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Something profound is taking place in Belfast, Northern Ireland. Colonial attitudes of the British for centuries are making way for a new generationof Protestants and Catholics who are taking interest in the Irish language and the feeling of being both Irish and British, seeing all that was Irish from the early period of Christianity many centuries ago. Irish cosigns with English and classes/schools in Irish in Belfast ,Northern Ireland, as Unionist areas take up Irish along with the British identity. The Washington Post provides this wonderful look at this ancient language. In Irish Belfast is "Beal Fierste" meaning mouth of the Sandy Ford. Maidin mhaith is "good morning" and one can hear short audio practice of Irish in this report. The government is actively promoting Irish and buses show Irish as they make their way from East Belfast to West Belfast. A sense of equality is in the air and Irish is now spoken on the streets of Belfast. Protestant parents are signing up their children jn Irish language preschools and 35 primary schools are in Irish in Belfast. Such is the change happening to Ireland these days. ...

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Half of the 109 economists and housing analysts polled in October 2010 by MacroMarkets LLC, expect home prices to bottom in 2011, and half don't expect home prices to bottom till 2012. Backing this up is growing inventory in many markets. The Wall Street Journal's latest quarterly survey of housing market conditions in 28 major metropolitan areas showed inventories of unsold homes were up in 19 markets at the end of 3rd quarter 2010, compared to the prior year. The largest increases were in California- in Los Angeles, Sacramento and San Diego. Only parts of Texas, and Washington D.C, and some other areas which have shown decent job growth are an exception. In the Realtor's Report, median home price fell 2.4% to $171,700 in September 2010 from a year earlier. This data does not include the suspension of foreclosures due to title defects, which will further dampen prospects of a recovery in housing. This will affect New Jersey, Florida and other "judicial" states, where the banks must complete foreclosures through court. At the current sales pace it would take 10.7 months to sell the 4.04 million home inventory of unsold homes, according to the recent NAR report. Six to eight months is considered normal. This does not reflect the "shadow" inventory of homes in some stage of foreclosure, which is estimated at around 4 million, creating a problem that even current low rates for a fixed rate mortgage of 4.21% cannot solve....

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New rules from the Biden administration make it easier for people ages 60-63 years to make up for putting less into workplace savings in earlier years with the impact of the 2009 financial crisis, loss of jobs or working parttime for a period, and smaller savings during the pandemic. People in these ages can now put in a 14% higher amount. And a maximum of $34,750 into their workplace retirement plans. This is one of the many actions taken by Biden-Harris, including increasing the amounts for Social Security, that combined with a stronger economy and job growth, lower inflation, is correcting many of the problems of the past that left seniors without enough money to retire in dignity and safety. Small steps taken in the context of bigger steps on infrastructure and chips, science, rebuilding manufacturing by investing in old unused plants and reviving them with new products- all this is creating anew future for America and the ordinary Americans. Higher wages also pushed by Biden- Harris will enable many Americans put away more in savings that the were not able to do over the decades when government policy neglected the needs of ordinary Americans. ...

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A general strike is planned in Catalonia, Spain to protest police action preventing a referendum vote on independence called by Mr. Puigdemont, head of the state government. The government in Madrid sees the vote as illegal and could take away the regional government's powers under Article 155 of the Constitution. There are varying reports on how many people voted, with this BBC report saying that Mr. Puigdemont's estimate of 90% of people having voted is inaccurate. BBC News says turnout was relatively low at 42%, weakening Mr. Puigdemont's position. Talks are now taking place with Pedro Sanchez of the opposition Socialist party and Albert Rivera of the centrist Ciudadanos party. Mr. Puigdemont now calls for talks with the Spanish government, and mediation by the EU. The European Commission calls this an "internal matter" for Spain, that should be tackled using the Constitution. Other regions of Spain including Galicia where prime minister Rajoy comes from also suffered under the Franco dictatorship following the Civil War, including his family so that Mr. Rajoy does not represent Madrid so much as the new aspirations of the different regions in Spain to try to write a new chapter in Spanish politics. That chapter shown in a book by Mr. Rajoy on Spain's future clearly shows respect for autonomous regions as the direction for Spain. In Valencia and Catalonia one finds the regional languages used and this is respected under the Constitution. Yet the period under General Franco rankles many in Spain, more so in Catalonia and the Basque region, when the regional language could not be used. As in Scotland smaller parties that were not in government for decades now enjoy more support. Yet it is not clear that all the people of these regions want to permanently break the links with Spain or England under separatist parties that have only recently come to power. This is why the European Union is reticent on this issue.  ...

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The BBC's Soutik Biswas takes a look at prime minister Modi as he seeks a second term in India's general election in May 2019.  Modi's first term is marked by exceptional development schemes, efforts to provide health insurance to 500 million people who cannot afford health insurance, bringing cooking gas cylinders to hundreds of millions of Indian women especially in rural areas, efforts to jumpstart building of infrastructure projects such as airports and metro subways. A new law for GST brings together the country with one tax instead of a hodge podge of state taxes for interstate commerce, something India needed for a long time but different governments failed to implement. A failed effort to fight corruption by removing from circulation large denomination currency notes reduced economic growth briefly during the first term, though it may have accelerated the shift to formal economy needed in the long run to improve tax revenues for development needs. One of the problems for the Modi government is how do you put a value on something like Swach Bharat Mission, the achievement of the goal of defecation free India in 2019 by 100% on the 150th anniversary of the birth of Mahatma Gandhi, getting rural toilets up from 38% to 100%. Development had to start from the bottom up. Similarly in a country where middle men took up a lot of the transfer to poor families of government assistance- the delivery to hundreds of millions their own bank accounts.- how do you put a value on something like this, but it is essential for development from the ground up. More than missiles or other talk this has got to be the spirit of any development oriented administration in India. Ground up, big goals and rapid delivery and an apology for the difficulties that the people suffered earlier for lack of this infrastructure. For both China and India it is the same - moving quickly to make up for 100 years of colonial rule and stagnation. The Modi government has responded to rural farmer distress with support for guaranteed crop prices. As more young voters vote for the first time an important factor is how the new voters see the years ahead under either a government led by the BJP or by a patchwork of parties as the previous ruling Congress party depends on alliances with other parties with conflicting agendas or lack of rapid development agendas. The Modi government sees itself as setting the stage for the next phase of development that would change the economy through new infrastructure development and create jobs in construction and engineering, and other areas. The criticism is that not enough jobs were created in the first term. Yet bold infrastructure development targets such as transformed the Chinese economy could be the answer for job creation. The question then is who is better qualified to launch that effort based on its track record. The Congress party's main criticism is that it has to make alliances with parties that could stall development with conflicting agendas. The other is that in the the 2 years leading to the election of Mr. Modi the Congress led government of Manmohan Singh was stalled due to corruption charges, leading to a lack of decisionmaking at the highest levels, and stalled efforts for the rapid development that could deliver the kind of jobs India needs.  Young Indians would like to see growth first and foremost, only something rivalling China's transformation over 2 decades can do this. It should be kept in mind that China poured more concrete in the 21st century so far than all the concrete the United States poured in the 20th century, according to The Guardian report. The question then is who is best qualified and in a position to deliver this needed economic miracle.    ...

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Under a new law going into effect on Oct. 1, 2017 and supported by Angela Merkel's government, all social networks will be required to delete within 24 hours "all illegal content." This is an effort to take immediate action against hate speech, libel and other illegal content. Companies could be fined upto $57 million. Germany's Justice Minister Heiko Maas said "we cannot accept that social networks ignore our laws." Mr. Maas says the voluntary effort setup earlier had not worked as the social media companies were too slow. The law now means the networks will devote more resources, with Facebook increasing the staff for this purpose doubling it almost from 4500 to 7500, showing that the problem had not been addressed the way it needed to be. The new law details 22 sections of the criminal code that social networks need to enforce. Including laws banning libel, character defamation, hate speech, insults against religions, offensive statements and privacy violations. Britain's May and France's Macron have also called the efforts of the networks insufficient. A similar law in the U.S. before the 2016 election could have saved the country from many of the problems arising from illegal content being posted, including damage to the image of the U.S., inciting deep divisions, racial tensions, hate rhetoric and defamation leading to coarsening of public dialogue and debate.  During 2016 many European leaders were exposed to hate speech including Angela Merkel. The social networks were slow to respond and did not take their civic duty as seriously as they should have considering the grave damage to the social and political fabric of the U.S. and the European Union countries. The governments also took time to act, studying the problem carefully before taking action leading to further damage, one reason the current legislation was passed quickly and decisively. Experts say other countries will act following the German example to preserve civil dialogue and strengthen democracy. ...

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This report in the WSj looks at the Silicon valley approach of pursuing rapid torrential growth at any cost. It shows the victims as investors looking for outsize returns to the point of turning their attention from the facts showing the products as highly hyped improperly as tech for WeWork or having health risks in alternative smoking products in the case of Juul Labs Inc. Both company CEO's were asked to resign. This discussion is on the the limited number of new ideas as the tech really creative stuff  peters out and the tens of billions of dollars pursuing a few ideas even if they as in the case of WeWork basically a real estate company subleasing space were not really tech. The neglect of top priorities in infrastructure, in priorities for health, education and other pressing needs are a result of the misallocation of capital by capital markets structures of funds, banks and investors. Juul started at Stanford University and quickly raised $14 billion. Soon three million high schoolers in the U.S. were using the vaping product as e-cigarettes causing alarmed parents to bring up the issue and the Food and Drug Administration to look into it. As the tech boom results in fewer new ideas practices fail to change in the allocation of capital and wasted capital, resulting in gross neglect of priorities for infrastructure, health and education, wide gaps in income.   ...

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As Lyrarc would say a new culture is taking hold in America. Call it centrism or popularist, rejection of neoliberal whatever that term means, or any other term, it is basically about following good common sense, one's observation of real life and what is working or not working for ordinary Americans. Republicans and Democrats are shifting to policies that worked under Franklin Roosevelt, Harry Truman and Dwight Eisenhower, and to views expressed by John F. Kennedy for a fair society that respects the work and dignity and quality of life of all Americans of every class and level of education. And oppose business monopolies, oppose efforts to restrict workers rights. There is a growing sense in both parties that the policies of Reagan, Clinton, Bush and Obama have not worked for ordinary people in America. These are seen as wasted three decades that plunged America into foreign wars, let manufacturing decline, reduced standard of living, let its infrastructure deteriorate. This is why president Biden has achieved remarkable success in putting together legislation with support from key Republicans including McConnell for chips, science, infrastructure and other investment spending. Leonhardt is hardly alone in seeing that this is the path America will take in the coming decades. What is significant now is that the culture and mental framework itself is being transformed. ...

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This report in DW.com says contrary to the stereotypes about rightwing AfD voters being less educated, low income, new studies show the AfD voters come from all levels of society. There is only one thing in common and that is they all think having so many refugees is bad for Germany. They don't want refugees to migrate to Germany. Recently the AfD has made gains in German elections with chancellor Merkel's policy leading to a large number of refugees entering Germany. Germany has seen a realignment in many ways. The Social Democrats have lost support as voters shifted to the Greens party which now has about 20% support among German voters, and the Free Democrats have come back to about 10% under Mr. Lindner. The AfD swing as the mood shifts away from Merkel's policies, is one of many trends in Germany. The Christian Democrats also have a new leader as the traditional parties go back to their roots following a period when Merkel's policies erased many of the differences between the traditional SPD and CDU during the period of coalition governments dominated by Merkel's Christian Democrats. The SPD suffered serious election losses as Merkel pursued centrist positions. ...

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Elizabeth Warren's Medicare for All plan in the U.S. draws support from about 60% of people polled for the New York Times. Over 66% support Warren's 2% wealth tax on people with wealth over $50 million. The support is consistent among all groups, gender and race. Only a group of Republican men with college degrees which is likely to include the bulk of the people with wealth over $50 million oppose the wealth tax and Medicare for All. Over the past year wealth tax and Medicare for All support has grown with about 60% of people supporting Medicare for All, a plan similar to government plans in most of Europe and in Canada which have worked over many years.

Warren's plan wins support by showing how it will be paid for and why most people will pay no more than they are paying today, and overall much less because of unnecessary costs taken out of the system.

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Joe Nocera joins Simon Johnson and other experts in saying that Fed Governor Daniel Tarullo's suggestion to raise capital requirements of U.S. banks to 14% makes sense. He quotes Anat Admati, a fiance professor at Stanford Business School, who says the only way to get rid of bailouts is to raise capital requiremets to an adequate level. The Wall Street Journal editorial on June 16, 2011, also supports the higher Tarullo capital requirements. Why is it that European banks and the Basel III accords provide a 7% capital reserve requirement phased in over many years- to as far out as 2019- if this is the case? The European banks are in much worse shape than the U.S. banks especially with Irish, Greek and other debt on their books and Basel III is designed to accomodate this. The governor of the Bank of England, Mervyn King, is also advocating higher capital reserve requirements than Basel III, including the flexibility for countries like Britain and Sweden to set their own capital reserve requirements based on their own situation and the need to protect taxpayers. The U.S. stands to gain a lot from setting its own standards if France and Germany and other European countries decide to user lower standards through Basel III....

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Ann Lee a former investment banker and now adjunct Professor at New York University, gives us facts that show the smaller banks that lend to small and medium sized businesses in the country are being closed by the FDIC. According to ADP small business that employs between 1 to 49 people, accounts for 48 million jobs, those between 50 and 499 employees account for 42 million jobs, and large business for only 17 million jobs. Without access to capital these small and medium sized businesses will continue to layoff employees, creating a vicious cycle of falling credit and demand. According to Automatic Data Processing's August employment report large business shed 60,000 jobs, medium sized business 116,000 jobs and small businesses shed 122,000 jobs. These smaller banks says Lee have done most of the lending to small and medium sized businesses. And overall lending has dropped from pre-crisis levels. Treasury's Capital Purchase Monthly Lending Report shows that banks that received government money actually reduced loan balance by $54 billion. According to reports issued by major credit rating agencies $700 billion of asset backed securities were underwitten in 2007. In 2009 only $10 billion was issued. This has a significant impact in every area. Banks have no incentive to lend with all the bad nonperforming loans on their books. They only hope that over time renegotiated loan terms would enable to recover these loans. But this might take a decade says Lee, if this is similiar to other crises like the one in Japan. She says what the banks do to make money is to borrow virtually unlimited amounts from the Fed at near zero rates and earn money from the spread when they lend to the Treasury. Does our current banking system make sense she asks. Banks are not investing in economic activity, in real products and services,but engaged in agovernment backed shell game that enriches bankers at the expense of everyone else. She says that the banking lobby may prevail in preventing the nationalization of the banking system, but this will not prevent questions about the status quo and its assumptions from arising if the recovery and regulatory reforms fail. ...

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US inflation in May was up 1% over April 2022, and 8.6% above a year earlier. Of the 1% increase in May over April about half was from increase in prices of appliances and furniture and consumer items bought from stores such as Walmart and Target. The trend is shifting quickly as buyers are shifting purchases out of this category and spending more on travel and eating out, entertainment. Retailers such as Target are stuck with excess inventory and plan to discount items. This will result in an easing of inflation.

Shortage of semiconductors for cars are persisting but should ease at some time. Service cost continue to increase. Overall there should be an easing of inflation but not enough for the Fed to change its policy of interest rate increases.

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WSJ analysis of NatCen data from whatukthinks.org show much has changed since the last general election in Britain. Boris Johnson's popularity is at a negative 20% and Theresa May's at negative 35% in July 2019. By the time of the general election May's popularity was at negative 1%.  Another major change is that the popularity of Leave has dropped.  By July 2019 the situation is reversed Remain now has 52% support and Leave is at 48% support. During the referendum it was just the reverse.  Also significant is that some of the claims of Leave's Mr. Cummings that were used in the campaign such as $436 million going to the EU in Brussels that would be diverted to National Health Service are now not credible. The migration issue has also become less important as migration into the EU is now down to a trickle and Germany has reversed its policies to trying to keep migrants at home in Africa through aid and other means. The migration issue was played up in the campaign. Germany was seen as pursuing the austerity policies that hurt the working class as these policies made headlines daily for Greece and other countries during the period of Britain's referendum. In 2019 Germany is taking a less active role in the European Union and the leader of the CDU Kamprauer has openly called for Britain to remain in the EU alongside other Germans from all walks of life. In short the mood is now different in Europe as there is disillusionment with leaders from the far right or the far left and the centrists on the right (Merkel)and the left (Blair) who had used politics to stay in power instead of tackling the tough problems of wages, middle class decline, infrastructure and family friendly policies. The Irish backstop is now in the picture when Brexit comes up as Mr. Johnson wants to drop it. The Irish backstop is the term for the agreement reached with the EU so that Ireland's return to peace with open borders ending Catholic vs Protestant conflict would not be disturbed by Britain's leaving the EU. This could also swing voters who are undecided to maintain what has been achieved so far. The Labour party leaders who were fed up with the austerity policies of the European Union driven by Ms. Merkel and the CDU now have a situation where the issue of Brexit can be seen not in terms of the past- austerity, dependence on Brussels for Britain's economic future and working class decline. Other issues such as unity of the UK, the end to austerity policies in the EU and in the U,S. with the Trump economic policy of dropping deficit targets in budgetary outlays, also signal a different climate for the Labour party in which to campaign for remaining within the EU and continue Britain's policy of working to improve conditions for the working class and middle class after the Blair/Clinton/Merkel years.    ...

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Global aid to agriculture in developing countries is about $5 billion a year. Mr Obama made the decision to double U.S> aid to developing countries farmers to more than $1 billion ayear in 2010. THe NYT reports that with the G8 meeting in Italy in July, America will spend $3.5 billion dollars over 3 years for helping farmers in developing countries. This according to Michael Fromans, an Obama adminsitration official is going to be new money. As far as the other G8 countries are concerned it could include old money for the total $15 billion committed. Since the worst hit areas for agriculture are in Africa, and Africa has lost a lot of ground in development in the last 20 years, suffering neglect in aid to farmers over 20 years both form the American administrations and their own governments, it is surprising that the amount and the details for where it would go in Africa are not revealed. Mr Obama has grasped the need not just for shipping food assistance from the USA, but need to help farmers. He agrees with ANdrew Natsios former head of Agency of International Development, who says that most of the poorest people in developing countries are farmers and herders living in the countryside, the crux of any effort to improve their lives has to start with agriculture. Obama advocates using the "tried and true agricultural methodfs and technologies that are cheap and are efficient but can have huge impact" in the lives of people. Malawi, is a good example, say Prof. Sachs of Columbia University, as subsidies for fertilizer sharply increased food production. Sachs says it is possible to double or triple food production by giving small-holder farmers access to high yielding seeds, fertilizer and agricultural extension services. But more needs to be done and devloping countries themselves that have made progress like India, China and Brazil can provide their know-how and experts and should have been brought into this, which is another reason why there is no reason for a G-8 summit of countries of European origin. An enlarged organization can bring in the resources and ideas of all the major countries in the world, to especially bear in on Africa, where alot needs to be done. Just to get an idea the UN's Food and Agriculture Organization says the global economic crisis will put another 100 million people into facing hunger this year....

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Bread and bakeries have a special place in Germany, France, Italy, Spain and most of Europe. DW.com looks at one bakery in the city of Bonn, Kugel's Bakery with 13 employees and the concept slogan "Where there's only bread" (Da wo's nur Brot gibt) written on each and every white packaging bag. There are 10,000 bakeries in Germany many of them small family run bakeries that specialize in bread. Click on original article to see this report. Max Kugel takes over his parent's bakery, but first visits Vancouver, San Francisco and London, to learn new concepts and invests in new special equipment with a $200,000 loan. The new equipment lets him switch from one type of bread to another easily and keeps his costs down. He does not depend on Ukraine grain imports as he uses local organic grain grown in Germany. With 10,000 bakeries total sales in Germany are $15 billion for bread, and Germans take in 123 pounds of bread and baked goods in a year per person. ...

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Keith Bradsher describes the life of one family of migrant workers in China struggling to get their ony daughter through college. Wu Yiebing is a worker in coal mining and his wife Cao works on farms nearby. He has managed to send his daughter Wu Caoying to college. She is a sophomore in college but fears for the future because of the lack of opportunities for new college graduates in China. She also feels the heavy burden as the parents spend half their income to get her through college and have no retirement savings. This is typical of many migrant families in China who see education as the only way for the next generation to have better lives than their parents.

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This report from Taiwan in DW.com points out that German opinion has changed significantly in recent years and is not reflected in Merkel policies. With a change in government to Greens, SPD coalition under Scholz of the SPD and Annalena Baerbock of Greens, German policy towards Taiwan is likely to change. Scholz is seen as having different views from Merkel and is likely to reflect public opinion more closely which is reflected in polls that show 58% of Germans not in favor of Merkel's China policy which moves away from the US. Germany also needs to consider NATO alliance and relationship with US which will be difficult with Merkel policies now that president Biden has made Indo-Pacific  with Aukus and Quad alliances critical to his administration. France has moved closer to India, which will mean pressures from the US and France and German public opinion for Scholz to  come closer to US and France in his policies. A sense that the Merkel period had serious issues and was "grotesquely" backward in childcare, education, digital modernization, infrastructure, climate change, as one German expert puts it, also will make SPD and Greens reconsider Merkel's policies.  After the election there could be a fuller reassessment of the Merkel years and further change in German public opinion as Germans see how much was lost in the later Merkel years in the lack of much needed change inside Germany in addressing the social and economic problems. Merkel may also be seen as having a sensitive relationship with the Biden administration which the SPD and Greens in their different orientation may not see in the same way. Biden's families and workers plan has much that Germans are looking for from the SPD and the Greens and on a scale of $3.5 trillion that the SPD and Greens may see as changing everything.  Population of India combined with South East Asia, Australia and Japan is also about twice that of China, which Germany will feel sets the path for a new policy that reflects a different Europe and a different Asia for the future. ...

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This essay in the Economist warns that most of the public does not understand the dangers of the idea of no Brexit as a preferred option to a Brexit deal that gives too much to the EU. It says this is dangerous in terms of the harsh effects at the border with Ireland and on the economies of Ireland and Britain. It points out that the private view of the EU is very negative towards Brexit compared to the diplomatic comments, so that little should be taken for granted. The European Union and Britain would in the event of no deal on Brexit not follow agreed  terms such on as the 40 billion pounds exit bill, guarantee of EU citizens rights, averting of a hard border in Ireland. The unfriendly nature of such a no deal would lead to aggravating its effects, argues the Economist.  The Economist estimate is that about 4% of GDP would be lost over 5 years for Britain and Ireland. Supply chains would be disrupted. Depending on WTO rules alone is not sufficient as the EU has bilateral deals with many countries. The car industry is particularly vulnerable as it employs 800,000 people and exports 80% of output- it would lose EU certification and face 10% tariffs. EU has made clear that trade for chemicals, pharmaceuticals or cars depends on meeting its standards. These are only a few of the problems in trade as the list goes on and on. ...

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Fei Fei Lee and John Etchemendy co-founders of Stanford Univeristy's Institute for Human-centred Artificial Intelligence the public sector needs to lead AI development.  Acceptance and advocacy by the people at Stanford University that AI is too important to be left to the private sector. That like space exploration conducted by NASA and the Hoover Dam and Tennessee Valley Authority during the Depression, the Erie Canal in the mid nineteenth century, some work is better done by the public sector. For this to happen Stanford needs to accept its position as one of the many great educational and cultural institutions of this country not what Silicon Valley and the Reagan era hand it to being its preeminent beneficiary and representative. This marks a change at Stanford after thinking long and hard about the dangers to America that have emerged from the Reagan era thought that took in its fold Democrats like Clinton and Obama- the 2009 financial crisis fueled by deregulation and defunding of infrastructure and manufacturing, that laid the seeds for America's downward spiral.  ...

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Much of what is written here about Xi Jinping pursuing Chinese socialist vision was known since he became president in 2013 when China's Communist party was losing its appeal, and efforts were made to seize power within the communist party by a leader in the western province of Chongqing. Bo Xi Lai attempted to take advantage of the situation with appeals to the working class and without any genuine commitment beyond a power grab. It was well known that Xi Jinping is a son of one of the veterans of the Communist party under Mao, Xi Zhongxun, unlike leaders who followed premier Deng Xiaoping such as Jiang Zemin. Zemin was a relatively unknown figure who was in university during the crucial period of 1947-49 when Mao came to power in mainland China. It would not be correct to say that little was known about Xi's own ideas about socialism as the long term answer to China's problems. Xi also came in as president at a time when the Communist party was losing its appeal to working class people after three administrations that followed premier Den Xiaoping. These three administrations followed a form of state capitalism that allowed companies to pollute the environment, compete without any regulations, and allowed to operate without any controls as long as they pursued growth aggressively and expanded the economy.There was an effort by Communist party regional leader in western Chinese province of Chongqing, Bo Xi Lai, to use this as an opportunity to grab power in China. During his first year as president Xi had to resolve this issue by having a court trial after revelations of corruption and misuse of power by Bo Xi Lai.  Xi's father Zhongxun's role in the revolutionary movement offers clues to Xi's own convictions and faith in the party. Zhongxun was a communist soldier who set up the revolutionary base areas in Shanxi-Gansu northwest border region of China that provided a refuge for Mao's army following the Long March. Other clues come from Zhongxun's role as head of propaganda during the period after 1944 and in 1952. Xi's family background particularly on his mother's side shows a fervent commitment to Chinese socialist vision during the chaotic years when the Japanese invaded China and Chiang Kai-Shek's nationalist forces failed to defend China's sovereignty. One reason Xi has been less understood is that little attention is paid to Xi's mother, Qi Xin who was highly educated and fervently believed in Chinese socialism and nationalist spirit during the Japanese invasion in 1938. In fact Qi Xin had to leave middle school after the Japanese took over Beijing. She joined the Counter Japanese Political and Military University to continue education and in 1941 attended the Central Party school. She met Xi's father Zhongxun in 1944. In 1953 she enrolled in the Marx School of Communism, and it was her position at the school that offered her husband added protection during the Cultural Revolution that affected Deng Xiaoping and others. With such a history in the 1930's, 1940's, and 1950's it is likely that Xi was profoundly influenced by his father's role in the revolutionary movement, and his mother's faith in socialism with national spirit as the way to protect against the foreign invasions. It would now appear that by the time Xi joined the Politburo in 2003 there was no question about the future course China would take given the role of his parents, and the events of 1938 the fall of Beijing, his mother having to flee, and the events that followed. Xi showed resilience during the period of the Great Proletarian Revolution when he was sent to the villages at a time when he would be studying in school and college. He was sent to an agricultural commune in largely rural Shanxi province where he worked as a manual laborer alongside other people and developed a relationship with the local farmers. Unlike other leaders during that period which could even be said about premier Deng Xiaoping in 1989, Xi took a different lesson from this experience largely because his father and mother were committed to the socialist vision for the long run. His father was still not fully rehabilitated by premier Chou en-lai when Xi was allowed to enter Beijing's Tsinghua University in 1975. He studied chemical engineering at Tsinghua graduating in 1979. Upon graduation he worked as a assistant for 3 years to a vice premier who was minister of defense. He then left Beijing for Hebei province to work as a deputy secretary of the provincial CCP. He was made Mayor of Xiamen, then governor of Fujian province in 1999 where he tackled environmental conservation before moving to Zheziang province. His father passed away in 2002 and it would appear that he was carefully trained in different provinces instead of staying in Beijing, for a position of national leadership. Xi got his break in 2007 when the upper leadership of Shanghai city was tainted in a wide ranging pension fund scheme. He was made party secretary for Shanghai. This was the position Jiang Zemin had held before he succeeded premier Deng Xiaoping. In only a few months in October 2007 Xi was made one of the 8 Politburo members, ready to succeed Hu Jintao as president. Xi's perception of being sent to the villages and making it to university education was that it was part of the long run socialist struggle, with pain that his father had also endured as simply a phase in which things would be right in the end. Xi's mother comes across as a resilient figure and one who had herself gone through the struggles of the 1930's and aided her husband on one occasion. Some of this resilience could have been passed on to the son. Xi's wife is a zealous participant in Chinese dance and music performances that created enthusiasm for the Chinese socialist revolution from the 1930's period. In his conversations  with colleagues in the party, in culture and temperament, Xi has been forthright about this background and his style of work.  Xi is unlike premier Deng and the presidents who succeeded him such as Hu Jintao mentored by a former mayor of Shanghai Jiang Zemin who came to power in 1989. Xi is more in line with the leaders around Mao like his father in his outlook and thinking, with a cautious temperament that comes from years going through ups and downs of political struggles. He is once said to have responded with dismay about being in a top position in the government knowing how precarious this had been for his father. The education at Tsinghua, his engineering background, and his easy familiarity with farmers in the provinces, mean that he understands China and its history well enough to have the confidence to shape Chinese policies in a way that none of his predecessors had except Mao, premier Chou-en-lai, Liu Shao Chi and a few veterans from that time in the 1930's. That Xi waited patiently for so long to gradually assert his ideas about socialist vision for China may be the surprising part of his behaviour till 2021.  It may be that he wanted to make the changes only after he could persuade party leaders and colleagues of his vision and long run goals. And because the Chinese economy had grown so large that it would take time to steer the ship in a different direction for the long term. In most of the negotiations with president Trump he cautiously let trade negotiators handle the situation, all the time learning about how to tackle problems of China's relationship with US and Europe. US president Biden also has a vision that is veering towards a socialist perspective in terms of bringing gains of progress to workers and families. So does Mr. Trump, Mr. Boris Johnson in UK, and Social Democrat's Scholz in Germany. It is both economic and political as Mr. Xi is quoted as saying in this WSJ report. The necessities of such action are both economic, social and politically driven as capitalism has veered way off course.  In this report it is mentioned that Soho China 40% stake was taken by a large capital markets firm in New York in the hope of large gains, as Soho China developer was a tycoon who wanted to leave China. Seeing it as not favorable to his company following events in Hong Kong. This behaviour of capital markets groups in New York and tech companies in Silicon Valley, driven by profits and not aware of the social and economic problems of working class American families is a problem in the US and in Europe. It is also what has driven so many large tech companies to expand manufacturing operations in China, that hurt US manufacturing capabilities and American workers jobs- an issue raised by president Trump and taken up by president Biden. Biden has already moved to make Intel Corporation change its plans and invest in American manufacturing technologies in a quietly implemented U turn. US president Biden is left with the unenviable job of solving this huge problem during the pandemic. He has also committed to a somewhat socialistic vision with a $3.5 trillion plan for workers and families, as has vice chancellor Scholz in Germany with his own version of programs, after the failures of unregulated forms of capitalism. Scholz goes so far as to say his mission is to show that there is really no such thing as a self-made man, that it is help from society, his fellow citizens, and government, that makes it possible for him to do his work. In a sense the world is shifting away from Reagan forms of capitalism without regulation after seeing disastrous results during the pandemic. Not just China. Some form of government guidance and regulations are now seen as essential in China, the US, UK, Germany and India for a better society and a better, healthier life, and for opportunity for all in each country.   ...

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Comcast's bid for TV company Sky is one of many mergers planned in 2018. U.S. corporate tax cuts and incentives for investment are fueling a merger wave not seen since 2000, says this report in the WSJ. This report also points out that the amount spent on increasing wages at Walmart and AT&T is small compared to the hundreds of billions being spent on share buybacks and in pursuing growth or higher returns. Dealogic numbers show $325 billion going into bids for mergers launched so far in 2018 and much faster than the pace in the first months of 2000. About $200 billion have gone into share buybacks in 3 months to the end of Feb. 2018, according to WSJ analysis.

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On September 26 Germany holds a general election to decide who will lead Germany after Merkel. Olaf Scholz of the Social Democrats is seen as personally popular for his work in government with 48% support in recent polls, with Armin Laschet of the Christian Democrats at 24% and Annalena Baerbock at 27%. The Social Democrats poll 24% and are expected to form a government with the Greens at 16% and the FDP party. Baerbock of the Greens and Armin Laschet of the Christian Democrats have lost support in recent weeks with the floods and other events. The figures are from Deutschlandtrend poll by Infratest dimap Institute.  The CDU of Merkel looks less likely to form a government under leadership of Armin Laschet today compared to a few months before. Merkel is still popular with most Germans but this support does not carry over to Armin Laschet. There may also be some sense among Germans that it is time for a change in government after the Merkel years even though she is personally popular. The difficulties imposed by the pandemic on the German people, and the added problems of the floods could lead voters to look for change in government under new leadership more sensitive to the problems of today- infrastructure, employment participation of people held back by the pandemic, and rebuilding healthcare, education, childcare systems, tackling climate change issues. ...

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More than 600,00 people in Hong Kong are expected to use their colonial era British National Overseas (BNO) status to seek the pathway to citizenship offered by the British government. The advocacy group HKB Hongkongers in Britain surveyed the city's residents hoping to take advantage of the program that starts in January 2021. The Home Office had expected this to be about 500,000 over 3 years. About 80% of those surveyed want to emigrate in 2 years, faster than expected. About 75% of them have university degrees and earn well above the city's average, so that they can contribute to the British economy. About 75% plan to travel with children. Only half have friends in the UK and few have family there. Compared to the influx of migrants into Germany this is likely to bring a fresh infusion of talent into the UK economy at a time when Britain is embarking on building trade with countries around the world after leaving the European Union. Germany had language classes and many problems to integrate migrants from Africa. There is no language barrier and cultural issues are also for the most part absent. The technical skills of Hongkongers with BNO status could add to the British economy in many unanticipated ways.   ...