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Germany is turning nationalistic in its approach to the debt crisis in Greece. This comes as Germans consider economic successes as Germany's, and failures in Europe, as the problems not of a united Europe but of these individual countries. The largest circulation German newspaper, Bild, suggested Greece sell the Acropolis to payoff creditors in the bond markets, and putting a estimate of $140 billion for this monument. A senior member of Merkel's party suggesting Greece sell off some of the Aegean islands. And a Bild poll showing a majority of Germans favor expelling Greece from the euro. There is not sufficient acknowledgement by German public opinion of the value to Germany of the export markets in Europe and the part they played in Germany's economic success.

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The influence of business executives who helped shape president Trump's views on Mexico, China, Export Import Bank, and other issues is covered by Stokols and Bender of WSJ. On Mexico the departure of Mike Flynn helped moderate views, Wilbur Ross, the Commerce Secretary also provided a moderating influence. The plans are now to change NAFTA but not entirely redo the agreement. On the Export Import Bank the views of Boeing CEO Muilenburg, who explained to Trump why the Bank supported U.S. exports and how other countries had similar banks, led to the president filling the bank vacancies. On China the influence of NEC head, Gary Cohn, former president of Goldman Sachs, and other business executives, led to a less confrontational position. The president once called NATO obsolete during the campaign but he met this week with NATO secretary general Stoltenberg this week and expressed strong support for NATO after rising tensions with Russia.

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Its going to be very difficult to adopt the bad bank option in current circumstances, where the banks find their situation continually and rapidly deteriorating with renewed loss of public confidence and collapsing share prices. The efforts with the first TARP under Treasury Secretary Paulson to isolate the toxic assets of banks did not take off and had to be diverted to capital injections for precisely this reason. Banks in November and December 2008 went through a continually escalating problem situation, with losses, collapsing share prices and so on, and the government had no breathing room to develop the bad bank solution. In some cases decisions had to be made in a few days to prevent the collapse of some banking institution like Merrill Lynch, Morgan Stanley or Citicorp. At the same time its very clear that there can be no restoration of confidence in lending, and no recovery, without lending by banks, without a bad bank to separate these toxic assets from the banking system in the USA. The Swedish and American example in the 1990's of a bad bank, was possible because the banks were either gone bust, or under government ownership. With the banks in private hands, it is somewhere between difficult to impossible to value these toxic assets without serious problems. So nationalizing these banks becomes the only serious option, which would become more acceptable as the crisis unfolds in 2010, and it becomes clear that one way or another the government is guaranteeing these assets. Banks are in reality entirely dependent on the US government for capital and support, and it would not be wise to pretend otherwise. The safest and most direct option would be to mitigate the risks of nationalization, with prudent safeguards, and develop the bad bank option with the government in ownership of banks, in which case the bad bank option can proceed quickly. ...

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With the ITU voting to let governments control the internet, the decision of the Obama administration to not renew the Commerce Department agreement with Icann to provide oversight and governance looks increasingly ill advised. China, Russia and other governments lack the same committment to an open global internet that the U.S. has. Esther Dyson, founder of Icann, says this is a bad idea. Icann provides the .com and .org addresses for the internet. For Dyson UN oversight is "a fate worse than death."

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Fears that another crisis like that of 2008 could emerge with asset bubbles in China and other countries. Also fears that policies of austerity in southern Europe and the UK, combined with Germany's tight control on spending, could lead Europe to years of slow growth or stagnation. It is a tricky situation especially in Europe, trying to avoid a Greece type situation, and at the same time not cutting spending to the point where it would lead to stagnation. Criticism of the German government's policy to cut spending and fears that the European Central Bank might follow Germany's policy to focus purely on the deficit. Lower US bond yields give the US some room for dealing with the deficit. The need for swift action in China to move the economy towards domestic consumption, and let the yuan strengthen so that China can absorb more of the world's exports.

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The broken world economy has hurt the American people, in small communities and towns across the US whose societal fabric was destroyed by a system of world trade with abuses done by China. Japan, European Union, Canada and Mexico since 2000. Shortsighted American leaders and economists allowed this to happen. Robert Lighthizer on the New World Order a new system of world trade that replaces the old in 2026. The old trading system was one in which lip service was made to free trade while all the time the system was used by Japan, Germany, China, Canada, Mexico and other nations to build non tariff barriers and other policies to support their industry  at the expense of the United States leading to disillusionment in the US. The facts are mind boggling- the loss of 5 million jobs, many small communities across the US decimated with loss of jobs. About 20 trillion in wealth transfers to China and other countries over 2000-2020, with foreigners owning $27 trillion more of US assets than the US owns of theirs. US Trade Deficits that went up by 40% in 4 years of the Biden administration from $800 billion to $1.2 trillion. Economists and weak leaders got it all wrong allowing this to happen from Geoge W. Bush to Clinton Bush and Obama. Lighthizer says "shortsighted leaders aided and abetted this process," from 1990 to early 2010. Consider that US had 17.3 million  people in manufacturing, in factories all over the US in 1970, in 1999 we had the same number of jobs, even though there were changes in technology and productivity- the US held its own with the rest of the world. The Bush, Obama years were the worst for the US industry - by 2026 we have 12.6 million - loss of 4.7 million jobs since 1999. And real median household income took a big hit growing from $72,000 to $84,000 about 17% in the last 25 years, compared to twice that in the period 1975-2000 prior quarter century. The result is the fracturing of American society- and dire consequences for healthcare as communities suffered from loss of jobs leading to drug overdoses, alcohol abuse and suicides, which are common in post industrial American communities. Think of this fact: two thirds of America's workforce that does not have a college degree, that is working class people, lives 8 fewer years than college graduates, a gap that was only 2.5  years in 1992. The wars carried on by Bush and continued by Obama in the Middle East also wracked these same communities till Biden and DJT pulled out. One has only to drive across America to see this with one's own eyes. Trade may be an abstract topic for economists and politicians- there is nothing abstract about this. And the economic growth of the US has suffered with the unfair trading system with China, European Union, Japan, Canada and Mexico. From 1945 to 2000 American growth was 3.2% a year. Since 2000 only 2 years of growth over 3%. US has not seen historically normal growth for the last 19 years and at this rate (if we continued along this path) the Congressional Budget Office says 1.8% growth for 2027-2035. There are other factors yet the the major driver of this is our trade deficit of $1.2 trillion dollars a year. It is a story of remarkable persistence in the Nation's interest through 2 adminstrations- this Lighthizer story. Lighthizer fought Japanese commercial interests as Deputy Trade Representative under Ronald Reagan, and as US Trade Representative under DJT in the first DJT administration in 2016-2020. His Deputy at the time is Jamieson Greer who is now the US Trade Representative in the second DJT adminstration in 2025. For 30 years this brave American patriot has fought to reverse the bad actions of presidents and economists that have led to devastating losses in the American countryside. He says any new trading system must be perceived as fair to working people. It will survive only if working people think it is good for them. It cannot and must entrench a small, permanent elite. The benefits going to labour must be at least as great as those going to capital. It should create fulfilling high paying jobs for the vast majority of the American people. This is America's new promise to its people, its new compact with its people. ...

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President Obama proposes changes in taxes to fund programs to aid students such as free 2 years of community college, aid for student loans, and financial help for middle class families. Senate Majority Leader McConnell says the proposals to raise income taxes for high income Americans with $320 billion in new revenues over 10 years, reduced prospects for changes in the tax system. He said the Obama proposals were designed " to excite the base but not designed to pass." Obama says "the shadow of crisis has passed," and calls for "middle class economics," and improving incomes for anyone making the effort. The call comes as inequality widened during the long recession and some of the Obama administration's policies such as on homeowner foreclosure, and lack of focus on unemployment during the first term, may have actually worsened inequality. The call also comes late in the second term in Jan 2015- with presidential elections in 2016- after the Republicans gain control of both Houses of Congress, which is why Republicans dismiss this as mere political talking points for the base....

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This interview with Donald Trump by the publisher, editors and columnists of The Washington Post, Ryan Jr., Hiatt, Lane, Marcus, Diehl, Armai, Attiah, provides an exceptional insight into the views of Donald Trump on domestic and foreign policy, on his campaign for president. It is the result of an effort to get Trump to state his policies on different issues without the fuzziness in which Trump has carried out his campaign, often taking different sides of the same issue. In some situations Trump is pressed hard on his positions or controversial statements, to clarify what he has not clarified in the burst of media attention Trump received in the past 6 months, especially on television media. First some myths and realities. A recent March 19, 2016, issue of the Economist cites the Pew Trust in showing that only about 17% of eligible Republican voters voted in the primaries. A person watching television news media coverage on Fox News, CNN, or MSNBC, would get the impression that the voter turnout was tremendous- this is not confirmed by the Pew Trust survey. The Economist points out that had the other eligible voters cast their ballots and even if Trump had a share of these votes, the results might look different. With a highly fragmented vote in the Republican primaries, and about half of the vote going to candidates other than Trump, Trump's voter support would add up to about 8-9% of eligible Republican voters based on the Pew Survey results. The question here would be is this a representative sample of the U.S. or of the Republican Party. And is one likely to make false generalizations about the nature of the Republican party from such a limited sample of voter opinion. Is voter sentiment inadequately reflected, and results hopelessly skewed because of the lack of good candidates in the Republican Party, and Trump's tactical rhetoric appealing to a group of working class Americans left out in the technological progress of the last decade. In the process is the hard work of the founders of the Republic, Washington, Adams, Jefferson, Madison and the framers of the Constitution being undone by a minority of disaffected voters with legitimate grievances on distribution of economic benefits of the technological progress, trade and global manufacturing networks- with a level of divisive rhetoric and decline in levels of public debate rarely seen. These are the clarifications sought from Trump and his response. Attiah raises the question of divisive rhetoric on minorities Hispanics and Black people- Trump says he is only talking about people here illegally, that he gets support from Hispanics here legally. He turns the question to Muslims and says there is a serious problem there that means being careful about how people are being admitted into the U.S. Questions about Trump's controversial statements about a wall with Mexico are not raised. Ryan pushes hard on the question of the libel laws standard that Trump says he is going to change, asking whether this would happen if Trump thinks the reporting "is wrong" but there is no malice. Trump wants the reporting to be fair for him, that reporters call him to check if he did this or that and why, before writing stuff about him, and he sees the reporting from the Post as very bad about him. He says his lawyers would have to tell the media, that he believes he should loosen up the standards so that this kind of coverage does not continue. On ISIS Trump pulls back when asked by Diehl about statements that suggested he would send the number of troops the generals wanted on the ground- estimated at 20,000 to 30,000- saying he would find it very, very, difficult to do that. On a nuclear option for ISIS Trump says he does not favor that. Suggesting that Trump like the other candidates in the election know there are no easy ways to tackle ISIS. Trump would rely on other countries in the region for help with troops on the ground, something that president Obama also favors, with limited results. Diehl also pushes hard on NATO- Trump says hundreds of billions of dollars are going to NATO and the whole burden for defending South Korea falls on the U.S. when it is not now a rich country that it once was. Diehl corrects him by saying for the public record that its not hundreds of billions, and South Korea, Japan pay 50% of the cost for defending their region. Trump wants to see 100% for the Korean peninsula defense borne by the South Koreans and Japan. Trump seees NATO as a good concept but needing more help from Germany, Poland, Baltics. At one point the Washington Post journalists tell Trump this is a position he shares with president Obama. Trump responds to questions from Hiatt about how he would handle the situations in black communities such as Ferguson, Missouri, and Baltimore, Maryland. Trump says he feels law enforcement is important and should play a big role in preventing the destruction of property from day one. He says jobs are what hurts inner cities but offers no solution about how to get the jobs lost in the steel industry for Baltimore, black neighborhoods sitting ironically next to the John Hopkins high technology university complex. Trump brings up the response that jobs could be created if the U.S. simply did not spend money on supporting nationbuilding overseas, a policy that president Obama has supported, and which the public has favored in the U.S. As Holman Jenkins brings up in a column on March 22, 2016 in the Wall Street Journal, these policies are being pursued today, and most of these jobs are not coming back so how would Trump bring them back or do anything about it, especially when Chinese workers in China's factories are being displaced by robotics in places such as Hon Hai factories. The more one thinks about it many of things Trump is saying are already being done, and there are no new solutions Mr. Trump has for today's problems of lack of upward mobility for the middle and working class- a priority for Sanders and Clinton also, not just for Trump. As a television personality and a candidate with a understanding of voter concerns, Trump artfully voices voter concerns of working class Americans for problems that defy easy solutions. Are there risks with Trump's approach that Trump has failed to think through or grasp? Does the unpredictable behaviour Trump suggests that would get allies thinking and trade partners responding lead to unpredictable consequences? Divisive rhetoric creates additional distractions in tackling the problems of the middle class and working class Americans. Divisive rhetoric within the NATO alliance would create additional distractions in tackling the problems of defending the European Union, such as using the very show of unpredictability. Diehl pushes Trump on this question. Would trade threats to China lead to a withdrawal from the Senkaku Islands by China? Trump says he thinks this would cause the Chinese to retreat . What if the Chinese see it differently, in their relations with Japan and South Korea, with a long difficult history, not necessarily in their relations with the U.S. Would a trade war hurt the global economy, and hurt confidence in U.S. fianncial markets just when the U.S. and European economies are staging a recovery, and when the economes of China, Japan and India are in a sensitive phase? These questions could not be raised because of time constraints, but must be on the minds of the editors of the Post and the WSJ, coming from different ends of the political spectrum. How would this help tackle the problem of upward mobility for working class Americans that all the candidates in the presidential election share? ...

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The pact of competitiveness is designed to bring a closer integration of the eurozone. It includes proposals for increasing the retirement age to 67, ending indexation of wages to inflation, and involvement of other eurozone countries in controlling out of control deficits in some countries. Germany sees this as necessary to convince the German public that financial responsibility is being exercized by countries in budget crises that get help from Germany. This may buy time but it does not come to terms with the reality of Greece being insolvent already, which may be true also for Ireland and Portugal. Some experts see the need for debt restructuring, and the need to start early, especially if Germany is unwilling to make large transfers to these countries.

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Frederick Harris of Columbia University says there is a price to be paid for a black president and it may just be too much for the average black person. There is a difference betwen symbols and substance, betwen a role model and accountability in a representative democracy, which is sadly lacking when the black elites, clergy and politicians fail to debate the issues about the problems facing the black community. Problems related to the increasing poverty among black Americans, and the 14% unemployment for black people. There is he says a strange reticience among the black elite to hold the president accountable on these issues just as they would have done for any Democratic president, even one who was as popular with blacks as Mr. Clinton. He says the experience with Obama is not even remotely comparable to the transformative nature of the work of Rev. Martin Luther King in the black community. It may stem from Obama's multiracial background, growing up in many countries, his elite education and being part of a liberal elite more than of the black community. The price is too high in economic and social terms for the poor or average black person and it has created a divide between the average black person and the black elite, with different concerns and different priorities. Harris points out that poor and poverty are words not mentioned often by Obama. Related to this is the foreclosure crisis in which ordinary black people were hardest hit with no effective help from the president to homeowners badly needing relief. Sheila Bair of the FDIC and Martin Feldstein advocated aggressive help for homeowners under water which did not come from the president. Showing not just the limits of a black presidency, but false hopes, inexperience and lack of leadership in issues that mattered to all Americans in the housing and foreclosure crisis. A populist from Kansas, as Sheila Bair describes herself, had the right instincts and courage of convictions which the president lacked and the entire country needed....

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Alexander Kudascheff of the DW.com says in this editorial opinion that the secular republic of Kemal Ataturk is about to become an Islamic autocracy. Kudascheff cites a number of reasons why the failed coup seems partly improbable such as it being led by the Air Force and Erdogan being able to fly back to Istanbul, not cutting communications,  and the intelligence agencies not having earlier knowledge about it. The overreaction to what is seen as a coup that was put down so quickly raises questions about the coup itself, says DW.com. It points out that Turkey now being admitted to the European Union now seems less probable than ever. The 3 month emergency is also seen with much skepticism. The coup and Erdogan's overeaction are a big negative event for Turkey-Eu relations.

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Tokyo subway serves 16 million people, New York's 5 million. Tokyo's subway has seen continuous investment over six decades, whereas the NY subway does not get federal spending investment and lacks continuous investment every year. The result is a creaky old system in the US compared to a modern highly efficient system in Japan. WSJ looks at the two subway systems in this video explaining why they are the way they are.

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Teen Murti Estate is now the location of not just the Jawaharlal Nehru Memorial Museum but also of 43 galleries that show the work of all the prime ministers of India since independence including Lal Bahadur Shastri and Atal Bihari Vajpayee. The total area is 15,600 square metres with 2 blocks, to hold 4000 visitors. It integrates Teen Murti Bhawan with the newly constructed Block II. This is part of the many changes that are giving New Delhi a modern look.

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Garrett Mussi rents 1000 acres of farmland in the San Joaquin Valley of California from Farmland which prepares land for organic farming. Peter Coy of the NYT  shows the growing trend towards organic farming with crop variation. Gussi's farm crops include almonds, squash, tomatoes, cucumbers, garlic. It takes three years for regular farmland to regenerate before planting can begin to meet standards of the US Department of Agriculture on organic certification. 

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Dr. Andrew Pollard and the invention of Covishield vaccine at Oxford University in Britain in 12 months, that has saved the world, with 2.6 billion doses given. It is in its final act says this report in The Guardian with 3 billion doses to go for the 3 billion people in the world that have not received a dose. Billions of people in India, other Asian countries, Latin America and Africa depend on this vaccine during this pandemic.

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Women were one of the hardest hit groups during the pandemic. Not only were they forced to leave work but also had to shoulder more childcare responsibilities. About 30% of women who changed jobs during the pandemic got new jobs that paid 30% higher with salary and bonus, according to the Conference Board. In 2022 women are coming back to the workplace with better wage gains to makeup for the momentum lost during the worst part of the pandemic period.

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The severe lockdowns such as the one now in Shanghai are causing steep decline in the services sector and for the economy. Shanghai is amajor port and this is causing more anxiety for overstretched and unrealistic supply chains that were built up over the last 2 decades and for not created for today's situation. The WSJ reports on this situation today with a documentary that shows the need for bringing manufacturing back home or closer to home.

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France's Macron argues that relations of the European Union with Russia that deteriorated with the Ukraine conflict should now be restored. He calls for closer relations with Russia, as Germany under Merkel continues with existing policy and a robust NATO. Merkel sees peace in the Balkans preserved by allowing Balkan countries into the European Union. Macron thinks this is not a good idea and has called NATO brain dead. Merkel and Macron now disagree on goals of NATO.

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A 93 year old from Ireland who started rowing at age 73. He shows that our body does not have to lose muscle with aging. He is the subject of this case study published in the Journal of Applied Physiology, shown in The Washington Post. He is a one time baker and battery maker who does curls and lunges with small wieights and does rowing with 30% rowing of some intensity the rest at a steady pace. 

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France is tightening up on vaccine passes making them mandatory and imposing bigger penalties for fake passes. Fine of 5 years in jail or 75,000 euros for use of fake vaccine passes and stricter penalties for stores not checking the pass. Vaccine passes are mandatory in stores, public transport and venues in France. The goal is to get the remaining unvaccinated to get vaccines as omicron variant of the virus reaches 200,000 new cases a day in France. 

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Paul Krugman says the movie Oppenheimer reminds him of the role played by immigrants and intellectuals in the scientific part of the war effort, in radar and atomic research. He describes the role of Isaac Rabi in the cutting edge research at MIT's Radiation Laboratory that gave the US a radar system the German submarines could not detect, leading to protection of the sea lanes and winning the Battle of the Atlantic in 1943. 

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The Wall Street Journal offers this exceptional video that looks at what each of the indictments of Mr. Trump mean and how they affect his campaign, and how the campaign strategy of playing to public opinion may or may not work. It is possible that all the four trials could take place during the campaign season and Mr. Trump would have to defend in court as well as conduct his election campaign at the same time, says this video. 

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Petrilli of the Fordham Institute calls it a national emergency. Former NY Mayor calls it "a five alarm fire with no elected officials responding," others call it a long education Covid. Two thirds of 4th graders cannot pass the ACT reading comprehension test in 2022 is a reflection of the ability to read and write at all grade levels. A separate look at Readers Letters in NYT on the Petrilli article is also shown on this page.

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How Biden's economic ideas for American jobs, union jobs, are taking shape and the role of Jake Sullivan, Janet Yellen, Katherine Tai, Gina Raimondo, in taking these ideas forward is covered by Peter Coy in the NYT. Core challenges Sullivan identified and Biden agrees are the challenge of inequality to democracy, failure of markets to allocate capital efficiently and productively. So badly that two thirds of 4th graders can't meet Reading test proficiency for NAEP.

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Canada does better with only 28,000 cases of the virus compared to 3 million in the U.S. by early July 2020, 300 infections a day compared to 28,000 a day. Three things Canada got right are its health system that provides universal health care to all Canadians, not having culture wars about accepted practice such as face covering and social distancing, and Trudeau adopting an approach of bringing Canadian opinion around a common fight against the virus.