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

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Mnay people who have engineering degrees and jobs which pay 60,000 to $75,000 in the auto companies are now visiting food banks as they exhaust their unemployment benefits. They live in suburbs of Detroit, in Rochester Hills, in Dearborn Heights, in Taylor and so on. THe unemployment rate has reached 14.1% and there are more layoffs ahead. THis is also affecting the health care business as companies cut benefits. By the end of of 2009 100,000 residents will have lost their benefits, according to the state's unemployment insurance agency. THe US Department of Agriculture provides 20% of the food aid in the state to food banks and is watching the situation closely. In May, the caseload of the Michigan Food Assistance Program, which adminsters the USDA's food stamp aid for the state rose to 719,000 households, up 3.1% in April and nearly triple the figure in 2000. THe USDA has doubled its shipments to Gleaners, a food bank, which says it is stretched, as it does not serve the once affluent suburbs....

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This leader in The Economist magazine says a hard Brexit of the sort announced by Theresa May at a Conservative Party conference is clearly bad for Britain. It also point out that half of British people voted to remain. It is not clear that voters have voted for a hard Brexit, a soft Brexit, or voter alienation with elites and effects of years of austerity since the financial crisis have helped tilt the vote to Brexit. It points out that the rhetoric may be damaging Britain's chance of negotiating a Brexit that limits damage to GDP, which the Treasury estimates to be nearly twice the loss in GDP if a member of a single market as compared to leaving it. British government leaders may be overestimating the willingness of leaders of France, Germany and other countries to make concessions. By talking up to their party base politicians such as May may be putting German and French leaders to also toughen their positions on free movement as an integral principle of the European Union, and consequently of membership in a single market. ...

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Inflation and asset price bubbles in India and China, and low inflation or near deflationary conditions in the US and Western Europe. With the US depending for about half of its growth on exports in 2009 and early 2010, according to Commerce Department figures, the tightening of credit by central banks in the high growth countries of Asia will crimp America's economic prospects.

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Joe Kaeser is appointed new CEO of Siemens. The company's board ousted previous CEO Peter Loscher for poor performance. Siemens pursued fast growth in recent years and this led to missing profit margin goals and decline in share price. Mr. Kaeser, says Siemens tried to do too much too fast and will now "focus on projects, on execution, on quality and reliability."

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Georgia Tech's online open courses for a masters degree in computer science is a first and is likely to change the way higher education takes place in the U.S. and globally. This degree will cost $6600 compared to $45,000 on campus. It is part of a collaboration between Udacity founder, Sebastian Thurn and Zvi Galil, dean of Georgia Tech's college of computing.

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Japan's new LDP government led by Shinzo Abe approved a stimulus plan of 10.3 trillion yen ($115.7 billion) in Jan 2013. This comes as Japan's current account deficit increased for November to $2.5 billion before seasonal adjustment, reflecting a decline in exports. The Abe administration says this will increase GDP by 2 percentage points from the current forecast of 1.7%.

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Tempelhof airport is chosen as place for additional housing space for thousands of refugees arriving in Berlin in 2015. Berlin is expecting 40,000 refugees under the quota system. Housing space is hard to find to accomodate refugees arriving in large numbers in September 2015. The airfield has been preserved by conservationists as a place for children to play frisbee and as outdoor park space. Now the hangars at Tempelhof can be used to create housing space as winter approaches and tents become inadequate. During the Berlin Airlift 200,000 flights by the air force of U.S., Britain, Canada, Australia, South Africa, participated in sending food and medical supplies to the people of Berlin when the Soviets blockaded Berlin on April 1, 1948 till May 12, 1949. It was lifted when it was clear as much in supplies were delivered by air as before the blockade. As this time Germany takes on a similiar humanitarian challenge the memories of that period provide inspiration for the effort.

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Simon Nixon points to two large capital gaps Spain's government faces for Bankia. Spain was not prepared for the events of the last month as it took control of Bankia. The agreement to convert 4.5 billion of preference shares into equity gives it 100% of Bankia parent, Banco Financiero y de Ahorros, and 45% of Bankia. The capital gaps Spain faces for Bankia comes from expected loan losses which it has been slow to deal with. BFA-Bankia's real estate loan losses are estimated at 52 billion euros. Capital provisions for this are only 11%. J.P. Morgan estimates another 4.9 billion euros will be needed under new government rules. But these rules do not reflect all the losses if real estate loans are written off and and other loans are correctly shown as nonperforming, and other corporate loan provisions are increased. When this is done total losses would in reality be about 12% of the 190 billion euro loans at BFA-Bankia or 22.8 billion euros, according to experts. To correctly deal with this would require $15 billion euros, in addition to the 4.9 billion euros, for a total of 19.9 billion euros. The other capital gap comes from BFA's capital carried on books at 12 billion euros, the pre-IPO value. This has been shrinking rapidly to 5.5 billion euros at 2011 end, and is now down to 2.8 billion euros. This could mean another capital gap of 5 billion euros, depending on to whether shareholders are wiped out. Bankia has 350,000 private shareholders and it will be important to maintain depositor confidence. The total is close to 25 billion euros in capital gap for BFA-Bankia that the Spanish government must face up to quickly. It does not stop there because there are other cajas savings banks and other banks that will have to be taken into account- too large a loss would mean losing market confidence and poorer access to financial markets. ...

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The U.S. Supreme Court  narrows the scope of the ban to people who have no bonafide relationship with a person or entity in the U.S., and allows partial implementation of the ban on 6 countries sought by the Trump administration. The court will hear the full case with oral arguments in October to decide. Earlier lower courts had reversed the travel ban, and president Trump filed an emergency appeal at the high court. The narrowing of the implementation is also applied to refugees. Chief Justice Roberts worked to negotiate a compromise on a middle approach, getting Justices Kennedy and the four liberal justices on board for the unsigned opinion. Conservative Justices Alito, Thomas and Gorsuch offered a partial dissent saying that the compromise was not workable in practice.

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BKA German Federal Investigative Police data showing about 2 million crime suspects in 2024- of which 172,000 temporary migrants asylum seekers which 8.8%. There are about 3.06 temporary migrants in Germany out of a population of 83.6 million people, which is about 3.7% of the population, according to BKA figures cited by DW.com. The population of migrants living in Germany including Syria, Ukraine and other countries is about 3.5 million which is about 4.2% of the population. In terms of crime it is more about the anxiety and sense of disquiet this has created in the population, the money invested in benefits when much of German infrastructure has dire needs for investment with the rail and transport systems breaking down, and the wide disparities in living standards eroded in the last two decades in society. All this has to be considered in grasping why it has been so unsettling in some areas of Germany, Europe and the US. There are other factors such as women's safety, a sense of disquiet that was created in English towns where asylum seekers were put up in hotels as in Bedford. Many crimes get wide publicity and this further intensifies the sense of anxiety in the neighborhoods where young migrants from Africa and the Middle East, Asia are staying. The differences in culture and behaviours increases the sense of discomfort in neighborhoods. It is unlikely that this will go away because of incidents of attack by migrants in the towns and cities of Europe and the US every month, increasing homeless situations and deterioration in local neighborhoods.   ...

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Paul Ryan asks President Obama to put forward his plan for deficit reduction the day after the passage of the August 2, 2011 Debt Ceiling and Deficit Reduction bill in Congress. Ryan points out that health care cost increases are on an unsustainable path with costs going up by 8% in 2011 and projected to go up by 8.5% in 2012. The Obama Health Care legislation tries in Ryan's view the same failed bureaucratic efforts of the past to cut health care costs. Without a genuine and sure plan to cut costs the only way to pay for Medicare with new mandates is to increase taxes again and again. He cites the CBO's Long Term Outlook in June that total tax revenues would have to double by 2050 to finance the current rate of spending on Medicare and other programs. For Ryan the failure of the Obama administration to come up with its own plan for deficit reduction after passing the Health Care legislation- with expanded mandates and no certain cost control in the reform - is the most difficult to swallow. ...

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On June 30, 2008, oil prices hit an high of $140. Because of the opaqueness of the oil futures markets that help set the price of oil, very little is known about the different players in that market. Because of increasing demands for public scrutiny of such spikes in the market and its effect on the economy, the CFTC has released information about the players in oil trading and futures markets. This list for the period when the prices reached $140 in June 2008 include banks, hedge funds, sovereign wealth funds, pension funds, private investment arms of wealthy individuals, and airlines. Investments related to million barrels of oil were made by 219 investors. The banks include: Goldman Sachs and Morgan Stanley which have played a role in oil markets for a long time. BP and Delta Air Lines as users of oil products. It includes Yale University endowment fund, Singapore's government, hedge funds Brevan Howard and D.E. Shaw & Co., pension funds for Texas teachers, Cascade Investment LLC (the investment firm of Bill Gates), and the Danish pension fund ATP....

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The kind of Nation America will be is already being determined in America's classrooms. The share of students chronically absent from US schools has jumped from about 15% before the pandemic in 2018 to 26% in 2023. In the richest districts from 10% to 19%, in the poorest districts from 19% and  to 32%. Losing about a third of children K-12 in schools for absenteeism is a huge learning loss to the Nation. Missing more than 10% of classes counts as chronically absent, the data is from 40 states in the US K-12. Majority White went from 13% to 22%, Majority Non White went from 17% to 32%. Analysis of data from American Enterprise Institute. This has real implications for learning loss and student behavior. Even school districts which opened earlier in the pandemic are affected to same degree with absenteeism doubling in Victoria, Texas school district. In this report NYT has a place where you can enter the school district name for instance entering Dearborn School District in Michigan and it shows the absenteeism has gone from 10% to 26% in this district and this means it has close to tripled. In adjoining Dearborn Heights it went from 25% to 44%. In New York City this goes from 25% pre pandemic to 36%. Compare this with the richest districts in the Nation when we entered Scarsdale we found absenteeism up from 4% to 7%, next Piedmont in California 6% to 9%. Irvine Unified relatively affluent 5% to 12%. What this means is that across the board there is learning loss and in addition the disparities are also growing from the wealthiest to the middle income and the larger population districts such as New York, and the diverse Dearborn, MI.  ...

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The head of ISRO, India's Space Agency, is an unassuming man of simple needs and simple living. He studied in the Tamil medium, doing his Bachelors in Science from Kanyakumari Hindu College. He comes from a farming family in a village of Kanyakumari.  Used to walking barefoot, wore a dhoti, and only wore slippers when he went to Engineering college. Even with modest rural means, helping his father in his fields, he got his Masters in Aeronautical Engineering from Indian Institute of Technology in Madras, pursued Aerospace Engineering at Indian Institute of Science in Bangalore, and PhD. from IIT, Bombay. He is meticulous about details, and would cancel a meeting till errors found were corrected. Behind the unassuming simple manner is a extremely diligent person who has worked in every phase of rocket design and technology for 36 years at India's Space Agency. India achieved a world record by sending 104 satellites into space with one flight of PSLV, a third generation satellite  launch vehicle with liquid stages, in February 2017- Sivan was a key scientist in this endeavor. He is in every sense a vindication of Gandhi's idea in Hind Swaraj written in a steamship coming back from London to South Africa in 1910 that India would have to go back to its own language, culture, bring opportunity to the mass of rural India, before adopting new technologies from all places. He is also a vindication of the idea that the most diligent and dedicated scientists and engineers willing to persevere over decades are the key to progress for Asia's developing nations, and similarly for a bright future in Africa and Latin America. ...

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Much of the cost of the Common Prosperity campaign of president Xi to increase access to healthcare, education and housing will fall on heavily indebted local governments in China, says WSJ. Today in 2022 these three education, healthcare and housing are moving beyond reach of ordinary Chinese because of rising costs and referred to as the "three big mountains." In education and housing the government has moved to improve access. Today parents like Ding Jianxiong in Beijing can give their children two extra hours of classes in school for not cost. It saves money and time compared to tutoring classes that the government is discouraging. Teachers have to work longer hours for this to happen and the cost is borne by local governments. Governments at provincial, municipal and county level finance 80%, 70%, and 60% of China's fiscal expenditures on education, healthcare and housing projects. Data from China's Finance Ministry shows local governments have built up $4 trillion in debt at end of 2020, up 20% from a year earlier, much of it to finance infrastructure projects in the last 20 years. This experts say is an underestimate with additional debt buried and camouflaged in financing vehicles, other forms of debt. In 2020 the central government restricted sales of land that were creating an overinflated housing market and driving cost of housing ever higher, depriving local governments of a principal source of revenues. Land sales are now down about 15% and falling. Experts say a new property tax could only bring in one fifth of what was derived through land sales by local governments. The result is a fundamental mismatch today between revenues and costs for local governments that has not been addressed. ...

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For what a ruble buys in Russia , 2.7 times what a dollar buys in the US, Russia gets alot of bang out of its defense budget of $149 billion, about $401 billion (Purchasing power) compared to US $997 billion. Add to this Russia is now a war economy in the war with Ukraine and concentrates its forces in one theatre not four as the US spread out over Indo-Pacific, Europe and Middle East and Korean peninsula. This is the reason behind most of DJT's actions reflecting realities in defense. Shut down the Middle East theatre which is also what the American people want by moving everything in the direction of economic progress, turning down the revolutionary and sectarian ideologies that roiled Egypt of Suez, Iraq and Syria, Afghanistan and Pakistan in the 60's and dragged the world into costly insane wars. And do this with the consensus of Russia, China and India. Wind down the war in Europe- accept the Russians as a Northern European power with a settlement of the Ukraine conflict, and let Germany lead Europe's defense. Manage the relationship in the Indo-Pacific with India and South and Southwest Asian investments in economic infrastructure that will offset China's rapid growth of the last three decades by incentivizing South Asia and South western Asia parts of which were called the Middle East by the Britons and now can be rengaged in the South /Southwest Asian group of nations led by the US. This is the policy for the next 25 years to 2050 that a Russia, Germany, US, China, India consensus sees as a constructive future for the people of the world.   ...

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Louis Uchitelle talks to Stanley Moses, an economist at Hunter College in New York, and others, to find out if things will work out as expected with the $700 billion or $800 billion that Obama plans to invest in infrastructure, energy, and other things to generate the 3 million jobs and investment. Will this generate private investment like the Interstate Highway program which ocurred during the Eisenhower days and set the economy on fast growth, or will it generate enthusiasm and jobs for a few years, and just as Roosevelt backed off in 1937 to let private investment pick up he found that it was still too weak to make a difference. The point that he hears from some experts like Moses is that the current times are setting up for a deep downturn, so that is not reminscent of the Eisenhower years when the economy was getting on the growth track after the war years. Its not exactly like the Roosevelt years either, because of the many changes that have ocurred in a modern economy, but in terms of the mood, the collapsing investment, consumer spending and credit and the collapsing growth in emerging markets which hits exports, this is a situation that is not easily reversed with a few years of aggressive government spending. Things have to change in the public's mood and in private industry's initiative to invest that would return the economy to a growth pattern, and this may be a long time coming with so much deterioration happening at the same time....

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Anne- Marie Slaughter's new book Unfinished Business is reviewed by Laura Vanderkam. Ms. Slaughter says in her new book that part of the unfinished business for women in the workplace is to give women time for child care duties in a way that does not hurt their careers. Anne Marie makes the case on the grounds that this is a social bias. Yet there are many reasons beyond simple fairness, and the value of parental work. Women can contribute to society in different ways than men. For example reports show women are more interested in using technical skills in ways that will benefit developing countries. Women bring a different perspective than men. Women are also prominent in scientific fields. For this contribution to grow and enrich society it can be enlarged by giving women proper benefit for maternity leave, and preserving the ability to come back and contribute in the same way after the maternity leave period is over. Toshiba did this for a female engineer who had made significant contributions in the technical field. Doing this would also help in other ways. It could make it more attractive for women to have kids knowing it will not hurt their careers or the careers of their partners. This is needed in western societies with falling birthrates and declining number of young people to support larger numbers of older people....

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Munich Security Conference is being organized by Christoph Heusgen, the conference chair, who was an adviser to Angela Merkel and previous German  Representative at the United Nations. It will be held Feb 14-16 at the Bayerischer Hof hotel in Munich. JD Vance will be attending for the US with alarge delegation including Keith Kellogg US DJT envoy to Ukraine and Zelensky of Ukraine. German federal elections are on Feb. 23, 2025 with CDU's Merz holding a lead. Pete Hegseth Defense Secretary is not attending the conference. Hegseth has expressed views skeptical about Ukraine. Mark Rutte, the former Dutch PM is attending as Secretary General of NATO. The Munich Security Conference Report cites DJT and says- "Indeed, the notion of 'resource scarcity' has become a central premise of Republican foreign policy thinking." Germany barely spends 2% on defense. DJT wants to see 5%. DJT's comments are published in the Munich Security Report- "We were being ripped off by European nations both on trade and on NATO." "If you don't pay, we're not going to protect you." ...

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Honda will invest $750 million in the GM Cruise LLC, followed by $2 billion invested in development of self-driving autonomous cars over 12 years. Honda takes a 5.7% stake in GM Cruise, with Softbank having a 19.6% stake after investment of $2.2 billion in June 2018. Honda's investment with GM Cruise LLC which is a separate entity created by GM to develop autonomous self-driving cars, is a culture change for Honda. In the past Honda prided itself on its tech prowess, now this is changing. Automakers are likely to team up as they face competition from Waymo, a unit of Google's Alphabet, setup in 2016.

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President Biden addressed the Nation from the Rose garden today November 7, 2024. His remarks were conciliatory. "You can't love your neighbor only when you agree."  "Something I hope we can do, no matter who you voted for, is see each other not as adversaries, but as fellow Americans. Bring down the temperature." It is a remarkable end to a remarkable presidency which history will judge as perhaps a single term in which more was done than in any other 4 year term of a presidency, except for FDR in 1932 and Lincoln in 1861, tackling a once in a century pandemic, and rebuilding the economy, manufacturing, and infrastructure. And even correcting missteps on immigration by getting the legislation to fix it. It is a tall order for anyone who succeeds Biden though in the current post election situation there will be the typical euphoria on one side and losing on the other.  During the Republican sweep by Herbert Hoover in 1928 Franklin Roosevelt was elected governor of New York and he used the intervening years to 1932 to prepare for the monumental task ahead by testing his plan for economic recovery using New York and a couple of states from Illinois, Ohio, Pennsylvania, Massachusetts, Maine and New Hampshire, setting up the first unemployment insurance, shorter week, annual employment and other ideas to stabilize employment for one third of the US economy. Biden says he has asked his administration to work with Trump's team for the peaceful transition to a newly elected president. None of the fears about the transition came true with the new president getting a clear mandate to tackle the cost of living crisis for Americans. ...

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New Basel III rules for global bank reserves. The talks held by the Basel Committee for Banking Supervision are expected to lead to larger capital requirements for global banks, than banks had earlier anticipated. The requirements will be for larger cushions in the anticipation of crises, and reserves of higher quality. The requirements would require banks to hold common equity equivalent to about 4.5% -5% of their assets, and an additional 2 -2.5% during better economic periods. It banks do not issue stock they would keep more of their retained earnings.

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IG Metall, the union representing 3 million workers in metals and engineering industries, negotiated a 4.3% wage increase over 13 months. The union had asked for a 6.5% increase. Unions won wage increases of more than 6% in the public and telecommunications sectors. Workers in chemical, agriculture and hotel industries are pushing for increases of over 6%. The union wage negotiations help set the pattern for wage increases for the 41 million employed workers in Germany. This will help France and other EU countries close the gap with Germany in wages and improve competitiveness.

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Sixty four years ago president Kennedy accepted the nomination of his party with these words in Los Angeles on July 15, 1960- "But I think the American people expect more from us than cries of indignation and attack. The times are too grave, the challenge too urgent, and the stakes too high--to permit the customary passions of political debate. We are not here to curse the darkness, but to light the candle that can guide us through that darkness to a safe and sane future. As Winston Churchill said on taking office some twenty years ago: if we open a quarrel between the present and the past, we shall be in danger of losing the future.  Today our concern must be with that future. For the world is changing. The old era is ending. The old ways will not do.  Abroad, the balance of power is shifting. There are new and more terrible weapons--new and uncertain nations--new pressures of population and deprivation. One-third of the world, it has been said, may be free- -but one-third is the victim of cruel repression--and the other one- third is rocked by the pangs of poverty, hunger and envy. More energy is released by the awakening of these new nations than by the fission of the atom itself."       ...