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In April 2013 an estimated 11% of Japan's financial assets were invested in the stock market and mutual funds. This compares with 45% in the U.S. and 22% in Europe, according to data from U.S. Federal Reserve and the Bank of Japan. Mom and pop retail investors are beginning to come back to Japan's stock market after 2 decades, making up 20% of trading value in October 2012, and up to 31% of trading value by April 2013. Japanese households have a larger amount of holdings of cash and bank deposits than U.S. households after the two decade stock market plunge in Japan and higher savings rate- about $8.9 trillion compared to $7.7 trillion. Japanese households had 6.8% of their financial assets in shares and equities in 2012, compared to 14% for Europe and 33% for the U.S., according to the Tokyo Stock Exchange and the Bank of Japan, showing the room for households to increase share and equity investments as confidence returns to the Tokyo Stock Exchange.

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Suki Kim describes how South Korea got addicted to credit cards. In 1999, after the Asian financial crisis, he says the South Korean government tried to stimulate consumer spending to help the economy. It encouraged banks to issue credit cards freely. By 2003, a South Korean journalist Dong-A-Ilbo says, the streets of Seoul were filled with credit card vendors, handing out cards to anyone willing to fillout an application, to college students, to the unemployed. By 2003, every South Korean had on average 4 credit cards, and collective debts of $100 billion. The cards became a status symbol, but many families lost their savings as credit card debt mounted. After millions defaulted and an increase in crime, prostitution and other problems, the South Korean government went in and bailed out LG Card, the largest issuer of the cards. The rescue worked, as credit card companies tightened standards. But South Korea has changed in one way- the national savings rate in 1998 was 25%, by 2007 it fell to 2.5%!...

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For decades the auto companies lobbied vigorously against stricter fuel efficiency standards. NYT editorial points to this failure in policy of the Detroit automakers, and the failure of Congress to do more for fuel efficiency standards with lobbying from automakers even in the recently passed legislation. That target of 35mpg fleetwide for 2020, a low target with no stretch or imagination built into it should be revised and a higher target set. If the companies build smaller cars like Europe does they could reach a target of 50mmpg fleetwide by 2020. That would be a serious target with stretch built into it. Tough conditions have to be atttached to any rescue money. This includes firing top management, no payment of dividends, limits on executive pay, tougher fuel efficiency target, reopening labor agreements on pay and benefits to reflect the new realities. If taxpayers are going to take the risks Congress must insist on these changes or the money will be wasted says the NYT editorial. Some of these steps would be painful for workers but they are necessary....

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February 2024 talks between Biden and Speaker Mike Johnson that revived the effort to pass the bill for $61.5 billion aid to Ukraine. This included the efforts of Mitch McConnell to persuade Mike Johnson on the vital necessity of aid to Ukraine. See the adjoining articles on Mitch McConnell and his critical role on what might be similar to what Harry Truman did to assist Greece and Turkey in 1948 to fend off a communist takeover supported by Soviet bloc. Aid was passed through US Congress in 1948 weeks before Greece's democracy was likely to collapse.

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Whether it is so called right or centre or left parties, their is a no nonsense approach to immigration in 2024. Across all parts of Europe from Denmark , Germany and Britain with socialist parties, to Italy and France with centre right, there is tough action on immigration. In the US both Harris and Trump are also taking tough action for law and order based immigration. With Harris calling for the swift passage of Republican Lankford's immigration legislation stalled in the US Congress that ends asylum loopholes and closes the US Border.

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The changes in relationship of OpenAI after $5 billion in losses and Microsoft not openly supporting more infusion of capital. OpenAI turns into a for profit entity changing the very nature of how it was founded. The lack of essential regulatory framework for the safe uses of this technology poses other challenges in 2024. Each tech company begins to posture to not lose its place in line in being able to benefit from it and yet in the process does not put foremost how the public benefits through a good and safe framework.

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There are 5 million people in Ireland, and many times that over 10% or 40 million Irish in the US. Andrew Jackson, Reagan and Biden were Irish. The Irish built the railroads and city buildings, the White House and the Capitol. This goes back to the founding of the US in 1776. 

Michael Martin Irish PM meets DJT at the White House March 13, 2025 to celebrate St Patricks Day. Martin hands a shamrock to DJT. Other than the British the Irish have the oldest relationship to the new Republic since 1776.

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China's own local companies have moved so fast and completely to dominate the China and world market for electric cars  in a few years 2019-2025. Looking back in 2030 the Musk China factory with declining sales in China of 6% may only result in China having completely outmaneuvered the US in China's and world electric car markets. BYD makes its own batteries in house with new technologies, the competitive landscape in China makes Tesla simply one of many small companies most of whom are consolidating. 

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Audi is the second largest car company in the premium car category in China after BMW. Audi now plans to make 700,000 cars in China by 2015 instead of 2020 as planned earlier. Audi say executives say the premium car segment in China is growing rapidly in China. It expects sales to grow overall at a a more normal pace than the frenetic pace of recent years. The slower growth in the economy at 7-8%, which is reflected in slower sales in the overall market, is not the case with the premium cars. Because of rapid growth in 4-5 years the Chinese market for premium cars will look more like mature markets in the U.S. and Europe, says Audi sales chief Schwarzenbauer.

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The Chicago Sun Times files for bankruptcy. It owes the IRS $510 million in back taxes for 1996-2003 when Hollinger International, which controls the Sun Times, was owned by Conrad Black, who was convicted of fraud. It had an operating loss of $344 million in 2008. Its newspaper the Sun Times has a circulation of 313,000. The Sun Times had expected advertising revenue to drop 30% this year. The Tribune Company, which owns the CHicago tribune and the Los Angeles Times filed for bankruptcy in 2007 Dec. Other papers that filed for bankruptcy include the Philadelphia Newspapers and the Star Tribune Holdings of Minneapolis. Sun Times stock which was at $6 in early 2007 was at 2 cents in April 2008!

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George Osborne, Britain's Chancellor of the Exchequer, says he supports giving regulators powers to take action to split banks that do not ring fence their risky operations and separate deposit taking from risk taking activities. He says this as parliament considers legislation on banking regulation after the LIBOR investigations and problems in British banking following the 2008 financial crisis. Osborne said: "Irresponsible behavior was rewarded, failure was bailed out, and the innocent- people who have nothing to do whatsoever with the banks- suffered." Referring to the larger role of the financial industry in the British economy, Osborne stated: "Our country has paid a higher price than any other major economy for what went so badly wrong in our banking system." This comes as Britain feels the impact of a decline in growth in 2013.

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Ireland and Portugal both have debt to GDP ratios of more than 100%. Still Ireland is better positioned to weather the eurozone crisis. Foreign investment attracted by low taxes and an educated labor force gives Ireland signficant advantages to return to growth. Citigroup forecasts show a 5.5% decline in GDP for Portugal in 2012, and large probabilities that the deficit will overshoot. Ireland expects 0.5% growth in 2012. Ireland's exports are 60% of GDP, compared to 24% for Portugal. Yields on Portuguese bonds due 2020 are at 13%, compared to less than 7% for Ireland. But funding Portugal through the end of 2015 is expected to cost 40 billion euros, according to Capital Economics estimates, or only 0.4% of eurozone GDP, making the problem in Portugal very manageable for the EU.

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Pier Luigi Bersani from the northern Emilio Romagna region, head of the centre-left Democratic party, is the leading candidate for prime minister in Italy's 2013 elections. His party has 37.8% support in a recent poll. The Democratic party has an electoral alliance with the SEL Left, Ecology and Freedom party, which has 5.1% in the poll. Berlusconi's People of Freedom party has 18.2% support and the antiestablishment party of Beppe Grillo, the Five Star Movement has 20% support. Prime minister Mario Monti is being encouraged to run by business and centrist parties. Bersani said in an interview, he will continue Monti's policies if elected. He says he supports greater flexibility so that policies do not focus only on austerity, at the same time he will respect the committments Italy has gven to the EU and move forward with pro-competition actions.

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The bleak situation for Americans facing retirement as most people age 65 are likely to outlive their savings. The median financial net worth of an American household is $10,890, according to work done by Edward Wolff, an economics professor at New York University. This estimate is based on 2010 Federal Reserve data updated for the movement in market indexes. Even the ten percent of Americans who have saved $1 million will have difficulty as a 2% withdrawal rate would provide only $20,000 to supplement Social Security income. Earlier generations of Americans could depend on income from bonds. In today's low interest rate environment, the benchmark 10 year Treasury note is at 2.2% in 2013, bonds will provide only a fraction of the income generated in earlier periods. Stock markets are volatile and pose additional risks for seniors in retirement.

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The debt and deficits of Rome and other local governments poses a problem for the Italian government. Italy's new government of Matteo Renzi approved a loan of 575 million euros in cash to cover Rome's capital shortfall of 800 million euros for 2013. The decree removes the risk of default. It is an advance to Rome, with Rome expected to come up with a plan to control the deficit and reduce spending.

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China's GDP growth for the 4th quarter of 2012 was 7.9% over prior year, increasing from 7.4% in the third quarter of 2012, according to the National Bureau of Statistics. GDP growth for 2012 was 7.8%, down from 9.3% in 2011. Growth is stabilizing at 8% which shows China is managing the economy, slowing the growth rate with a smaller stimulus planned in 2013, and working on sustainable growth for the longer term. This is a significant positive as a new leadership takes over in China and sets priorities for stable growth, and improvements in housing and health care.

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US president Biden says it is taking time, that he has a plan to build new silos and use existing silos to store grain that is shipped by rail and truck from Ukraine to its borders with Poland and other eastern European countries. The reason for this is that Ukraine Rail uses a different rail system so that trains that reach the border at Poland have to have the cargo transferred to Polish trains. This creates a major bottleneck for flows limiting shipment of grain. The plan for grain silos would mean large storage facilities at Ukraine's borders that can then be transferred to eastern European rail systems that can carry the grain to ports in Northern Europe and ship to Africa and other parts of the world. This is an important step that is needed to avert hunger in Africa and other parts of the Arab world which depend on such supplies of imported grain. Action is needed now as the situation is getting worse by the day and week in June 2022.  Ukraine normally ships out of the port of Odessa on the Black Sea but with the area mined heavily by Ukraine to keep the Russians out, putting grain on ships in the waters off Odessa would lead to ships blowing up. ...

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Michael Barr was appointed in July 2022 to the Federal Reserve Board of Governors by president Biden, and made the vice chair of financial supervision. As a legal scholar at the University of Michigan with a number of books published on the plight of black Americans after the financial crisis of 2008, he is familiar with the problems created by banks from a laissez fairre approach to regulation.  Barr helped write the rules for the legislation on supervision of banks after the financial crisis of 2008 that hurt worker and families, and minorities particularly in places like Detroit. He is now responsible for correcting the problems created by the Trump legislation that exempted banks under $250 billion from this regulation. Barr will bring this down to $100 billion, the original 2008 legislation has a threshold of $50 billion for banks to be subject to oversight by the central bank and stress testing. In 2018 Barr said about Trump's legislation to limit regulatory oversight in an op-ed in American Banker- "The rules (after 2008) were not meant to apply only to the largest handful of systemically important firms. It is the very antithesis of macro-prudential supervision to focus only on the largest handful of financial firms and to ignore risks elsewhere in the system." ...

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Italian immigrants like Mr. Bonato on his 4200 acre farm in Brazil's central savannah are trying to change the way Brazil looks at wheat. Once a wheat importer from Argentina, Brazil is trying to change this by growing tropical wheat. Italian immigrants in the cooler southern states such as Rio Grande do Sul were wheat producers. Now Brazil's agricultural agencies are getting these farmers to produce wheat in the more tropical central region of Brazil. Higher wheat prices are changing the way farmers look at wheat. Rotating wheat and beans is a good agricultural practice and the Brazilian agricultural agency is encouraging this. Brazil's agricultural agency Embrapa launched the wheat variety BRS 264 as a highly successful one for tropical wheat growing. In 2021 Brazil imported 40% of 12 million tons consumed mostly from Argentina. The idea is that with central Brazil meeting Brazil's wheat needs this would free up wheat from the cooler southern part of Brazil to replace the lost production from Eastern Europe. Mr. Bonato says his work is helping feed more people, and his interest in his work comes from holding wheat growing on the ground as a child on the family farm. After all he says, what is more important than bread?   ...

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Leonid Kravchuk is a Soviet era official who joined with Boris Yeltsin to support dissolution of the Soviet Union. He died at the age of 88 in May 2022. He is remembered for leading Ukraine to independence in 1991 with support of nationalists in western Ukraine and pro-Russian supporters in eastern Ukraine. Another reason he is remembered is for peaceful transition of power to his prime minister Mr. Kruchma in the 1994 election. He also dismantled Ukraine's large nuclear arsenal under pressure from Russia and the US. His failings were in letting corruption grow including the bankruptcy of the Black Sea Shipping Company, says DW.com. Ukraine had no experience in the democratic process. It has close ties with Poland which in the 17th and 18th century had some form of democratic process. Lviv is a short distance from Poland. Kravchuk was from a part of Ukraine that was once part of Poland. With a population of 52 million Ukraine is the second largest country in Europe. Its transition from the Soviet Union to a independent state was painful says DW.com with millions of people finding themselves living in poverty and the period being remembered as "kravchuchka." Since that period Ukraine has grown and was setting up new foundations for entry into the European Union.  ...

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Exxon is looking for a big oil dealer in the shale patch in the US. It is considering the acquisition of shale company Pioneer Natural Resources with a market cap of $49 billion. Exxon wants to make use of its windfall profits of the last year to good use. An acquisition of Dallas based Pioneer would give Exxon a dominant position in the West Permian basin of Texas and New Mexico. Exxon made windfall profits of $56 billion in 2022 after the jump in oil prices following the Russian invasion of Ukraine. Based in Irving, Texas, it is heavily invested in fossil fuel assets and its thinking is that fossil fuels are here for a long time as it has not made a significant shift to renewable energy. During the cutoff of Russian oil supplies Europe has depended on LNG supplies from the US and Qatar, and on Norway for increased oil and gas supplies. President Biden included drilling concessions in some of the legislation passed in Congress and Conoco plans to drill in Alaska. The transitional period has gained support in places like the US and Norway following the need to support the European Union and Germany in the crisis. This gives oil companies some time to sort out their future plans for renewable investments. ...

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No one in Northern Ireland wants to go back to the sectarian clashes of the twentieth century says one resident of the region. Most people recall the divided barricaded border with watchtowers and helicopters with extreme anguish. All that was dismantled long ago. But Northern Ireland still looks to the outside for help. Will president Biden bring new investment in the region? Can the Sinn Fein and DUP be persuaded to work together with US participation. A new generation has moved away from the sectarian to the economic issues of the cost of living and provision of public services in education and healthcare across the region. This was affirmed by Sinn Fein winning 27 seats the largest bloc in the 2022 election where focus was on economic issues and the quality of life. Because of Mr. Biden's very personal connection to Ireland there is much hope in Ireland for a new chapter to be written again. There is also a different sentiment in Britain with Keir Starmer's experience as human rights adviser to the Northern Ireland Policing Board. Starmer attributes his decision to go into politics to this experience seeing the changes he could make in Northern Ireland from the inside. The switch to a government by Labour could come at a good time for Northern Ireland and for Scotland.  ...

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A look at the economic collapse in Lebanon as reported in the NYT. Lebanon depended on foreign inflows of money for its economy and standard of living. The economy has collapsed in recent years because of mismanagement, corruption and sectarian conflict. A civil war in Syria. and wars in the Middle East hurt Lebanon's economy after 2011.  After Lebanon's civil war ended in 1990 the central bank decided to tie the currency lira to the US dollar at 1507 lira to the dollar. To be able to exchange lira for dollars the central bank had to attract dollars. To attract foreigners to deposit dollars the central bank head decided to pay 15% interest. With insufficient US dollars as dollars were also needed for imports, the central bank ended up paying depositors with dollars from new deposits, what is called a Ponzi scheme says the NYT. When these deposits stopped coming in 2019 people could not withdraw their money. Three developments after 2019 hurt the economy. The pandemic hurt tourism which makes up 18% of the Lebanese economy. The pandemic hit Lebanon hard. Then in 2020 a bomb blast hit Beirut port from an abandoned ship in the port destroying three large neighborhoods that could not be repaired. ...

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A Kyodo News poll shows about 60% of Japanese want the Olympic games cancelled. Japan faces another wave of the pandemic with a surge in Osaka and other cities. The government's handling of the pandemic is disapproved by 71% of Japanese in a Kyodo News poll. Over 80% are unhappy with the slow vaccine rollout.   India faces a surge in cases public dissatisfaction that is similar to Japan and other countries in Europe. France and Germany have a slow vaccine rollout. In India vaccination drive is affected by a lack of supplies as in France and Germany with shortages of vaccine. The European Union in April signed contracts for over a billion doses with Pfizer and India has plans for ramped up supply of its Covishield and Covaxin vaccines to 2 billion doses by December 2021. This shows how difficult it is for advanced countries and major pharmaceutical producing countries such as as India to vaccinate their populations quickly in the initial stages of the vaccination effort. In July the vaccine effort would be in its 7th month and vaccine supply constraints are expected to ease as a result of aggressive action by governments in EU, France, Germany and India. This will also enable addressing needs in Latin America, Africa and South East Asia. ...

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Roger Mosey who worked as Director of BBC News, left BBC News in 2013 and is now the master of Selwyn College, Cambridge. Here he describes the problems the BBC faces and tasks facing it under its new director general, Tim Davie. Mosey sees the need to move power out of London. He is critical of the way the BBC has tended to narrow in its views and its failure to reflect the sentiment in the whole country for Brexit, attitudes towards the European Union, and also in its failure to reflect the sentiment in favor of Boris Johnson's "Get Brexit Done" stance. In recent coverage Mosey says the BBC has not covered both sides of the story in the taking down of statues of Robert Clive to try to educate readers of who he was what happened and why there are different views on this in Britain, opting instead for following what is popular at the moment. He sees BBC as patronizing ordinary Britons who have views that may not coincide with that of people in London who have views on the hard right or hard left. In his view the best way to lose the rationale for BBC license fee is not to educate people on both sides of the story every time. ...