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The IMF Global Economic Outlook report for 2012-2013 presented at the annual meeting in Oct. 2012, says there are considerable downside risks and a large degree of uncertainty in late 2012. The IMF report lowers estimates for global economic growth in 2013.

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The revolving door at the U.S. financial markets regulator, the S.E.C., and lax enforcement, as S.E.C. officals take up jobs at law firms and financial institutions. Here Inspector General Kotz and Senator Grassley provide many examples of revolving door practices at the S.E.C., with officials taking up positions and bringing their expertise to private firms being regulated in the same fields and specialized areas.

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The Indian government reports the benchmark wholesale price index for April 2012 was at 7.23%, up from 6.89% in March. The wholesale price index measures bulk sales between corporations and is considered a better measure than the old consumer price index, which lacks representative data from all regions. The wholesale price index does not include services, which make up half of the economic output. A new CPI has been introduced, but more data has to be gathered for it to become a dependable measure of inflation. Core inflation excluding food and energy, which focusses on the manufacturing sector, increased 5.1%.

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Bloomberg television interviews Russian President Medvedev.

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The Economist points out that a third of the output of Japanese companies is made overseas. Japanese firms are increasing profits with the weaker yen but not sharply reducing prices. South Korean companies have also moved production overseas. As a result the Economist says concerns about the weaker yen leading to depreciation by other countries are not realistic.

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Spain's budget deficit as a percentage of GDP comes in at 6.7% for 2012, according to government figures. This means Spain is making significant progress in bringing down its deficit to reduce borrowing rates. This gives the government more flexibility with austerity measures at a time of rising unemployment estimated at 26%.

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Shavit, a senior columnist for the Israeli newspaper Haaretz, says the conditions for peace in the Middle East exist in the changing political and social landscape after the Arab Spring and the social protests in Israel. This was reflected in the emergence of a new party with popular support in the recent Israeli elections. Both movements are focussed on internal changes within society- Arab societies and Israeli society. This creates new opportunities says Shavit for a quiet movement and contacts betwen the people in the Middle East to improve living conditions and democracy. This is more firmly grounded than past efforts because it is based on popular sentiment, and less dependent on failed negotiations between the leaders in the Middle East. He points to failures in decades of such negotiations and finds a more promising atmosphere in the general feeling in the Middle East that focusses on the region's problems in inequality, jobs, infrastructure, and opportunity.

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The International Energy Agency says in areport that China's policy shift to develop green energy projects will reduce global greenhouse emissions by 2020. Lower economic growth worldwide and thefaster development of green energy will reduce the emissions by 5% by 2020. Instead of recent growth in emissions the lower economic growth will lower greenhous emissions by 3% this year.