin election- the left parties SPD and Die Linke, the Greens,CDU, AfD, FDP- the situation is so fragmented that the CDU still remains the leading party nationwide. The Economist points out that a Greens and left parties coalition as in Thuringia is not an option at the federal level, because most Germans are not in favor of a SPD, left party Die Linke, and Greens coalition at the national level. The opposition from the CSU inside the CDU-CSU parties to Merkel's refugee policy,  with Seehofer calling for a numerical limit to refugees, is it says presents the only real challenge to Merkel. Yet Merkel has already tackled that problem, as the new refugee numbers are dropping dramatically. and Merkel has already pointed out that the refugee crisis came when she and her government were caught unprepared. By taking the right steps to assuage voter sentiment as she has deftly done throughout her terms in office, staying close to what voters generally accept as the best way forward, a year from now Merkel and the CDU may as she says be seen as having taken actions that best reflect Germany's interests in the long term. ...

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Henri Specht, Director of the Olympic Village, walks along newly installed boardwalk along the river Seine and sees how the Olympics will turn an industrial bank into a pedestrian walk area.This approach  has not been taken before and shows the French have taken the courage to try something new. The French government and organizers have built the Olympic Village in one of France's poorest suburbs along the river Seine in northeast of Paris to give it a jolt and revitalize the area. Carbon emissions will be cut in half using new technologies and it will be kept cool without airconditioning. Each of the 40 low rise tower blocks will provide housing for 14,000 people for Olympics and another 9000 for Paralympics. This a 52 acre project with housing for athletes to provide housing for residents, a new Aquatic Center, and other facilities to increase its potential for regeneration. Training facilities for employment are added in with high unemployment of about 20%.   Will it work? It was home to car and steel factories that have now closed as manufacturing went overseas. In 1998 the Stade de France stadium was built here to revive the area. Institut Montaigne says poverty will not disappear. The mayor says new housing is being delivered to change our image and improve the social balance in the city. In the neighboring town of St Oen the mayor has attracted $400 million euro investment for new housing. Tesla is putting its French headquarters in St. Oen. For the village about two thirds of the budget of 2 billion euros ($2.2 billion) comes from private real estate companies and one third from the French  government 646 million euros. After the games a third of the 2800 apartments in the Olympic Village will be sold to private owners, one third to go to public housing, and one third for rentals to students and others. ...

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This Washington Post analysis of the Republican tax bill gives an exceptional view of the bill's impact and provisions. This is the first major change to the tax laws since 1986. The size of the bill is $1.5 trillion, with the Joint Committe on Taxation projection that the bill will increase tax revenues over a decade by $500 billion, meaning that it will cost $1 trillion being added to the deficit. What the bill does: 1. It offers a permanent tax cut to corporations by reducing the corporate tax rate to 21 percent from 35 percent. Industries benefiting the most are mining, real estate, technology, manufacturing. 2. The individual tax cuts expire in 2025. They are skewed to disproportionately help highest income Americans, much less lower income Americans and much more highest income Americans compared to high income Americans. In this sense it is skewed in a an unusual way to the highest earning Americans- a sort of Trump effect in place. The top 1% get a tax break of $51,140 in 2019, middle income people earning about $100,000 get about $1000 a year in 2019, tax payers earning around $50,000 about $380, and those earning less than $25,000 about $60 a year in 2019. Taxpayers earning about 150,000 get about $2000 a year tax cut. (Tax Policy Center) 3. The basic assumption is that tax cuts are revenue neutral if there is economic growth and most of that growth comes from corporations investing in growth. The problem as Greg Ip points out in the Wall Street Journal is that countries trying thsi approach in the past such as Britain have not seen such growth materialize. Corporate profits are the highest in 15 years as percentage of GDP, according to Vanguard founder Bogle, and are now 20% of GDP compared 11% in 1980. If corporations did not invest with this level of profits how much additional investment is going to happen, ask critics, especially as demand drives growth and wages are not boosted under this plan.  4.  Because the bill's changes to current law makes it likely that 13 million less Americans will be insured over a decade- from fewer people signing up for Medicaid and on exchanges for Affordable Care Act- it will hurt lower income Americans. Skewing at both ends of the income spectrum of this type is rare in American history particularly in the twentieth century after the Depression of the 1930's, and poses risks for social cohesion, making it unpopular with most Americans. A CBS News poll taken Dec 3-5 shows 53% of all Americans opposed, only 35% support the tax bill just passed in Congress.  5. Then why did Republicans do this? Republicans needed a legislative success after failure to repeal the Obama Affordable Care law. This pressure led to passage with Republicans probably aware that this is temporary tax reform requiring a real effort by both parties working together after the midterm elections in 2018 and as the presidential election approaches in 2019.    ...

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A big hurdle for local brands in China is the Chinese consumer's interest and respect for foreign brands. Asked about local brands buyers say they can't think of any, or say Chinese brands are shoddy in quality and value. Brands such as Haier in consumer appliances and Lenovo in tech are an exception. During the big surge in consumer sales in the last two decades Chinese companies producing local brands thought it adequate to simply imitate foreign brand names rather than take the difficult route of establishing the credibility of their own brand- an effort which might take years. Often the foreign name was changed slightly to keep the resemblance but mean something positive to Chinese consumers in the local language. Common are names such as Adidos, Hike, Cnoverse and Fuma for sneakers. Clio Coste keeps the connection to Lacoste with its crocodile logo. Coca Cola in Chinese is Kekoulele, translated to mean Tasty Fun. Only now are local companies giving serious attention to creating long term brand entity and image. The serious attention to brand names and branding comes at a time when China increasingly depends on consumer sales to power the economy with the decline in real estate and slower manufacturing. For the 11 months of 2014 retail sales were up 12 percent over the prior year period to $3.8 trillion, according to the National Bureau of Statistics. ...

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Jean Raspail is the French author  of "Camp of the Saints" and of "Me Antoine de Tounens King of Patagonia," winner Grand Prize of the Novel 1981 Academie Francaise. Written by Raspail, the son of the Founder of Le Figaro French newspaper in 1973, Camp of the Saints is a book describing Raspail's extraordinary vision of how boats from Bengal would suddenly appear at French shores carrying millions of people from Bengal fleeing conditions of squalor and extreme poverty. 1971 was the year of the Bangladesh war with millions of refugees from Bangladesh at the time called East Pakistan pouring into India from Bangladesh, hit by massive floods the year prior, and then facing an army of occupation from West Pakistan's Punjab ethnic group dominated Army. While calling Raspail's Camp of the Saints "openly racist" Le Monde does not show the events described here as being entirely real- the squalid and the squalor into which Bengal had been plunged by a over a century of British rule in India that as Gandhi showed in the 1920's in "Young India" magazine spent most of the budget on policing, and very little on development except rail for logistics to hold the Empire together. On this the French Left or French Right or the European Left or Right is silent, preferring not to open up the similar situation facing China Hongkong, Shanghai as Treaty ports and Beijing after the Boxer rebellion, the Middle East with Sykes and Picot creating artificial states of Syria and Iraq, and controlling states of Iran and Egypt, and Indochina as French colony. It is not "racist" it only shows what Raspail might have seen on television at that time of the truly squalid conditions, including a famine in Bengal in 1944 that was aggravated by British policies. If Raspail imagined that boats from Bengal would arrive at the shores of France it is not something that is not connected to reality, it is the squalor and squalid conditions- except the reality the so called Right and the Left failed to say was a result of the centuries of colonization that made the region miss the Industrial Revolution. Western India around Bombay and Ahmedabad was far more developed by the 1970's and more so by 2003 when Camp of the Saints was republished. In 2026 Camp of the Saints is outdated. Northern India, Western India and Central India is in the kind of rapid modernization that happened in China, with bullet trains, ports and new highways, new industrial infrastructure, housing, going up every year under the Modi Government. In the paradox of today the Modi government is referred to as racist or religious right without reference to its essential condition, its very spirit of modernization based on science and technology acknowledging and revering the contributions of European nations and America. Bangladesh is eastern Muslim part of Bengal. West Bengal is part of the federal Union of Indian States, and has fallen into disrepair and industrial backwardness within Indian states because of the lack of the rapid modernization that India is going through, under mismanagement of the scale of Venezuela. Much of the media in the west does not report the scale of the mismanagement of some of the states in India that were built on the legacy of the early decades after independence of policy to slow down industrialization and corruption that destroyed infrastructure investment. The federal government of India and the states run by the party at the federal level in northern, western, central and north eastern India oppose migration to the US and Europe and are now growing at the fastest pace in the world, faster than China, growing at 10-12 percent a year. Bihar state in India is the home of Lord Buddha and the origins of Buddhist civilization of China and Japan. It has a population of 130 million and is growing at 22% a year in 2026. India needs its young people at home, even though it is willing to loan some of its technical people to Germany and Europe and the US. The Indian federal government policy and policy of these Indian states run under federal policy is to oppose migration and find jobs for millions in a rapidly modernizing economy at home. This then is the reality in India, as well as China, with 2.8 billion people. No one in India, not Gandhi if he were here today, not the government in the Indian federal union and states faults Raspail and others and calls them "racist," because of the extraordinary help first Japan, then China and now India receives from America and the European Union to develop and modernize quickly. In fact Indians look with admiration on the western leaders in science and technology, the scientists and inventors of Europe and the US, and are eager to emulate them in the future. And this is true also of the people of China, and reflects the aspirations of the new generation. ...