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In Britain 6500 nursing homes are seen as "not fit for purpose" of elderly care. They are now seen as possibly closing without an investment of $15 billion pounds to make them fit for use. This also shows the neglect of elderly care in countries such as the UK, and the U.S. A clear distortion of priorities when so much money is being wasted in misallocation on the fringes of tech and elsewhere, without money for basic infrastructure and basic services. It also shows a mistaken set of priorities that have taken over in recent decades,a lack of decent respect for people as they get older in life. Countries such as Brazil neglected basic sanitation in the country worsening health and epidemics while building large soccer stadiums in the north and financing the Olympics. U.S. Britain, E.U. neglected elderly care and infrastructure, in the tech led booms of the past two decades, and pushed money into the wrong places through a distorted set of priorities. ...

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U.S. Federal Reserve chairwoman, Janet Yellen, says the Fed's promise to be "patient" before raising interest rates means it will hold off for 2 months to check economic conditions before taking action. This would put the decision off till June 2015. The Fed will look at a range of factors including inflation, says Yellen. Yellen's comments to the Senate Banking Committee on Feb. 24, 2015 were- "I don't want to set down any single criterion that's necessary for rate increases to occur. We will be considering a range of evidence that pertains to the inflation outlook." In testimony Yellen said she wanted to be "reasonably confident" that inflation will return to 2% before raising rates. The Fed's measure of inflation, Commerce Department's personal consumption expenditures price index is below the 2% inflation target of the Fed for 52 of the past 68 months, and for 34 consecutive months.

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Tough terms and invoking of a systemic risk clause in banking law by Paulso to dictate terms to banks was the right call say analysts after all the dithering and missteps. It will lift the Tier One capital ratio of a bank like Chase JP Morgan from 8.3% it forecast as of Sept end to over 10% and will give a sizable boost to all bank ratios.

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What we bring is scale, says Teskey, co-founder of Brookfield Asset Management, which has set a target of $25 billion for 2 private funds for climate action. $10 billion has been raised and it continues fundraising. $2 billion from the UAE for energy transition fund and $1 billion for emerging markets transition. Additional fund raising will take place for emerging markets fund. Across all its funds Brookfield says it has raised $100 billion for investment in renewable power and energy transition projects. The demand for renewable power comes from cities and companies looking for cleaner ways of powering everything from data centers to manufacturing. It also comes from regulations on climate and from generous incentives offered by governments. The demand for renewable power from corporates, says Connor Teskey of Brookfield, is simply overwhelming. Teskey and Mark Carney, the former head of the central banks of UK and Canada and the point man on climate for the UN, are co-founders.   Total global energy transition investment was $1.8 trillion in 2023, a 17% increase from 2022, and yet this is nowhere near the needed investment of $4.8 trillion for climate goals needed annually for 2024 to 2030. Lyrarc.com will track these investments in its Climate Change Action part of the site. Brookfield is looking at cutting emissions in what is a broader strategy. whih means it will invest in fossil fuel projects where it can significantly cut emissions. This includes cement and steel makers.    ...

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President Biden gets his $1.9 trillion aid package through the U.S. Congress with 220 votes for and 211 against. All Democrats except one voted in favor and all Republicans voted against. Earlier the $15 minimum wage was dropped from the bill to get it through the Senate. Also kept were income criteria to prevent the $1400 check to individuals in households going to the most affluent income earners. The Senate vote was close - 50 to 49 in a party line vote. The Biden aid package comes on top of earlier aid under president Trump in 2020. This aid is likely to provide enough stimulus to the US economy to restore growth to levels that were there before the pandemic hit.

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The most recent U.S Congressional Budget Office projections make assumptions of an higher U.S. unemployment rate for the next 10 years. This worsens the outlook for the U.S. deficit. The CBO projections assume unemployment of 8.5% by the end of 2012, remaining over 8% till 2014. The deficit for fiscal 2012 is projected to be $973 billion, or 6.2% of GDP. This is down from $1.3 trillion, or 8.5% of GDP in the fiscal year ending Sept 30, 2011, after spending cuts. Over the coming ten years CBO projects cumulative deficits of $8.5 trillion and U.S. debt at 82% of GDP in 2021, under a scenario where Congress renews the Bush tax cuts and payroll tax cuts, and is unable to reduce fees paid to doctors under Medicare. The gap between revenue and spending is widening- revenues are at 15.3% of GDP in 2011 and spending is 23.8% of GDP.

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Sheila Barr is brining her innovative ideas to help homeowners at IndyMac Bank which is being run by the FDIC. It could be a blueprint for the entire industry and is formulated upon a simple idea that a homeowners mortgage payment should not exceed 38% of his or her income. FDIC says those taking part in the fastrack loan modification have seen their monthly loan payments lowered by $430 on average. It is a blueprint for solving the mortgage foreclosure crisis that economists from Martin Feldstein to Hubbard and Alan Blinder think is at the root of the problem in the worldwide financial crisis. Bovenzi, the senior FDIC executive who is serving as CEO of IndyMac is overseeing the effort. He is an FDIC veteran who worked at the agency durng the savings and loan crisis of the early 1980's and 1990's. And one the key lessons from that period Bovenzi and Sheila Barr believe is that debt workouts help lenders and borrowers. A key statistic Bair pointed out in a Sept 17 speech to Congress is that the FDIC's recovery rate on nonperforming loans or loans in foreclosure averages just 32% of a loan's value. If the loan is kept current by making payments affordable and preventing foreclosure the agency has recovered 87%. And Sheila Barr's efforts are the one or two bright spots in an otherwise bleak picture for troubled homeowners, in which the Republicans have ignored two of their last 3 Presidents' key economic advisers, head of the Council of Economic Advisers under Presidents Reagan and Bush senior, Marty Feldstein and Hubbard, and not supported efforts for loan modification to help homeowners avoid foreclosure. Shortsightedness, lack of foresight, or simply not able to grasp the true nature of the crisis....

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Patrick Chovanec of Tsinghua University, says the loan target for 2011, though smaller than 2010, will still be over one and a half times the money lent in 2008. Stephen Green, head of research for Standard Chartered, says if anyone is printing money, it appears to be China's central bank, not the US. During a meeting of the Central Economic Work Conference in Beijing goals are being set for the next 12 months. One expert predicts the governmet may set official targets of 4% inflation (it is running at about 4.7% at this time) and 6.5 trillion yuan of lending in new loans in 2011, compared to 7.5 trillion in 2010. Questions remain whether China can manage a soft landing after the huge surge in lending and the continued asset bubble.

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Jack Draper of Britain joins the ranks of inspiring British sports athletes such as Brayshaw of the British women's Olympic rowing team who had suffered injuries in an accident to come back for the gold medal. Draper after suffering hip pain flareup and much preparation, hard work, gets to the finals of the Indian Wells Open to bean Rune of Denmark. Draper had no sign of nerves throughout his game. He had struggled in pre-season with flareups of hip pain. “I felt like I deserve it, in all honesty. The amount of adversity I’ve been through, the amount of sacrifices and time all the people around me have put in and the hard work, it’s an emotional feeling to know how much you’ve gone through and put in. To be here now and say I’m going to be No 7 in the world, honestly I can’t tell you how much that means to me.” Draper acknowledged the efforts of his team in a picture shown here in The Times. About his own effort Draper says- “I wasn’t expecting this. I put in a lot of work over time. I am just so grateful and so happy to be out there and able to play with my body feeling healthy and my mind feeling great. Just all the work I have done in the last few years, it feels like it is coming together on the big stage." In 2022 a new player 19 year old Carlos Alacaraz of Spain burst into the top ten by winning the US Open over 23 year old Casper Ruud of Norway. In 2025  23 year old Jack Draper of Britain beat Alcaraz and 21 year old Rune of Denmark to win the finals 6-2, 6-2 of the Indian Wells US tennis championship. There is now a generational shift in tennis. And not just men's tennis. The women's tennis final was won by 17 year old Mira Andreeva of Russia after losing the first set to Sabalenka 6-1, she maintained composure after a toilet break to win 2-6, 6-4, 6-3. ...

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Italy's borrowing costs went up to 5.6% interest on 6.5 billion of five year bonds sold on Sept 13, 2011. This was up from 5% at a similiar auction in July 2011.

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With July 9 deadline coming up, tariffs on Japan and South Korea go up to 25%, and a warning is sent to BRICS countries China, Brazil and India on July 7, 2025 of additional 10% in tariffs.

DJT stated on his social media site Truth Social- "Any Country aligning themselves with the Anti-American policies of BRICS, will be charged additional 10% tariff. There will be no exceptions to this policy.”

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The Bernanke Fed's decision on Sept. 16, 2013 to continue the pace of bond purchases is seen with relief in emerging markets and taken positively by equity markets worldwide. The Fed's decision is based on evidence of sluggishness in the economy and in the pace of job growth, as well as the likelihood of more political uncertainty about the budget because of sharp differences between Democrats and Republicans.

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Putin's statement that Nordstream would resume supplying gas after maintenance in July but could have cutbacks with further maintenance, leaves Europe where it was before the statement. EU has no choice but to prepare vigorously for a complete cutoff of Russian gas supplies now when there is time than to be caught in serious trouble in the winter. The EU plans to require 15% reduction in gas consumption over 8 months and detailed plans have to be shown to the EU Commission by each member country. Some of this will be conservation in use including better insulation, turning down thermostats in winter, and some of it will be cutbacks of industrial use. This is considered to be enough to meet the needs in an event such a complete cutoff of supplies of gas from Russia. Russia has reduced supplies on Nordstream pipeline of natural gas to 30% of the average sent in the last 5 years.

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British prime minister Boris Johnson announces tough new measures that make it illegal to socialize in gatherings of more than six. This is an effort to fight a second wave of coronavirus in Britain. The government now believes that normal life will not return till spring and that "moonshot" mass testing will be needed to contain the virus. The new "rule of six" goes into effect in Britain on September 14, and anyone "breaking the rule risks being dispersed, fined and possibly arrested." Covid marshals will patrol city centres to split up large groups.

Schools workplaces and restaurants will be able to hold more than six people in total but they will have to be groups kept separate. The prime minister said it was needed to stop Britain from the exponential growth happening in France. He said "a stitch in time saves nine."

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Japan win 2-1 in a exciting women's soccer game with Brazil in Paris Olympics. In the last minutes of the game Japan sent a ball over the goalie's head for a goal from long distance. It was a stunning goal by Momoko Tanikawa in the 96th minute of the game, with Japan coming from behind to win. In the first 90 minutes of the game Japan had not scored, missing one penalty kick for a hand foul. Brazil had already scored in the 56th minute. It was only in added time in the 92nd minute that captain Saki Kumagai scored on a penalty kick to equalize.  It was then within 4 minutes that Momoko Tanikawa a 19 year old substitute made an incredible shot from 30 metres distance to take the goal keeper by surprise, going over his head and sailing gently into the goal.

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BBC News looks at the situation in Bordeaux, France, after the Front Populaire wins the election. The NFP has a seasoned candidate in this parliamentary seat who can greet people by name. The RN candidate is 18 years old and is new to campaigning, showing that the RN of Le Pen had to field candidates with very little time for preparation in a snap election. People in Bordeaux and NFP supporters say 2025 and 2026 are years in which the Front Populaire has to deliver on cost of living actions to improve the lives of people struggling to make a living. For this to happen Macron has to give the NFP the chance to govern in the interests of the people of France and not obstruct actions needed to tackle cost of living. The Socialist parties have the experience to govern and obstruction would only further reduce the popularity of the Les Republicains and Macron's party.

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What does fast growth in the world's fastest growing economy, that is a key part of America's and the European Union's and Japan's supply chain look like. It is based on people inclusive development called Sab Ka Vikas Sab ke Saath, Gandhiji's idea of the last person in the line ever present and watchful of the task at hand. This Powerpoint of the blueprint of the Indian Budget  for 2024-25 from Nirmala Sitharaman and the Finance Ministry shows a visual of what the growth looks like for the farm, industrial, housing, health, education and other sectors of the economy. It is a journey just beginning under Vikshit Bharat with a target date of the 100th  anniversary of independence 2047. Here one can see the target of increasing capital expenditures for infrastructure and various development schemes by 11.1%. GST (one tax one country) tax revenues are expected to increase by around 12% which support this budget. Strengthening financial sector to bring investment back on track after the pandemic is one of the support pillars, so is deepening and widening tax base through the GST a uniform federal tax for the whole country. Another pillar is proactive inflation management- the story of how India tackled the cost of energy by accessing from different suppliers at the best price is told this week in Feb 2024 in the WSJ. Foreign Minister Jaishankar told the Munich Security Conference with Blinken and Baerbock in the panel that India with 1.4 billion people's future at stake should be seen as done the right thing, the smart thing. Inflation has been kept at about 5%, and key economic growth projected at 7-8% over the next decade with goal of becoming the third largest economy in the world. ...

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Portugal in 2012-2013 stands as a good case study of what is good and what is bad about austerity measures, about what makes sense and is needed and what does not make sense and is bad both in a fiscal sense and for growth. Patricia Knowsmann does a good job of bringing this out, from the hundreds of stories written about austerity vs growth in the media. During 2011-2012, the elected government of Passos Coelho has supported an EU-IMF-ECB program that reduced wages, raised taxes, privatized state owned companies and changed labor laws that reduced hiring by businesses. During this time the Portuguese have patiently accepted the program compared to other countries and the budget deficit is shrinking from 9.8% in 2010 to an expected 5% in 2012. The unemployment rate has gone up to 15%. Now a new plan by prime minister Coelho in September has created an uproar and sparked popular opposition to the austerity measures threatening what has been achieved in deficit reduction, including the credibility of the austerity program. The plan is to reduce the portion of salaries that employers contribute to the social security system from 23.5% to 18%, in the hope that employers would increase hiring. At the same time it increases the portion of salaries employees pay from 11% to 18%. Coelho was looking at Germany and Slovenia where employees pay more than 20% of salaries to Social Security. What he failed to look at was the situation in Portugal where workers and pensioners have lost about 24% of their income through wage cuts and tax increases. The new plan would reduce incomes even further. Portugal's small business owners expressed strong disapproval for the plan because it would mean a drastic drop in consumer spending. The president of a Portuguese shoe maker, Kyaia, with 600 employees, says it makes no sense to reduce companies contribution if the company can't sell enough shoes to keep its workers. Kyaia has already experienced a 25% decline in demand and its CEO Fortunato Frederico, says he cannot understand how a company can hire workers if demand declines. This impact on consumer demand and sentiment is a fact that policymakers cannot ignore throughout the eurozone as austerity measures are implemented, especially when demand has already declined to an unacceptable point. The move by Coelho ignored a study by Portugal's finance ministry and central bank that showed export businesses may be induced to hire from the savings in contributions, but the businesses serving the domestic market would simply take in the savings. The EU-IMF-ECB recognized this and suggested increasing taxes to pay for the reduction in employer contributions, which would also depress demand by reducing incomes further. Portugal's economy and business is not focussed on exports, small business makes up 97% of Portugal's companies and most of them do not export. The introduction of such a plan gives credibility to the idea that there is a transfer of wealth from workers to business under the austerity programs, which affects the credibility of the entire deficit reduction and competitiveness improvement programs. For Coelho it also means the strong opposition of a minority party in his coalition government and from members of his Social Democratic Party. Large demonstrations were held on Sept 15 in 40 cities in Portugal in the first large scale opposition to further austerity measures and the Coelho social security contribution plan. Capital markets in Europe also see a problem with such plans because it removes the essential element of popular acceptance of deficit reduction plans jeopardizing the entire program. After the failure to win popular acceptance in Greece capital markets see additional risks and failures as one too many for the eurozone. ...

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Guardiam Oped by Keir Starmer for Britain and Mette Frederiksen of Denmark  December 9, 2025. Both leaders of socialist parties in Northern Europe, and Starmer now keen on following the example of fighting illegal migration set by Mette Frederiksen in Denmark. "When trust in government to confront the challenges of today falters, our sense of shared belonging can begin to crack. As the prime ministers of two great European nations, we will not let this happen." "That’s why we are both taking practical action to fix the asylum system. Denmark has led the way here, with tough but fair reforms which have delivered results. Last year, the number of people being granted asylum in Denmark was the lowest in 40 years, excluding the Covid year of 2020. The UK has taken similar steps. After years of gimmicks and failed policies, we are going further than ever before with action at home – surging removals of those with no right to be here and making settlement reliant on integration and contribution, while pushing for coordinated international action too." This addresses the problem of illegal migration to Britain that is threatening to create further divisions in Britain as if Austerity, Brexit divisions, followed by Covid have not rocked Britain enough already. Starmer says he will protect Britain's borders to protects its democracy, and that responsible progressive governments can and will deliver on the change people are crying out for- Britain will follow Denmark's example. They will join Italy, Germany, Austria and other nations that are moving in this direction. ...

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Key aspects of the new tax plan of the Trump administration are a 35% top tax rate for individuals, instead of the current 39.6% top rate, and lower brackets at 10% and 25%. Standard deductions are to be doubled, other deductions except for mortgage interest and charitable giving, are to be eliminated. The deduction for state and local taxes will be eliminated, with this hurting residents of high local tax states such as New Jersey, New York, and California. Gary Cohn, head of the National Economic Council and Treasury Secretary, Steven Mnuchin,  have helped formulate the plan. Cohn sees a big opportunity here for a huge tax cut and simplifying the tax system. The corporate tax rate would drop from 35% to 15%, and future foreign profits would owe little or no taxes. Corporate tax rates are lower in the UK, Germany and Japan- closer to 20%, and France has a similar 35% corporate tax rate. The hope of the Trump administration is that this will generate 3% GDP growth rate and spur creation of jobs. Still to be decided at what level tax brackets for individuals will be set, and what level earlier foreign profits will be taxed, and the child care break. ...

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Action that needed to come ten years back is finally taken. The new US president DJT says- "I have had many talks with China about the massive amounts of drugs, in particular fentanyl, being sent into the United States – but to no avail. Representatives of China told me they would enforce their maximum penalty, including the death sentence, for any drug dealers caught doing this, but unfortunately, they never followed through. As a result, drugs are pouring into our country, mostly through Mexico, at levels never seen before. Until they stop, we will charge China an additional 10% tariff, on top of any existing tariffs, on all of their products entering the United States.”  "On 20 January, as one of my first executive orders, I will sign all necessary documents to impose a 25% tariff on all products coming into the United States from Mexico and Canada, along with addressing its ridiculous open borders. This tariff will remain in place until drugs, particularly fentanyl, and illegal immigrants stop invading our country.” ...

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The overheating economy in Turkey. Inflation could reach 7.5% by the end of 2011 according to Goldman Sachs. HSBC economist, Murat Ulgen, estimates the current account deficit could reach 8% of GDP in the the 12 months ending in March. Goldman Sachs economist, Ahmet Akarli, says the government has kept the fiscal and monetary stimulus for too long. The AKP party is expected to win elections in June 2011 elections and the growing economy is helping it win voter support. His estimate is that nominal wage growth is 18% a year, domestic demand is rising by 25% and credit growth is 30-40%. It is proving hard for the central bank to control capital inflows which is making monetary conditions far too loose. In 2010 the central bank cut interest rates and raised reserve requirements for foreign and local banks to slow capital inflows but this was ineffective. Now the central bank is raising interest rates. Consumer lending is at an all time high and raising reserve requirements is not working. Turkey's new central bank governor, Erdem Basci, says the seas are choppy and a storm may erupt at any time even though things are steady at this time. ...

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With the death toll over 10,000 on March 7, and a rise of 16% over the previous day, French public health authorites have set new rules for exercize with a daytime jogging ban. Jogging is allowed only when the streets are at the quietest in Paris and not allowed between 10.00 and 19.00 local time.

France's lockdown is strict unlike that in America. Anyone going outside has to carry a document giving the reason- shopping for necessities, visiting a doctor, or exercize within 1 kilometre or half a mile of their address. Police have fined hundreds of thousands of people for breaking these restrictions.

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Sir Kevan Williams sets forth his vision for British education recovery after coronavirus disrupted students lives. He was appointed education recovery commissioner in February 2021. Keven resigned yesterday after his 15 billion pound plan for students getting extra time at school was rejected by Boris Johnson, the British prime minister. Boris Johnson has only 3 billion pounds set aside for education recovery at what the Times cites at 50 pounds per student, compared to 1600 pounds per student in the US under president Biden. Mrs. Biden is a teacher at community college for most of her life and is a strong supporter for free education at community colleges.

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A 16 year old girl, world junior climbing champion, who is one of the best climbers in France, with huge talent, slips unexpectedly on a path in the French Alps, falling 330 feet below. She was walking with family and friends on a path with a handrail in the Chartreuse mountains near her home in southeast France. It was such a banal incident. The French 2024 Paris Olympic Committee says with a lot of sadness that she had so many summits to climb. 

Climbers who went out with her say she had so much energy and joy and sent out so many positive waves. She did not consider the age and level of rivals but just went out with motivation and determination.