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Pakistan faces soaring food prices with the severe monsoon floods damaging crops and hurting the agricultural sector. Onions are up five times in price. About 80% of the tomato crop is damaged. Imports from India could ease the situation. Under normal trade for neighboring countries India Pakistan trade would be $50 billion in 2012, according to Mr. Boskin, who helped setup the NAFTA trade agreement. Instead it was $2.7 billion in 2012 and it was about $300 million in 2020, in OEC data.  Finance Minister Ismail talked about importing tomatoes and onions and other products from India during the floods with one third of Pakistan under water and half a million homeless.

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This report in WSJ cites the PM's office saying a tax cut just when tourism revenue slowed with the start of the pandemic reduced Sri Lankan government annual revenues by 800 billion rupees. The combined impact of the tax cut with the pandemic relief measures and drop in tourism revenues widened the budget deficit from 9.6% of GDP to 12.2% of GDP in 2020. PM Wickremasinghe has increased VAT from 8% to 12% to generate 65 billion rupees. And an additional 52 billion rupees from increasing corporate tax from 24% to 30%. The ill timed tax cuts and mismanagement of finances are at the roots of the economic crisis.

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With the lack of action from House Speaker Mike Johnson on a bill for $61 billion in Ukraine aid bill which passed in the Senate  France, Germany and Britain are speeding up their defense supplies manufacturing and making larger investments with a coordinated effort with other EU nations. The problem say former NATO officials is the lack of investment in spare facilities. Rheinmetall is working on the German side and French defense firms are contributing to increased defense manufacturing.The European Defense Agency's deputy chief executive says production will require sustained investment ant finalized contracts. The European Defense Agency says EU nations have invested $52 billion in 2022 on defense gear.

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The US Supreme Court unanimously agrees that letting a state decide who is on the ballot and who is not based on an insurrectionist interpretation of the US Constitution would lead to chaos. The SC was considering a lawsuit filed by the state of Colorado asking that Trump be disqualified for insurrectionist behaviour related to events at the Capitol on January 6, 2021. Other states had filed similar lawsuits. With 51 states any state could do this leading to chaotic and unanticipated situations. Any such disqualification would have to first come from the US Congress says the SC. It will also hear other cases related to the other lawsuits going through the courts involving Trump.

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China is going through a long period of debt reduction or deleveraging in which income is diverted to payoff debt and debt reduction. Debt has piled up at local governments, households, and the private sector during the period of heavy borrowing to expand the economy and build infrastructure. BIS data shows total debt in China at 295% of GDP in September 2022 compared to 257% in the US and 258% in the Eurozone. This report in WSJ says consumers are hoarding cash and refusing to take out new loans, private businesses are barely investing, and local governments are paring down debt for all expenses including worker's salaries and roads.

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European economies are likely to weather the winter better than expected with sufficient energy supplies on hand after the Russian cutoff of oil and gas. This means says this WSJ column that the central bank for Europe, the ECB, can continue to raise interest rates to fight inflation. As Fed chairman Jay Powell pointed out at the Brookings Institution recently out of control inflation poses a major risk for upward mobility in American society. This is a risk that exists in both the US and Europe. In this sense 2023 is a critical year for the Fed and the ECB, for Lagarde and for Jay Powell, to bring it back under control.

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The effects of declining rainfall, higher temperatures in causing the wildfires of 2023 in Hawaii. Researchers show that rainfall has declined by one third since 1990 in the wet season. The fires are striking because of the lush vegetation that one generally associates with Hawaii. Yet Hawaii is like other places on the planet, also susceptible to climate change and its effects. With rising temperatures about 36% of Maui County is in severe or moderate drought. Dry and invasive grasses make it worse, as one expert puts it the island is covered with flammable stuff. Blowing winds provide an additional condition. Flavelle and Andreoni provide this NYT report on Hawaii and climate change.

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The Trans Pacific Trade Agreement TPP adds so liitle, only 0.04% to Britain's GDP in 15 year from 2023, says the Office of Budget responsibility in Britain. It is this trade agreement ignoring American workers that Mr. Obama and Hillary Clinton pushed for leading to the Democrats defeat in the 2016 election. Most of the trade deals including ones with Canada and Australia add up to no more than 1% to Britain's GDP when the loss of the EU through Brexit means a loss of 4% of GDP for Britain. This is how much the trade deals were over hyped by the Brexiters Johnson and Sunak.

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Where are the building blocks of community, democracy, and politics these days? In 1900 there were 24000 weekly and daily newspapers in the US, in 2023 6000 newspapers with more disappearing every week.The local papers in each state covered misuse of funds knowing that these funds could go to a library or school, they also covered who was running for which office making local elections meaningful. They are sorely missed for keeping alive local communities and democratic participation without polarization, says Serge Schmemann in NYT, who started out himself in a local New Jersey newspaper, News Tribune in Woodbridge, NJ. Shown is a map of every state with its number of papers.

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This report in WSJ from Kharkiv, Ukraine, shows sentiment in eastern Ukraine is shifting. As Russian troops are massed at the border the sentiment is shifting in the eastern part of Ukraine. Kharikiv is just half an hour from the border.

This report says the sentiment has shifted as people in Kharkiv have seen the economy deteriorate in Donestsk and Luhansk after 2014 after Russian installed militias assumed control. The economy in Kharkiv and the rest of Ukraine has done much better say experts. Kharkiv is where the Soviet Ukrainian government was established about on hundred years ago after an independence drive for Ukraine at that time failed.

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Pedro Sanchez is seen as pulling off a surprise in the recent Spanish snap election by increasing his Socialist workers party votes to 31.5% soon after losses in local elections. The Guardian looks at Pedro Sanchez and his career in leading the Socialist Workers Party since 2014. He is prime minister since 2018 and formed a coalition with Podemos which resulted in policies that gave Spaniards a welcome respite from inflation and the cost of living which is down to 1.9% in Spain. Spaniards were provided with monetary support and free public transportation during the pandemic years lessening the effects of that period and the cost of living crisis in Europe.

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With profits of $11-12 billion at GM and Ford Motor in 2022 and $11 billion at Stellantis for the first half of the year there is sentiment among union workers that workers wages should be raised. Ford Motor says profits go into huge investments in the electric car industry transformation. Wages suffered from the collapse of the auto industry in the 2009 period and have only gradually recovered since, falling to $16 per hour as an entry point wage going up to $32 an hour. Unions are looking for wage increases of up to 40%. A 25% wage increase was negotiated recently for an electric car plant run by GM and its partner.

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Generation Z, the generation born between mid 1990's and 2010 is highly collaborative and favors working together. It is passionate about unionizing workers as a way to prevent more workers from falling into poverty or income insecurity during a cost of living crisis, and to obtain benefits from employers such as time off for illness or for things essential for quality of life. In 2023 71% of the American public supports unions and unionizing as the pendulum has swung too far in the favor of employers and large companies with declining union membership and a culture that often treats workers with a lack of respect or dignity.

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Delta Airlines is switching its frequent flyer program entirely to spending on its American Express Card. No miles for flights. Delta gets an astounding $7 billion from American Express from sales of miles, ancillary fees and brand fees. Its goal is $10 billion which would be what it made from tickets for flights in 2022. Delta's CEO says it may have gone too far with these changes which are unpopular with its flyer base except for the high end flyers who disliked crowded lounges. Were there other ways to tackle that problem? Delta appears to have shifted attention to a small fraction of its customers.

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The average age of readers is 59 years and 75% are male for the Wall Street Journal. WSJ has about 3.4 million digital subscriptions. Emma Tucker, editor in chief of the Wall Street Journal says, she doesn't want the Wall Street Journal to become the German car industry of news publishing. She is pushing for changes to bring younger and more diverse readers to the WSJ. Emma Tucker was deputy editor of The Times of London and Editor of The Sunday Times in 2020. Her new role requires managing 1200 journalists compared to 120 in earlier work. Audience data is part of her way of responding to new changes.

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This WSJ report looks at Hancock Prospecting's efforts to control the Kathleen Valley lithium project in western Australia. Lithium was discovered in 1817 and today is an essential component for electric batteries that power phones, EV cars. The world needs 50 lithium mines for action to meet climate change goals. The market for lithium was $1.5 billion in 2014, it is now $48 billion. It is found in the Atacama desert in Chile, in Western Australia and other countries. Mobil has invested in Arkansas. Hancock Prospecting in Australia, Albemarle in Charlotte, NC, SQM in Chile, and China's Ganfeng are competing for stakes in lithium mines. 

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Pedro Sanchez is attempting to form a new government in Spain with the support of Catalan parties. His Socialist party voted with 87% in favor of forming a new government with smaller parties without using the word amnesty for Catalans who protested in 2017 for independence. PSOE's organizational secretary Santos Leon says the party is determined to not let the opposition Partido Popular weaken the welfare state at a time of cost of living crisis and following the pandemic by coming to power at the federal level. In 2023 only 42% of Catalans want independence, 52% actually oppose it, making it easier to let Pedro Sanchez put this episode in Spanish history behind.

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Minimobility can be seen in some locations in the US such as Peachtree City, a town south of Atlanta where golf carts are popular. In Europe it is taking off and popular on its small streets and with its  culture of smaller vehicles. The Renault Duo, Citroen Ami, Swiss Microlino, Swedish Luvly, are electric vehicles for 1-2 passengers made at prices from $8000 for the Ami to $16000 for the Microliner. The Microliner has a range of 150 miles and max speed of 55mph. By 2030 about $100 billion of these small electric vehicles could be on the road compared to $3 billion in 2023. 

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French premier Barnier meets Marie Le Pen of National Rally. National Rally says it will veto any policies that reduce the purchasing power of the French people. Barnier lays out austerity policies and cuts in spending. National Rally had 8 seats, after this year's election it has 125 seats in the National Assembly. The Socialist bloc is the largest party but lacks amajority to form a government. Les Republicains party, Macron's party with National Rally's support are running the administration till another election is called to clear up the situation of no party having a majority. Macron remains president till May 2027 to oversee the situation.

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Times/Ipsos poll of January 2025 shows-

On transgender or children struggling with gender identity

71% say no one under 18 should be  prescribed puberty blocking drugs and hormones.

Nation's political system is broken

US system is a broken system for decades about 60% agree.  

On illegal immigration and crime, fentanyl flows

large scale deportation illegal immigrants who arrived here in the last 4 years- 63% agree and support such deportation

for illegal immigrants with criminal records 87% of Americans polled agree that they should be deported

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The election of Merz in Germany as chancellor means a sharing of minds with Macron of France, the two leaders share the same approach, coming 3 years after the inertia under chancellor Scholz. It means the steps will be taken for European defense and for a European alternative to NATO. It also means efforts will be made for the French-German economic engine to be revived. 

UK's prime minister Starmer also supports this effort for a united Europe to tackle defense and economic challenges in 2025. Leyen, head of the European Union is also a member of CDU party of Merz and led the defense ministry under Merkel.

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WSJ calls in April 2025 for accountability push from DJT and the US including all agencies of the government on Wuhan Lab leak so that all the facts are available to the people of the US after millions dead, and lives, economies destroyed. WSJ says we cannot trust scientists with dangerous pathogens to make decisions with bureaucrats and universities, foreign governments and agencies of the US government, that affect the lives of billions of people in the US and the world. WSJ has covered this issue and its evolution in detail since 2019. Honoring the dead and being prepared for the future requires being honest with ourselves, says the WSJ.

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The Dow Jones Average is outdated says the WSJ, and belongs to the age of slide rule, human stock selection, and does not belong in an age of automated index tracking.The 7 large Tech stocks make up 13.9% of the Dow Jones Average and 33% of the S&P 500. And Alphabet, Meta and Tesla are not part of the Dow Jones Average. As a result Dow Jones was outperformed by S&P 500 by 10 percentage points in 2023 and 2024.

Just 5 stocks United Health, Goldman Sachs, Home Depot, Caterpillar and Sherwin Williams make up 32% of the Dow Jones Average.

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Somini Sengupta cites the UN Department of Social and Economic Affairs Report on unemployment in 2014 and projections for the future in a period of slower growth. One huge statistic- about one million Indians are expected to be added to the labor market every month for the next 15 years.

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The 1985 hit "Small Town" by John Mellencamp is about Seymour, Indiana. Republican State Representative Jim Lucas says the city of Seymour welcomes immigrants legally here who are properly vetted. The concern is about migrants not vetted and not legally here. At a recent city council meeting Lucas attended it was decided not to go ahead with an economic development agenda. Says Lucas- “However, Seymour has changed drastically in just the past few years, and many of us are obviously concerned about the direction we are headed,” he added. New immigrant cases or migrant arrivals for Jackson county, Indiana, where Seymour is located went up to 435 in 2024 from 66 in 2021. It is at that point that the welcome center idea ran into opposition in this small town in Indiana, an hour from Indianapolis population 21,000 in Jackson County. As the town's population mix changes - it was 1% Hispanic in 1990, then 5% Hispanic in 2000- jumping in two decades of Bush-Obama-Trump-Biden to 25% Hispanic, questions besides economic about the sense of uneasiness of resident came up. Also of cultural literacy of the state of Indiana, and of the history of the state within the Union forged by Washington and Lincoln, FDR and Eisenhower, and of Wendell Wilkie of Elwood, Indiana. Unemployment rate for Jackson County is 3.3%, median income $63,000, home ownership 57%. Issues were not about the economy alone, and about how many immigrants could be absorbed and the cultural and language literacy of arriving migrants. There were issues about the perceived crime rate (metrics show traffic related offenses were up), and about drawing too much of the school's resources as English learning went up slowing learning in the schools. Republican State Representative Jim Lucas says it is crowding the health care clinic downtown with immigrants. ...