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Walmart now has 300 generic drugs selling for $10 for 90 day supplies.

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Mr Bill a character created for Mastercard's advertising is now seeing a new twist to reflect the anxiety relating to the economy and the average person, here he gets knocked around hitting himself against the windshield of a city bus with his briefcase open, and falling off a treadmill, and having coffee spilled all over him, and still smiling and resilient. The idea is that in this economy no one knows what to expect will happen next.

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The Economist looks at real estate markets in the U.S., Canada, Britain, Germany, Hong Kong, India and other countries in May 2013. It looks at price to disposable income and price to rent ratios and sees if these ratios are higher than historical averages to determine if prices are based on sound foundations. Canada's real estate market looks set to face problems of a bubble bursting. The U.S. recovery is seen to be based on firm foundations. Property prices are undervalued in Germany and set to rise.

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An argument for more troops, as Max Boot of the Council of Foreign Relations vists Afghanistan at the request of General Petraeus. This is a local account, what is the larger picture. And can the problems of a failed Afghan government and the way American boots are seen as foreign occupiers be wished away? See the link to Kristof who says even the Punjabis in the Pakistan army are not welcomed in Pashtun land on both sides of the border, and there are 40 million Pashtuns.

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GM executives say China's auto market could reach 17 million in 2010 and 19 million in 2011. This is up from the 13.7 millon vehicles sold in China in 2009. More Chinese are crossing the threshhold of making $3000 to $4000 a year, as a result sales are booming in smaller, lesser-known cities in the inland western parts of China. Also helping is government vehicle purchase incentives as part of the stimulus policies.

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Between 2007 and 2008 debit card volume doubled at Chase and almost doubled at Wells Fargo. For the first time Visa Inc reported that the total dollar volume of purchases made usingits branded debit cards surpassed credit card purchasesduring the last quarter of 2008 The $206 billion in US Visa debit card transactions were 50.4% of total transaction volumeup from 40% in 2003. And Visa's Stacey Pinkerd, head of the debit card business says "the reality is that the vast majority of consumers want to pay as they go."And the US governmentsaid last month that the personal savings rate rose to 5% in January 2009. Rvolving debt which mainly reflects credit card loans fell 9.7% to $956 billion in February according to the Federal Reserve.

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Robert Morgenthau, a former district attorney for New York County, says the American deportation effort is putting about 1000 people out of the U.S. every day. He calls it a deportation effort that has gone wildly astray. Here he says the new leadership of Jeh Johnson is likely to be better than her predecessor Homeland Security Secretary Janet Napolitano in ensuring that the agency can move in a direction that ensures fairness for immigrants who are law abiding. Morgenthau says in his long experience as district attorney he has learned that the trust and cooperation of the immigrant community in New York is essential to going after the criminal elements that are a danger to society. And some of this trust has been eroded by the actions of the ICE, Immigration and Customs Enforcement Agency, part of Homeland Security Department, through large scale and record breaking deportation approaching about 400,000 a year. A report for the last fiscal year shows only 14.5% of the deportees in immigration court were criminals or suspected of terrorism....

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The amount of cash companies are holding as a percentage of total assets is rising and is high has it has ever been since the 1960's. One study shows that the average cash ratio doubled from 1998 to 2004 as debt levels fell. According to S&P total cash held by compaies in its industrial index exceeded $600 billion in February up from 203 billion dollars in 1998. This was mentioned as a bright spot by Ben Bernanke amid the prevailing gloom about the credit crunch. But Prof Stulz and 2 other professors at Ohio State in a study show that this rise reflects the greater risk of doing business in a globalized economy and companies are holding higher levels of cash to reflect this. They hold smaller inventories and spending by tech companies which form a larger portion of the companies than before is more on research and development than on capital equipment. This shows up in the higher level of cash on hand for emergencies and as money for a rainy day.

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Miyuki Hatoyama describes the problems Japanese women face working in government and business with a lack of adequate child care, and the attitudes in Japanese society limiting the role women can play outside of the home. This makes it harder for women to contribute to society with their own creativity, talent and efforts, and pursue careers. Her husband was elected DPJ party's head and prime minister of Japan in 2009. The couple have a very natural way of meeting people and blending together with other people, bringing new ways in a traditional culture.

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Greenspan testifes before the House Oversight Committee headed by Congressman Henry Waxman (D., California). Congressmen read back quotations from Greenspan where he talked about the resilience and efficiency of American free markets and defended derivatives and complex financial instruments. Some referred to the comments he made saying that housing markets would not collapse and the worst may well be over. Almost by 10 to 1 the readers responding to a WSJ poll say Greenspan was responsible for easy money for most of the decade and his lack of the most elementary safeguards for the economy instead defending derivatives and complex financial instruments, and considering the bubble in house prices as not the Fed's concern. Many used expletives deleted or the words "clowns" or "illiterates" for Greenspan and associates at Treasury. A congresswoman from Minnesota asked pointed questions about state effforts to stop predatory lending that were nixed by the federal authorites under Greenspan and Treasury's watch. She thensuggested that they the stewards of the economy try pragmatism and commonsense for policy decisions. Describing the present crisis he seemed so out of touch that when asked about rising foreclosures and need to stabilize home prices, he still was trapped in his libertarian ideology and impulses. He said transfer payments should be tried instead as modifying the mortgages would not be good in the long run when markets return to normal. He said this crisis has still some months to go. In these observations he showed that he has still not grasped the full extent of the crisis, as a realistic assessment of the economy suggests that the economic downturn has not really hit in terms of unemployment and drops in consumption, which will hit in 2009 and 2010 and years beyond. He looked old and worn out showing every bit of his 81 years, which begs the question how could he have been chairman for 17 years till he was nearly 80, as he was still Fed chairman just 2 years ago. There are term limits for mayors, and for President, how is it that there are no term limits for Fed chairman? Should'nt the Clinton administration or the Bush administration have made a new appointment to get fresh blood, fresh thinking, just as corporations do. Wells Fargo chairman Kovacevich is supposed to retire, even though he has good skills for accomplishing the merger of Wachovia having done this for Norwest. Bloomberg is fighting the term limits to stay on for another term and will need a special vote. Doesn't senility hit the best of us, and isn't there an age when people should have to retire from these positions, long before they get close to 80. An assessment of Greenspan watching him over the years would show that he loved data and data analysis, and trusted data as almost carrying infallible weight. As most of the data he looked at was for the postwar expansion of the USA economy, he saw as he himself testified this week data that showed the economy with small setbacks to be sure but on a constant upward trend. The way down he said in response to a question the data looks completely different, with fear and lack of trust and other things making this pattern have no relationship whatsoever with the way up. Greenspan and the nation's misfortune maybe that for too long the country's political leaders trusted over two decades a man who did not have the healthy skepticism of data even when it appeared to reflect certainty, and did not have the healthy impulses for safety and safeguards that surpass all ideological thinking, and a respect for basic ethics and common sense that goes beyond everything and puts it above everything else. This is a misfortune because these are qualities required for good leadership especially leadership entrusted with such huge responsibilities which can never be taken lightly. ...

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Carrie Lam, the chief executive of Hong Kong, who has struggled through the crisis triggered by the extradition bill she introduced has decided to finally withdraw it. Protests have gone beyond the issue of the extradition bill as Lam herself agrees. She pointed out in her video message that the protests are about housing, land supply, income distribution, social justice, mobility, and many social, economic issues in addition to political ones. Protestors have five demands and the freeing of all those arrested is not something Lam has agreed to. Lam says some protestors violated the rule of law. Protest leaders including Joshua Wong, see the withdrawing of the extradition bill as poor timing. Hong Kong has seen 13 weeks of protests and the pictures are all over the world showing how much the issues and the the lack of responsiveness of Carrie Lam has resulted in this standoff.  Lam would like to replace the confrontations with police "with conversations." Why she took so long to meet or seek meetings and conversations is not fully understood and will be discussed for a long time. This brought China to the brink of a crisis that would have repercussions including on trade issues, when it needed to be handled in a better way. ...

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President Trump's focus in the State of the Union message in 2020 in the U.S. Congress was on what he had done for U.S. prestige and perception- "In three short years, we have shattered the mentality of American decline and we have rejected the downsizing of America's destiny. We have totally rejected the downsizing." "We are moving forward at a pace that was unimaginable just a short time ago, and we are never going back." The theme of the speech- "The Great American Comeback." No longer were other nations be allowed to take advantage of America, American interests would come first, and this also meant blue collar working families and middle class. Trade deals with Mexico and Canada, trade deal with China, reversing of the trade deficit, bringing back about 12,000 of the 60,000 thousand factories lost over two administrations Democratic and Republican of the last 16 years with many more factories in the pipeline, increasing jobs and incomes in an unprecedented way, were all the focus of the speech. The president basically sidestepped the impeachment for Ukraine policy and implementation, and focussed on the optimism from reversing American decline in trade, jobs, and manufacturing under past Republican and Democratic administrations.   ...

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Nikos Voutsis, Greece's interior minister, says Greece lacks the money to make debt repayments of 1.6 billion euros to the IMF in June 2015. A proposal by the Left Platform, a faction within Syriza party led by energy minister Lafazanis, which has support of 30 of the 149 Syriza representatives in the Greek parliament, calls for not making debt repayments and looking for an alternate plan. It was defeated by the central committee of the Syriza party on May 24, 2015, with the vote 95 to 75 showing intense opposition within Syriza. Instead Syriza voted for a proposal to call for mutually beneficial negotiations and a deal that would preserve its core goals- a low target for the primary budget surplus, avoid more cuts to pensions, and restructuring Greece's debt to include an investment plan for economic recovery. Both sides in the negotiations, the EU/IMF and Syriza government in Greece, reached an impasse as the negotiating tactics of finance minister Varoufakis led to German finance minister Schauble also taking a tougher stance, saying he could not rule out Greece defaulting on its debt. ...

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Prince Philip's career in the Royal Navy is remembered here in The Times. His service off the cost of Greece, at Gibraltar, and off the coast of Sumatra, on British Navy ships is recalled. Here he is seen saving airmen in the seas in the war against Japan near Sumatra, and in attacks on Italian cruisers after Italy invaded Greece. During this period till 1947 Philip served in the Royal Navy. When asked about any "if only" he had in a BBC interview, Philip once said there were none, except one about his career in the Royal Navy. Here he was following his uncle Lord Mountbatten. During his service in the war he leaned some things in the Navy that became part of his personality, the way he was, his style so to speak.  This was about being matter of fact, just doing it, never complaining, getting on with it. Philip was on the HMS Whelp on September 2, 1945, when the Japanese surrendered. He saw British seamen then who had been prisoners for many years, returning from camps. He recalls seeing tears stream down their cheeks as they sat with him in the mess on the ship and recognized the familiar environment, they could'nt speak. Shaped by these experiences Prince Philip reflected the values of devotion to duty, humility, respect for women, and feeling humbled by life's experiences. The experience in the Navy shaped his view of life. When asked about how he coped with wartime dead and wounded he once said - "we did'nt have counsellors rushing around every time someone let off a gun. You just got on with it." Seen out of context his remarks during the last few decades seemed blunt, seen in the context of the Navy and his formative experience in the ships in these years it was just the way it was. Simply who he was, as he once replied. With it also came the kind of dedication to country, being the "rock" of support that he was for Queen Elizabeth over many decades, and his unique style, now cherished by his family, the country and the British Commonwealth.   ...

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The National Credit Union Administration (NCUA) files lawsuits against J.P. Morgan Chase and Royal Bank of Scotland (RBS) for losses suffered on $50 billion in mortgage bonds held by the NCUA. The NCUA is the federal regulator for credit unions in the U.S. More than 40 credit unions failed and a large number have suffered losses and are in a weakened condition because of the mortgage crisis. Because of the losses the credit unions have to pay more into the NCUA fund, pay less on deposits and charge higher rates on loans. About $800 million in damages is sought by the NCUA, which would go to NCUA's insurance and emergency support funds.

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The Institute of Supply Management's Index of manufacturing activity declined to 49.7 for June from 53.5 in May. Figures below 50 indicate contraction in manufacturing activity. The measure for new orders declined rapidly falling to 47.8 from 60.1. New export orders dropped to 47.5 from 53.5. This shows that the slowdown in China and Europe is now reaching the U.S. with slowing exports and new orders. At the same time auto sales are growing, with auto sales up 26% in May 2012. GM's auto sales were up 16% in June, Ford's 7%, Toyota 60% and Honda 49%. Auto sales were at an annualized pace of 14.1 million in June 2012, showing that this sector is holding up.

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Israelis from across the political spectrum say the nuclear deal with Iran in negotiations with the U.S., Britain and France, threatens Israel. Israel's nuclear experts say the 12 month breakout window for Iran to break the agreement and rush to develop a nuclear weapon in 12 months is not sufficient, because of the time it takes for detection and develop the response. Israelis have a deep distrust of Iran's intentions. On the other side of the Middle East the Saudis are also expressing serious concerns about the negotiations giving Iran enough leeway to keep the nuclear program and make a weapon at a future date. The proposed agreement creates further disagreement between prime minister Netanyahu and U.S. president Obama.

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Analysts and mutual fund managers say the declines in the U.S. stock market in April 2014 focussing on tech and biotechs is healthy, as values of tech stocks and biotech stocks had gone up too fast. The pause in the market and even declines of 5-10%, as funds shift money to safer consumer, pharmaceutical and neglected large cap stocks, is likely to set the stock market up for further gains in the latter part of 2014, according to many analysts and mutual fund managers. Unlike 2000 and 2007 there are no similiar bubbles in the market, and the pause has helped clear some of excesses which is seen as beneficial, say fund managers.

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Kramer, McIntire, and Meier of the NYT, provides this indepth account of Trump top campaign aide Paul Manafort's consulting work in Ukraine for Ukraine's president Yakunovych, ousted after protests in Kiev. Ukraine's newly formed National Anti-Corruption Bureau is looking into corruption in Ukraine's system, including corruption in the Yakunovych years. It is this corruption that has hurt Ukraine and other Eastern European countries in their move towards becoming properly functioning democratic states inside the EU or neighboring the EU. Much aid has been sent to Ukraine by Germany and the EU to help Ukraine develop a democratic and economic framework free of cronyism and corruption. Manafort's involvement with interests in Ukraine and Russia during a period of long and persistent protests in Kiev, followed by the ouster of Yakunovych and the war with Russia, when the policy of the U.S. and Europe was to protect Eastern European  member states of the European Union including Poland and the Baltic States, and reach some form of settlement in Ukraine, are controversial. Andrew Kramer of the NYT describes Manafort's consulting company's activities in Ukraine during this tense period, and how it may have have been counterproductive to the constructive efforts of the U.S. and the European Union. ...

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Sim Shagaya and his online internet sales business DealDey in Lagos, Nigeria. He started with cupcake sales, a status symbol in Lagos. Because of online fraud most people in Lagos will not give out their credit card numbers. Dey gets around this by having motorcyclist riders deliver the goods and collect payment in cash. He has a 10,000 square foot warehouse near the Lagos airport, where motorcyclist delivery personnel take off for deliveries all over Lagos, with stalled traffic and delivery instructions like turning left where a lady sits with her plantains. He is planning a site that will be modeled on Amazon. Germay's Rocket Internet also plans to launch soon in Lagos, after opening in India, China and Brazil. Shagaya left Google S. Africa to start the business in 2005, initially starting a site based on the Groupon type business of selling vouchers. Items that sell well and are not returned are books, movies and videogames. Shagaya hopes to increase customers from the current 150,000 to 1 million for a Lagos population of 15 million, of which 5 millon are online on phones and computers....

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NATO Summit in Madrid comes right after the G7 Summit. Just days before the NATO Summit in Madrid a number of important steps are taken. The NATO Response Force is increased from 40,000 which lacked deterrence to 300,000. Additional military spending of $100 billion announced will increase spending by the amount of the entire Russian defense budget. Turkish backing for Finland and Sweden to join NATO was negotiated bringing more capabilities and a long border with Russia in the Baltic into the picture. The G7 Summit will be seen as setting the framework of close cooperation and understanding of leaders of western and eastern democracies in the world including Africa, Latin America and Asia. Invited were leaders of South Africa, Argentina, India and Indonesia, major parts of the Free World in the 20th century and now into the 21st century. NATO Summit in Madrid adds to these leaders the leaders from Australia and South Korea. The idea here is to address the changing situation in Asia with China's aggressive posture in the Himalayas, the South China Sea, and with Taiwan, and the close cooperation with Russia during its invasion of Ukraine. ...

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GST revenue increase is important because it finances healthcare, education, infrastructure building, jal ghar and cooking gas, Digital India initiatives, housing programs in a way that has never happened before and is needed for modernizing the Indian economy. The same approach is being taken by president Biden in the US to finance his climate and tax bill of $369 billion. It is the biggest climate action bill in history and revenues to finance renewable energy transition are coming from a 15% minimum corporate tax that is being agreed to by all countries in the world including US, Britain, European Union and India. Just today the WSJ the largest biotech company Amgen in the US paid 3.5% effective tax rate on revenues for 2013 when tax rate under federal law was 35%, and the IRS is working on getting $10.7 billion back in payments due over a decade. Much of Amgen's profits of $24 billion had been shifted to a location in Puerto Rico says a report in WSJ. The development work of the free world countries including US, EU, and India cannot happen without this. Without this the US, EU and India cannot even remain competitive with China or tackle national security threats. ...

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Looking back Mohandas Gandhi's effort to prevent separate electorates was an important contribution to today's rapid industrial development and modernization of India. Delivery of infrastructure, education, healthcare and other improvements could not have been delivered as they are today with weak governments. Gandhi understood clearly the effects of divide and rule and how this had led to over one hundred years of disinvestment in India by 1900. Even after 1950 it took another 70 years for governments to follow the experience of Japan and China and rapidly modernize. Separate electorates as suggested by Ambedkar for lower castes would only further weaken India, as would communal representation of that type. Not integrating the one third of India that was under princely states would have had the same effect. Sardar Patel grasped clearly the effects of not integrating these princely states would continue the effects of divide and rule. In this way the foresight and wisdom of Gandhi and Patel have given a new generation of leaders the sound fundamentals on which to build a modernized nation, the largest democracy, and a nation with a young population that is fulfilling the aspirations of its young people. ...

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For the first time since independence in 1947 India gets a Master Plan for infrastructure development in the whole country.  All federal government ministries are pulled together under one roof. Ministries will coordinate their plans for infrastructure development. Specific investments, specific delivery times, real time monitoring will be done through digital technologies under a single master plan. Railways, highways and roads, waterways transport, energy, telecom broadband and other modal connectivity will now be done in one plan with all federal and state ministries pulled into the master plan. This will produce network effects with today's digital technologies as this has never been tried before in the world. Logistics costs of 14% of product cost will be cut by 6% to 8% under the new logistics frameworks set through this plan and the investments to be made of 100,000 crore rupees. This will boost exports and manufacturing as the new supply chains restructured after the pandemic attract foreign investment to India. For this Indian industry, universities, and federal plus state governments have to act in a coordinated way under a single plan, which will happed for the first time under Gati Shakti.   ...

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That India is meeting and exceeding goals set under the paris Climate Change agreement is a great achievement of the last 6 years says this Hindustan Times editorial. India's achievements in solar and other forms of renewable energy have been achieved with a bold vision and strong effort of its own showing that climate change agreements are not the only way to tackle climate change. As one of the major users of energy from coal and fossil fuels India's bold action makes a huge difference for the world. As China, EU, Britain and Japan commit to a net zero carbon target India is now one of many countries in the competition to reduce fossil fuels. This also means HT says that India must now be prepared for technological competition as well as shift to renewable energy sources. The return of the U.S. to the climate accords now positions both countries to benefit from each others advances in renewable energy. Partnership with Britain and Japan also offers new possibilities for technology access and sharing so that more gains can be made to benefit India's and the global environment for clean skies, clean air and clean waters. ...