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The average rate on about $2 trillion in so called Sweep accounts is less than half a percentage point says this report in WSJ. This is a source of revenue and makes up a big part of profits for brokerage firms in the US including Schwab and others. 

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Krugman points out that the federal tax rate for the top 1% is 34% in 2013, according to the Congressional Budget Office, because president Obama let the high end Bush tax cuts to expire. It is the number to remember says Krugman- 34. In 2008 the figure was 28.2. Under Hillary Clinton the average tax rate for the top 1% would go up by 3.4 percentage points, according to the Tax Policy Center. Some of this would help pay for the tution plan to provide access to the middle class to public universities. Under populist Trump, Krugman points to the elimination of the inheritance tax and tax rates going down substantially, and no such programs to promote the upward mobility that everyone is talking about, and no way to pay for a big infrastructure building effort for growth and jobs- upward mobility that is the focus of every candidate's election campaign including Sanders, Trump in appealing to older white working class families, Clinton, Ryan, Bush, and others in both parties.   ...

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American companies, Google, Alcoa, Amazon and others are supporting the European Union's push towards reductions of carbon emissions for combating climate change. They are doing this by buying renewable energy through long term contracts that help reduce costs by about 10%. Google is doing this to support its data centers. Amazon is doing this with investments in wind farms in Ireland, and renewable projects in Spain, Sweden, and the UK.

The European Union plans to increase the proportion of renewable energy to 32% by 2030 at a cost of 260 billion euros.

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The director of Vote Leave on Brexit referendum Dominic Cummings says Brexit could be a mistake for Britain. Asked if he thinks differently now, he says in a Twitter exchange cited in Britain's Guardian newspaper- "Lots. I said before REF was a dumb idea, other things shdve been tried 1st." Others are having second thoughts about the referendum, as shown here.

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The ECB, the Fed and the Bank of England and others in coordinated half point rate cuts to address a global credit and markets crisis.

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Private credit market has grown to $2 trillion in 2025 in 10 years  reaching $3.5 trillion in 2028 yet remains unregulated. Private credit is when investment funds such as Blackstone and Apollo, others, loan money to large companies. After the 2009 financial crisis bank regulation was tightened so that riskier loans were kept off the banks books to avoid another financial crisis. This led to the private credit market as a source of loans for small companies.Over 10 years the loans are now going to large companies and it is growing fast. As is typical in the capitalist economies regulation falls behind new financial developments or tech developments. Congress is always playing catchup and is distracted by other issues or has lobbyists asking for less regulation.  This report in the WSJ says when companies like Blackstone have private credit loans of $260 billion this can pose substantial risks for the US economy when this area of lending has no regulation as is required for a modern economy to function correctly. Private credit offers returns of 14-16% for these funds with risks associated and regulators are not asked to set the required rules. It only makes bank regulation ineffective as lending goes to unregulated parts of the economy. ...

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A more thoughtful, getting things done behind the scenes, and smoothing things out on issues with other countries for the President as needed, and delegating to his staff and others, is the team approach adopted by Jones who is National Security Advisor. And it is a deliberative role that suits Mr Obama. Its different fromt he high profile Advisors of the past , but things are too complex today to be handled in that manner, and the President's style and the challenges he faces require this team approach and multitalented team of Holbrooke, Clinton, Jones, Gates and others.

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Jerome Boateng was 2016 Footballer of the Year in Germany. Here he talks about his own experience playing for teams after growing up in Berlin. He was born  in Berlin in 1988 of a Ghanian father and German mother, and practiced on Berlin streets before joining Hertha Berlin, Hamburg and then Bayern Munich. He has been an important part of the German team. 

Here he says education is important, most important, no child is born a racist. Boateng says " What we really need is to get stuck in and do something, be that working with children and doing integration projects. Everybody can help." The best thing is to be active in the community and helping in every way to educate children.

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Stephanie Clifford of the NYT provides this exceptional profile of a low profile prosecutor in action on cases ranging from civil rights to organized crime and terrorism. Clifford describes the calm and rigorous style of Loretta Lynch as U.S. attorney for the Eastern District of New York as she handled the case of a Haitian immigrant and the New York Police in 1997, rarely bringing up race and focussing on justice and fairness. Other prosecutions included Pedro Espada, a former Democratic New York state senator from the Bronx, and William Boyland Jr., a Democratic assemblyman from Brooklyn, gang and Mafia cases, and terrorism. Her style is to let others take the spotlight including answering questions at news conferences, getting the job done by involving other colleagues and co-workers in a case.

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The Obama administration's Small Business Jobs Act of Sept 2010 set aside $30 billion to stimulate lending to small business. Only 7% of 7700 U.S. lenders have signed up for the program so far. The deadline to sign up to participate has been extended from March 31 to May 16, 2011, by the Treasury Department. Banks have been hesitant to sign up for various reasons: banks say they see a stigma to taking these loans, and need additional staff to handle the extra paperwork. Banks say there isn't enough demand for loans from small business, or that there is enough capital already to handle larger better collateralized borrowers with the others considered too risky anyway.

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Much of what is written here about Xi Jinping pursuing Chinese socialist vision was known since he became president in 2013 when China's Communist party was losing its appeal, and efforts were made to seize power within the communist party by a leader in the western province of Chongqing. Bo Xi Lai attempted to take advantage of the situation with appeals to the working class and without any genuine commitment beyond a power grab. It was well known that Xi Jinping is a son of one of the veterans of the Communist party under Mao, Xi Zhongxun, unlike leaders who followed premier Deng Xiaoping such as Jiang Zemin. Zemin was a relatively unknown figure who was in university during the crucial period of 1947-49 when Mao came to power in mainland China. It would not be correct to say that little was known about Xi's own ideas about socialism as the long term answer to China's problems. Xi also came in as president at a time when the Communist party was losing its appeal to working class people after three administrations that followed premier Den Xiaoping. These three administrations followed a form of state capitalism that allowed companies to pollute the environment, compete without any regulations, and allowed to operate without any controls as long as they pursued growth aggressively and expanded the economy.There was an effort by Communist party regional leader in western Chinese province of Chongqing, Bo Xi Lai, to use this as an opportunity to grab power in China. During his first year as president Xi had to resolve this issue by having a court trial after revelations of corruption and misuse of power by Bo Xi Lai.  Xi's father Zhongxun's role in the revolutionary movement offers clues to Xi's own convictions and faith in the party. Zhongxun was a communist soldier who set up the revolutionary base areas in Shanxi-Gansu northwest border region of China that provided a refuge for Mao's army following the Long March. Other clues come from Zhongxun's role as head of propaganda during the period after 1944 and in 1952. Xi's family background particularly on his mother's side shows a fervent commitment to Chinese socialist vision during the chaotic years when the Japanese invaded China and Chiang Kai-Shek's nationalist forces failed to defend China's sovereignty. One reason Xi has been less understood is that little attention is paid to Xi's mother, Qi Xin who was highly educated and fervently believed in Chinese socialism and nationalist spirit during the Japanese invasion in 1938. In fact Qi Xin had to leave middle school after the Japanese took over Beijing. She joined the Counter Japanese Political and Military University to continue education and in 1941 attended the Central Party school. She met Xi's father Zhongxun in 1944. In 1953 she enrolled in the Marx School of Communism, and it was her position at the school that offered her husband added protection during the Cultural Revolution that affected Deng Xiaoping and others. With such a history in the 1930's, 1940's, and 1950's it is likely that Xi was profoundly influenced by his father's role in the revolutionary movement, and his mother's faith in socialism with national spirit as the way to protect against the foreign invasions. It would now appear that by the time Xi joined the Politburo in 2003 there was no question about the future course China would take given the role of his parents, and the events of 1938 the fall of Beijing, his mother having to flee, and the events that followed. Xi showed resilience during the period of the Great Proletarian Revolution when he was sent to the villages at a time when he would be studying in school and college. He was sent to an agricultural commune in largely rural Shanxi province where he worked as a manual laborer alongside other people and developed a relationship with the local farmers. Unlike other leaders during that period which could even be said about premier Deng Xiaoping in 1989, Xi took a different lesson from this experience largely because his father and mother were committed to the socialist vision for the long run. His father was still not fully rehabilitated by premier Chou en-lai when Xi was allowed to enter Beijing's Tsinghua University in 1975. He studied chemical engineering at Tsinghua graduating in 1979. Upon graduation he worked as a assistant for 3 years to a vice premier who was minister of defense. He then left Beijing for Hebei province to work as a deputy secretary of the provincial CCP. He was made Mayor of Xiamen, then governor of Fujian province in 1999 where he tackled environmental conservation before moving to Zheziang province. His father passed away in 2002 and it would appear that he was carefully trained in different provinces instead of staying in Beijing, for a position of national leadership. Xi got his break in 2007 when the upper leadership of Shanghai city was tainted in a wide ranging pension fund scheme. He was made party secretary for Shanghai. This was the position Jiang Zemin had held before he succeeded premier Deng Xiaoping. In only a few months in October 2007 Xi was made one of the 8 Politburo members, ready to succeed Hu Jintao as president. Xi's perception of being sent to the villages and making it to university education was that it was part of the long run socialist struggle, with pain that his father had also endured as simply a phase in which things would be right in the end. Xi's mother comes across as a resilient figure and one who had herself gone through the struggles of the 1930's and aided her husband on one occasion. Some of this resilience could have been passed on to the son. Xi's wife is a zealous participant in Chinese dance and music performances that created enthusiasm for the Chinese socialist revolution from the 1930's period. In his conversations  with colleagues in the party, in culture and temperament, Xi has been forthright about this background and his style of work.  Xi is unlike premier Deng and the presidents who succeeded him such as Hu Jintao mentored by a former mayor of Shanghai Jiang Zemin who came to power in 1989. Xi is more in line with the leaders around Mao like his father in his outlook and thinking, with a cautious temperament that comes from years going through ups and downs of political struggles. He is once said to have responded with dismay about being in a top position in the government knowing how precarious this had been for his father. The education at Tsinghua, his engineering background, and his easy familiarity with farmers in the provinces, mean that he understands China and its history well enough to have the confidence to shape Chinese policies in a way that none of his predecessors had except Mao, premier Chou-en-lai, Liu Shao Chi and a few veterans from that time in the 1930's. That Xi waited patiently for so long to gradually assert his ideas about socialist vision for China may be the surprising part of his behaviour till 2021.  It may be that he wanted to make the changes only after he could persuade party leaders and colleagues of his vision and long run goals. And because the Chinese economy had grown so large that it would take time to steer the ship in a different direction for the long term. In most of the negotiations with president Trump he cautiously let trade negotiators handle the situation, all the time learning about how to tackle problems of China's relationship with US and Europe. US president Biden also has a vision that is veering towards a socialist perspective in terms of bringing gains of progress to workers and families. So does Mr. Trump, Mr. Boris Johnson in UK, and Social Democrat's Scholz in Germany. It is both economic and political as Mr. Xi is quoted as saying in this WSJ report. The necessities of such action are both economic, social and politically driven as capitalism has veered way off course.  In this report it is mentioned that Soho China 40% stake was taken by a large capital markets firm in New York in the hope of large gains, as Soho China developer was a tycoon who wanted to leave China. Seeing it as not favorable to his company following events in Hong Kong. This behaviour of capital markets groups in New York and tech companies in Silicon Valley, driven by profits and not aware of the social and economic problems of working class American families is a problem in the US and in Europe. It is also what has driven so many large tech companies to expand manufacturing operations in China, that hurt US manufacturing capabilities and American workers jobs- an issue raised by president Trump and taken up by president Biden. Biden has already moved to make Intel Corporation change its plans and invest in American manufacturing technologies in a quietly implemented U turn. US president Biden is left with the unenviable job of solving this huge problem during the pandemic. He has also committed to a somewhat socialistic vision with a $3.5 trillion plan for workers and families, as has vice chancellor Scholz in Germany with his own version of programs, after the failures of unregulated forms of capitalism. Scholz goes so far as to say his mission is to show that there is really no such thing as a self-made man, that it is help from society, his fellow citizens, and government, that makes it possible for him to do his work. In a sense the world is shifting away from Reagan forms of capitalism without regulation after seeing disastrous results during the pandemic. Not just China. Some form of government guidance and regulations are now seen as essential in China, the US, UK, Germany and India for a better society and a better, healthier life, and for opportunity for all in each country.   ...

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Zeit Online takes a look at German chancellor Angela Merkel's statement made in a beer tent in the Muich suburb of Trudering- "The times in which we can completely rely on others are somewhat over, as I have experienced in the past few days." Zeit Online says the words "ein Stuck" in German were meant to say a bit or somewhat, but the essence of the statement that the depending on the trans-Atlantic alliance was now over comes right through.

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The mood inside Beijing during the pro-democracy protests in Hong Kong during 2014. Comments by some Bejingers and no comment by others unwilling to talk much about politics.

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Letters from John Bogle of Vanguard who faults excessive leveraging for the crisis, Bernie Sanders of Vermont, and others on the failures of Wall Street and investment banking firms.

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Albergotti and Macmillan tell the story of Jan Koum of WhatsApp who immigrated from Ukraine as a teenager in 1992, and settled wih his mother in Silicon Valley. His interest in messaging apps stemmed from his interest in staying in touch with extended family in Ukraine, Russia and Israel, after losing his mother to cancer and his dad passing away in Ukraine before making it to the U.S. He met Brian Acton at San Jose State University, where he studied programming, and the two founded WhatsApp in 2009. In the early years after 1992, before joining Yahoo following graduation, Koum lived on food stamps.

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Failure of Congress to change asylum laws and limit migrants is the real cause of the migrants problem. Congress also has failed to provide the full resources to control the Border and process quickly, deport others. The existing asylum law was never going to work, creating the situation at the Border and in the country today.

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Comments about Edward Whitacre, who put AT&T together after becomng CEO of Southwestern Bell, and built the new business around cellular, wireless and internet services once the long distance market collapsed. Says board member and leader Kent Kresa, of Henderson and Whitacre, "they are both open to the ideas and opinions of others. I think there will be a good dialogue." Says a colleague Haskell Monroe, on the AT&T board, " he faces the facts, he looks for the truth and he is a person who takes responsibility for his decisions." Says Gerald Myers, a University of Michigan professor and former chairman of American Motors Corp, "he is'nt a loveableguy. He's not going to be your friend. He is blunt, but he is so often right that you accept the abuse."

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A Hank Aaron phone call in 1967 to Dusty Baker's mother gets Dusty Baker to join the Atlanta Braves when Baker prayed that he did not have to go to the Deep, deep South. Dusty Baker, 72 years, is now the manager of the Houston Astros in the finals of American World Series baseball between the Astros and the Atlanta Braves. Dusty Baker says it was the best thing that happened to him because he met Hank Aaron, who broke Babe Ruth's record in 1974 with 715 homers. 

This started a long friendship with Hank Aaron. Of Hank Aaron Dusty Baker says- "He really taught me discipline. This guy was the most disciplined guy, most hard working guy, most concentration guy I ever met."

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When Ruth Bader Ginsburg started law school in 1956 women represented 3% of the legal profession in the U.S. It is about one third today.

A piece of advice from her mother in law has served Ginsburg well all these years. She told Ginsburg "in every good marraige it helps sometimes to be a little deaf." Meaning that if an unkind word or thoughtless word is spoken to you best to tune it out and go on anyway. This helps in the workplace. Reacting to someone's unkind words will not advance one's ability to persuade. This is why people of all kinds of persuasion and opinions liked Ginsburg including at the court her complete opposite Justice Scalia. Something we can all learn from Ginsburg.

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A video of how the French people have come together during this crisis from France 24. It is an inspiring video of how France is returning to family values, a return to basics, about helping neighbors, children and others. Volunteers are helping, the state is helping by supporting 10 million people who have lost work and wages by paying these wages, a way in which the collective in France is helping the individual. There is also an interview with the founder of French app "Hello Neighbor" who describes the changes happening in France and a new sense of what it means to be human and loving thy neighbors. He says this is a time it is lucky to be French because of the respect in France for a strong public health service that serves all its citizens.

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An IFO Institute Survey of German businessmen shows 43% think there would be a no-deal Brexit. Germany's Economy Minister Peter Altmaier, thinks a disorderly Brexit "would hit the German economy hard." Germany had a $48 billion surplus with the UK in 2017. Britain is Germany's fifth largest trading partner.

Interestingly German businessmen including Bernhard Matthes, the president of the German car manufacturers association, all of them do not want the German government to offer more concessions to Britain. Even though they say the no-deal Brexit would be profoundly damaging. When they sit down with Merkel they do not say they want a different approach. The priority they say is that the European Union member states stick together and not make concessions that would invite others to go that way.

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"Turnoff your phone for a bit. I take time early in the day for reflection, for when hard things come."

Melinda Gates likes the following poets, who are also Colbert's favorites. Mary Oliver, John O'Donohue who brings ancient wisdom to modern day lives, imagination as the path of the Spirit.

She reads David White, Pablo Neruda, Mia

One verse of poetry she likes says- when you come back to yourself, something Melinda Gates has done, when you do this see the flowers that were in your earlier years. This is all about having self care, self compassion and self acceptance, that are key to healthy living. As the Buddha says- only by taking care of yourself can you take care of others.

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Lee, Nicholas and Harris of the WSJ describe the responses being considered by president Obama to Russia's hacking of DNC, and other cyberattacks during the U.S. presidential election. Obama said the goal will be "to send a clear message to Russia or others not to do this to us because we can do stuff to you." He said some of this would be done publicly and other things would be done where the Russians know but not everybody else. Mr. McFaul, a former ambassador to Russia, is cited here saying that declassification of intelligence by president Obama in the remaining weeks in office is needed so that all ambiguity about Russian involvement is removed. Elections are coming up in Germany and France in 2017 and both president Obama and the Republican Congress leadership see the need to prevent any further cyberattacks on the U.S. or Western Europe.

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Jagdeep Dhankar is elected vice president of India with 528 votes out of 725 votes from members of parliament. He is seen as an outstanding chair of the Rajya Sabha, India's Upper house of parliament, by Modi, Jaishankar, Goyal and others. He was an Advocate for the Supreme Court of India. He coms from a farming family in Rajasthan from the Jat community. He was a member of parliament and a member of the legislative assembly of Rajasthan. Dhankar was a minister of state for parliamentary affairs under prime minister Chandrasekhar. With his wide experience he goes back to the early days of the Janata Dal, the party that preceded the current BJP party. The president and vice presidential positions have now been filled with the best representatives of the tribal communities in India that make up about 110 million people in India, and a representative of farmers from the Jat farming community in the states of Rajasthan, western UP and Haryana.   ...

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Abdulrazak Gurnah who left Zanzibar for England in the 1960's was given the Nobel Prize for Literature in 2021 for his "compassionate penetration of the effects of colonialism and the fate of the refugee caught between cultures and continents." In his acceptance speech Gurnah says in his writings he engaged in a refusal to accept the attitudes, the stereotypes and disdain towards people of British colonies that he met daily. He says that after a prolonged period of poverty and alienation in England it became clear to him that there was something he needed to say. Gurnah says he came to the "deeply unsettling realization that a new simpler history was being constructed, transforming, even obliterating what had happened." Writing he said was to show "what can be otherwise, what it is that the hard domineering eye cannot see, what makes people apparently small in stature feel assured about themselves, regardless of the disdain of others." ...