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In this interview just before Mario Draghi of the ECB announced a 1 trillion euro program of monetary easing in the eurozone, Renzi calls on European leaders to carefully balance austerity with growth efforts. He says flexibility is essential and a part of the history of Europe. Now is the time to change direction, to invest in growth, says Renzi. On calls to change the Schengen Agreement which removed border controls among some European countries, Renzi says this is not needed after the terrorist attacks in France, pointing out that the terrorists in the attack had lived in France for many years.

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NYT gives this perspective of Mikhail Zygar on the difficult economic situation in Russia in January 2026 before the Iran War. Putin considering bringing Igor Sechin, head of Rosneft, as negotiator for Russia with Ukraine, to replace Kirill Dimitriev. Dimitriev is seen in Russia as an insubstantial figure and with no real mandate, on the point of being dismissed by Putin. This would being new life to Ukraine negotiations to end the war. This report says if Russia was to end the war it would have to change the structure of power and that included bringing in a new administration to rebuild the economy, to replace prime minister Mikhail Mishustin. He says oil was sold to India in January for $22 per barrel about one third of the market price. The economy was getting severely affected by the war and the conditions it had created for inflation, oil revenues under sanctions, and by financial and human cost of the Ukraine war, a credit crunch and a wave of bankruptcies that were expected in January 2026. Some of this is confirmed by the perspective offered on the same day this article appeared in NYT by an NYT article from the Foreign Minister of Sweden, Maria Malmer Stenegard. Stengard says Swedish analysis shows central bank interest rates set at 21% in 2024 when interest rates were 10%, suggest inflation was much higher than the 5% official figures. The minister also points out that instead of growing by 13% as official figures reported Russian economy had declined by 8% over 2020 to 2024. British government estimate is that the losses from the Ukraine war are $450 billion. Official growth estimate for 2026 is 0.4%. even with higher oil prices. All this changed with the Iran war by February and the jump in oil prices and Putin has decided not to make the changes he thought necessary and wind up the war, considering that some of the objectives had been achieved and to avoid an economic downward spiral. It is now Putin's decision says this report.  In the past Putin has always given the economy and living standards the priority. Yet the elites in Russia says this report are concerned about the fragile nature of the economy as present oil prices may come down in a short period. ...

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Saudi goalkeeper Mohammed Al-Owais makes 8 saves in opener against Uruguay- Saudis and Egypt gain draws against Uruguay and Belgium.

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Steps the FDIC and the Fed can take to tackle the crisis on an institution by institution basis.

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In the first week of the his administration DJT plans to end birthright citizenship by executive order. He will work with Democrats to protect Dreamers who he says are middle aged people by now and do not even speak the language of their country, as children brought to the US by their parents. He will pardon Jan. 6 defendents in the attack on the Capitol on the first day.

DJT says he will not act to replace the head of the US Federal Reserve Bank, though he plans to replace FBI Director Wray, who he says "invaded my home." 

DJT says-

“I’m really looking to make our country successful. I’m not looking to go back into the past. I’m looking to make our country successful. Retribution will be through success.”

 

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This defines resilience of spirit - the ability to be creative and active in hard times, to see the positive in difficulties, and act with patience and determination. It is this spirit that is needed to take on new adventures and build new things and is how scientists have advanced work that led to the Modern World.

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Historical reasons spanning generations which have led to an impasse in Japan-S. Korea relations under president Park and prime minister Abe. The colonization of S. Korea and president Park's need to distance herself from her father who served in the Imperial Japanese Army when S. Korea was a colony of Japan, all serve to keep the two countries apart. The U.S. "pivot" to Asia under president Obama and pressure on S. Korea to improve relations with Japan has not helped. S. Korea prefers to stay neutral in Japan's disputes with China because of trade relations with the two neighbors and historical reasons.