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New York Times Original article ›
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The collapse of the will of people around Yanukovych, including a deputy interior minister, as fighting units moved with weapons taken from an armory in Lviv towards Kiev, may have been the decisive event that decided the fate of the Yakunovych government. The deputy interior minister then negotiated with a protest leader Levus realizing that other than the front line of police the rest of the police were ready to abandon the fight. Levus then negotiated a safe corridor for the police to withdraw. As the Polish diplomat Sikorski came out to the square he found to his complete astonishment the police simply disappearing from the Square in Kiev. Hours earlier he had warned protesters that a crackdown was coming and they would all be wiped out, according to a report in the WSJ by Benoit, Norman and Fidler, 2/22/2014, so that they should accept a deal which would set a date for new elections but not lead to the immediate resignation of Yakunovych. That deal it also appears came after a Putin call to Yakunovych and not simply from diplomatic pressures, and it is probable that Putin had realized earlier than the diplomats that most of the police were not going to fight. Bringing in the army would have had dangerous consequences for relations between Germany and Russia in particular- as German public and chancellor Merkel felt strongly about the situation in Ukraine- and relations with the European Union and the U.S. Putin, Yakunovych, and even the EU diplomats may have missed the depth of feeling in Ukraine and the organization of the protest movement. Germany and chancellor Merkel, with her determination to make things come out right in Europe after a flawed history, gave hope to the protest movement. ...
New York Times Original article ›
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Increasing regional tensions with a more assertive Japan and China. U.S. president Obama's so called "pivot to Asia," appears to have little impact. China has tended to look for its own security architecture in Asia that excludes the U.S. U.S. efforts to reduce tensions are being ignored by China in May-June 2014, as China asserts itself in waters that are in dispute with Vietnam. The lack of U.S. influence compares unfavorably with the situation that prevailed since 1900, when the U.S. had the most significant influence in Asian waters. It has more to do with a policy of withdrawal under the Obama administration than U.S. capabilities. The policy of withdrawal in the Middle East comes after much of the sacrifice had been made and the situation in Iraq changed, so that for a much smaller incremental effort the U.S. could have both lived up to its principles and ideals for democracy and freedom as well as win public opinion in the Arab countries of North Africa and the Middle East. This withdrawal in the Middle East has given Russia and China the wrong signal leading to more assertive stance in Europe and Asia, and creating uncertainty where little uncertainty existed about U.S. determination. Under whatever terms it is wrapped the policy of the Obama administration is one of withdrawal. It is dangerous because it will mean a more costly effort would be needed under a future administration to restore the situation which prevailed earlier- in which the U.S. has helped create a climate in which the entire region including China and Japan have prospered economically, without the region descending into a competition between Russia, China, Japan, South Korea and India. The Obama administration with its muddled policies has inadvertently created this situation....
Wall Street Journal Original article ›
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Robert Doll, equity strategist for Black Rock, the world's largest money manager, says the growing population of the U.S. will drive economic growth in the next decade compared to Japan and Europe. He says that over the next two decades the U.S. work force will grow by 11%, Europe's will decline by 5%, and Japan's will decline by 17%. China's population growth will be only slightly more than that of the U.S. during that period and Doll expects China's growth to slow. He sees America as the best bet in a bad neighborhood. Higher immigration in the U.S. is a huge positive, as he points out economic growth is simply the product of the change in the size of the work force multiplied by its productivity. And America's productivity is good enough compared to other nations, is how Doll sees it. In 1995 the U.S. produced 25% of the world's goods and services, it was still 25% in 2010 says Doll. Other economists have pointed to this and observed a similiar pattern for most of the twentieth century. Doll sees this pattern continuing. India's population will show signficant growth and he sees greater opportunity there for long term investing. Doll sees a decoupling between U.S. stock markets and high unemployment. Most of the large U.S. companies generate a large portion of their sales and profits overseas. He estimates 40% of the business of these companies is overseas. Doll's estimate is for 70% of the incremental earnings growth of the S&P 500 companies coming from overseas markets. He also expects higher inflation with the Fed keeping it from getting out of control, and deficit cutting efforts to cut some trillions over the years. He sees favorable prospects for equities based on the money growth being strong and credit markets being good....
New York Times Original article ›
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Christina Romer, Prof. of Economics at the University of California, Berkeley, was chairwoman of the Council of Economic Advisors under U.S. president Obama. Here she discusses the different aspects of the debate on raising the minimum wage. Romer says the negative effects on unemployment are small. The impact on consumer spending is also limited. The anti-poverty effects are real for raising the minimum wage from the current $7.25 an hour, says Romer, as over half the families earning a minimum wage make less than $40,000 an hour. President Obama called for raising the minimum wage to $9 an hour in 2013. Studies show 13 million U.S. workers earning less than $9 an hour. Raising the incomes of these families by about $3500 an year under the president's proposal gives workers badly needed income to cope with rising cost of gas, food and other basic necessities. The effects on consumer spending are small, estimated at between $10 to $20 billion. Its main virtue is keeping the principle of fairness and maintaining social cohesion at a time of increaing inequality. Romer says there is competition for workers which makes it possible for workers at the lower end to get a fair wage, but does not account for the effect of high unemployment which takes pressure off raising the minimum wage in the market economy. Another benefit for countries of keeping a fair minimum wage is that other actions can be taken to improve competitiveness for business and manufacturing and reducing the deficit and be seen in a positive context of overall improvement. This is part of the case made in Europe for boosting the mnimum wage as austerity measures are taking place....
Detroit Free Press Original article ›
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Fiat's Marchionne leads Chrysler. He will keep Jim Press as deputy CEO. Press is a veteran from Toyota. The four brand CEO's are Peter Fong for Chrysler, Michael Manley for Jeep, Michael Accavitti for Dodge, and Pietro Gorlier for Mopar. Except for Gorlier, all are Chrysler employees. Ralph Gilles continues as Design executive, and Scott Kunselman, a Chrysler veteran will lead product development. Frank Ewasyshyn will continue to lead manufacturing. Doug Betts will remain in charge of quality, and Scott Gaberding, as head of procurement. Only Marchionne and Richard Palmer, the new Chief Financial Officer are the new faces at the upper ranks. Marchionne's mesage to Chrysler employees is that Fiat was perceived by many as failing in 2004, " a lethargic automaker that produced low-quality cars." But he says "most of the people capable of remaking Fiat had been there all the time. Through hard work and tough choices, we have remade Fiat into a profitable company." One thing that Marchionne has already in mind is a flattened organization with which he says "we are able to increase speed of decision-making and improve communication." Marchionne is actually a manager who worked and spent many years in Canada. He got his MBA at the University of Windsor, in Windsor, Ontario, in 1980 and his LLB law degree from York University in Toronto. His parents immigrated to Canada when he was 13, and he grew up in Toronto. He worked at Deloitte Touche and Canadian companies before moving to Europe. So he is very familiar with working in North America. Compared to the young group he had working for him in changing Fiat, he has many older managers at Chrysler. ...
New York Times Original article ›
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The head of failed bank HBOS or Halifax Bank of Scotland, which needed $17 billion of British taxpayer money, and was merged with Lloyds Bank after heavy losses, is Sir James Crosby. In a strange turn of events he ends up as a trusted advisor to Prime Minister Brown and becomes deputy chairman of the Financial Services Authority, Britain's regulatory agency. Sir James obviously knighted, obtained the appointment to FSA in 2006 when HBOS was growing rapidly, the losses came in 2008. But just as in the USA some of the people who were in the financial institutions or in regulatory agencies where alot of bad judgement or lack of necessary fiscal prudence was exercized, are still in positions that have as their principal task getting the US or Britain out of this crisis in financial institutions. In this case a House of Commons' committee investigating the banking crisis released written testimony that Sir Crosby summarily fired one of his executives Paul Moore after warning that HBOS bank was moving too fast in acquiring billions of dollars in new debt. One line in the Moore testimony is telling in its description of what happened at HBOS, as it must have in a host of other places in the US and Europe: " Sadly, no one wanted to speak up for fear of stepping out of line with the rest of the lemmings who were busy organizing themselves to run over the edge of the cliff behind the pied pper CEO's and exectuive teams that were being paid so much to play that tune and take them in that direction." End result, Crosby resigns his position before Prime Minister Brown is embarrassed and faces tumult and questions in the British House of Commons....
Wall Street Journal Original article ›
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This is a companion short article to the longer article of Gordon fairclough's trip in a Chinese company made Cherry A1 compact with friends through the 1700 mile Silk Road in Xingiang Province of China. This is a very important piece of writing as its the first time someone has taken a Chinese small car in for a difficult 3 day test drive through mountainous and desert regions for 3 day in a remote region nearly 1700 miles. The Cherry A1 is advertised by China as a worldclass vehicle for about $7000. Is it really is the question. And Gordon says it passes his test admirably. Note that its built with help from Italian auto design firm Bertone, powered by a 1.3 litre enginedeveloped with help from Austrian engineering firm AVL, and made with parts from Honeywell International and Visteon. And finally assembled in Anhui province, a poor province of China, with workers who earn $1 an hour. The Cherry is a government owned company started in 1997. This Cherry will be marketed under the Dodge brand in Latin America and other developing markets by end of 2008. It will be modified for safety and environmental rules and marketed in USA and Western Europe in 2009. SAys Gordon Fairclough that for a small car the car ride was realyy smooth and quiet and even at 100 miles an hour there was only a slight vibration on the steering column. The airconditioning worked well in the desert. The car had a CD player and a USB port for MP3 players. The acceleration was a bit sluggish considering the small size of the 1.3 litre engine and with 4 passengers on this journey through Xingiang province. ...
BusinessWeek Original article ›
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If Morse's thinking holds and crude prices drop to $90 range per barrel (see the link to Morse) then we have another major problem on our hands as the incentives for conservation diminish and there is less money invested in energy conservation, and investment, effort and enthusiasm for new technologies for conservation also diminishes. This risks the environment and carbon dioxide emissions and keeps sending money on expensive oil imports to Saudis, Russia and the middle east which could be better invested in the US for innovation and R&D or returned tothe public. For energy saving conservation technology investors the drop in incentive through a return to cheap oil or expectations of prices that are below $100 for instance can be the worst of both worlds high prices and low investment says Vinod Khosla. He advocates a floor on the price of oil. Stanford Professor Hillard Huntington, executive director of the Energy Modeling Forum, a group of energy experts, says energy saving initiatives could easily take 4 million to 5 million barrels a day of demand off the market in 10 years from the 20 million barrels a day that the USA uses to heat homes, power industry, and fuel cars, trucks and planes. It would be a huge loss for that not to happen. And this has happened before as the oil crisis in the 1980's became a dim memory once oil prices hit a low of $11 in the mid 1980's after conservation kicked in at the time. The idea then is to have some sort of gasoline tax that would keep a floor on the price of oil that Europe already has. And British Columbia has shown how by having a small tax and returning money to the taxpayers with a $100 check refund and in other ways to small business and other txpayers....
Wall Street Journal Original article ›
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Several factors make it likely that oil prices will remain low for an extended period of time into 2016 and beyond. As Ailworth points out nobody is blinking. The Saudis plan no change to their high production. U.S. oil producers in the Gulf of Mexico have already made investments for deep sea drilling wells following the end of the moratorium on drilling in the Gulf. Many of these wells are producing at very low marginal cost as most of the investments have already been made. It makes economic sense to produce even in a low price environment, according to Andarko. Shell continues to invest in the deep waters of the Gulf. Its production is up 10% to 250,000 barrels a day. American shale oil drillers have not cut back as much as expected, partly because many companies with large debts need the cash flow to pay interest on debt. And some of the 1200 wells that were drilled but left untapped may also be brought on stream to slow production declines. As a result the overall production of American crude, according to monthly federal information, has declined by about 3% to 9.3 million barrels from the peak reached in April 2015. This helps the U.S., Europe, China and India, at a time when their economies are experiencing different problems. It hurts Russia, Venezuela, Nigeria, and Iran. Russia is coping as its exporters convert dollars into rubles after the sharp depreciation in the ruble, and helps local industry including steel producers, as well as wheat exports. Venezuela's economy is the worst hit. And Iran now has to produce at high levels in 2016 to improve its economy following the lifting of sanctions....
Washington Post Original article ›
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Dudley Althaus looks at Mexico's 2018 election from a working class suburb of Mexico City called Valle de Chalco. Once a squatter settlement outside Mexico City this area was courted by the ruling PRI Institutional Revolutionary party for 3 decades with a social investing program building sewers, water and power lines. Today this area like others in the state of Mexico have turned to a new party Morena led by Manuel Lopez Obrador, to find a way out of the corruption, violence and failure of the rule of law under the PRI. Obrador left the socialist PRD party to form Morena in 2014 after running for president on the PRD ticket twice. The thirst for change is widespread inside Mexico giving Obrador a higher vote margin in state of Mexico than the 53% he won overall in Mexico. The PRI won just 16% of the vote. The old politics of piggy bank and patronage of the PRI is now discredited in Mexico.  The reason the old politics does not work anymore is the change in places like this from a shanty town of tin shacks to a bustling city of 400,000. This place has a technical school, a state university branch, rows of well kept cinder  block homes along with malls and wealthier homes. With basic necessities being met Mexican workers are turning to larger issues of national identity and how the next chapter can be written in the social contract. Obrador's nationalist message and criticism of the globalized economy struck workers and middle class as the right direction for Mexico. This came just as president Trump brought new views on immigration and NAFTA on the other side of the border challenging Mexico to find its own direction and independent position in the world economy, even building new links to other countries in Europe and Asia. ...
The New York Times Original article ›
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As president Jinping begins a second five year term his focus is on the small communities like Chashan, only a 6 hour drive from Beijing, that were neglected in the rush to industrialization. He has vowed to get rid of poverty in China by 2020. About 43 million people live in rural communities that have mostly older people and live on 95 cents a day. There is another challenge say experts which is the much larger popuation that lives in rural and urban areas- including urban migrants without property and residence rights- who live on less than $5.50 per day, $165 a month, according to the World Bank. This is about 1070 yuan per month, or in Indian rupees for a comparison with India- which was at a similar stage of development in 1990- of Rs 10,000 per month. About 40% of China's population or 560 million people are in this group. With a rapidly aging society as a result of the earlier one child policy, China faces the risk of not advancing from the level of a middle income country, in the way that South Korea and Japan have moved to levels similar to Western Europe and the U.S. As China's growth level slows and with an aging society this remains a major challenge. As this report shows there is great pressure on local officials to eliminate the poverty level of people living below $30 or about 200 yuan a month, as targets are set at local levels and corruption weakens the effort. There is concern at the lack of an effort to improve the living conditions of the 200 million rural migrants living in cities, who under China's "hukou" system are not considered residents and are not getting education and health benefits. ...
The Financial Times Original article ›
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There is a sense of cognitive dissonance in the states of former East Germany, known as the GDR or German Democratic Republic in the Soviet Union period from 1950's to 1990. The 5 states that formed the GDR continued to build close ties with Russia after the fall of the Berlin Wall, in the perception that this would build good long term relations. The crisis in Ukraine with border states of the Soviet Union opting in favor of close ties with the European Union and not Russia have disrupted the economic relations between the Federal Republic of Germany and Russia. As long as Russia needed the economic ties to build its economy and standard of living the political issues posed by NATO expansion and EU expansion were set aside by Putin and political parties within Russia. The very ties that were supposed to usher in an era of peace in Europe helped strengthen the Russian and Chinese economies. Leading to a point where these two economies were strong enough by 2021 in the midst of the waning pandemic to  assert themselves on political issues where serious differences existed such as expansion of NATO and Taiwan. When the economic relations such as making China a manufacturing powerhouse  was the path taken by American and European business in 1990's, business interests were focused on the declining quality and high wages demanded by unions and workers in the US and Germany. This could be personally witnessed at Apple's factory in Colorado Springs where quality was failing badly in the 1990's. Apple when Steve Jobs returned in 1997 adopted a China manufacturing strategy when its manufacturing operations in the US failed to deliver the quality and cost structure needed for it to expand. The high margins with low costs of manufacturing in China was the strategy adopted by Steve Jobs to compete with Microsoft and turbocharge its expansion. Soon other companies followed. A similar process happened in economic ties with Russia on a smaller scale. Two decades of such expansion whittled down American manufacturing, hurt American workers, hurt European manufacturing and European workers.  This process could not continue- yellow vest protests in France, the protest vote in US midwestern states in recent elections, the protest votes in German elections and fragmentation of parties, made this clear. The US imposed trade tariffs on Chinese products and moved to restrict flow of technologies to China under the Trump administration, accelerated by the Biden administration. President Xi was once of the view that China's ties with the US were important "thousand fold" in the period as late as 2010. Yet this lopsided trade relationship was not beneficial to American workers or American interests as a technologically advanced leader. It is true that American workers and engineers at Apple had failed to ensure American quality competitiveness in the 1980's into 1990's, yet no advanced country or its business can come up with a false narrative that cedes its manufacturing leadership and jobs for the working class of its country. That false narrative is being challenged today by Mr. Biden, Mr. Scholz, and all American and German political parties, and by Mr. Modi with Atman Nirbhar Bharat for local manufacturing. The integration one sees of the port of Hamburg as Chinese export hub with China's economy is one aspect of what has happened. A new leadership is taking its place in Europe and in America that sees clearly the false narrative. The visit of the new Danish prime minister to India is the beginning of the effort to set up a new logistics relationship with South and South East Asia, as Denmark's Maersk is a world leader in shipping logistics for exports and manufacturing. The planned Noida logistics center outside of New Delhi under Gati Shakti integrated development is part of the change happening today as a new supply chain is being built. The unwinding of the one sided trade relationship with China, and its related relationship on energy with Russia, led to the changing perception in Russia and China of the value of the relationship. Political relations superseded economic and cultural relations during Putin's second phase and Xi's second phase with assertive attitudes on NATO, and on Hong Kong, Taiwan under Xi and Putin 2.0. As could be expected Germany and the US were caught flat footed as leaders who were cast in the mold of Putin as a Soviet representative in Dresden, and Xi with his father leading the Communist struggle in the 1930's and 1940's against Chiangkaishek, acted in ways that reflected the Soviet period. Chiang left for Taiwan in 1948 when Mao-tse-tung setup the People's Republic of China. Taiwan and Hong Kong remained important in the perceptions of Xi 2.0, in the effort to build "China Dream" and erase last vestiges of what in Soviet times were seen as western colonialism. US and EU particularly Business and the new IT telecom Business failed to grasp these matters, and historical events such as the opium wars of the 1850's. Business and cultural interests lacked both the inclination to learn and the knowledge of these events in Chinese history and its relations with colonial powers Britain and Japan, and also Russia. In 1900 the Boxer rebellion against ceding Chinese ports to colonial powers Britain, Japan, Russia, ended with permanent colonial settlements in Hong Kong, Shanghai, Tsingtao, other Chinese ports. Chinese rejuvenation in the mind of leaders such as Xi from the second generation of Communist leadership, means putting this behind, leading to the action taken in Hong Kong. In some ways as some observers have commented it is as much a problem of the sluggishness of American and European thinking, particularly business interests including in Taiwan, post British Hong Kong, and ignorance of recent Chinese history which was mistakenly thought not to exist or forgotten. This is as much of a problem as the action taken by Putin and moves by Xi Jinping. The great democracies such as India, Indonesia, Bangladesh, were ignored as American and European business interests integrated the American and German economies with China's. In terms of population the population of these regions and related parts of South East Asia such as Malaysia and Vietnam which have a shared cultural history is about 1.5 times the population of China. Travelling through the parts of India's largest state Uttar Pradesh, an Madhya Pradesh one finds how much American and European business interests have failed both their own interests, their own workers and failed the great democracies of the world, by not only not investing in the democracies of Asia, and also of Africa and Latin America and bought into a narrative of China which no longer holds true and may never have been true all along. This is starkly evident in a once in a century pandemic in these great democracies of the world. These democracies have been left to fend for themselves during the pandemic and their leaders facing false narratives in the media such as the BBC and American media outlets even on issues such as vaccination of the largest part of the world's people.           ...
NYTimes.com Original article ›
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This NYT analysis of fund raising by the Republican and Democratic parties for the 2020 election campaign shows Republicans hardly raising any money from people with incomes over 250,000 and very little from incomes over $200,000 with most funding coming from the base white working class and lower and upper middle class. For Democrats fund raising is significant at the levels of income over $200,000. Geographically the Democrats get most of their funding from the east and west coast areas.  This reflects the changes in the parties starting in the the 2008 elections when higher income groups in software, finance, and in professions of law and medicine and Silicon Valley tech shifted to Democrats. The Democrats also held onto minority votes. In 2016 this changed with a sharp turn with tech on the west coast and finance professionals on the east coast shifting to the Democrats. The PPP agreement under Obama favored tech over the auto industry, and renewal fossil fuels such as solar were favored over the oil industry and fracking. In 2016 this helped shift the votes in Michigan and Pennsylvania to Republicans. Older manufacturing industries, oil and fracking were supported by Republicans who pushed back against ceding global dominance in manufacturing to China. By 2020 these changes are now entrenched with white working class voters in industries decimated and communities destroyed by foreign imports mainly from China, supporting Republicans. Republicans under Trump have made regaining the manufacturing leadership of the U.S. that was the situation after World War II, a top priority for the U.S.  The minority vote shifted with Hispanics moving towards Republicans to a much larger degree than before. The urban rural divide is similar to Europe where the similar impact of foreign imports mainly from China have destroyed older industries and led to sharp decline in older towns and communities outside major cities. This is the situation facing the U.S. and Britain, France, Italy Spain, and Poland. Germany as a manufacturing country dependent on exports is also affected but to a lesser degree. The unwholesome aspect of this is that the larger urban areas are divorced from the rest of the country  and rural small towns, smaller cities. In some form reintegration has to take place. The vast majority of the working class classified in today's terminology as the less educated lacking a college degree and white are  paradoxically with Republicans, and the wealthy professionals and industries in software, finance with Democrats. Nothing makes this more evident than a quick look at the map of the U.S. with blue on the opposite coasts for Democrats and mostly red in between and in the south. This is unprecedented in American history. A rising tide that lifts all boats in the U.S. and the return of the U.S. to the position it held after World War II could change this in the next decade. ...
NYTimes.com Original article ›
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What is the difference between South Korea and the U.S., Europe in the handling of coronavirus? It is tracking and testing.  President Trump and health adviser Dr. Fauci, see South Korea as the successful model to be followed in controlling the coronavirus. What has happened till now it is accepted with shortage of basic medical supplies and equipment, stress on hospital systems, are merely mitigation actions. South Korea was prepared for the coronavirus crisis because of the MERS and other epidemics, and failures resulting in corrective actions. Labs were centralized and better equipped for testing and tracking the infected. One of the key tools is testing. President Trump says the goal is for the U.S. to exceed and far surpass tests per capita in South Korea. Five million tests are planned by the end of April in the U.S. Where the U.S. falls short is in use of multipronged digital tracking using data from people's use of mobile phones, credit card usage, and use of apps designed to separate infected people from others. South Korea is a democracy with a population of 52 million people, about the size of France. People who were student activists in the democratization era in South Korea say the use of digital technology is a need today. We have to adapt in emergency situation they say. Ki Mo-ran, epidemiologist, and adviser to South Korean government says this is a key part lacking in the European and U.S. efforts to control coronavirus. She says in South Korea we know the patient's contacts, where he goes and stays, so we don't have to lock down everybody. Without digital tracking one cannot know which place is contaminated, which place is clean, so that there can be a lockdown of just that area and not the whole country, says Ki Mo-ran. She asks the question- is one person's privacy more important than the lives of a family or other people who are affected. Is it OK to lockdown every child in the country in a home as in Spain for over a month so that particular people's privacy is respected? These are serious questions for western society, are they exceptions or is democracy not just a western idea but equally cherished in Asian societies, people talk about Confucianism in China and the Asian culture forgetting that the biggest democracies are quite large and functioning well in India in addition to South Korea, Taiwan Indonesia, Malaysia, Bangladesh and Japan, far larger in area and population than China. The French government has chosen the app TraceTogether as the least intrusive one adaptable to France for use there. The U.S. is having Google and Apple develop one of its own. India will be developing one of its own. The NYT raises the question will it be watered down so much in France or in the U.S. and UK to be less effective than the  dire need for an alternative to lockdowns? ...
New York Times Original article ›
SPIEGEL ONLINE Original article ›
New York Times Original article ›
Wall Street Journal Original article ›
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Marek Belk, head of Poland's central bank, says Poland should prepare for impact of a general slowdown in the eurozone. Poland's economy is expected to grow at 4% for 2011, but experience a slower rate of growth in 2012. Poland's public debt is at 55% of GDP compared to 120% for Italy. Belka said the mistakes in Italy show it is important to stay ahead of the markets. The action taken in Italy on November 14, 2011, if taken 2 months earlier would have prevented the jump in Italy's borrowing costs. Risks facing Poland come from the fact that a large proportion of the nation's banking assets are owned by banks of other European countries- as much as 70% of Poland's banking assets. As a result if these banks experience difficulties the local branches could become orphans. Belka would like to see private capital in Poland be used to bring a larger share of the banking sector back in Polish hands. Belgian and Portuguese banks are considering selling their banking operations to Polish banks, and PKO Bank Polski SA, PZU SA are possible buyers. Poland's central bank has kept interest rates steady at 4.5%....
Wall Street Journal Original article ›
New York Times Original article ›
Hindustan Times Original article ›
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As Dr Harsh Vardhan, India's representative and Health Minister, takes on responsibilities as the Chairman of the Executive Board of the World Health Organization this can be said about this critical juncture.The WHO is going through soul searching and a reevaluation of how it has implemented the vision of its founders during the closing years of a world torn apart  by war in 1945, and actual founding in 1946.  At the UN conference in San Francisco in 1945, Dr. Szeming Sze of China, Dr. Geraldo da Paula Souza of Brazil and Karl Ewang of Norway, were keen to set up an international organization for cooperation on health. The Indian representative was Arcot Ramaswamy Mudaliar, a member of Winston Churchill's War Cabinet, who chaired the committee on economic and social problems. He was the president of the Economic and Social Council which called for an international health conference in Feb. 1946. It was at that conference on 19 June 1946 that the World Health Conference came into being. A native of Madras he then returned to Mysore as chief minister. The vision at the time for international cooperation on problems such as smallpox which killed 2 million people each year were quite different from the fast moving epidemics with international travel in 2020. Today 4.4 billion passengers traveled by air in 2018, according to International Travel Association, 100 times compared to less than 40 million in 1950, and about 10 times the 400 million when Nixon's visit opened up China in 1972. The world we live in is different and the World Health Organization needs to be redesigned for the 21st century. The entire process of how the WHO operates has to be rethought. Immediate steps include- 1. The appointment by Executive Board should be reinstated as this is more representative of the world population and the major centres of advanced public health, including the major countries. Throughout its life the WHO made appointments through the Executive Board not by election. The election in 2019 by 200 countries was actually not representative of the world population as it gave India, Brazil and other early founders at the 1945-46 conferences only 1 vote each with population of 1.2 billion and 210 million, the same as tiny countries Barbados population 385,000 and Laos 7 million. 2. Reassessment of the entire process in which nations are requested to give permission of teams from major countries in Europe, North America and Asia, major population centres, so that the 6-7 week delay between the U.S. request to China for a special team to go to Wuhan on January 6, 2020 and the permission granted Feb 16, a costly delay of 7 weeks which added millions of cases and hundreds of thousands of deaths. In a super fast moving pandemic with international sports stadiums and 4 billion air passengers spreading it like wild fire around the world, there is little room for error, every day counts. Never should this happen again, as Dr. Sze Szeming China's representative said once in 1945 we must learn from mistakes, as mistakes were made in the years before World War II that were costly for China, India, North and South America, Other Asia, Africa, large population centres. 3. As was the effort then in 1946 and the early years, the effort to keep the staffing positions of leadership in the World Health Organization should be kept far from politics. Very experienced and capable people are needed from major countries with long records of public health experience and committed to the huge task, as was the vision of the founders.     ...
Washington Post Original article ›
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Fred Hiatt of The Washington Post describes U.S. president Obama's mishandling of Syria during his second term as president leading to the situation today.

Wall Street Journal Original article ›
Wall Street Journal Original article ›
Wall Street Journal Original article ›

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We took a different way to help millions around the world build educated informed mindsets that affects and shapes their lives. For a future that is open, global and digital, with everyone having access to high quality information. We believe in the renewal of America, renewal of Europe, the renewal of India, the rest of Asia, Latin America and Africa. The renewal of our supply chains, health, education, infrastructure, as we rebuild our countries after the pandemic. Literacy and knowledge we believe cannot thrive and grow in a world of web bots, web crawlers, or AI. This requires human curiosity, human learning, and human imagination. We take as inspiration the saying- “One has to be free, and as broad as sky. One has to have a mind that is crystal clear, only then can truth shine in it.” Every contribution whether big or small is precious- in this crisis and ahead.

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