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Young people are the major source of transmission of coronavirus in the US with school sports as a major cause. Michigan, New York, Florida, New Jersey, Pennsylvania, makeup 42% of cases on April 11. Adults ages 20 to 39 are affected the most in Michigan. With cases for children under 19 quadrupling from a month ago. 301 reported school outbreaks in Michigan alone. A big problem is that the spread of the variant B.1.1.7  from the UK started in clusters earlier in February. It now has spread to the general population. India has seen a surge in the past 5 days and public health officials are learning from this experience in Europe and the US. The focus  should be on micro containment zones, prime minister Modi told state chief ministers in a virtual meeting on April 10, with screening, testing, tracking, and that health officials should not let higher numbers affect their persistent effort to screen, test and track as with the unceasing effort the results will come. ...

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This article on Emperor Akihito as he turns over the role of Emperor to his son in 2019, shows how he has defined Japan's postwar role in for over 60 years. On the 70th anniversary of the end of the war in 2015 Akihito went out of his way to reproach prime minister Abe for saying that Japan is what it is today because of the sacrifice of three million Japanese during the war. Akihito told the Japanese people on television that it was the hard work and sacrifice of the Japanese people after the war that made Japan what it is today. During the period of the Fukushima nuclear disaster Akihito broke tradition to visit homes of survivors from the disaster kneeling in Japanese manner and talking to people like ordinary citizens. From Jakarta to Beijing Akihito brought a message that showed Japan's resolve to maintain peace with its neighbors in Asia, and heal the wounds left after the war under his father Hirohito. He made a trip to China in 1992 and acted as the chief emissary of reconciliation.  He drew his greatest contentment knowing that Japan has not lost a single life to wars since 1945. As Mr. Abe and others shift Japan to move away from the pacifist constitution Emperor Akihito stands as a clear guide and symbol of what is the best way for Japan in these times 70 years after the war. His son is intent on carrying out the same tradition left by his father. ...

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Is Ahmadinejad or Khamanei Iran's socalled supreme leader, the leader foreign leaders should be paying attention to in the final analysis? The openings in the Clinton administration under Khatami for a reconciliation of differences, Irans legitimate interests and aspirations in the shiite and Islamic world and how they can be reconciled with the American interests as in Iraq. How rhetoric of Ahmadinejad may have poisoned these possibilities and clouded the real nature of Iran as not a totalitarian state says Akbar Ganji but more of a Sultanate in the Islamic tradition with a heterogenity of views and interests under an Islamic banner and authority, as for instance liberalism, socialism and feminism all views that exist as currents in Iranian society and vie to replace the existing Islamic ideology or to supplement or modify it in a form of modernizing element. And in the final analysis its about the hope of democracy activists in Iran and activists for modernizing element, and moderating influences in Iran's heterogenous society and in its bazaars that emphasize commercial instincts and manner over ideology, which also have popular support as they did under Khatami, to come up with a government that is more likely to work with a range of countries from China and India in Asia to Europe and the United States. And its about how the US and Europe can work towards that outcome requiring less rhetoric and more patience, firmness, and perseverence. ...

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To help growth in the present situation of the pandemic the U.S. central bank is adopting a new policy of letting inflation float above 2%. Interest rates will be kept low for a longer period to support jobs and growth. Jerome Powell the head of the Federal Reserve announced the new policy.  Powell is mainly concerned about jobs. He sees a lot of difficulty in the services sector as jobs are lost. It will take time for this sector to recover. This is "a strategy where undershoots are not forgotten" Powell told the Jackson Hole gathering, meaning that the Fed in contrast to current policy will adopt a strategy of staying with a goal of full employment till the people who are lagging behind in regaining employment are back on the boat with the rest. In the past these people were left to fend for themselves, even when the loss of work was due to no fault of their own- crises from banks overlending and losing money as in 2009, or today because of a virus from Wuhan.  This is the part of economic policy that resonates in the country today and it shows that the Fed is on board in the effort to revive the American economy putting the people first as in the early years after the second world war when national unity prevailed under both Truman and Eisenhower. Powell uses both economic jargon about "a long tail" and common sense language in a way few central bank presidents have in America. He says the Fed is looking at "a long tail of a couple of years at least" during which he says the Fed will "stay with these people, the millions of people still looking for work." No mathematical formulas will be used. Just plain common sense and putting the people of America first, which is just what is needed. Mathematical economics have taken America nowhere. ...

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Lyrarc Retrospect shows here RFK Robert Kennedy visiting homes sometimes mere shacks in the mountains where disease was rampant, education negligible, and income $60 for large families, shown here in this Washington Post report by  Paul Schwartzman, Feb 21, 2018  After J.D. Vance selection for VP and his book on growing up in Ohio's Appalachian mountain region which covers states of New York, Pennsyslvania, Ohio, Kentucky, Tennessee, stretching from southern New York to northern Mississippi down the entire eastern part of the US, the question arises did the poverty in this region exist before? The answer is yes and two presidents JFK and LBJ, both Democrats setup the Appalachian Regional Commission to tackle rural poverty in the mountainous regions in 1960's. Its success- increased income by 4% faster than other neighboring counties in retrospect does not look like much. Rural poverty increased since 2000 as the national attention was taken up by the Bush wars and by a general neglect of rural areas under Bush and Obama. Iowa governor, now Agriculture Secretary Tom Vilsack is given the task of addressing rural poverty and a top position in the Biden Administration. Fast internet, housing, income assistance, highway development, child education support, on multiple fronts Biden is fighting the poverty that RFK once saw with his won eyes in 1968 in eastern Kentucky and which stretches across 7 states.  ...

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Following the Wisconsin primary Ted Cruz plans his campaign to prepare for a contested convention. The strategy is to focus on California, and states such as Nebraska and Indiana, and on delegate selection, so that Trump has little chance of winning the required 1237 delegates on the first ballot at the Republican Convention. To do this Cruz plans to hire additional staff, and work at the local city and county level winning endorsements from local and state officials. A similiar process unfolded in the Wisconsin primary, with local Republican base support that was crucial to his win. The focus inside California is on Orange County, San Diego county, San Fernando Valley, rural agricultural Central Valley, Santa Barbara, San Luis Obispo his wife's home town. In the New York primary where he is behind Cruz is planning to win delegates in heavily Democratic Congressional districts, using ads by pro-Cruz super PAC Trusted Leadership, to add to his delegate count. Cruz is depending on mid-size donors with the help of Jeb Bush and previous backers of Senator Rubio, for additional fundraising to increase campaign efforts....

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Gerhard Richter, who is now 80 years old, is softspoken and reticent, and works out of studios near his home in Cologne, Germany. He calls the prices for his paintings "absurd." The son of a schoolteacher in Dresden he crossed over to West Germany a year before the Berlin Wall went up. He has a range of styles, from portraits to abstract paintings with lots of color, experimenting in different ways to put the colors. Right upto 1962 he was largely unknown except in Germany, where local collectors put together collections of his work. At the time his paintings covered subjects that reflected Germany's recent history- "Aunt Marianne" who was mentally ill and was killed by the Nazis, and "Uncle Rudi," a Nazi soldier. It was not until the 1980's that he experimented with different styles and large brushes for colorful abstract paintings that have become popular in auctions. About 40% of the paintings are in museums. In 1995 New York's MOMA paid $3 million for 15 paintings called "Oct 18, 1977." They were done in 1988 after the arrest, trial and death of young German anarchists....

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David Brooks of the NYT describes the approach taken by British prime minister David Cameron and his Conservative Party government to help the working class poor in Britain, and tackle the social roots of poverty. He says an American adaptation similar to this is badly needed in the Republican Party, with the candidates in the election providing solutions from an old rulebook. Only after Trump's popularity with appeals to less educated older Americans has the Republican leadership responded, with Speaker Ryan helping organize a forum on poverty under the Jack Kemp Foundation- emphasis was placed on education, work, opportunity and accountability for anti-poverty programs in the discussion moderated by Ryan and Senator Tim Scott. Less attention was paid to the other social aspects mentioned here by Brooks, and cited by Cameron when he described the inadequacy of traditional solutions from the right and left of the political spectrum. Cameron outlined the principles of his anti-poverty plans called "Life Chances Strategy," in a speech on Jan. 11, 2016, in north London, with the entrie transcript on the gov.uk website. Cameron acknowledged in the speech that social issues including single parent families, and other social problems such as long term unemployment, can make it harder for some people to use self-reliance and personal responsibility in a growing economy as a way to grasp opportunities. Cameron proposes a combination of economic, social and job growth strategies. His second term plans include 30 hours a week of free childcare for 3 and 4 year olds so both parents can work, parental maternity leave, expansion of Troubled Families Program, in addition to the introduction of National Living Wage, tax cuts, universal credit. In tackling social aspects of the problem Cameron cited the need for development in the early years of childhood, the huge importance of family, social connections and experiences, informal mentors, cultural experiences, broadenend horizons, that enable young people to acquire language skills, character and resilience. Second term projects include expanding reach of high performing schools to deprived areas, emphasis on core English, math, science, history, geography Ebacc skills, a 1 billion pound investment in the National Citizens Service by 2021, a plan to transform housing estates including rebuilding from scratch, additional 1 billion pounds to provide mental health treatment including treatment within 2 weeks in homes and communities. Throughout Cameron's "Life Chances strategy" is aimed at tackling not just the material dimensions of poverty, but also what he describes is broken in Britain- "the paucity of opportunity."...

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CreditSights, a New York research firm says about $33 billion in losses from home equity loans will hit the five largest banks in the latter part of 2010, an amount equal to what they expect in earnings for 2010. This would have an adverse effect on the banks and has the potential to stall the economic recovery.

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Manjoo of the NYT describes Apple's new product HomePod which is similar to the Amazon Echo, a smart speaker that has inside it a Amazon virtual assistant. The price tag of $349 is twice that of the Echo.

Manjoo says the surround sound is better and can be customized to the room you are in, though from a distance Echo works better. Apple is now building its capabilities in the cloud services and artificial intelligence field to do better than Amazon in the home assistant product segment. This will help Apple make its personal assistant Siri handle requests better, in many languages. This is a part of the transformation at Apple as it shifts from focus on hardware to focus on "deep learning," and " machine learning.," fields that are now considered transformative.

 

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The legenday hitter and catcher of the New York Yankees Yogi Berra (1925-2015) dies in New Jersey at the age of 90. His many popular sayings, including the one " It aint over, till its over," and "When you come to a fork in the road, take it." He was born in St. Louis to a family of immigrants from Northern Italy. In his best year with the Yankees in 1950 he had 124 runs batted in and 116 runs scored. He was MVP in 1951, 1954 and 1955, and was part of the team that was the rival for the Brooklyn Dodgers between 1947 to 1956. As a catcher he played Game 5 of the 1956 World Series, the only no-hitter in World Series history, which was played against Brooklyn Dodgers. He became a loved figure in American life with his wit and sayings, his skills in the game, and his integrity. Between 1963-1974 he served as manager and coach for the Yankees and the New York Mets, and later coached for the Houston Astros in the eighties.

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Roger Cohen in the NYT says Macron has missed the public mood in France, the cost of living crisis and the social and economic problems left by the pandemic. FR24 says about two thirds of the French people think this is the wrong time to tackle the pensions issue. The change in the pensions is not an immediate solution as it will be phased in over a period of time stretching to 2030. Many solutions could have been put in place to tackle age discrimination and other problems to make it possible to work productively for longer. Macron needed to address these problems and come up with ways to lessen the burden of the cost of living crisis first before tackling longer term issues. This is a major misstep by Macron, and comes from his lack of experience as one of the youngest persons to become president of France at the age of 39. He was reelected but only with the help of voters who had supported  a socialist candidate Mr. Melenchon. Macron said after that election that he would listen carefully to the voting public that had elected him, even with reservations after the yellow vest protests about his lack of sensitivity for people struggling to make a living. ...

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Jeremy Corbyn is reelected leader of the Labor Party with the support of young people. He is seen here from the European viewpoint as a disaster for Britain. The parliamentary group of the Labor Party opposes Corbyn, and is critical of him for not supporting the Brexit no vote the way he should have. Corbyn did not come out strongly in favor of staying in the EU, giving it a 7.5 out of 10 score when asked how he would rate the EU. Only a fifth of British voters support the idea of Corbyn as prime minister. He is good at bringing people's concerns for attention at prime minister's questions, rides a bicycle to work, and is honest about his convictions. Yet this is not enough to be effective as a leader of the opposition who lacks the support of his party's members in parliament. Corbyn has also dropped people with different opinions from the leadership in the Labor party in a nasty fight with people who disagree with him, which is bad for the Labor Party. This has weakened Labor to the point where it cannot function as an effective Opposition Party, especially now that Britain enters Brexit negotiations and needs an opposition to act as a check on the government's policies. The Economist magazine in London shares these concerns in an editorial. ...

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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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The NYT editorial says the negative feedback loop of foreclosures begetting falling house prices, which beget more foreclosures, and further weaken banks, is well under way. One way to have broken this, was to enable good types of loan modifications, which reduce the principal for homeowners and reduce payments significantly. Sheila Bair at FDIC says 32% of prior payments is about the right amount. The bad types of loan modifications that lead to no reduction in principal, and put homeowners back in redefault because of large payments that homeowners "under water" or a lost job cannot afford, have so far been the dominant kind of loan modification. At present 14 million homeowners are "under water," in that their homes are worth less than what is owed on the mortgage. One of the crucial measures which would have enabled this, has not been pushed by the Obama administration through Congress. This was to pass an amendment that allowed bankruptcy judges to modify troubled mortgages. Banks which have taken billions of dollars in loans from the federal government were allowed to lobby aggressively to kill this amendment, and the Obama administration did little to push this amendment in Congress. 12 Senate Democrats joined 39 Senate Republicans to block a vote on the amendment. Says the NYT editorial "when the time came to stand up to the banking lobbies and cajole yes votes from reluctant senators-the White House did'nt. When the measure failed there wasn't even a statement of regret." This could turn out to be a major mistake, because as the NYT points out voluntary loan modifications have shown poor results. The administration's plan to provide incentives for loan modification is untried and tested, and may not produce significant results. With 14 million homeowners under water, and spiralling foreclosures, the situation may get out of control and seriously damage the economy. After the moratorium in home foreclosures ended there is expected to be a big surge in foreclosures, with estimates of 290,000 to 341,000 foreclosures in March, 2009. If this is allowed to continue it will undo all the good work in other areas, the stimulus spending, rebuilding the auto industry and other steps. It will also be more difficult to reverse as valuable time passes and the cost of the crisis escalates. A consensus among many experts was that stronger action in connection with the banks was required, and Martin Feldstein has warned about the danger posed by foreclosures since early 2008, see links....

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WSJ looks at how businesses are coping and how the government and the financial institutions are trying to make handling the stress of coronavirus easier and recovery easier. Bedrock is one of the financial firms that is forgiving rent for small bookshops, retailers, restaurants, gyms and other stores in Detroit, Michigan. Bedrock owns 50% of the leasable commercial real estate space in Detroit's 1.4 square mile downtown business district. In all it covers about 40% of downtown Detroit and retail. A similar program is underway in Seattle with help from Amazon. This story shows how Mr. Cullen who is Bedrock's CEO is doing this. He reports to Mr. Gilbert, a billionaire, who is also owner of Quicken Loans lender, Cleveland Cavaliers sports team. Mr. Gilbert is recovering from a severe stroke he had this year. This makes the job harder for Cullen as he has to seek approval from Mr. Gilbert and show this is something that will also benefit Mr. Gilbert. This will make recovery in Detroit easier. He says Detroit suffered badly in the 2008 economic crisis, and he does not want to see this happen again. Fortunately Mr. Gilbert, who is in therapy, has approved the action of Mr. Cullen. Cullen has to show that out of work local people in Detroit and empty storefronts hurts Mr. Gilbert as well as Detroit. So both come out winners from forgiveness for rent for a couple of months.   ...

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Germany's export oriented economy and its export oriented companies are struggling in 2021 with broken supply chains and high energy prices. This report in the WSJ looks at how Germany needs to rebuild its economy in a different way. German industrial output was 9% below its 2015 level in August, compared to 2% for the eurozone as a whole, according to EU's statistics agency. Italy's growth was 5% over the same period. There is a redirection underway to bring more production back home after years of outsourcing and outshoring. Other changes taking place are the policies being put in place for net zero emissions by 2050, and the targets for 2030 that would make this possible. This also changes prospects for Germany's large auto industry. By 2030 30-50% of all cars will have to be electric cars. About 30% of Germany's industrial output and exports are tied to overseas demand, 4 times that in the US. From 2003 when competitive overhauls took place under chancellors including Mr. Schroeder, German industrial growth was sustained by demand from China. Now with China looking to internal demand following global tensions on trade, sales of some companies are looking flat instead of sustained year over year growth. What will happen now? Here is what the likely new chancellor from the Social Democrats has to say about the overhaul of the German economy and industry- "It will be the biggest industrial modernization project that Germany has carried out probably for over 100 years, and it will really help our economy." The SDP and Greens that together share the same ideas for rebuilding Germany around infrastructure and climate change and upward mobility, badly neglected in the Merkel years, plan big investments. Big investments are to be made in climate protection, high speed internet, education, research and infrastructure. Germany's net investment rate has been around 0.5% of economic output since 2000, compared to 1% for Italy and 1.5% for the US, according to the World Bank. This WSJ report even says net public investment has fallen below zero as existing assets depreciate. To achieve this transition Germany has identified several problems. One is the delays in investment projects that cost German companies 55 billion euros a year, about half the money invested in research and development, according to Germany's statistics agency. Germany was thought to be an industrial powerhouse but the quality of work in projects and delays so apparent in the Berlin Brandenburg airport infrastructure project clearly shows a decline over the past two decades. This will need to be fixed. Other problems are in getting more workers as Germany faces a shortage of workers for factories to 2030.     ...

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Epic Systems of Verona, Wisconsin, is one of the companies engaged in digitizing health records. It has helped develop records for 40 million patients in hospital systems such as Cedars-Sinai Medical Center in Los Angeles, Kaiser Permanente, the Cleveland Clinic, and John Hopkins Medicine in Baltimore and the Weill Cornell Physicians Organization of New York. Epic provides the software, the IT systems, the training and support. Epic is one of the pioneers in this, having been in the business for 30 years. About 40% of primary care doctors in the U.S. and 25% of hospitals use electronic patient records. The Federal government has provided $2.7 billion in funding from $27 billion of Stimulus funds assigned for the purpose of conversion to electronic medical records. This is likely to speed up the conversion. Other providers are Cerner, Allscripts, Meditech, Siemens Healthcare, G.E. Healthcare, and IBM. Epic Systems is considered the defacto standard in the industry for medical schools and some of the major hospital systems in the country. New contracts are leading to a major expansion of Epic Systems which employs 5100 people. Epic plans to hire an additional 1000 people. Revenue for the privately owned company are estimated at $1.2 billion, a 45% increase over the prior year. Epic is expected to have 127 million patients under medical records by mid 2013. To get the feedback essential for such a large conversion, CEO Faulkner relies on feedback from 250,000 doctors who use the Epic systems software, and on nurses and doctors from Epic who visit customer's sites to see first hand how it works and what needs improvement. Judith Faulkner started Epic more than 30 years ago. A project for the Psychiatry department led to other projects after she graduated in computer science from the University of Wisconsin. Epic continues to attract programmers to Wisconsin by making the Epic campus a fun environment and a great place to work. ...

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The Adani Group's public offering of $2.5 billion was slightly oversubscribed says the WSJ after a short seller in New York City Nathan Anderson issued a report critical of the company. Adani Group is a set of companies in India that have taken  up the ambitious goals of electrifying India with its population of 1.3 billion so that no home lacks an electric bulb light for children to read. It is under criticism because this means coal mines in Australia provide the coal that provides this electricity when coal is used in China and India to provide much needed electricity. Adani Group is unique in that it is making the rapid transition into renewable energy in line with PM Modi's goal of generating 50% of electricity from renewable energy by 2030.  Adani Total Gas Limited fell by 10%, Adani Green Energy and Adani Transmission made low percentage gains.   Thirty anchor investors provided $734 million including American banks.  This includes Abu Dhabi Investment Authority and Life Insurance Corporation of India. Abu Dhabi based International Holding Company said it would buy $400 million in shares in a public show of support for the Adani Group. Adani Group will use the proceeds to fund capital expenditures on green energy projects, expressway construction and airport improvements and repay some debt. The building of India's Uttar Pradesh Expressway is being done by Adani Group which is similar to what happened under US president Eisenhower in the 1950's in building the first Interstate Highway system in the US. In 1953 after Dwight Eisenhower became president he developed the plan for a national Interstate Highway system that led to the passing of the Federal Aid Highway Act of 1956. This is happening today in India. Airport and port improvements taken up by Adani Group help build India's woefully inadequate freight logistics to make it a part of the US new supply chain after the errors of overconcentration in one country China. Green energy projects help fight climate change where investments are badly needed and governments in the US and India are giving much needed direction and support. It is in this context that the huge growth of the Adani Group can be seen. It is not similar to the Tech company valuations simply because it is like China's effort under state owned companies to match the growing demand for electricity for industrialization. During the British Empire after 1800 capital from India financed the Napoleonic wars, industrialization of Britain, and indirectly industrialization of the United States through British capital invested in the US in the period before 1860. Capital that was diverted from India, and through British trade that impoverished China. As a result the growth in China after 1990, Korea after 1980 and India after 2014 comes in a catchup mode to meet the growing aspirations of hundreds of millions of young people with some companies state or private owned picking up the pace in an unprecedented way. This is the raison d'etre of the Adani Group. China's total installed capacity of electricity has increased from about 500 GW in 2005 to 2500 GW in 2021. This is the story repeating itself in India with Adani Group and other companies such as NTPC, State Grid and Tata Power setting over five fold increase. ...

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This report in the NYT shows how venture capital does not work for women, immigrants, latinos and blacks because there is less room for errors and failure for women and minorities. Venture capital, the $100 billion going into it in 2019 for even the fringe benefits of tech nowadays, pushes aggressively for results and returns which may not be right for companies seeking gradual growth and moderate returns without the stress and increased chance of failure in an hypercompetitive VC environment. Apart from the big names and some others there are many companies that fail in this kind of hypercompetitive environment, says this report. A bigger problem is the neglect of societal values and ethical considerations in this environment such as the disinformation in social media as one example. Ethical concerns, and greater gender and racial diversity is also a goal as most of the VC industry operates under rigid rules allowing little flexibility and seeing any variation condescendingly, says this report. ...

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German chancellor Merkel met with leaders of Germany's 16 federal states to come up with an exit plan for reopening the economy from the lockdown in phases. In the first phase shops with up to 800 square metres of space will reopen on April 20. Bookshops, libraries, car dealers, bicycle shops, and museums will open too. Larger retailers will wait till May 4 to reopen. On May 4 school children in primary school can attend school and teenagers can take exams. Germany has 133,000 infected cases, 3592 deaths. Merkel warned that the performance with coronavirus was "fragile and provisional success" and the need for social distancing measures. A ban on gatherings of more than 2 people from separate households will remain in place till May 1. The government will strongly recommend that face masks be worn in public and in shops, public transport. Mass events will be prohibited till September. Bars clubs and restaurants will remain closed at least till May 3, or beyond. ...

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The Nobel prize in economics was created in 1968 by the Swedish central bank and was not one of the original Nobels. The latest recipient is Paul Krugman of Princeton University, who also writes a column in the New York Times op-ed pages since 1999 and has been a critic of President Bush's policies. He is a student of Jagdish Bhagwati who is wellknown for his work on international trade. Krugman won for his work on international trade theory where he came up with more realistic models of what goes on in international trade compared to the traditional comparitive advantage model where each country produced what it was good at. Krugmanexplained why worldwide trade was dominated by a few countries that were similiar to each other, and why a country may import the same kind of goods that it exported. He also explained under what conditions trade would lead to centralization or decentralization of populations. He has done work in international monetary policy and theory for his dissertation as well as some of his more recent academic research and teaches a course on this subject and the international liquidity crises at Princeton. Krugman compared his wnning of the Nobel to Joseph Stiglitz winning in 2001 after which Stiglitz did not get an easy time from critics of his economic ideas, especially when he was critical of the handling of the Asian and Latin American liquidity crises by Clinton's Treasury Secretary Rubin and Treasury Secretary Sommers. At the time Kenneth Rogoff at the IMF was very critical of Stiglitz. Jagdish Bhagwati at Columbia University described Prugman's winning as the next best thing to his winning the prize. Both Bhagwati and Krugma have worked tirelessly Bhagwati for international trade and Krugman for traditional bread and butter issues for the working class espoused by the Democratic party....

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With coronavirus spread out over wide parts of each country and with so many people infected it is very difficult to do the contact tracing and isolation that was tried during the first wave. In Germany during the first wave efforts for contact tracing and isolation worked reasonably well. During the second wave in November things have changed. In Germany authorites do not know in November where 75% of the people testing positive for coronavirus got it. In Spain this figure is 93% for the last week of October. In France and Italy it is at 80%. In New York it is over 50%. Other problems are the increasing number of cases where the coronavirus is spread in an home setting, the lack of restaurant data collected on who visits, and the delay in getting test results. In Germany frequently people say they cannot remember where they were. Researchers from the German version of the FBI, the Pasteur Institute in France and the Koch Institute in Germany are getting involved in November to understand in what settings the virus spreads most. ...

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The decision to let the soccer game go on between Atalanta and Valencia ion the Champions League in San Siro Stadium, Milan, accelerated the spread of coronavirus says this report in terh WSJ. Practically the whole town of Bergamo moved to Milan to watch the game for a home team. Italian dfoctors say there was a surge in coronavirus cases two weeks after the game on February 19. The virus then hit both Spain and Italy.  New York also went ahead with games with Madison Square Garden putting 100,000 people through its doors, having not received government guidance to stop. It was not till March 12 that game locations and stadiums were shut down. Doctors in infectious diseases say this was a distinctive amplifier, mass gatherings of people spread the virus quickly, especially one as contagious as this one. This report says in early January the coronavirus arrived from Munich, and in mid-February was still based on rumors about its spread in Lombardy, Italy, so that authorites were lax about it, not understanding the threat being faced.  ...

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Activity in downtown San Francisco remains at about a third of prepandemic levels, with remote work having caught on for tech companies during the pandemic employees are there for only half of the week. Office vacancy rates are 28% for downtown. In a strange twist Silicon Valley that led the shift of manufacturing to China and ignored that this led to loss of tax revenues for the towns across America, and decline of these towns that lost factories, is now facing the same situation in its own backyard. Office based industry provides three quarters of San Francisco tax revenue, and faces a $780 million deficit for the next 2 years. Mentally ill on streets near a Whole Foods, and dealers in Fentanyl, homelessness, lead to closing of a Whole Foods store in downtown San Francisco. Thomas Fuller and Sharon LaFraniere provide this report in WSJ of the situation in downtown San Francisco in 2023. Reports from California show the failure to build enough housing during the tech boom for the average American, and apartments for homeless costing hundreds of thousands of dollars and years behind schedule. The mayor is looking for tougher laws to put mentally ill off the streets. There is no consensus on action. Tech investors people hope for another Tech boom to tackle the situation, yet tech companies are retrenching and face government scrutiny even breakup. Even a speeded up effort to add 20% of the housing stock of the city of San Francisco by adding 83,000 apartments from Mayor Ms. Breed would take 8 years.  ...