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Britain to lead coalition efforts in Strait of Hormuz- in the 1950's this part of the world was still part of the British Empire. Britain was the dominant power in Iran in 1900 and was also dominant in Turkey for a period after the First War in 1918 in Turkey. With the collapse of the Ottoman Empire Britain and France assumed a stewardship role over what is now Israel, Iraq, Syria. Only after the rise of Ataturk in Turkey in the 1930's were there independence movements and anti-monarchial movements in the region. Ataturk was an avowed modernizer who Europeanized Turkey, that was not so with the anti-monarchial movements in Iraq, Syria, which led to a great deal of unheavals and the wars we know today as Iraq war, Afghan war, Iran war. In Iraq and Syria it was a form of Soviet Communist/ Socialist  style movements that took power, and in Iran it came in the form of a religious movement based on Shia Islam that by the 1990's clashed with the socialist movements in Iraq and Syria. Syria and Iraq disintegrated costing the US dearly in resources and men, and the Afghan wars hurt both the Soviets (Russia) and the US. The Iran war may be the last of these wars as the US and Europe, and Russian Europe, China, India and Japan, close this chapter in their interactions to a region that is impervious to the kind of modernization that started in 17th century Europe with the Renaissance, in 18th and 19th century Europe with the Scientific Revolution, and in 20th century Europe with the Industrial Revolution, that was fervently desired in Russia, Japan, China and India as these ideas spread over western and southern Asia like wild fire and were adopted as emancipating and with a sense of wonder by the Asian people as their own.  The world may soon decide it can do without Hormuz. China Japan, and India can secure alternative supplies of oil from US and Russia, and ramp up their production of renewable energy to make Hormuz redundant by 2030 and- history. Germany already has shown the way - getting only 6% of imports of energy from that region. ...

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It might not all make sense that the Pakistan/China mediated ceasefire conditions (including US and Israeli condition of no nuclear weapons development and ballistic missile development) are really not known even in the media today, only known to the Iranian government and the US government. In these conditions Iran's government gets to show that it had achieved its goals, even with enormous reconstruction costs of the damage done during the war. DJT had pointed to a sort of regime change in Iran after most of the earlier leadership has been removed, and new leaders in place who are keen on setting up conditions for their own administration replacing the old one.  Over the period 2027-2030 the prospect is real that China, India and Japan may shift their oil supplies sources to other regions, increase conservation per unit of GDP, and increase supplies of renewable energy, steps already taken by Germany over the last decade. Most media looks only what happens today and in 2026. This may be the last of the Middle East Wars before Europe and the US, and India, China, Japan shift away from the Middle East to get supplies of fossil fuels, and it may bring new renewables technologies that reduce the dependence on fossil fuels to the point of making a true transition to renewable energy. It may also be the last of the Middle East Wars in the sense that people of European nations and the US insist on no involvement in MIddle East as a sort of quagmire for squandering American, European and Asian vital resources of people and capital, ample example being given over the last 40 years. Considering the costs of the war and the moral cost of destroying infrastructure such as power plants that hurt the local population more than the regime in power, China, Japan, the US, and EU, India may find it is easier to race each other in coming up with alternative supplies and shifting to renewable energy faster than planned, making Middle Eastern oil supplies  and volatility in prices redundant, which would be a good thing after the hugely negative and costly experience of the last 50 years of dependence.     ...

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Can companies in Malaysia, US, and Hong Kong be held responsible for a country's water supply? For water supplies in England?

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Starmer and Yvette Cooper plan action on speeding up 32,000 asylum cases which cost $5.4 billion in 6 months of 2025 for migrants and asylum hotels. Yet speeding up and creating alternative ways to cut asylum cases may not be enough to address the problem which at its root goes to the fact that the British system of justice was not designed to handle people of other countries freely entering the country on boats. Already the Times of London repoirts that there are 111,000 asylum cases up from 7000 in 2022 by June 2025.  A clear warning that Labour's entire program of action on housing, on immigration, on the economy and cost of living, can be derailed by not recognizing the fact that illegal migrants are simply making a travesty of the British system of justice which was not designed for people of other countries freely entering the country. The simple question is can thousands of illegal migrants be placed ahead of the interests of 60 million people of England, Wales and Scotland.  ...

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Hospitals in Europe are filling up quickly in the second wave of coronavirus. Coronavirus patients had to be transferred by helicopter to Germany from the Netherlands because of overburdened Dutch intensive care units. National Guard troops were flown in from the U.S. to the Czech Republic to help. In France as cases approach cumulative 1 million about 2000 patients are admitted to hospital for coronavirus every day on October 29. At some point French hospitals could be overwhelmed this winter, and doctors having to choose which patients to save, says president Macron. In the Czech Republic a collapse of the health system is expected by mid-November says the prime minister. No one expected this to be this severe, he says.  About 40,000 patients are hospitalized for coronavirus in the U.S. During the last week the case are increasing by over 40% in the U.S. and increase in hospitalizations are expected. Recovery rate is improving from the first wave. At NYU Langone hospital system in New York with 5000 coronavirus patients hospitalized recovery rate is improving from 25% in March to 7% in October. Better handling of cases and knowledge gained by doctors is a big part of this. ...

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The CEO of the New York Times and the former director general of the BBC, takes a look at the public discourse in the 2016 U.S. presidential election and in the Brexit campaign, and finds some troubling changes. The use of words that can eaily be picked up by Twitter and social media to attack opponents, the complete disregard for facts, and outright attempts to denigrate and destroy using rhetorical tactics, and a section of the public that has turned away from the facts or is disinterested in facts, is deeply troubling for Mark Thompson. When the public discourse fails, then the politics as a whole starts to collapse, says Thompson. We are children of the enlightenment, says Thompson, and were taught to look underneath statements to discern the truth. This is a crisis in public discourse. Worse it is one in which truth telling by people who say they are outsiders and tell it like it is, is not about telling the truth. Which is what makes it so dangerous. Thompson cites the statement by Michael Gove that "people in this country have had enough of experts," as another dangerous sign. He says it is time that experts make themselves understandable and talk in a way the public can understand. The media needs to explain issues in clear ways, and professional policymakers language of discourse needs to be conveyed in better ways that the public can grasp, in which the Brexit Remain campaign failed, says Thompson. Its important to acknowledge the problem, as the health of our democracies depends on finding solutions to what has happened in 2015-2016 to change the public discourse and let it deteriorate to unimaginable levels.  ...

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Britain's general election results show Conservatives losing their majority in parliament. Conservatives gained 318 seats, but only because voters in Scotland voted tactically for Conservatives to avoid Scottish independence, leading to 19 fewer seats for the Scottish National Party. Labor gained seats in England and Wales. The Liberals added 3 seats. The final tally was Conservatives 318 seats, Labor 260 seats, Scottish National Party 35 seat, Liberals 12 seats Democratic Unionist Party 10 seats, others 13 seats, UKIP 0 seats. Conservatives can form a government only by joining with the Unionist Party based in Northern Ireland to have the 226 seats for forming a government. This election creates questions about the whole idea of Brexit, as a majority of the voters supported Labor, SNP and Liberal Democrats, with a total of 50.4% of the vote, according to BBC, for parties that did not see Brexit as the priority for Britain. Labor 40.0%, SNP 3.0% and LD 7.4%. By contrast UKIP, Conservatives and DU, pro-Brexit together had total of 46.1% of the vote. Any Conservative government is likely to be weak, and according to this report in WSJ may lead to new elections by the end of the year. The high turnout of 69% shows voters wanted to send a message about their doubts on Brexit. A Labor government cannot be ruled out. ...

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Commisssion papers of the National Commission on the BP Deepwater Horizon Oil Spill were critical of the Obama administration. The papers said the administration's efforts were affected by a sense of over optimism, and this may have affected the speed and resources brought to bear on the situation. It is critical of the administration's casual approach taken to estimate the size of the spill, and initially underestimating the scale and extent of the spill.

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Chancellor Merkel warned that Germany could ease restrictions "too quickly" endangering progress made. Germany has about 145,000 cases but only about 3% of cases as deaths. Europe has about 1 million cases with 10% of cases as deaths, with much higher rates of deaths in Spain and Italy.

As oil demand plummets oil price of WTI West Texas Intermediate benchmark drops to $11 by April 20. The oil deal to remove 9.7 million barrels a day has not boosted oil prices because of the steep sudden fall in demand.

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Greg Ip of the WSJ cautions about thinking that the GDP growth of 3% is likely to be achieved with the Trump plan for a corporate tax rate of 15%. He says evidence from Britain and Canada- Britain reducing the tax rate from 30% in 2007 to 19% today, and Canada from 28% in 2000 to 21% in 2004- is disappointing. In Britain the increase in GDP averaged about 0.1% a year. Business investment increases with cut in corporate taxes, and the U.S. corporate tax rate is higher than other advanced countries such as Germany, yet GDP growth includes other factors, such as the business cycle, demographics, productivity growth, aging, technology, regulation, says Ip. It is better if the tax cuts are spread broadly over the population, and tax cuts are offset to a greater extent by savings in other areas, and that tax cuts promote productivity boosting investment, to create enough of a surge in growth above 2%.

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Iran peace talks in Islamabad on April 12 and Iranian refusal on nuclear weapons development and ballistic missiles leading to collapse in 21 hours of talks. Vance leaves talks and US plans to impose a naval blockade of Iran. This report by the Guardian shows that media coverage has created a sense of delusion that the world including the poorest countries in the world in Asia, in Latin America and even in Europe, and the industrialized countries will somehow allow the free navigation for oil and other raw materials to be interrupted by any nation. There are protests all over the world about increase in fuel prices, some of this affects LPG supplies for cooking in countries with a population of 1.4 billion people (India) many times that of the entire Middle East. Tens of millions of migrant workers head back to their homes in poorest states in India as LPG cylinder prices quadruple and are in short supply April 13, 2026.It also affects China and Japan which are dependent on Hormuz,  not the US which exports oil and does not seek to gain from oil prices. Posturing by the media and European governments on this issue has created this delusion that this is about US actions, when the US is only acting in the interests of all nations to keep the planet safer from dangerous nuclear proliferation in the region most torn by repeated wars in the last 50 years. Some of the language used about attacks on power plants has become a reason to justify such reporting to present aggressive ballistic missile development and nuclear weapons development in Iran in a benign way, becoming oblivious of how it affects the lives of billions of people around the world, as the Middle Eastern region a small fraction of the world's population (less than 7%) and a small fraction of the planet's surface (less than 6%) continues to operate in a way that is destructive for the lives of people around the world.   ...

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US naval base at Bahrain and the damage from missiles in the war  June 2026 as shown by the WSJ. Bahrain is located only 150 miles from the Iranian coastline and was targeted along with other sites including Kuwait and UAE. A new route along the Omani coastline protected by US naval power in the region that then goes along the UAE coastline is now the route opened up by the US for shipping oil through Hormuz. This route is key to reducing oil prices and the recent visit by Marco Rubio of the US to the Gulf Cooperation Council being held in Bahrain June 25,  and the meetings held there, affirmed the open navigation of the seas on international waterways as being under international law. This has led to the fall of oil prices to prewar levels of around $70 per barrel. The US will redo the naval forces and bases in the region with less in Saudi Arabia and Kuwait, smaller footprint in Bahrain, and move some naval forces to the west closer to or inside Israel. The administration has asked Congress for $40 billion for the naval and military effort to restore open navigation of the seas for the world's energy of which $5 billion will go to repair of damaged naval facilities. One of the effects of the war that is constructive is ther is now an awareness to manage oil consumption in India, China and Japan major users of oil coming through Hormuz. China has figured out ways to do without the 3 million barrels a day from Hormuz, India has setup alternative oil supplies from Venezuela, and Japan is both cutting oil use and looking at alternative sources. Oil companies are also working on alternative supplies in other regions of the world. Both China, India, and European Union are accelerating their renewable energy sources to meet energy requirements. This means after 2026 the world may not be dependent on Hormuz for energy supplies, Hormuz becoming one of multiple sources and alternative supplies than in the past. This will also keep oil prices in the $50-$70 range that is consistent with cost of living and economic growth. ...

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Sandhya Sharma of The Economic Times puts a spotlight on the dominant role of China in global shipping by 2005. In 1980 China had a tiny role in global shipping, with bicycles a dominant form of transportation in Beijing. By 2019 this role had expanded to dominant position in all the largest modern technology container ports with global shipping volume having more than doubled since 2005. Much of this was done by working with major providers of container port technology such as Maersk of Denmark and other European shipping companies, with imported technology playing a critical part. India is starting from basics in its effort to develop its shipping in the Indian Ocean region with its large coastline facing the Suez Canal and the eastern coastline facing Malaysia, Indonesia and Australia. This was evident during the recent "Atman Nirbhar" global shipping meeting in Vizag- the Maritime India Summit 2021. The goal is to make the next decade one of rapid development of the maritime sector to secure India's position in global shipping particularly in the Indian Ocean region. Collaboration with major European technology providers will play a key role in developing container ports to the levels required for India's future role in global shipping. Sharma discusses the visit of premier Boris Johnson in April 2021 to India to forge strong trade ties.  The Indian prime minister held virtual meetings with premiers of Sweden and the Netherlands, two major maritime nations in Northern Europe for stronger trade and technology ties. These ties are part of the broader effort by the US, UK, and European Union countries to forge strong trade and technology ties with India now that it is clear to them that new supply chain will be needed over the next decade as China disengages from that level of its trade ties with Europe, US and India. New global supply chain means new global shipping container ports and global shipping links of India, Vietnam, Malaysia, Indonesia, with the US and Europe. Looking at what happened between sometime in 1995 and 2005, and in 2005 to 2009 when the global financial crisis hit, when China went from a miniscule level of world trade to predominance. And the years of the Obama administration 2008-2016 when this simply continued without any understanding of its implications for both sides, to levels of China's predominance in world shipping that can only be considered as unbelievable. Growing at over 12% through continued use of  imported technology from Europe and the US. Looking back at what happened one sees that this made China over dependent, its economy too intertwined with Europe and the US. This also made the US and Europe over dependent on China in its supply chain. It took the pandemic and the one term Trump administration, the crisis in Hong Kong, the situation in Ladakh and India's norther border, the South China seas and Vietnam,  for both sides to realize this was not in the interest of any of the countries involved.   ...

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This response by experts on transatlantic relations rejects the other view expressed in Zeit Online that the U.S. under Trump remains estranged from Germany and the EU. These experts from the American Institute for German Contemporary Studies, American German Council, and Centers at John Hopkins and Georgetown for German Studies, reject the view that the Trump administration and Germany are that far apart on many issues as it appears from media coverage.  Foremost it points out that civil society relations are sound and growing. About 50 million Americans trace their descent to Germany, including president Trump, much larger to over half the U.S. population considering European descent. Much larger is the sense of a culturally shared future with the European Union, with the nations of Europe including Germany, France, Italy, Spain, the nations of Eastern Europe, and Britain. The civil society relationships run deep in a way that is hardly affected by the Trump administration. Within the Trump administration the policies to Europe these experts remind the reader, are determined by the "adults" in the administration, who are senior members of the administration. This is a crucial point as Trump administration policy is not determined by the president's liking for tweets as much as by senior cabinet members Tillerson at the State Department, Gen. Mattis at Defense, Kelly at the White House, and senior members of Congress including Senators Corker and other senior committee members. This is why Republican Senator Kay Hutchinson was chosen as Ambassador to NATO. It should be noted in this context of German-EU relations in president Trump's first year that there was a period of German disillusionment with president Obama, exacerbated by the NSA spying on German chancellor Merkel and on the EU delegation to the UN, with president Obama's failure to offer any apology. Relations recovered from that low point. No one suggested that there be a German led decoupling of the EU with America at that low point, or at another low point in German-U.S. relations with the setup of American Pershing II nuclear missiles on German soil under the Reagan administration when there were large scale protests.  The American view that the U.S. should not have to shoulder major responsibilities for defense and foreign relations by itself is not new say these experts, and goes back to earlier administrations before Trump.  The experts argue for an active role by Germany with its partners in Europe for defense and foreign relations, which should not be seen as a result of U.S. pressure, only responding to the situation as it has evolved upto this time. Views on immigration are also changing with effort by the EU and Germany, France, to reduce immigration from the source countries in Africa, and the changing perceptions about uncontrolled immigration in Germany and France, say the authors. A coordinated policy towards Russia  is seen as not having changed. And much as a reset in relations was advocated by Obama in the first year of his first term, the current policy of the Trump administration to work with Russia to lower tensions can be seen in the same way say these experts, and not as a fundamental shift in American policy. The deep relationship of Germany and the EU with China is another positive aspect that will also help the U.S. in framing its own policies towards China. The German-American relationship, and the European Union relationship with the U.S.  is seen as basic to the values and interests of the U.S. and Europe. This relationship is too deep and supported by civil society and Congress, the Republican Party, and the Democratic Party, by large trade relationships, to be affected by temporary differences under any one administration. Even these differences are part of a larger debate that is part of dialogue on issues in a democratic society, sometimes raucous and loud, and could be welcomed and carefully channelled in constructive ways.     ...

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China plans to retaliate against the Chinese operations of Ericsson and Nokia if Huawei is banned in 5G networks in Europe, following the U.S. ban. Planned by China are export controls on Ericsson and Nokia in China banning export of its products made in China. The German decision is to be made by September. Britain has already banned Huawei participation in its 5G networks.

Experts say this effort by China would lead to European companies redrawing their supply chains which they are already doing after the pandemic.  Nokia is doing this and Ericsson is also planning to shift production to other parts of Asia, or back to Europe or North America.

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Toyota benchmarks a production method of using MQB platform introduced by VW in 2012, and adopts it for its New Global Architecture for manufacturing plants. The method allows production of multiple models in one plant, and even on one production line, reducing costs by about 30%. The Prius and the Lexus will be made using this method, and Toyota will shift half its production to the new method by 2020.

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Startling fact seen in this chart of Federal Reserve Bank of St Louis in the adjoining article next to this one- that in 2026 we are seeing 1929-1937 levels of military spending to GDP ratio of 2-3% just before it jumped to 45% in 1940. It is a cautionary tale not to spend too little (2-4% is a danger point) as lack of military modernization means a lot more spending soon after, almost 10 times that- 10 times 4% or 40% in World War II.  Message to the US is not what Starmer and company are saying in Europe- it is that don't invite the existential crisis of 1940 again for western (US, EU, Canada, UK) and eastern democracies (India, Japan, Indonesia, Australia) by not doing military modernization. And 2-4% of GDP for military spending is not going to be enough to do this.

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Oil tanker hit off Dubai port carrying 2 million barrels of oil to China from Kuwait and Saudi on March 30 2026. This is the first big hit by a drone or missile of a ship carrying over 1 million barrels of oil. Crew of 24 was unhurt and the ship survived the hit by a drone with no oil leaking into the waters of the Persian Gulf. China gets 90% of its oil imports through the Straits of Hormuz. Which is why DJT says when this is about keeping shipping lanes open for oil transit it makes no sense that a Nation like the US that is self sufficient in oil and gas should have to take on the responsibilities of keeping  international shipping lanes open without any help from China- or Japan and South Korea. It is one reason for the US president's critical remarks on lack of such help, particularly from allies from the European continent.

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Google Alphabet able to raise $80 billion by issuing more stock with the share price only down slightly by about 3%. The huge amounts of money raised have an impact on borrowing rates (which increase) for other borrowers and reduce the amount of capital available for needs other than AI.  About 60% of the capital raised from share issuance, IPO's and other ways of raising capital is going into AI, making capital scarce for everyone else and for the economy's needs other than AI. Education, Healthcare, Infrastructure will all suffer. Infrastructure that is crumbling in the US and some of it from the middle of the last century needs to be rebuilt. AI is sucking up all these funds meant for infrastructure projects meaning that much of it is put further away in time. DJT and Biden promised infrastructure projects would get first priority. Will this happen? And who gets to decide what the Nation's priorities are?

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In a nutshell why the economy is lopsided benefitting some, ignoring many. Labour's (salaries of all working people including professional classes) share of gross domestic income is 50% in 2026 the lowest since 1947, and profits highest since 1950 at 12%. Then you have hourly wages up 3% since 2019, while profits are up 50%. Greg Ip of the WSJ says the causes are complex and implications sobering. He says you can be a red blooded capitalist and still worry- is something wrong or unsustainable? Political stability, good governance structures, good institutional structures that were set up since Lincoln (the beginnings for the Industrial Revolution), by TR and FDR/Frances Perkins (the basic institutional and good governance structures of modern America and now the industrialized world that allied labor and capital with fairness to all), the entire setup needs to be rebuilt and renewed. The problems are also appearing in Europe and causing dismay, with calls for rebuilding and renewal. ...

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The RNC speech of the former president is described by the WSJ Editorial Board as long and rambling for 90 minutes after a good start becoming a typical speech that did not broaden the appeal, and with its random comments lacking clarity. The former president's claims on crime up when it is actually down by 15% according to FBI. On inflation and cost of living the inflation peaked at 9% is now down to 3% in 2023 with cost of living actions by Biden and Powell. The former president's solution to "Drill, baby drill," would only affect gas prices a bit, and do nothing for the principal causes of inflation in housing, in rental of apartments, in prices of automobiles and auto repairs, and in cost of drugs, student loans. Only a concerted action on all fronts as Biden and Powell have done would work, along with large investments in American manufacturing and jobs, which can only be done if no tax cuts are made for the wealthy not in the Republican platform. This means the hundreds of thousands of job creation each month happening now will stall and inflation from supply chains in China will be harder to control especially with a 60% Trump proposed tariff on Chinese imports. ...

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The contrast between Carlos Tavares and Elon Musk can be seen in this exchange between Mr. Trump and Mr. Musk. Carlos Tavares plans a big manufacturing effort for Stellantis in electric cars- 75 models by 2030- with a very different culture than that of Mr. Trump and Mr. Musk, that builds on the dignity of each worker and family. Social media is used by Mr. Trump and Mr. Musk for their own benefit, by manipulating culture and beliefs including how capital of society should be allocated away from HEIRS (Health, Education, Infrastructure, Retirees, and Societal needs). Absent Mr. Musk America would still be producing electric cars as is evident from the intense competition between the major car companies and their complete switch to electric on a scale needed for tackling climate change. Who is the better role model for young people in the US or Europe? Carlos Tavares with his simplicity and caring for dignity of workers or Donald Trump, Elon Musk with their rancorous exchanges and comments, and extravagant behaviour.     ...

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Democrats continue to believe they lost in 2024 because they did not attack DJT enough. This fails to cite issues such as cost of living- surge in the third year of the Biden administration with 20% increase in prices and Biden failing to take notice and address this quickly. A wave of illegal immigration- the failure of Mayorkas, himself a Cuban immigrant in 1960, put in charge of Homeland Security and ICE, and Harris who was an attorney helping indigents in inner city San Francisco, to grasp the fears of border states and southern states. The failure to understand that the border was open and inviting waves of illegal immigrants, some with questionable backgrounds. This issue created a sense of unease in the fabric of society and American people. Other issues simply showed how Harris could not relate to the conservative people and average people in the country in the cultural aspect such as transgender, rural America. Biden pulling out suddenly, loss of rural vote- failure of Democrats since Obama to pay attention to rural voters, Harris not appealing to the white male vote in the US, are other factors that hurt Democrats. DJT gained with the shooting incident in Pennsylvania in which he survived, and the perception raised during a garbage truck and DJT photo that the Democrats derided, seen by the public as looking down on working class people. Democrats never really grasped how the political system had gone in reverse- the Republicans had put cultural aspect first and conservative now meant working class voters and white voters in rural areas/small towns, big cities, ( the Archie Bunker type of an earlier era who was now a Democrat, not the college educated and Ivy league Harvard type that had taken over the Democratic party). This continues to this day with some paradox as the business class and the billionaire class sit alongside the working class person in the Republican party DJT created. DJT did this in 2016 by pulling together workers hurt by Bush and Obama's policies favoring the educated classes and affluent, ignoring rural areas and farmers, and committing US to wars in the Middle East that squandered the Nations' resources and human lives. This was aggravated in the Biden/Harris/Mayorkas years by letting in migrants across the border by the millions that created a great deal of unease in the working classes. In this way labor unions or their rank and file left the Democratic party- a problem that plagues Democrats to this day, that Biden tried but failed to fix. The border issues had become complex by the latter part of the Biden administration because of the complete collapse of Venezuelan economy and the drug cartels in Mexico smuggling people and drugs across the border, for which the Biden administration or Harris had no answer.  It was the failure of administrations to continue the Monroe Doctrine in the form given by FDR as "Good Neigbor Policy," and JFK as the Alliance for Progress, allowing drug cartels and foreign European powers to intervene in the western hemisphere, desorying good governance in Mexico, Venezuela, Cuba and other nations in Latin America. By the second year of the DJT administration Venezuela, and the border were brought under control, and the situation in Mexico put in a new direction. ...

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Government bonds will be purchased by central banks of each country roughly in proportion to the size of their national economies in the eurozone. Risks for 80% of the purchases of bonds in the $1 trillion program will be borne by the central bank of each country. For 12% of the remaining bonds purchases will be made in the European Investment Bank bonds, here risk will be shared with the ECB. For the remaining 8% the ECB itself will make bond purchases. This avoids a situation where the risk of bonds going down in value is borne by that country and not passed on to other countries in the eurozone, as a matter of fairness in distributing risks. This also limits moral hazard where painful budget decisions are not made by countries in need of budget overhauls because risk can be passed on. A big reason why this can work in 2015 is that the eurozone has already emerged from the crisis period of 2012-2013, and is beginning to experience growth in 2015. Just this kind of boost to lending was provided by the U.S. Federal Reserve when the U.S. emerged from its crisis period in 2009-2011, and helped the economy grow in 2013-2014....