LyrArc Article Gist
The costs of fraud in medical care from spurious Medicare claims to kickbacks for unecessary services is estimated at $125 to 175 billion. Costs of unnecessary care from overuse to unnecessary lab tests are between $250-325 billion. The amount wasted for on treatment for preventable conditions such as heart disease and diabetes. is $25-50 billion. This number is much higher when all the complications from obesity are figured in. These amounts alone add up to $500 billion. Add to it the problems and the costs of medical errors leading to bad drug reactions or other misdiagnosed procedures which cost an estimated $75-100 billion and the the total is upto $600 billion. These amounts are not going to be tackled by computerization of medical records. The whole manner and ways in which medicine is practiced today and the manner in which the public takes care of its health would have to change for an impact to be made in these numbers.

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The Economst cites an IMF June 2012 paper by Arcand, Berkes and Panizza that shows private borrowing and size of bank balance sheets once it reaches 100% of GDP begins to slow growth. A second paper by Cecchei and Enisse Kharroubi at the Bank for International Settlements confirms this showing that at low levels private borrowing and expansion of bank balance sheets increases economc growth, but at high levels exceeding 100% of GDP a large financial system actually hurts economic growth. Andy Haldane of the Bank of England points out the fact that for the century to 1970 bank assets increased by an average of 0.6% a year faster than GDP in 14 large economies, but increased much faster after this with ratio of assets to GDP increasing by about 3 percentage points a year. Bank assets increased from 50% of GDP in the 1960's to about 200% of GDP by 2007, reaching 500% of GDP in Britain, 800% of GDP in Switzerland, and 126% in the U.S. The increase in world trade accentuated this period with trade increasing from 22% of global GDP to 33% in the period 1996-2008, and banking following this trend across borders to developing countries. At the same time excesses caused an imbalance with hyper growth in bank balance sheets through taking on more leverage and banking risks. The Economist sees this process going back in reverse as bank balance sheets shrink in the face of regulation and efforts for financial stability following the 2008 global financial crisis....

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The decades old Ambassador Bridge owned by the Moroun family now competes with Gordie Howe Bridge for $300 million in crossborder traffic revenues. The new Gordie Howe Bridge is owned by Canada and cost $4.7 billion to build and Michigan has ownership interest in the bridge.

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India's greatest runner Milkha Singh describes his life and struggles in this interview in the Indian Express written by Nihal Koshie. Much of his early life was spent in poverty and facing partition, running for his life seeing his parents dead in the riots in Pakistan part of Punjab.

He worked very hard, so hard that he hardly sees this type of effort today. If he had the facilities and training received by athletes of today Milkha says he would be able to set records that no one could break in a hundred years. With so little he achieved so much. 

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Oil prices at the pump for automobiles are declining for the seventh straight week. Prices declined to about $4. In Texas the average is about $3.67 a gallon. California has the highest gas prices at an average of $5.46 a gallon. The price decline is a result of rapidly slowing growth in China. China and India are still getting oil supplies from Russia which frees up oil supplies for the US to import. 

Public in the US is also cutting back on driving and the miles driven is likely to see a drop of 5-10% this summer. There is better planning of trips to combine errands. This helps combating climate change through conservation efforts that were neglected during the last decade.

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Compared to 1971 Bangladesh has come a long, long way, on its 50th anniversary. From 80% of the population struggling with extreme poverty in 1971, Bangladesh now produces enough food for its 167 million population. The economy is only 13% agriculture with most of GDP coming from industrial production and services. Girls education is remarkable. 98% of children have attended primary school and there are more girls in secondary schools than boys. Norwegians and other European observers who visited Bangladesh in 1970's compare the situation with today and are astonished says this report in DW.com. By 2030 the GDP of $409 billion is expected to double, bringing the country close to 1 trillion dollar economy. The garment industry is the second largest after China, with $35 billion a year in exports. It has changed life of women in Bangladesh, employing 4 million people. Remittances from overseas bring in $24.7 billion for 2021. Overall target for exports is $51 billion for 2022. Problems include the rural urban divide with development concentrated in Dhaka and Chittagong, and increased urban poverty. And despite rise in number of children and girls in school the quality of education for a skilled workforce remains poor, says this report in DW.com ...

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GM's new Cruze to be built in April 2010 in the Mahoning valley area of Ohio hit hard by shuttered steel mills, will give 45 mpg. It will be smaller than a Malibu and larger than a Cobalt, and will be built also in Gm's European and Asian markets, so unlike models from before the car will be sold everywhere and being built on the same platform will share common parts and engineering, which is the automakers are now making their cars. GM will spend $150 million in developing the Cruze and an additional $350 million in building the Cruze plant in Ohio. GM's car strategy is now to increase production of the Malibu which had a sales increase of 79% compared to last July, shut down the Cobalt once the Cruze come in 2010, Cobalt sales increased only by 4% this July over July last year, and have a third shift producing the Impala next year in Oshawa, Ontario. Auto figures from Autodata. GM's CEO Wagoner says he sees small cars making a profit for GM as now the new union agreement helps to reduce GM's costs and he sees customers willing to spend more on small cars. This is evident in the way affluent buyers have signed up to buy the Smart car, once shunned there is now a 1 year waiting list, and Daimler is expanding production at its French plant for the Smart car. See the link to the Smart car. The committment by GM to build the plant in Ohio is seen by the UAW union as GM keeping its part of the bargain to bring new models and new cars with new ideas to capture the next generation of customers to GM plants that were seeing a decline like the Lordstown plant area in Ohio....

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German plan takes shape Saturday as Finance Ministers of the 14 eurozone countries meet in Paris after the G7 meeting in Washington. It will include capital injection into banks in exchange for equity stakes, but further details are being worked out including the size of the plan.

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A live interview by BBC Hindi with Arvind Kejriwal, chief minister of Delhi. In the interview Kejriwal says there are 55 deaths from the demonentisation by removal of 500 and 1000 rupee notes in India. When questioned about this and proof, Kejriwal says BBC is biased. The effort by the the Modi government to  remove these rupee notes is an effort to get people in the informal economy,  the deals in real estate, and people in other parts of the economy which pay little or no taxes to bring the cash to banks and pay the taxes due. This is intended to increase government revenue for investments in infrastructure and education, healthcare. services. The large scale of the shift has caused difficulties for ordinary people, and the upper classes, and the government is working to work through these problems. In India the black money as it is called is estimated to run to about 1 trillion dollars. It is also the result of corruption and has deprived the economy of needed investments and modernization. ...