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Efforts to impeach two previous presidents including Democrat Clinton failed in the Senate where the vote requires a two thirds majority. The first impeachment vote against Mr. Trump failed in the Senate. In the House of Representatives only a simple majority is required. Majority Leader McConnell says he will not reconvene the Senate before president Biden takes office. Vice President Pence has refused to invoke the 25th Amendment. House Democrats have moved ahead to vote for impeachment of president Trump for the storming of the Capitol offices in Washington D.C. Their impeachment statement says president Trump's remarks that his supporters had to fight like hell or they would not have a country, constituted incitement of supporters. President Trump won 74 million votes in the last election more than in the 2016 election and lost with Mr. Biden winning 81 million votes after polarization of the country. With such a large portion of the country voting for Mr. Trump Mr. Biden risks his agenda of fighting the pandemic, and other parts of his program, becoming immersed in partisan infighting. This would also result in continuing the division of the country, and continue polarization.  About 5 House Republicans are expected to support impeachment. In the Senate some Republicans say there are impeachable offenses yet only Mr. McConnell and the senator from Utah, Mr. Mitt Romney, favor impeachment.  Mr. Trump's style of governing was controversial from the beginning of his campaign in 2016, strident and taking on critics. He governed through relative moderation compared to his aggressive posture towards critics. For instance on Mexico his remarks offended critics, yet he negotiated a new trade agreement with Mexico replacing NAFTA to ensure worker protections in Mexico, and worker jobs and wages in the U.S. Negotiations with China on trade were conducted by a seasoned veteran, Mr Lighthizer,  who was deputy Trade Representative under Reagan, and negotiated the trade agreement with Japan that worked to reduce Japanese trade surplus in the eighties. On the economy before the pandemic hit in March president Trump made significant progress reducing unemployment.      ...

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Anton Harder in this Wilson Center publication of research uses correspondence between Jawaharlal Nehru and his sister Vijaylakshmi Pandit ambassador to the US in 1950, to show that the US made an offer for India to take a permanent seat at the UN Security Council. India had supported two resolutions on June 25, and June 27, first condemning the invasion by North Korea and second the organizing of a UN force of 29 countries to push back the North Korean invasion. Even though the US is not seen as actively engaging with India during that period and seeing through British eyes the colonial policies of encouraging  different powers in South Asia, that may not be true.  Who was India's foreign minister in 1950? Jawaharlal Nehru was both prime minister and foreign minister till 1964, which means there was less discussion of foreign policy than happens today during the Ukraine invasion with Jaishankar a career diplomat with 30 years experience, Rajnath Singh, and Mr. Modi, in talks with president Biden recently, and in further discussions Modi had with EU's Von der Leyen and UK's Boris Johnson, Kishida of Japan. Who was India's defense minister in 1950? Baldev Singh, a Sikh independence struggle leader was Minister of Defense for 1947-52 and tackled partition of Punjab and Kashmir issues. The rest of the years to 1957 when India faced the Chinese invasion of Tibet India's defense minister was also for most of the period Mr. Nehru, except Ayynagar in 1953, and Kailash Katju in 1955 and 1956. The controversial V.K. Krishna Menon was Defense Minister from 1957 to 1962, when Indian defenses were further neglected leading to the Chinese invasion of India in 1962, and his replacement by Yashwantrao Chavan. The purpose of this is to look back at what happened in earlier periods to understand where India stands today- and what choices it makes today. Clearly the US was looking for allies then and now. Nehru saw things from his own reading of history seeing China and India as both suffering from western invasion, not realizing that China's experience under Mao was different- that of Japanese invasion and bombing of China's major cities not just colonization of Hong Kong and other ports for trade under British trade based policies in 1850-1900. Thus a Communist Chinese version of China's defense involved taking over border regions such as Tibet putting China in direct and open opposition to India. Nehru never really grasped what was happening in Tibet and the war China fought against the Nationalists. American general Stilwell loved China deeply and had an understanding of its people as shown in Tuchman's account in her book Stilwell and the American Experience in China 1911-1945. Stilwell during that war had a better understanding of China, the strengths and weaknesses of Mao's China and of the Nationalists under Chiang, than Nehru. Some of these errors post 1950's and a concentration of foreign, defense and embassy positions in the person of Mr. Nehru and of Nehru family member such as Mrs. Pandit led to the Indian failure to act on Tibet and see it as see it for what it was -facing a Communist Mao led China that had fought the Japanese invasion as different from Bodhidharma's China of the history books. Bodhidharma's China will outlast Mao's China, yet it is Mao's China that India faces today. This also tells us that India has to think in new ways- as Lincoln said during a period when America was also making its own progress as an industrial nation in the 1860's. "The dogmas of the quiet past are not adequate to the stormy present. The occasion is piled high with difficulty, and we must rise to the occasion. As our case is new, we must think anew, we must act anew. We must disenthrall ourselves, and we shall save our country." India's values are values of democracy heightened not just by Mohandas Gandhi's ideas with Hind Swaraj written in 1910 just as powerful in 2022, but also by the heights of Ladakh where elections are held in remote regions of the Himalayas. India's values are values that are also shared in the best that America has in its values and culture and in the defense of freedom.    ...

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Dilution of the Volcker Rule by defining "hedging" as covering bank risk on a "portfolio basis," "including aggregate risk of one or more trading desks." The new wording is in a 174 page draft proposal for the rule released by regulatory agencies. The Federal Reserve, the FDIC, the CFTC, the SEC, and the Treasury Department are putting together the final wording. This opens the door for banks to engage in proprietary trading on their own account. Experts say this makes it possible for financial firms to make all kinds of bets on the market, by defining the risk of its portfolio broadly, such as a U.S. recession. Additional changes are the deleting of the requirement that chief executives pledge their firms are not engaging in proprietary trading. Another change that is being debated is whether to require banks to report all trading to a single repository so that regulators can see if there is systemic risk. The result of this would be a watering down of the original Volcker Rule provision in the Dodd-Frank legislation, that banned proprietary trading after the 2008 financial collapse on Wall Street....

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The Pirate Party, a party of digital activists favoring more transparency and sharing of information online has about 10% of voter support according to recent polls. The Pirate party concept started first in Sweden, but it is in Germany where it has gained political support. This party was founded in 2006 in an underground Berlin nightspot C-Base, where many digital activists gathered. In Sept. 2011, the German Pirate Party gained 9% of the vote, 15 of 249 seats in the Berlin state elections. This was repeated in the Saarland state elections, and now is likely to happen in elections in Schleswig-Holstein and North Rhine-Westphalia. These votes are coming at the expense of the Free Democrats and the Greens. The Free Democrats are hurt badly, and may not make the 5% of votes needed to win seats in North Rhine-Westphalia. The Greens are seen as part of the establishment, giving the Pirate party support from people thinking outside of the establishment. The polls show the Christian Democrats having voter support of 35%, Social Democrats 27%, Left 7%, Greens 14%, Free Democrats 3%....

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The attack against the ill trained and ill equiped Pakistan poilce forces in the Punjab and across the country. It also resembles the attacks against police forces and suicide bombings by insurgents in Iraq. The police force of 167,000 recruits the same way as it did during the times of the British rule, which is to take poorly educated recruits and train them to protect the ruling elites and maintain order. THe Punjab police officer in charge of logistics says the force has only 80% of the weapons needed for the 167,000 men. Because police officers take bribes routinely they are also not like by the public, whereas the terrorists act like pious Muslims and mix with the people. The terrorists by contrast are very well equiped and trained making the police no match for them. Making things worse the terrorist groups that were supported by the Inter Services Intelligence or ISI of Pakistan and encouraged to operate against India are now coordinating actions in Pakistan with the Taliban. These terrorists have even more training and equipment than the Taliban, operating in places like Kashmir fighting the Indian military....

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Changes to Venezuela's constitution planned by Chavez are likely to go through, an attempt to entrench his idea of a socialist revolution. Apparently it has the support of the working classes and the poor and rural areas, but the educated elite continues to shun Chavez's moves. The polarization does not help the country's development. As long as oil prices are high this works well, but a drop in revenues could make it difficult to finance the largesse such as 6 hour work days and other efforts to simply pour money to reduce poverty, without building employment in sectors of the economy other than oil. The Persian Gulf countries are facing rising population, and have gone through prior experience where even high oil revenues followed by dropping oil prices have made it difficult to support social expenditures because of budget shortfalls. However whether other governments in Venezuela have done better in terms of development and building employment is also uncertain. Chavez simply alienates the educated elite. Yet considering Venezuela's historical polarization of classes and politics could things really be expected to be different in a power shift is a question mark. Consider also that Simon Bolivar got his start here. ...

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Medvedev who won 71% of the vote in the March 2008 election for President answers questions from journalists and the public in the course of the election campaign. It reveals his own thinking about Rusia, its past, present and hopes and plans for the future. These are useful answers to get insights into his thinking. He sees the 8 years of the Putin Presidency as only a small beginning. Russia he says needs decades of stable development. He seems to say the goals of stable development after all the upheavals of the 20th century are so pressing that he and Putin are committed to simply continuing the policies of promoting economic development that gives dignity and respect to the people of Russia. He shows a deep dissatisfactionwith the corruption and the lack of respect for the law that is so prevalent in Russia and sees this as part of the overall goal to create a civilized state. And he harbors no illusions about the weaknesses prevalent in Russia from is beginnings centuries ago, a sense of legal nihilism and lack of respect for the law as he calls it....

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Krugman points out the gains on three fronts evident from the Census Bureau report of 5.2% gain in median income of households in the U.S. He says the first is the growth in incomes of ordinary working class and middle class families, second the large decline in the poverty rate, and third the further rise in insurance coverage in 2015 for people without health insurance. He points to the steady efforts of the Obama administration to improve lives of ordinary families as working based on the Census report though results have taken time, and could have been better. The Stimulus, says Krugman could have been larger following the blow of the 2009 financial crisis and increased unemployment at the time. Janet Yellen at the inequality conference of the Boston Fed in 2014 pointed out the problems of 62 million households having net worth of about $10,000, and why this was running against the American idea of a better life for all Americans. In that sense the Census report is a movement in the right direction but a lot remains to be done.   ...

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Apple Music is about to overtake Spotify in the U.S. with its subscriber account base growing at 5% a month compared to 2% for Spotify. Apple Music comes in preloaded on Apple devices giving it an advantage.  Globally Spotify has twice the account subscriber base of Apple Music. Other players in the field are Pandora, Amazon and Google's You Tube for streaming music. Streaming users play a small monthly fee or put up with ads. Yet the industry of streaming music is yet to be profitable this report points out. Apple Music and Spotify both exaggerate the size of their user base. Spotify charges $9.99 a month for streaming music service, yet even after having a large subscriber base in millions it is still not making a profit. Spotify and Apple Music both offer student plans for $4.99 a month, and a family plan for 6 persons at $14.99 a month. In the free tier or initial free subscriptions period Apple Music is way ahead of Spotify, the Home Pod device adds to Apple's advantage. ...

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Mario Draghi, president of the European Central Bank appears before the Economic and Monetary Affairs Committee of the European Parliament. He said the ECB had resumed normal lending to Greece's four major banks after the 18 billion euro recapitalization of the Greek banks by the government of Greece using bailout funds assigned for this purpose. Draghi tod the parliament: "The ECB will continue lending to solvent banks. We will avoid bank runs on solvent banks." At the same time he asked the EU to setup a deposit insurance fund for European banks and regulation of banks at the European level. On the actions taken by European leaders Draghi had strong criticism for the slow response always one step behind action needed and a day late, saying: "The next step is for our leaders to clarify what is the vision for a certain number of years from now. The sooner this has been specified the better. Dispel this fog." He described the configuration for the eurozone of the last ten years as unsustainable unless steps are taken, with leaders having to decide quickly what kind of eurozone they want to see. On Bankia's recapitalization by the Spanish government, Draghi said everybody winds up doing the right thing after many delays at the highest possible cost and price. It showed the need for centralization of supervision at the Europe wide level because Spain took too long to tackle the bad real estate loans at Bankia....

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UK economy declines 0.3% in April 2025 as exports to US decline. The UK is one of the few countries that reached a trade agreement with the US. Also important to note is that the UK economy grew by 0.7% in the 1st quarter of 2025. The US tariffs are a negotiating strategy says Treasury Secretary Bessent to get countries  including the EU and China to have a level playing field in trade with the US, and not take the US for a ride. This has some costs but they are temporary and we are all better off that world trade can now be on a firmer footing than the imbalances of before. Bessent for instance told members of the US Congress in the last 2 days that US inflation is actually 0.1% and has come down, the 10 year yield in the US bond markets has come down, and the US is managing this transition without cost increases. He said Walmart had increased prices after tariffs, Amazon and Home Depot had not, and he sees American buying from sellers like Amazon and Home Depot. The British economy will also benefit with the certainty that it now has a clear trade agreement under fair rules that will promote bilateral trade with the US. ...

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As Obama faces the situation FDR faced, between political popularity after election in 1932, and loss of some political capital in the first year by 1933, and a lot depends on political will and courage. He has to execute and implement plans for efficient government spending that builds jobs to replace those lost, and to use the investments in really productive ways including projects that provide returns for years into the future. As David Axelrod points out in the Frank Rich column in the NYT, people sometimes live in a parallel universe, which may be completely at odds with what the rest of the country caught in the economic currents of layoffs and collapsing businesses is thinking.

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Dealogic reports show 64 U.S. listed IPO's raised $16.8 billion in the first 5 months of 2013, up from the $13.1 billion raised by 73 companies in the same period in 2012. Recent price gains by IPO's are driven by the lack of alternatives to stocks for investors in a low interest rate environment.

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U.S. naval exercizes in Hawaii (Pacific Rim) which include China, and the naval exercizes at Subic Bay intended to counter China in the Pacific.

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An effort to increase inflation to 2% in Japan by the Abe administration is backed up by meetings with business leaders encouraging businesses to increase wages. This is needed to keep consumption up as prices increase.

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This Yomiuri discusses the approach of the labor unions Rengo and the business organization Keidanren to the efforts to revive Japan's economy under prime minister Abe. Abe has encouraged Japanese companies to increase wages so that consumption spending can be supported. One measure proposed by the Abe administration is to reduce taxes for companies which increase wages. The government is also taking action so that the temp workers -the one third of the labor force working under temporary contracts at lower wages- can be converted to regular full time status with higher salaries.

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India's large deposits of coal and iron ore are in the north east part of the country. In the least developed and poorer part of the country, in and near the states of Chhatisgarh, Bihar and Orissa and Madhya Pradesh. About 85 million tribal people live in the dense forests of this region. State governments have given rights for extracting coal and iron ore to Indian steel companies and some foreign companies. But no arrangement has been worked out so that the tribals can improve their standards of living and have access to education, health care and better living conditions by the companies, and relying on the governments and bureaucracy has proved precarious as they have done little for the tribal people. This has created an opening for a Maoist type violent movement which originated in West Bengal in Naxalbari several decades back. Because of the rapid progress in other parts of the country in the south and north and western parts of India not enough attention has bee given to develop a solution that integrates the tribal people into the progress that the rest of the country is experiencing starting with basic things like literacy, living conditions, sense of ownership and dignity, health care and so on. What this does is slow down the overall process of development as violent incidents take place against mining sites of major Indian and foreign companies. Chhatisgarh state an area with poor control by the government over Naxalite militants is where 23% of India's coal and iron ore deposits lie. India's Planning Commission prepared a special report on the collective failure of social and economic policies in the tribal areas and poorer parts of the country. At this point the government's response has been to respond with security arrangements but better policies and execution of efforts to improve conditions in tribal areas are needed in a timely way....

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The 2016 Republican platform is written to express the ideas in the Republican Party for family values, child rearing using the Bible and traditional values, calling pornography a "public health crisis."  The Family Research Council and tradition or family focussed groups played an important role in writing it, with Mr. Trump playing less of a role. Instead of "physical barrier" with Mexico, it says "a wall"  should be built in a taking up Trump's idea, but in general it is a clear expressing of traditional family values that Republicans have supported for years and expressed frustration with the movement of social lives in an opposite direction. The same sex marraige decision by the Supreme Court and transgender debate were not present in 2012 election, so in that sense the Republicans see the country as moving in a different direction. More of the pendulum having swung too far in another direction is how Republicans perceive it, and their response is to go back to how things used to be and the world they knew, based on what they see as positive outcomes for the whole of society. Hence language that encourages teaching of the Bible in public schools, condemning pornography as a menace particularly for children, and insisting on "man made laws being consistent with God given natural rights." A good understanding of the Bible is considered "indispensable for the development of an educated citizenry."   Amendments opposing gay and transgender are being added. ...

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International Atomic Energy Agency (IAEA) chief, Yukiya Amano, answers questions in a closed door 90 minute meeting with the U.S. Senate Foreign Relations Committee. The IAEA chief says he cannot disclose details of his investigation into Iran's earlier weapons activities, or the agency's agreement with Iran for the inspection of nuclear facilities. Senator Corker who heads the committee said most senators left the meeting with greater concerns about the inspection process. The IAEA chief cited as reasons for the secrecy, independence of the agency, and what he called "a legal obligation" to protect confidential information. Senator Barroso described the process as one in which an NFL player or athlete is asked to mail in his own urine sample. Of particular concern to senators is the Parchin site where testing ocurred in the early 2000's, which Amano has said Iran is trying to sanitize, and which is not part of this agreement. Iran has not agreed to IAEA requests to interview a Iranian scientist Mr. Fakhrizadeh or other top Iranian military officers and nuclear scientists as part of its probe into past Iranian nuclear activities, Yukiya Amano told the WSJ in an intervew. ...