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Spain has so far in Sept. 2011 consolidated 45 cajas savings banks into 17. Some of the assets were sold to Spain's commercial banks. In July the central bank seized Caja de Ahorros del Mediterraneo, which had failed the stress tests. This Journal editorial says the Bank of Spain and the Spanish government approach is too slow to install new management, recapitalize the banks if possible and privatize the assets. Attention also needs to be given to minimizing taxpayer losses. The sweeping guarantees on the caja's losses , and 2.8 billion euro credit line to buyers of Caja del Mediterraneo does not look like privatization, because it simply hands private buyers the gains, with the government taking on the risks and the losses.

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2012 car sales in France declined by 13.9%. This was higher than the 8.2% decline in the European market, according to the European Automobile Manufacturers Association. Analysts point to low new demand in the developed world- only 2% for U.S. and Europe compared to 70% in emerging markets. Replacement demand is also declining as younger people in urban areas increasingly use subway transportation and bicycles. Better made automobiles last longer and car owners drive less with an aging population reducing replacement demand. This reporter found few customers at auto dealerships in the centre of Paris.

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The weak dollar and lower unionized labor costs may make exports an attractive goal for US carmakers as the US market is shrinking. After years of shunning export markets US carmakers may finally be waking up to the potential in places like Brazil, China and India. GM is considering export of the Malibu to Brazil, and expects to send 25,000 Buick Enclaves to China because the Buick brand sells very well there. With the new UAW agreemets and lower unionized costs, the US carmakers backs to the wall and open to trying new things and not so America centric, and a cheaper dollar, exports may be one more way in which US carmakers can revive the automobile business in a declinig uS market. It is possible that after this recession the US market may have matured to the point where US sales levels may have peaked like that in Japan and Germany and exports and international markets are the only ways to growth. In this sense the transformation to making the so called Big 3 into global companies has begun in earnest in a true sense, and their company structures and the kind of people who work there will in future reflect this global nature of their business. The UAW is on board in this effort, new wages are at $14 per hour for new hires, and the UAW understands that exports mean additional jobs. In fact the Lordstown, Ohio plant is one location for another GM small car in the future which would be exported, this 42 year old plant once a target for closure could then become an example of renewal in a new kind of business model. Note that the US exported $50.66 billion in vehicles, half of it to Mexico and Canada. It imported $150 billion in vehicles. From now on the shift wold be to export to emerging markets....

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With poor sales for the Blackberry Z 10 in 2013, AT&T and Best Buy retailers are discounting the phone to $49 for a refurbished phone, and $99 for a new phone from the original price of $199. Such steep discounting soon after the March 2013 launch of the Z 10 suggests the phone is selling poorly.

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No country benefited more than first Japan and then South Korea till 2000, and now China till 2022 from the trade and sharing of industrial technology enabled by the American backed system of trade and industry. Walter Russell Mead says in WSJ that China has chosen to challenge the system through which it developed into an industrialized nation with the US running huge trade deficits, sharing its technology and letting Chinese manufacturing displace American local manufacturing. China is seen as challenging the system. Yet what has happened is that this process of displacing American manufacturing and industry was not sustainable anyway and continued for a decade longer than it would otherwise have lasted because American industry could not easily reverse a course it had set of setting up manufacturing in China, once that manufacturing base had already been transferred from the US to China and American companies had grown accustomed to a new state of affairs of making overseas in China. Not much thought was given to how American workers would react to that situation as companies and industries making that transfer made independent decisions. This led to the election of Trump with wins in midwestern states that had suffered from loss of manufacturing communities.  The Trump tariffs on Chinese goods and the Biden administration lining up completely behind American workers and families for the first time for Democrats has sent the signal to China that it finds the situation of China's dominance in the trade system unacceptable. The document of "China 2030" of the Chinese Government with planned dominance in key sectors and industries was met with alarm across America in all parties. The paradox of Apple as a key sector in Chinese manufacturing and the largest American company is the result of policies pursued by America without realizing the true cost of shipping manufacturing out of the country. That process is now being reversed with change of management starting at Intel Corp. and other companies to bring the manufacturing base back to the US. This policy is being resolutely pursued by the US and will speed up following the pandemic which has further demonstrated how much of a mistake the policy of sending out manufacturing in critical areas such as health could be. This is the reality behind the rhetoric and verbal exchange between China and the US. With the rapid growth of Chinese manufacturing countries such as India were put in a difficult situation  as this was preventing the local industrial base developing in India with Chinese imports in the same way as it had damaged that of the US and the EU. Worse it led to the use of US and European technology in China's defense industrial base including aviation and other sectors that threatened India's borders with repeated Chinese incursions in the Himalayas, from the Pakistan western Himalayas to Ladakh and the eastern Himalayan mountains. That situation existed long before the Trump and Biden administration and the Modi administration called for a return to America of its industrial manufacturing base and its technological leadership. Both the Bush and Obama administrations and the Indian Congress administrations failed to realize the dangers of letting the US, European and Indian industrial base wither. India is not just a country but a culture that extends from the Himalayas all the way across Bangladesh to the Indonesian islands which shares a common cultural history of Buddhism and the Vedanta. This is a region that has a population of about 2 billion people. In a larger sense the cultural history extends to  Vietnam and Japan with its Buddhist culture whose origins go back to India, and also of China itself. In the larger sense this is a population of close to 3 billion people. The economic development of this region and learning from the parliamentary traditions and scientific discoveries of the modern period since 1700 is a task for both the US, Europe and the people of the region.   ...

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Mayer points to Greece as an example of higher returns even with economic turmoil. Banks in the U.S. also performed well even with economic uncertainty and other problems, says Mayer. Price paid is a more important factor than the economy, as a low P/E ratio and good management in a rebounding industry provides better returns.

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Even with a lower troop committment, the new costs of $ 1 million a year for each soldier, threaten to wipe out the $26 billion in savings from Iraq in 2010. The overall military budget could go up by 10% from a high of $667 billion under the Bush administration to $734 billion. Head of the House Appropriations Committee, David Obey, of Wisconsin, says that sending more troops to Afghanistan would drain the Treasury, and "devour virtually any other priorities that the President or anyone in Congress had." Rep. John Murtha of Pennsylvania head of a House subcommitte on defense appropriations says that a majority of the 258 Democrats in Congress would vote against any bill to pay for more troops.

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Putin takes the first step for Russia to join in discussions for a lasting peace. More than a ceasefire is needed, as many ceasefires have come and gone and the war is now over 15 years old, pausing for a while and then starting again many times. Russia calls for addressing the underlying issues behind the war.  It started with Russian support for Yakunovich 2010-2014 which ended with the Maidan protests in Kviv and Lviv. Russian and Putin strategy at that time was that as long as  a pro-Russian or a person leaning towards Russia with good relations to the West -as existed in some of the former states in Eastern Europe during the 1980's during the Soviet Union such as Poland and GDR- this would be acceptable. The Maidan protest led upheaval thus had a contrary effect which Germany under Merkel and France under Sarkozy and Hollande failed to grasp. Obama judged Russia by its GDP, ignoring its history and relations among European states as one of the major powers in Europe, a technological state with nuclear power. As China shifted away making the integration of Hong Kong and now Taiwan a priority under president Xi, and asserting the virtue of its state run capitalist system over free market capitalism, the fissures began to develop in the system that prevailed after World War II and which survived the fall of the Berlin Wall. These are some of the origins of the war and are also in some of its aspects geopolitical and relate to world peace,, and peace inside nations in general outside the Ukraine war. And here relate to Venezuela Mexico and US inaction in tackling borders and cartels, the US border with Mexico, Syrian war and Syrian refugees entering Germany/Europe, the anti refugee movements in Germany and the EU, refugee crime in US and Europe, all connected in some way to the unsettled borders of the Russian state with US and Western European + Eastern European states in NATO and the EU nearby. And the limiting or removal of Russian influence in Ukraine seen by Russia as unacceptable in regions nearest to Russia that speak Russian. Britain has the virtues of its parliamentary democracy, yet it is far from Russia's borders and it just like the Russian Empire had an Empire in India and a near thing to an Empire in China, as recently as 1950, over history of western colonial empires of 500 years not too long ago. Which means it is good to be starry eyed but the reality in European history since 1400 is of dominant states and colliding or co-existing spheres of influence, mostly co-existing in some balance of different states in the interests of peace and welfare of the people.     ...

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On the 100th anniversary of 1947 and 1949 the Republics of China and India in about 25 years will have become fully developed modern states with science and technology by 2050, leaving behind memories of the colonial period. As the mother of Asian Buddhist civilization this region of northern India would be seen by a new generation of Chinese as part of ancient Chinese Buddhist culture from the days of Lord Buddha and Bodhidharma, and a gradual shift will lead to China leaving Tibet and the border regions of India in Kashmir, Arunachal and Ladakh of its own decision. China's entry into border regions- Kashmir region, Ladakh and Arunachal are a result of China under Mao and the Communist party decision to occupy Tibet and Indian border areas. A result of the memory of occupation of China starting from the border regions in the north Manchuria by the Japanese, and the Kwantung peninsula by western powers Russia, Britain, Germany. And the need to protect its frontiers in the border regions used as buffers by the British Empire, after the Communist Party under Mao created the People's Republic in Beijing. New technology in the 20th century made the high plateau's of Tibet accessible after 2500 years by construction of roads rail transport in high mountain terrain.  What this occupation of Tibet as a border region has done is to put China within a short distance, just days from the plains of India- a situation that has no precedent in the entire history of the world dating from Lord Buddha. Compared to the desolate regions of Manchuria in the north this has an Indian population in the plains of India of as much as a billion people. Just as China sought protection from its own memory of occupation by the Japanese and colonial powers, India seeks protection from colonial powers and the Chinese now in Tibet similar to the Japanese in Manchuria just days away from the plains of the Chang Jiang (Yangste) and  Huang He (Yellow River) of China, China just days away in 2025 from the Ganges/ Brahmaputra , and the Indus river regions. The British Empire no longer exists. British names such as McMahon for McMahon Line frowned upon by anti-colonialist China, no longer exist. India also an anti-colonial power frowns upon such names and the arbitrary way the British (also the Portuguese, the Spanish, Dutch and the French) decided what belonged to whom, including whole nations. As early as 1505 Portuguese occupied Sri Lanka (Ceylon), occupied by the Dutch as part of cinnamon supply zone by 1700, and transferred by treaty to British in 1802, the memories of colonialism date back on the shores of India to 1505.    ...

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U.S. consumer brands from iPhones to Nike sneakers are popular in China. They are also products Made in China by Chinese workers. This makes a subtle threat in Chinese media of boycotting American products less likely and not in China's interest. In earlier disputes with South Korea and Japan China resorted to tactics that included boycotting products from these countries. American products are considered as prestigious and of higher quality in China in the popular perceptions. About one third of the 800 companies that are members of the U.S. Chamber of Commerce in China have more than 1000 employees.  The U.S. has also provided much of the foreign investment that led to China's rapid growth. With it came critical technology. According to the Rhodium Group the investment by the U.S. in China between 1990 and 2017 is about $250 billion. Some projects between IBM, Walmart and Tsinghua University are high priority projects in food safety. Subtle threats in Chinese media could turn into boycott of some American products from Procter and Gamble or Nike. But as this report shows the relative affluence of employees in the Shanghai region who work at American companies depends on avoiding such a situation. ...

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Toyota plans to spend $175 million to advertise the 2012 redesigned and reinvented Toyota Camry. Toyota will use as campaign theme, "Its ready. Are you?" It focusses on the idea that Toyota is back after recent difficulties.