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A sense of how the U.S. Supreme Court Justices viewed key aspects of the Obama Health Care Law after three days of hearings on March 28, 2012.

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Who is Nandalal Weerasinghe? This report in The Daily News gives some idea about the man chosen to help Sri Lanka negotiate a deal with the IMF.  Dr. Nandalal Weerasinghe was an alternate executive director at the International Monetary Fund before being appointed deputy governor of the Ceylon Central Bank in 2012. Before this he managed several macroeconomic departments at the central bank and was assistant governor of the central bank from 2007 to 2009, He has spent the large part of his career in economic positions at the Central Bank of Ceylon after getting his PhD in economics from the Australian National University. Weerasinghe is the leading expert in macroeconomics from Sri Lanka who has IMF experience. He says "things will get worse before they get better." He retired early from the central bank with a change in government in 2019. He was reappointed as Sri Lanka faced a debt crisis in March 2022 following the two year long pandemic, and the Ukraine war in 2022 that was bad for emerging market economies. Weerasinghe says about the crisis facing Sri Lanka- Recent decisons followed Modern Monetary Theory. This has dire consequences. In recent times the savings brought about by the low tax and interest rate regime passed savings on to the corporate sector and took away spending power from savers and pensioners. Surging inflation made things even worse for the lower income middle class and older parts of society. Years of accumulated debt have brought Ceylon to this point. In Ceylon one is seeing the effects of savings being passed on to the corporate sector in an economy dependent on tourism and remittances from overseas workers, both hit by the two year long pandemic. This is part of  a trend that has hurt emerging market economies from Argentina and Pakistan which also turned to the IMF to Turkey.  In other countries in the European Union savings also passed on to the corporate sector with low tax and low interest rate regime. With high inflation resulting in the cost of living crisis seen today in France and Germany. This type of policy that Weerasinghe calls 'Modern Monetary Theory' is not healthy for the European Union and the US, as these policies led to the neglect of much needed and vital investments in infrastructure, health and education. Only now are these effects being corrected by new administrations of Biden in the US and Scholz in Germany, with Biden's 2 trillion plan for workers and families, and a similar plan from chancellor Scholz. With this come needed investments to tackle climate change, all of which was neglected before. India has taken a different approach. By following good governance, managing vaccination effectively during the pandemic, social emphasis for food, water, electricity, cooking gas, medicine for the vast population of 1.2 billion, and a Master plan for building Made in India manufacturing,  India has avoided such crises and maintained strong economic growth. In this sense it is a model for South Asian, South East Asian, African, and Latin American emerging market economies that face a difficult situation today. Good governance is critical.   ...

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Krugman in the NYT describes the dangers of plutocratic power to American democracy. When exercized by the Murdochs, the Elon Musks, the Harlan Crows of this world. He cites presidents who are Republican and broke up the large oil companies in the 1900's, Theodore Roosevelt (1901-1909) who warned about "a small class of enormously wealthy and economically powerful men, whose chief object is to hold and increase their power." This is happening with the power of the so called Tech companies today and both parties seeking to break  up the Tech companies.  Then there is a Democratic president from this period Woodrow Wilson (1913-1921) who followed Theodore Roosevelt. Wilson says- "If there are men in this country who are big enough to own the government of the United States, they are going to own it." Theodore Roosevelt fought political machines such as Tammany Hall in New York as well as Rockefeller's Standard Oil Company. Wilson, a professor from Princeton, continued this tradition by protecting the working class of that time through his New Freedom campaign in 1913.  As a professor Wilson wrote the textbook The State used in colleges of that period, which set forth for the first time the basic idea of the state that we see today- "that forbids child labor, supervises the sanitary condition of factories, limits employment of women in occupations hurtful to their health, institutes official tests for the purity or quality of goods sold, that limits the hours of work in certain trades, and by a hundred and one limitations the power of unscrupulous or heartless men to outdo the scrupulous or merciful in trade or industry." Both were progressive Theodore Roosevelt and Woodrow Wilson. Wilson under his New Freedom platform for the 1913 election, asserted that it was the task of government "to make those adjustments of life that will put every man in a position to claim his rights as a normal human being." What president Biden is doing today is closest to what Wilson and Roosevelt were trying to achieve, and what Modi is doing today in India is also closest to what Wilson and Roosevelt were trying to achieve. In 1913 Wilson won 42% of the vote, Roosevelt 27% because of a split within the Republican party with Robert Taft. Wilson proposed breakup of oil companies to provide a level playing field for all companies. Similar decisions are being considered by president Biden today for Tech Companies. The future of both the US and India is being decided in these difficult times after a pandemic and in the middle of a European war, and a supply chain overconcentrated in one country in Asia. Wilson's idea "to put every man in a position to claim his rights as a normal human being," is being set forth by president Biden through the word "dignity," by Modi in India as "sab ka vikas, sab ke sath" (development for all, with all). The Greens and SPD's Scholz also set forth this idea as "dignity" for the worker for Germany.   ...

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Comment by a former Tory leader, Sir Ian Duncan Smith, on negotiations with the European Union's Ursula Leyen, show how much the term sovereignty has become the word on which everything depends. Smith said on December 10 about the EU demands that Britain adhere to EU environmental and other rules after leaving the EU, "either Britain is sovereign, or it is not."  The word sovereign is discussed in this context in this Times analysis. The word comes from the old French word "sovereinete" during the period when the King's authority was being contested by feudal lords in 16th century France. The Oxford dictionary defines it as the authority of a state to govern itself, and to do this without outside interference. Tory leaders such as David Davis and others including Smith see this as meaning making your own laws. For the European Union to insist on its laws being primary and British law asked to conform with EU law making it secondary, would not only be outside interference, but also divided authority. Older French and British political philosophers Hobbes and Rousseau see this as divided authority. Even though the meaning has changed in modern times, the essential definition in the Oxford Dictionary remains undivided authority. Which is why these Tory leaders insist on the original definition as the right one. Behind the wrangling there is the sense among Leavers that Britain could do better in economic terms by setting its own direction, and doing business its way. How would a new economic power in India by 2030 affect Britain, would it create many more opportunities for Britain to grow because of its history and cultural ties. Could the relationship with the U.S. provide more opportunities for growth? What about French indifference and even disdain of Britain, does Britain have other options? Isn't the European Union merely a Franco-German alliance led politically by France and economically by Germany, and propelled by their three wars since 1871, with a bunch of European countries added in, and what has Britain got to do with it? Closer to the negotiations with Leyen there is also the question - isn't France trying to make certain with its demand that Britain not violate EU law, that Britain's ingenuity and free wheeling spirit outside the European Union does not let it grow faster than France? Where one gets Boris Johnson's immediate reply that Britain is better off not being stuck inside "EU's regulatory orbit."   At the other end of the world you have India with "Atman Nirbhar Bharat" calling for a self-reliant economy and taking the time for transitioning out of the trade relationship with China, at short term cost and long term advantage. Britain is closely watching India as it makes big strides in developing infrastructure, in renewable energy, and setting a bold vision for the future. Even France is mapping out a pathway to self-reliant economy as it looks at ways to bring production home after the pandemic. The pandemic has only reinforced the drive to be self-reliant. ...

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It is not a story that most people grasp or understand- the long term effects of the US immigration surge of 2023 and its source mostly from Venezuela. The  US Congressional Budget Office says labor force in 2033 ten years from now will be larger by 5.2 million people and younger as a result of the immigration surge in 2023 from about 1 million immigrants each year in the 2010's to 3.3 million. About 2.5 million crossed the southwestern border in 2023. Much of it the result of the collapse of the Venezuelan economy and its middle and upper classes leaving the country. This was worsened by the US sanctions on the Maduro government including under president Trump, say experts in an adjoining NYT article on the 7 million people who left Venezuela to go to Colombia, Peru, Ecuador and Chile since 2012, then making their way up the Darien Gap to the US. Something that could have happened under a Republican president if the US Congress could not reach bipartisan agreement on correcting asylum and parole policy. As a result of this surge US Gross Domestic Product  in 2033 will be 3% larger. When the large Asian economies are seeing a aging workforce, Japan for the last decade and China now following Japan, the US labor force will be younger than it would be without this unusual surge in immigration of the last 2 years. The federal deficit will be smaller at 6.4% instead of 7.3% in 2033 as immigrants will pay taxes on income. Another aspect of this larger infusion of immigrants is that after the pandemic shut down immigration entirely there were severe shortages in the hospitality and restaurant, construction, healthcare industries. And with the trillions of dollars in investment that the Biden administration is making with more factories - this will absorb most of the immigrant surge by 2033. With some positive effects in the competition with rising Asian economies China and India. Particularly consider with the younger demographic India of 1.4 billion people. It will mean more factories can be built in the US and there will be workers for these factories in the US at wages that keep the US economy competitive years from now in 2033. This is a sobering aspect of the current situation viewed from what will be seen by America's younger generation. And under the bipartisan compromise in Congress correcting asylum and parole policy that was shut down by the former president, Republican senators understood very well that the immigration surge of 2023 would have some constructive effects for the long term, while its effects on the short term would be mitigated by Biden's commitment to close the border in 2024. This did not happen, yet the future for America's younger generation is bright under the Biden plan for massive investment in manufacturing and jobs in the US, and with the millions of immigrants needed to fill the jobs that investment will create by 2033. It will make America with a younger work force than Europe or China, only India having a younger workforce in 2033. ...

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  “And 5 million manufacturing jobs were lost while racking up trade deficits of $19 trillion." The Washington Post does not deny this as false, and this is the crux of the point DJT has made what everyone with eyes to see has seen for 40 years. DJT sometimes exaggerates to make his point. False should mean the meaning is false not that a particular number 70% vs 50% for India's tariff on Harley Davidson motorcycles. It should also consider PM Modi's stand for India- to support the US position when it comes to American factories closing by the thousands and destroying not just it's manufacturing but also it's middle class, just as Gandhi would have done. That close is India's sentiment for the American people and the Republic, and the defense of its recovery as a manufacturing nation for its workers and families. DJT did not say that it is a poor country as the Washington Post says is "Trump's telling." As Greg Ip of the WSJ pointed out in 2024, it is that the US simply cannot sustain the blows to its workers and its manufacturing base from a $1 trillion deficit year after year with China. Before bringing economist's into the picture one has facts of what the devastation to American workers has done to communities across America. DJT said and most workers will stand by his words- "For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, both friend and foe alike. American steelworkers, auto workers, farmers, and skilled craftsmen. They really suffered gravely. They watched in anguish as foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once beautiful American dream." Not a single report in the US and foreign media reports of Liberation Day Rose Garden speech by DJT on April 2, 2025, says that DJT said he would trust what he sees with his own eyes and experience for 40 years, and not economists who have turned their backs on American workers, turned to a UAW worker from Detroit and asked him to tell what he saw for 40 years.  "Brian, I’d like to have you come up here for a second. Okay? I just see him sitting. He’s been a fan of ours, and he understands this business a lot better than the economists, a lot better than anybody. Brian, say a few words, please. Would you?" And this what Brian a retired autoworker from Macomb Conty, Michigan saw for 40 years that economists refused to see in their economic theories- "I have watched my entire life, I have watched plant after plant after plant in Detroit and in the Metro Detroit area close. There are now plants sitting idle. There are now plants that are underutilized, and Donald Trump’s policies are going to bring product back into those underutilized plants. There’s going to be new investment. There’s going to be new plants built."     ...

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In this interview with Gerald Seib of the WSJ, U.S. president Obama responds to criticism within his party as he pushes for the Trans Pacific Partnership free trade agreement with Japan and other countries in Latin America and Asia. European nations and India have joined the Asian Infrastructure Investment Bank setup by China, creating pressure for the U.S. to respond to China's influence in the region. The interview shows president Obama taking the criticism from inside the Democratic party personally about his lack of concern for middle class and working class families during his six and half years in office.

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A simple sentence from Ms. Aslam, Pakistan's Foreign Ministry spokesman -as she confirms Pakistan prime minister Nawaz Sharif will attend the swearing in ceremony for prime minister Narendra Modi in New Delhi, May 26, 2014- says it all: "Pakistan sees peace with India as a precondition for economic development." A long established truth that applies to a large degree in reverse, that peace with Pakistan is also a precondition for a singleminded focus on economic development in India. How else can India tackle the problem of 1 million young people joining the labor market every month for the next 15 years, according to the UN Department for Social and Economic Affairs. The figure is much larger when including Pakistan, Bangladesh, Sri Lanka and Myanmar (Burma). And would approach 2 million a month if Indonesia is included, the entire region sharing the Buddhist-Hindu-Muslim legacy and lacking the strong engine for growth provided in East Asia by Japan and China.

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How the state of Maharashtra was formed from Bombay state that included Gujarat, by making language as a basis of state formation offers clues for India's economic and political solutions to the problem of modernizing the country in the way Japan and China have done. The same is true for Gujarat.  Gujarat added the princely states of Saurashtra. The original Bombay state did not include Saurashtra or the Vidarbha and Marathwada regions of today's Maharashtra state. Vidarbha and Marathwada were added to create Maharashtra, Saurashtra was added to create Gujarat. Voting patterns have given the party that is pushing hardest for modernization of infrastructure with speed and scale favorability in most regions of Maharashtra except Marathwada regions and most regions of Gujarat except Saurashtra. The Bombay city region that forms a large part of the voting population in Maharashtra came first under the influence of British, then Gujarati business, then trade unions, followed by a Mumbai for Marathis movement, and now an integration of the Marathi movement into one that reaches for leadership for modernization on a national scale.   Bombay city is itself being dug up in a way Tokyo in the 20's and 60's must have been, or Shanghai in the 90's, 1912 sites have been dug up for a next generation Metro system of trains, a bullet train to Ahmedabad and New Delhi and for bridges across the Arabian sea, new expressways. Projects that were stalled for decades because of political stalling inaction are now being pushed ahead to be finished in 2-3 years or half the time. In Japan in the 20's the incentive was Japan's resurgence, in the 60's its recovery from world war. In China in the 90's the rush to modernize after the Japanese invasion and failed attempts in the 60's. In India today it is the rush to modernize after the British Empire's extraction of wealth from the country since 1850, and the failed attempts twice in the 60's and 90's.   ...

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The WSJ responds to president Biden ramping up renewable energy plans and linking Republicans with Senator Rick Scott's plan for sunset provisions on federal legislation every 5 years that Biden says would include Medicare and Social Security. WSJ is critical of Biden's renewable energy plans and calls for increasing production of oil and gas to meet energy shortages and price increases. It is also against a wealth tax, Biden's $2 trillion Workers and Families Plan, and Biden's plan for Medicare to negotiate drug prices. WSJ says real disposable personal income increased $4205 under the Trump presidency 2017-2020, and has since declined by $374 with high inflation depressing purchasing power. The impact of climate change requiring brave choices and strong action is missing in the Republican plan as Republicans focus on attacking Democrats controlling the presidency and Congress on the issue of inflation. The issue of remaking supply chains are on both the Republican and Democratic agendas with president Trump giving more rhetoric against China's role in dominance of supply chains and Mr. Biden taking stronger action in Theodore Roosevelt's style of carrying a big stick and quiet posture in restoring America as a manufacturing powerhouse. The impact of climate change is short term rather than long term as seen by the heat wave in South Asia today, the fires in North America and Europe. Republicans are losing sight of the importance of making the shift on renewable energy quickly with some short term pain, as they push for oil and gas solutions and a less effective program for renewable energy. Mr. Biden is taking on bigger risks in the short term in the midterms and beyond but following a sound policy of aggressively pushing renewable energy. This can also be seen in the importance renewable energy is being given even in countries with a need for coal and natural gas such as India. Modi's plans in India are to buildup renewable energy capacity with aggressive targets for 2030. ...

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WSJ's Andrew Restuccia and Michelle Hackman look at another deportation of about 1 million people of Mexican descent in 1954 under the Eisenhower administration. It looks at the human toll. Many of the people were brought in to tackle the shortage of men to do farm work and harvest crops during the war period 1941-1945.   The alternative proposed by Biden and senior Republican senators McConnell and Lankford and supported by most senior Republicans is the tough immigration legislation drafted by Lankford that president Harris has pledged to sign. In 1954 the US economy was a small fraction of what it is today and struggling from the aftermath of the world war and the Korean War. The US economy would suffer shortages of manpower in construction and farm work that would reduce economic growth by about 1%, from the effects of a 1954 type plan and from the distraction for American focus on chips, science, and manufacturing that is needed to compete in a new world of India, China in addition to Japanese EU competition. States such as Kansas in the midwest feel this shortage, and in the Carolinas in the south, Red states and blue face shortages. Kansas is actively seeking new legal immigrants and welcoming them as shown in the WSJ. This is a different country than 1954 and this must be recognized or we will fall behind China, Japan and India. Cultural literacy is world knowledge and was proposed before by the Exxon Foundation and E. D. Hirsch in 1988. This needs to be revived so that children like Harris who know enough about American history, language and culture to be productive American citizens- as they learn in school and through interaction with fellow citizens in the neighborhood and libraries- can become the norm. There is no reason this cannot be done effectively with the resources committed to this from the federal and state governments in tens of billions of dollars, including to the library system, community colleges, community civic education centers, and to literacy and world knowledge sites such as Lyrarc.com, Wikipedia and Britannica.com. ...

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The difficulties increase for Nokia with decrease in sales in emerging markets as it competes with new models from Huawei at the low end. The launch of the Lumia 900 runs into a software glitch and Nokia offers customers buying the phone from AT&T a $100 rebate until April 21- making the phone free on a two year contract. Nokia's global market share declined from 31% in 2010 to 23% in 2011, according to Gartner Inc. Nokia's dominance in India and the Middle East markets is slipping as low end smart phones with the Android operating system software are replacing Nokia phones. The result is that core mobile phone operations show a 3% negative operating margin in the first quarter, with the outlook for further declining margins in the second quarter of 2012. The Lumia 900 which has Microsoft software has fewer apps than the established Android and iPhone models creating more headwinds for the new smartphone. On April 11, 2012 Nokia shares lost 16% of their value and were down to $4.24.

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Karzai a new man, the Karzai government which Gates has called a "crime syndicate" changing its face in an astonishing aboutface. Pakistan ending its obsession with India, with no change on either side Pakistan or India for a joint focus on economic development in South Asia, and no deep transformation of America's role in South Asia. The things Friedman wishes for so that the Obama presidency does not in his words sink in Afghanistan are asking for things that just don't happen with some sort of troop surge.

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On global wheat, corn and other cereal prices. The effects of the ethanol boom in the US and the record corn crop to meet ethanol demand. How this plays out in emerging market countries like Russia, China and India and Mexico. Will this help farmers especially withthe urban-rural divide and disparities in living standards in China and India. At the same time what do the higher prices do to the urban poor and poor people in general in the emerging countries where the impact of higher prices hits a large part of their budget.

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Dow's 679 point drop on Thursday October 9, 2008, investors lose $8.4 trillion of wealth, which is sure to impact consumption spending coming after a steep drop in house prices and loss of trillions in home values. This will affect countries dependent on exports like emerging markets from Russia, China, Brazil and India to other countries around the world as the US imports less energy, less soyabeans, less from the manufacturing locations in China. This means cutting growth in Brazil, India and China as well as in the US and Europe.

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The G-7 leaders of US, Canada, France, Germany, Italy, Britain and Japan along with invitees from India and Indonesia will meet at a resort hotel 62 miles south of Munich. Located in the Alps mountains near the Austrian border it has no air conditioning. The approach is to have as near as possible a natural setting with a stream that generates 20% of the energy and a rustic but refined setting. There are 5 rooms each for every country leader and a separate place for their staff. It was built between 1914-1916 by Johannes Muller, and reclaimed by his family in 1961 after being taken over by the US Army. His grandson Dietmar Muller-Elmau is the current owner. 

Elmau rebuilt the hotel in 2007 after a fire, with a 115 room building The Hideaway, and a separate building the Retreat nearby for the G-7 type gathering.

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The G20 declaration from Indonesia says that it "is essential to uphold international law and the multilateral system that safeguards peace and stability." It called the threat of use of nuclear weapons "inadmissable." It said "most members strongly condemned the war in Ukraine." Overall this was a major step forward with meetings between Biden and Xi, Trudeau and Xi of China, and discussions that led to Macron of France announcing his intention to visit China to get China to mediate for peace in Ukraine. It sets the path forward after Covid pandemic for peaceful cooperation in places other than Ukraine and efforts to bring the war in Ukraine to a close. The midterms in the US Congress also set the stage for Mr. Biden to offer a stable US participation after the volatile Trump years in peaceful competition with China, and growth in India, Africa, and other parts of Asia and Latin America.

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Russia has 600 billion dollars in reserves and with oil prices above $100, with the Ukraine conflict lifting oil prices for Russian oil exports, there is little that the US and Europe have done to prepare for this situation. The Merkel years were essentially wasted in building a trade based relationship on cheap Russian gas supplies, and the wasted resources under Bush and Obama in two wars in Iraq and Afghanistan only distracted the US from the major issues relating to China and Europe that it now faces. 

The need is for a new overall structure to be built- for social structure supporting all aspects of infrastructure, and stronger supply chains with local manufacturing. And international structures that include India and other nations of Asia and Latin America, Africa, that would be a framework for the future- a broader framework for peaceful relations.

 

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For the regions hardest hit by the coronavirus and its variants- the US, Brazil, India, Europe, Russia, China and Africa, the researchers and the frontline workers in South Africa are doing an incredible job. This report by Stephanie Nolan in the NYT shows the work of researchers at KRISPS advanced medical research center and the frontline workers in South Africa, who are making a difference. Shown are researchers and scientists at KwaZulu Natal Research Innovation and Sequencing Platform in Durban, South Africa on whom the world depends for stepping up the fight against the coronavirus- Dr Tulio de Oliveira, principal investigator of the national genetic monitoring network, and Saleem Abdul Karim, epidemiologist. On the frontline workers who visit patients homes to make sure immune compromised patients have access to their medications is Sizakele Mathe, community health worker. Stephanie Nolan has provided a much needed account of what work is being done on the frontlines to keep us all safe. ...

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Efforts to build air defense systems for Guam, American base 1300 miles east of the Philippines. China has stockpiled missiles that could reach Guam, says this report in the WSJ. There are 150,000 American civilians in Guam, which is an island the size of Chicago. As Guam is entirely American the US can operate from Guam in a manner that it cannot do from Okinawa or other bases in the Pacific, or in South Korea. About 50,000 Americans are based at Okinawa, Japan. US has 22,000 military personnel on Guam island. Guam played a critical role in the early days of the Pacific War with Japan and after it was retaken from the Japanese.

This is becoming important as the US faces the prospect of being able to help protect Taiwan's independence, and protect free navigation on seas in the Indo-Pacific region that extends from Africa to India and Australia and to western US.

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Worldwide coronavirus vaccine development and distribution is covered in the The guardian. There are surprising results in a 2019 Lancet study about how strongly people in each country think vaccines are safe. Only 17% of people in Japan and Lithuania think vaccines are safe. Most of Eastern Europe, some western European countries, Russia and China are shown as countries where about half of the people have doubts about the safety compared to 87% in Bangladesh and Uganda. In India and most of Africa people think vaccines are safe says this report showing the Lancet study results in a graphic.

Vaccines once developed will require cold storage for distribution and adminstering the vaccine. Some vaccines may require ultra cold storage of -60 degrees  or -80 degrees centigrade which may be hard to find in many countries. Most of the cold storage containers available have already been acquired by countries.

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The Biden administration is the first administration in decades to do this to protect American industry and industry of other manufacturing capable nations such as India, in effect protecting a whole new supply chain that allows all to participate but non to dominate unfairly. The Bush, Trump, Obama administrations failed to do this. A concern most economists and many business leaders fail to understand to the great misfortune of America's workers and communities and workers and communities in other nations. As the US restricted flow of technologies in advanced chips to China to protect its tecnologies, China is investing $40 billion in mature chips. The Biden administration is now shifting its attention to mature chips technologies to protect American chip industry and prevent overproduction of mature chips in China for export leading to dumping of the product in the US and hitting the domestic chip industry hard.

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On the occasion of Gandhi Jayanti here is the podcast of President Franklin Roosevelt's Secretary of State Cordell Hull's speech on July 23, 1942 that you can hear from the US National Archives.  Roosevelt in his letter of reply to Mohandas Gandhi's letter on July 1, 1942 one month before the launch of the Quit India Movement asking for help to achieve Hind Swaraj said- "I am enclosing a copy of an address of July 23 by the Secretary of State, made with my complete approval, which illustrates the attitude of this government.

Roosevelt wrote back to Gandhi that "I am sure that you will agree that the United States has consistently striven for an supported policies of fair dealing, of fair play, and of all related principles looking towards the creation of harmonious relations between nations."