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Federal Reserve proposals in Dec 2011 for large U.S. banks leave capital cushions at 5% of assets. This phases in the higher 7% of assets rule for capital reserves and a surcharge of upto 2.5% based on bank risk levels under new Basel III regulations for implementation in 2016.

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US Border wall is at $39 billion in the House version vs. $62 billion investment in the Senate version of US 3B Tax Cuts Bill 2025. The $6.5 billion in savings from the earlier figure of $46.5 billion in the House bill are justified says Rand Paul, head of the Homeland Security Committee in Congress, as most of the goals for border security can be achieved with the lower amount. The WSJ Editorial Board agrees with Rand Paul.

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The new administration of Lopez Obrador takes the first step in its efforts to to end the rampant corruption in Mexico that has affected previous governments, in this story from the WSJ.  Lobrador campaigned on this issue and won an overwhelming mandate. Mexico's finance ministry is conducting an investigation into dealings of the steel maker Ahmsa in the sale of a fertilizer plant to Pemex during the period when Mr. Lozoya was CEO of Pemex.  Mr. Lozoya led Pemex from 2012 with the election of President Nieto of the PRI party to 2015 when he was replaced as CEO as Pemex finances suffered and Pemex failed to anticipate a fall in oil prices.  Pemex paid $475 million for the fertilizer plant. Mexico's government says the plant was worth about $50 million. The Brazilian company Odebrecht is also involved in the transactions, according to this report in the WSJ. Ahmsa is struggling to operate under court approved restructuring. Twenty years ago it defaulted on $1.8 billion of debt. Similar problems have plagued countries in other parts of the world. In Malaysia a new government campaigned on this issue with a 90 year old Mahathir Mohamed returning to head the new government  following the election.  ...

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Atul Aneja looks at Chinese Foreign Minister Wang Yi's comments on the India- China relationship in March 2018.  The comments by Wang Yi show an extraordinary effort by the Foreign Minister to push for better relations. He raises the need for greater dialogue and "mutual trust" to improve the relations. Wang visited India in December during the period of tense relations and the post-Doklam meeting between prime minister Modi and president Jinping on the sidelines of the BRICS meeting in Xiamen. India's Foreign Secretary Vijay Gokhale visited China in Feb. 2017. A China-India economic dialogue is planned for April, 2018, preceded by visits of Commerce Minister Zhong Shan and Guo Yezhou, Vice Minister of the International Department of the Communist Party of China. Compared to the comments by both sides during the Doklam crisis there appears to be a significant change in policy. Wang refers to "more far-sighted leaders" who have realized the importance of the India- China relationship as that between the two largest developing countries each with a population of 1 billion.  In the context of events in early March with pressure from the Trump administration on trade with China- calling for China to come up with plans to reduce the trade surplus in 2018- and the growing influence of Mr. Lighthizer as a trusted advisor of president Trump and exit of Gary Cohn, this could be a strategic move.   ...

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GM, VW and Toyota are shrinking in China's rapidly expanding EV and hybrids market. Local China brands expanded by 9% to 61% of the market. 23 smaller Chinese brands were merged into larger China brands or exited the market. China's car market expanded by 5.5% to 22.9 million vehicles.  Production capacity is about twice that with 112 brands in the market. US is at about 16 million vehicles.

Production of EV's or plug in hybrids has hit 10 million in China in 2024, so that about half of all vehicles made in 2024 are EV's or hybrids.

Tesla China sales at 662,000,, up 8%, with Model Y selling at $33,000 and 5 year car loans at no interest from Tesla. China's leader BYD sells 4 million cars in 2024. GM's 6 plants in China suffered- GM lost 50% of it's sales in 2024 and took a $5 billion charge.

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The Harris campaign and efforts by unions and workers to reach working class people in the closing days of Harris vs Trump in 2024.

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With 80% of its exports going to the U.S. the growth rate and jobs in Mexico are seeing the impact Finance Minister Carstens expects no growth in 2009. As Mexico's finances are in better shape than in past recessions there is room for some stimulus projects by Petroleos Mexicanos, the government oil company, by auctioning 2 highway projects, for expanding unemployment benefits, and giving $150 million in aid to industries hit by the credit crisis. About 250,000 manufacturing jobs were lost in the last few months of 2008.

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Cecilia Wang is herself a birthright citizen from parents on student visas from Taiwan hence her views reflect her position before the the Court on DJT Executive Order.  She says the admission of Wang Kim in an 1898 case to US citizenship is a 128 American tradition when history shows very little sentiment in the American public and in the US Congress favoring legal immigration of any form from Asia (Japan, China and India). In fact a deal made by Teddy Roosevelt with Japan included an understanding with the Japanese government in the 1900's that Japan would restrict immigration from Japan to the US. Throughout the period 1850-1960 for 110 years one finds very little immigration of Asians to the US- mostly European selectively in phases after 1900 by steamboat as can be seen at the Smithsonian museum exhibits in Washington DC. Thus the Court is taking up a narrative that was never true. It was only JFK and LBJ who changed this by the 1960's- if one reads JFK and his grasp of the events in Indonesia, India, of Asia in WWII from his experiences as a soldier in the Asia Pacific region- not as the narrative suggests as an extension of civil rights for Black people, but for a deep respect and understanding of Asian people's aspirations that he opened up immigration to the US in the 1960's for Asians. This is why it is a stretch of the imagination for Cecilia Wang to say- Cecilia Wang -"your ancestors could be on the Mayflower or be undocumented immigrants but you and I are exactly the same as US citizens." Even after 60 years of reading the speeches and writing of Washington, Jefferson, Lincoln, TR and FDR, JFK, of Carl Sandburg's volumes of Lincoln, the poetry of America of Walt Whitman, committing Robert Frost poems to memory, there is more a sense of humility and even greater earnest  desire to learn about this Nation, and of the scientific endeavors of Europe since 1600 that eluded Asia, than making statements about the first voyages and the people who ventured out on the Mayflower. One has to look with awe at the sculptures in Geneva, Switzerland, of these brave people in the 1600's who for religious and other reasons made their way in difficult voyages over the Atlantic to America, much less say were the same as them. It is more about honoring JFK's words in appreciation of his opening for Asia, on thinking more about what you can do for your country than what your country can do for you. ...

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As part of Gandhi 150th the Hindustan Times gives pictures from archives of the independence struggle and Gandhi's efforts to get the British to quit India. After a period of 21 years in South Africa as a lawyer for rights of indentured laborers (coolies the British term) and of Indians in South Africa, Gandhi returned to India in 1914. He followed the program of personal responsibility starting with himself, that he had written in "Hind Swaraj" on a steamship from Britain to South Africa in 1910, for the next 20 years. He did not blame the British, and asked Indians to take responsibility for what had happened, and write a new chapter.   A period of home rule in the provinces with Congress party administrations in the 1930's ended by 1938. Gandhi launched the Quit India movement in 1942 with leaders Sardar Patel, Rajendra Prasad, and Jawaharlal Nehru. The end of the war and the rejection of Churchill in Britain's post war election in 1945 led to a Labour government led by Clement Atlee that sent Lord Mountbatten to negotiate British withdrawal from India. Gandhi saw clearly that in a country largely of rural labor in subsistence agriculture, getting people to learn about their own dignity was a first and indispensable step.  Once this was done, home rule administrations could pick up the experience of local government  (Hind Swaraj). His idea was that a few tens of thousands of Britishers focussed on trade as the British were a nation of shopkeepers, in the midst of hundreds of millions of people with a new found  sense of dignity and participation in political life, would make the British realize there was little advantage in staying. By the end of the war in 1945 experts looking into the archives show John Keynes advising the British government to withdraw because the cost was too great for Britain to remain, particularly after the war had drained a lot of Britain's wealth. ...

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A decline in German manufacturing driven by the decline in its large auto sector. This in addition to Germany's large investments in China under Merkel and Chinese lockdowns will delay a post pandemic recovery, says this report in WSJ. Germany is now shifting its investments to the US as shown by the new investment in a VW Scout brand restarted in the US.

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Italy who did not make it to 2 World Cups in Moscow and Qatar win 5-4  over Israel in September 2025. This win happened in a surprising fashion with 2 own goals and the winning goal by Tonali in injury time in the 91st minute. Italy lost to Norway earlier.

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German authorites are looking into the possibility that higher up management knew about the emissions cheating and whether management had permitted it to take place. A search warrant was issued by a judge in Munich in March 2017 that makes it possible for investigators to take documents and other evidence on mobile phones of senior management, including Mr. Muller and Mr. Stadler, two very senior executives who head VW and Audi. Almost 2 years after the story first came to light the investigation continues and the probe deepens into who knew what at the highest levels of management.

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A lot has been written about inflation in car pricing. This is true also of airlines and hotels this summer. Dawn Gilbertson in the WSJ says the 2023 travel rush continues, hotels and airlines have pricing power, and inflation is squeezing budgets. The solution is to have Plan B destinations, shorter trips, and plan airline reservations in advance looking at different alternatives based on airline and alternative destination choices. Average daily hotel rates have jumped to $180 this year in the US, up 10% since 2022 and 15% since 2019.

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British prime minister Sunak pushes the ban on gasoline cars from 2030 to 2035 and relaxes net zero commitments. This is dividing the Conservatives as Boris Johnson set the 2030 target and Johnson says this is needed to give certainty to business so that it could invest knowing government policy.

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The stronger dollar, low inflation, slowing economy in China and slowing global economy, are factors that the U.S. Federal Reserve is considering in its plan to raise interest rates in 2016.

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Evidence of the multicultural society that the U.S. is becoming is shown in Census Bureau information showing that 50.4% of children under the age of 1 year were Hispanic, black, Asian American or other minority groups. This is up from 49.5% in April 2010 census information. A striking change is that the white population is growing older and the Hispanic population is much younger as a whole. Today minorities are about 37% of the population in the U.S., with the District of Columbia, California, Hawaii, New Mexico and Texas, having minority population in the majority. The median age for white non-Hispanic people is 42 compared to 28 for Hispanics, and early 30's for Asians and Blacks. The baby boom of minority children is also because the number of white women in their 20's and 30's has declined over time as the White non-Hispanic population has aged. Another change that is being seen is that immigration from Mexico has declined to the point where some Hispanics are going back to Mexico. William Frey, a demographer from the Brookings Institution says immmigrants will continue coming from other parts of the world when the economy recovers. The timing for immigration say demographers is good because without the immigrants the U.S. would have an aging society like that in Japan....

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Bernie Sanders presents the case for Medicare for All, healthcare for all legislation in the U.S. Congress introduced in September 2017. It has the support of 15 Senators. He says the current system is costly, wasteful and bureaucratic. It is time says Sanders for the U.S. to join the rest of the industrialized world, join Britain, France, Germany and other countries of Europe, Japan and Australia, Canada, with healthcare for all Americans. After all he says only 50 miles north of his electoral district in the Burlington, Vermont area is Canada, where the system of healthcare for all works better than in the U.S.  And the Canadians, Germans, French, and British do this spending less than half the U.S. does. In 2015 the U.S. spent $10,000 per person for healthcare, this means that it cost less than $5000 per person in these advanced countries and the way they do it can be studied and its best aspects adopted by the U.S.  He says this is because the U.S. healthcare system is designed to maintain profits for the medical-industrial complex. A major problem is the manner in which the issue is distorted by different sides on the issue of health care in the U.S., without a consensus being developed on what the common interest is in a civilized society. Mostly because the U.S. unlike other societies is still grappling with the issue of what values it embraces on healthcare being made available to all. Under this legislation the transition to healthcare for all would take place over 4 years. In the first year eligibility for Medicare would start at age 55 years, and children under 18 would be covered. In the second year the eligibility starts at 45 years, in the third year at 35 years, in the fourth all are covered.  ...

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Germany Economy Minister Peter Altmaier says Germany expects a shallower recession. GDP in 2020  is expected to be down by 5.8% much lower than the 10-15% in other countries. Exports in June were up by 15% to China and down by 20% to the U.S. Economies of Spain and the UK are expected to see twice the decline in GDP in 2020. Italy and Germany are seeing a increase in manufacturing output, Spain and France a decline. 

Still Germany remains exposed to other trading partners than China, such as the U.S. and Britain, total exports are expected to be down 12% in 2020. About 11% of workers are using short term work subsidies to stay at home. Cases of the virus are surging in France and Spain. In Germany there is a surge but it is slowing since last week. Mr. Altmaier thinks Germany can avoid a second lockdown.

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The new prime minister and government ministers put together by Macron in France look more like something from former president Nicholas Sarkozy. Two ministers close to Sarkozy are now Minister for the Interior and Minister for Culture. Macron is veering to the right in an effort to court voters on the right, as his best chance for reelection in 2022. With drop in GDP of 12.5% now predicted in France for 2020 by the IMF, high unemployment of 11.5% for 2021, and job redundancies, Macron faces a tough time as shown in this analysis. Details of the backgrounds of ministers and the way Macron is responding are covered in this  Analysis in the Times. He is less popular today- than the rising star he appeared as in 2017, with only 35% of voters now supporting him.