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Misinterpretation of his remarks by the media with commentary presenting it incorrectly as criticism of DJT, says Pope Leo. Leo said that his speech in Cameroon “was prepared two weeks ago, well before the president ever commented on myself and on the message of peace that I am promoting.” “It was looked at as if I was trying to debate again the president which is not in my interest at all.” A lot of unnecessary commentary was made on this in the media exaggerating the Pope's comments to make political points about the opposite side in political discourse. When the Pope says he is going to talk loudly on the message of the Gospel in his visit to Africa, visit to Algeria, Anglola, Cameroon, it is clear he is talking about the domination of the colonial powers and the huge loss of life in these countries and about " the grossly "unequal distribution of wealth," in these  and other countries of Africa.  ...

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Haruhiko Kuroda, 68 years old, a senior finance ministry expert who ran the ministry's currency policy as vice finance minister for 4 years in the early 2000's, is prime minister Abe's nominee for central bank chief. He lectured at Hitoshibashi University for two years before becoming the head of the Asian Development Bank. His book "Success and Failure in Fiscal and Monetary Policy," is critical of the Bank of Japan for mistakes in being first too accomodative in monetary policy to set up the 1987 crash, and then tightening too quickly leading to the deflation and recessions of the last two decades. By choosing an expert with a long experience in the field of monetary policy and a vigorous advocate of getting things right to shake off the deflationary trends, Abe is sending a strong signal to financial markets. Kuroda says he is looking at a shorter time frame to achieve a 2% target for inflation- about two years. In essence Kuroda is taking a page from the policy book of a small group of MIT trained economists, Bernanke at the U.S. Federal Reserve, Draghi at the European Central Bank, and Mervyn King at the Bank of England to boost domestic economies in the context of increasing global growth. The yen weakened to 94.77 to the dollar on Feb 25, 2013, after the announcement. Abe's nominee for one of two deputy governor appointments is Kikuo Iwata, a 70 year old economist who was also critical of Bank of Japan monetary policy since the 1990's. The Abe administration has also carefully communicated this message. Speaking at the Centre for Strategic and International Studies in Washington D.C. Abe said Japan's goal was to increase exports, but at the same time it will increase imports which should benefit the U.S., China, India and other countries. He described a recovery in Middle America from the Dakotas to the Carolinas and sees something like this happening also in Japan. Even the appeals to nationalist sentiment are also coupled with the message to China and S. Korea of not climbing up the escalation ladder and seeking good relations to promote mutually beneficial development. Abe's focus is on building the U.S.- Japan relationship....

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Wasn't immigration from Europe  one of the main reasons for pushing for Brexit by Brexiteers? UK left the European Union on Jan 31, 2020. So how has this changed since Brexit asks The Times of London? It may come as a surprise to know that Poles and Romanians who came to the UK before Brexit to fill low skilled jobs are are now replaced by high skilled Indians, Pakistanis, Nigerians, data from the Department of Works and Pensions suggests, and cited by The Times. And the numbers are large far exceeding by a factor of 3 the numbers before Brexit. Official data this week says The Times shows net migration hit 700,000 last year 2022 compared to 223,000 at the time of the Brexit vote. Three reasons are given. The first is that there is a surge in foreign students whose lucrative fees support British universities. Second one off schemes enabled hundreds of thousands of Ukrainians and Hong Kong Chinese to come to the UK. And the third the biggest reason is that the post Brexit regime issued 800,000 visas in its first year. This means that instead of less well off Europeans, more affluent Chinese, Ukrainian refugees, and better educated Indians and Pakistanis made their way to the UK. In any case a high rate of immigration took place, and one set of Eastern Europeans Ukrainians replaced another set from Poland and Romania. Brexit was essentially a serious distraction for Britain leading to three Tory governments. Had Cameron been honest and not used Brexit as a ploy to generate support the Tories could well have been replaced in a tight election after the austerity period. Instead Britain had four prime ministers and constant upheaval Cameron replaced by Theresa May, Boris Johnson, Liz Truss, Rishi Sunak. Ending up with the Tories and Britain in not a good place in where it matters- the economy, growth, health, education, and cost of living. Britain must now look to Labour for reviving the lives of workers and families, reviving the economy, fighting climate change, creating hope for the future. ...

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Politico magazine says wealth inequality is a worse situation than a country's income inequality. By this measure the situation has deteriorated badly in the U.S. It cites a study by Thomas Piketty of France with Saez and Zucman, showing that a shocking 75% of household wealth, and 97% of capital income-income generated from dividends, interest and capital gains- is concentrated in the top 10% of households in America. More shocking it says is another study showing that nearly 50% of American households could not come up with $400 in an emergency to meet and unexpected expense, while a tiny fraction controls trillions of dollars in assets. Why is this important? Beyond the obvious short term immediate needs there is the need to build a plan for the future, to be resilient in the face of a job loss or major illness, to seek higher education for job retraining,  to save for a home to retire.  In America the history shows that for most of its history since the founding fathers, in the 1750's the situation was that of a rising tide for all sections of society interrupted by the breakdown during post tech boom failures in the 1890's and 1930's. This is embodied in the Declaration of Independence itself the perception of this as something to be taken for granted- "we hold these truths to be self-evident, that all men were created equal and endowed by their creator with certain inalienable rights ..." One proposal is for a universal income. Others are for employees to have ownership in the business that they work for and contribute their skills. Setting up Permanent Funds that pay dividends to all citizens of a state. Some of these proposals are being considered in Britain by the Labour Party, and Democrats in the U.S. as they forge ways to tackle the rising inequality in Britain after a decade of austerity cuts, and in the U.S. after the tech boom and regional inequality.  ...

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What did Biden mean when he said- "history is watching," about his call for Ukraine aid to Congress. After a swift course of events and British withdrawal from Greece and Turkey by March 1947 this is the address to the US Congress made by US president Harry Truman on March 12, 1947, for $351 million in aid to Greece and Turkey facing Soviet threat to the two democracies after German armies had destroyed most of the infrastructure in Greece, thousand villages burned, 85% of children tubercular, with no savings, tragic conditions and facing political chaos. Truman said in this address aid was one tenth of one percent of the $341 billion spent to fight threats to democracy in World War II. "One of the primary objectives of the foreign policy of the United States is the creation of conditions in which we and other nations will be able to work out a way of life free from coercion. This was a fundamental issue in the war with Germany and Japan. Our victory was won over countries which sought to impose their will, and their way of life, upon other nations." "At the present moment in world history nearly every nation must choose between alternative ways of life. The choice is too often not a free one. One way of life is based upon the will of the majority, and is distinguished by free institutions, representative government, free elections, guarantees of individual liberty, freedom of speech and religion, and freedom from political oppression. The second way of life is based upon the will of a minority forcibly imposed upon the majority. It relies upon terror and oppression, a controlled press and radio; fixed elections, and the suppression of personal freedoms." "I believe that it must be the policy of the United States to support free peoples who are resisting attempted subjugation by armed minorities or by outside pressures. I believe that we must assist free peoples to work out their own destinies in their own way."   ...

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Some key takeaways from the Biden State of the Union- Biden has a vision for the future and the way forward for the US to a new frontier and new progress, where his predecessor really has none or has shown none. On China under his predecessor the US was shown as being behind and the US did little to sending of advanced US technologies to China. Today the US is growing and has the strongest economy of the G-7 and China is falling behind, flow of advanced technologies to China is stopped. On investing in the US. It is there plain for everyone to see. If the US has fair taxes the US can rebuild its infrastructure, modernize, invest in education and the working people of the country, and yet cut the deficit by large amounts. The thousand billionaires in the US pay only 8.2% in taxes. At 25% tax what a firefighter or policeman or teacher pays this would cut the deficit by $500 billion over 10 years. The oil companies and other corporations are similarly only paying less than what ordinary Americans are paying. This at fair tax rate of a minimum of 21% instead of 15% would further cut the deficit by hundreds of billions of dollars after investing in the infrastructure and modernization of the economy that his predecessor has no plans for and instead given a tax cut to the corporations which studies show was really not paid for. Negotiating drug prices for Medicare with drug companies would save the country hundreds of billions of dollars. This could be reinvested in cutting child poverty, in free preschool education, in raising teachers wages. Sitting next to Jill Biden the First Lady was the prime minister of Sweden. What it told the US was that countries like Sweden and Finland in NATO had strengthened the alliance and it was for mere political reasons that Ukraine aid was prevented by his predecessor from being passed in the House after passage in the Senate by 70-30 with bipartisan support that also exists in the House. ...

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Washington Post's new idea of developing content for social media platforms  (Third Newsroom) to cut losses of $77 million in 2023 by earning profit on social brand exercises, comes at a time when the risks of social media platforms to education of children and to their mental health are great. Social media platforms entry into the news business has led to old news companies first interacting with them over a decade and realizing that this was leading to gains for social media platforms and losses for the old news companies. For older news companies such as the NYT, WSJ, Washington Post and others in the US this was a period in which these companies lost control over their news content along with loss of revenues. Over the last five years the companies have become profitable managing their own content and increasing subscriptions. The Washington Post has run into problems and has a $77 million loss. It was sold to Amazon's Bezos for $250 million by the founding family in 2013.  It is now trying to revive its business by doing what failed for the NYT, WSJ and others- by embracing rather than rejecting social media platforms such as Instagram, TikTok, and others using the News Movement idea of UK journalist Lewis and Winnett. That News Movement makes content for Instagram and TikTok but has not generated profits. Under Lewis as head of Washington Post news division, Matt Murray formerly editor of WSJ would as head of Third Newsroom develop this kind of content for social media platforms. This runs the risks of aiding the work of social media platforms at a time when TikTok has raised national security concerns in the US, and along with Instagram is being cited as part of social media platforms that are affecting the mental health of children. Its disastrous impact on the health of the Nation and its future comes from reducing focus on education and studies by diverting an average of 4.8 hours each day away from educational activity for the children that make up the future generation of this Nation. ...

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In all the coverage on the Indian election the impossible having been accomplished that of going beyond the 244 million voters in the US, beyond the 373 million voters in the European Union. The eligible voters in India 2024 are 640 million and all the counting done on one day was accomplished by the Electoral Commission and tackled under leadership of the team by Rajiv Kumar, a civil servant who earlier served as the Finance Secretary of India. The results show that the elections were free and fair as the results speak for themselves that the opposition parties did better than they expected. What was not told in media coverage in the US and EU/UK was that the Opposition and the current government are at odds on one fundamental issue that a continental country suffering from centuries of colonialism can only create a modern nation with the infrastructure enjoyed by the US, EU, China, if it creates a large enough pool of investment in the trillions of dollars, has a master plan of proven execution, with no leakages from this pool of investment. Leakages from the pool of investment only stopped after 2014, and actions of direct deposits to 400 million bank accounts or rural households was essential. For modernization to succeed another condition that had to be fulfilled was to create even through a pandemic a core of about 500 million of 1.4 billion people of the middle and lower classes who would approach the conditions o the US, EU, China consumer base for industry. This the Modi government has done with all its projects and hard work by adding the 250 million people to the consumer base pulled out of poverty. The task ahead is doing what the US, EU, China as continental nations have done to modernize and industrialize 2024-2035 to build the third largest economy ahead of the EU by 2035 and every state and city in India aspires to this transformation, from the south and northeast to the north and the west.   ...

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Bret Stephens of NYT shows a lack of knowledge of European history and remains oblivious of the disastrous consequences of Reagan's policies that he lauds. He cites Reagan as saying to his own audience - "My idea of policy towards the Soviet Union is simple, some would say simplistic. It is "We win, you lose."  The US did not win through Reagan policies, it began three decades of US involvement in wars in Iraq, Afghanistan, the Middle East, with Iran, that have wasted trillions of dollars and many lives, a period in which it created space for the emergence of China as a world power with newer infrastructure built in a period in which China could quietly rebuild and modernize while the US frittered away its vital resources to the point that funding was missing for vital infrastructure rebuilding and education was not financed by the government as it had done in the early postwar years. The classic European History book by Cambridge historian Brendan Simms, "Europe- The Struggle for Supremacy 1453 to the Present" shows that every time any country became too powerful, the others regardless of religion, old ties or other affiliation joined together to counterbalance and restore the balance- Britain, France, Russia, Austria-Hungary were never allowed to become too dominant. The idea that the Soviet Union collapsed because of Reagan's policies is incorrect- it would have collapsed a decade later without Reagan as by the 1980's the people running the government and the ordinary people had realized the system was not meeting the aspirations of Russians. By buying into this myth Americans were embroiled in useless wars and in so doing probably destroyed more wealth in a short time than any period in world history- the trillions of dollars of oil wealth transferred not to countries such as China or India that had to pull themselves by the bootstraps but to Arab desert regions that were itself not benefitted because they went to fight wars and destruction. ...

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WSJ's Andrew Restuccia and Michelle Hackman look at another deportation of about 1 million people of Mexican descent in 1954 under the Eisenhower administration. It looks at the human toll. Many of the people were brought in to tackle the shortage of men to do farm work and harvest crops during the war period 1941-1945.   The alternative proposed by Biden and senior Republican senators McConnell and Lankford and supported by most senior Republicans is the tough immigration legislation drafted by Lankford that president Harris has pledged to sign. In 1954 the US economy was a small fraction of what it is today and struggling from the aftermath of the world war and the Korean War. The US economy would suffer shortages of manpower in construction and farm work that would reduce economic growth by about 1%, from the effects of a 1954 type plan and from the distraction for American focus on chips, science, and manufacturing that is needed to compete in a new world of India, China in addition to Japanese EU competition. States such as Kansas in the midwest feel this shortage, and in the Carolinas in the south, Red states and blue face shortages. Kansas is actively seeking new legal immigrants and welcoming them as shown in the WSJ. This is a different country than 1954 and this must be recognized or we will fall behind China, Japan and India. Cultural literacy is world knowledge and was proposed before by the Exxon Foundation and E. D. Hirsch in 1988. This needs to be revived so that children like Harris who know enough about American history, language and culture to be productive American citizens- as they learn in school and through interaction with fellow citizens in the neighborhood and libraries- can become the norm. There is no reason this cannot be done effectively with the resources committed to this from the federal and state governments in tens of billions of dollars, including to the library system, community colleges, community civic education centers, and to literacy and world knowledge sites such as Lyrarc.com, Wikipedia and Britannica.com. ...

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A brief history of the US presence in Greenland and US-Denmark relations in Le Monde. On a map Greenland is located closest to Canada on the Smith Sound with the American base of Thule nearby. Next closest is Iceland. Norway and Denmark are further away. Around 1814 when Britain invaded and occupied Denmark in the Napoleonic Wars, Norway which was part of Denmark since 1400 was given to Sweden by Treaty of Kiel. Greenland, Faroe and Iceland were Norwegian dependencies. All three were kept by Denmark.  Icelanders set up small settlements on shores of Greenland in the 10th century which did not survive. Other parts of the island's shore were visited by the Dutch who came into conflict with the Danes after 1500. No country could claim ownership of Greenland as because of the harsh climate there very few settlements survived except of the native Inuit people population of 14,000 by 1900 who lived there. In 2025 about 56,000 Inuit live on Greenland. Robert Peary explored the vast Greenland region for the US Navy on on many trips from 1894 to 1909. With his ship The Roosevelt he reached a point about 100 kilometres from the North Pole in 1909. This is part of the US history on Greenland. Denmark signed documents asking for US protection of Greenland after Denmark was occupied by Nazi Germany in 1941. The Danish ambassador in Washington signed an agreement with Cordell Hull US Secretary of State making Greenland a protectorate of the US. The US set up military bases in Greenland. Today the US base in Thule is 1220 miles north of the Arctic Circle. It has a giant radar capable of detecting ballistic missile attack and a control center of the US military satellite network. At one time 10,000 soldiers were stationed at Thule base, today about 150 soldiers are in Thule. ...

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The Basel 3 Rules and the extra capital cushions required by 2019, will double the amount of core equity a big bank holds as a proportion of assets. This is happening earlier because markets are making banks increase their capital cushions. But more needs to be done to make "too big to fail" banks in the U.S. and Europe safer, says the Economist in a May 2011 special report on international banking. An independent commission in Britain has suggested an additional equity buffer of 3%. The Economist says the Basel committee should consider similiar rules for the largest banks. Another proposal is being considered by Swiss regulators who want to see their banks holding the equivalent of 9% of their risk weighted assets in convertible capital. This kind of buffer is considered essential to prevent the kind of sudden collapse of the global financial system that was seen in late 2008.

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Mead points out that the world with an effective U.S. leadership based on democracy and the values we cherish is needed now more than ever, after the failures of the Bush and Obama administrations to provide the kind of balanced leadership all Americans can stand behind. A world without an effective and enlightened leadership from the U.S, is one in which the world could fall apart in regional rivalry, one in which the hundreds of millions of people in the poorer parts of India, China, Russia, Brazil, and other developing countries of the world, will have less opportunity to meet their aspirations for a better life. This is because a focus on development requires less regional rivalry and because serious missteps can reverse in a few years decades of economic progress as shown in the 2008 global financial crisis. More so because we live in an increasingly interdependent global economy. It is also the kind of world where suppression of freedoms and suppression of the opposition as in China and Russia, provides a wrong kind of message, a world in which we or our children would not want to live in. Russia, India and China, are too driven by rivalry and lack the deep experience to go it alone, multipolar is more likely to end up being multipolar rivalry leading to a race to the bottom, which would be bad for all, especially for the poor in Asia and the developing world. The 2008 crisis showed what some serious economic mistakes could do to employment and incomes in the world with output dropping by a third in most places. Political missteps could lead to a slippery slope of this magnitude but more difficult to correct. Greater participation in the political process and more enlightened leadership is needed in all countries to allow many voices and greater interaction across boundaries, focussing on the dangers of such multipolar rivalries. The world of the G-7 is already moving to the G-20 where many voices are heard and serious discussion of differences takes place, but participatory is different from multipolar....

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Japan's governing LDP party wins over two thirds of the seats in parliament in a snap election called one year before the end of the term in office. Prime minister Abe's popularity by summer 2017 dropped to about 30%, and yet with a divided opposition he managed to win the election with a large majority. The opposition led by the Democratic Party and Tokyo Governor Mrs Koike fragmented with the formation of new parties, Yuriko Koike's Party of Hope, and the Consitutional Democratic Party. Mrs. Koike failed to keep the opposition united with some missteps including asking for a loyalty pledge from candidates. This election win makes it possible for Abe to get a third term as leader of the LDP and eventually becoming the prime minister with the longest term in office. Abe had a poor start during his first effort as prime minister when he resigned in less than a year. This is a comeback for Shinzo Abe from that difficult period. Yet the constitutional changes to support Japan's Self Defense Forces with the growing threat from North Korea are not getting the same level of support. Opinion remains divided on that issue.  One aspect of this election is that very few women candidates are running for parliament. In contrast to the election in Britain with more women running for office and getting elected, in Japan's 2017 snap election less than 10% of candidates elected are women. ...

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Complacency in Nokia's bureaucratic organization structure. A competitive touch screen and internet ready phone that would have competed with the iPhone was turned down by management in 2004, according to a former employee.

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Isaac Tshuva, a immigrant from Libya in 1948 as an infant, makes a beginning in construction and builds a large stake in the Delek Group, Israel's second largest chain of gas stations. Investments by Delek Group in natural gas exploration pay off after many years leading to the finding of the Tamar and Dalit fields in 2009.

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Germany's calls for closer political and fiscal union for the eurozone countries to complement and support the euro currency arrangement. German chancellor Merkel calls it "more Europe," "step by step." It all hinges on French president Hollande and how well the Socialist party does in the elections to the National Assembly on June 10 and June 17, 2012. If he does well and gets a working majority with other like minded parties he will not need the support of parties that are opposed to giving up sovereignty. Hollande's mentor is Jacques Delors, a former president of the European Commission and a strong supporter of the idea of European Union. England under the Conservatives remains Euro-skeptic. France and Germany were driven closer by the idea of European Union by necessity, because of history and three wars. The European Union had strong support after 1945 from French and German leaders, Monnet and Adenauer, who struggled with political opposition but won over skeptics, with the process continued by German chancellor Kohl, a mentor of Angela Merkel....

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This editorial from the Times after the New Hampshire Republican primary- in which rival candidates attacked Bain Capital- says that leveraged buyouts by private equity firms like Bain Capital were only one of the causes of the growing income inequality, and by no means the principal cause. And they had little to do with the subprime mortgage crisis that led to the financial crisis and recession in 2008, which aggravated the income inequality. A serious factor was the lowering of wages in manufacturing in competition with lower wage countries in a globalized economy and the decline of good manufacturing jobs over three decades. The increase in low wage jobs in the retail and service sector with the decline in manufacturing did little to arrest the growing gap in wages.

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The biggest damage doen by the Brexit drama is to Parliament itself, says this report in the Washington Post.  Britain's democracy is based on members of parliament representing their constituents. By raising above Parlament the direct democracy of a referendum, there is the risk of no-deal Brexit even with Parlament solidly opposing it, just by accident and a deadline. For the British Parliament to regain public trust then becomes a big issue.

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There is a clear warning in this WSJ report by Jonathan Weil of the opaque manner financial reports of some private equity are done, which take the lack of transparency in general of private equity funds to an astonishing level. One private equity fund gives information on some transactions in footnotes that run 3 pages- actually shown here. The report highlights the practice of private equity of buying funds on the secondary market at hugely discounted prices and marking them up immediately by upto 1000% to show large returns. How on earth are private equity funds not going to damage their reputations if they take up the task of investing the retirement funds of American's 401 K's. Historically these funds have been kept away from private equity. As their returns dwindle private equity funds including Blackstone are trying to get the US president DJT to allow private equity to manage retirement assets of ordinary Americans who can ill afford such investments.   ...

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The foreign lobbying by Pakistan and then India in Washington DC for access to the White House using lobbyist firms in the US. This enabled leaders from Pakistan to visit the White House in the US soon after conflict between Pakistan and India erupted over terrorist incident. Terrorist incidents happened in New Delhi and Islamabad in November 2025. The DJT administration may have gained support from Pakistan/Turkey for the Hamas settlement through this lobbying effort. The DJT administration inadvertently put itself in a position of being influenced by lobbying in this case for access to the White House. Following that event China's president Xi Jinping tightened restrictions on rare earths in trade negotiations with the US for a temporary agreement that gives access to the US market. This leaves the issue of illegal fentanyl flows from China and Mexico to the US, important to the US, and of restructuring world trade, also important to the US, major goals of this Republican administration in abeyance.   ...

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With domestic oil consumption growing at 10% a year, and the Arab Spring leading to increased subsidies and social spending, the Saudis are looking at nuclear power to generate some of the supply of electricity. Saudi Arabia expects to have no reserve margin of supplies by 2020 at current levels of domestic consumption. In 2011 the Saudi government setup the King Abdullah City for Atomic and Renewable Energy, or KA-CARE, for coming up with nuclear energy policies. KA-CARE has an agreement with French supplier AREVA.

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An account of the days preceding the crisis on Wall Street when Paulson and Bernanke went to Congress with their plan for $700 billion to purchase bad mortgage securities and other bad debt one September afternoon.

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A lot could go wrong says Moody's if private equity is allowed into retirement funds. It could also hurt the reputation of private equity funds such as Blackstone who are moving in this direction. Empower, the second largest retirement manager is moving in a different direction by partnering with Apollo and bringing inprivate equity into retirement funds. For decades there is a clear separation and the lack of transparency and liquidity make private equity to lack the basic features needed in retirement funds. The poor performance of private equity is likely to affect retirement funds, that would do better without private equity and follow the S&P 500 returns, say experts. Under the DJT policies private equity is trying to find a way into retirement funds that poses many risks.

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India has one of the largest refineries in the world at Jamnagar run by Reliance Ltd. It buys 2 million barrels a day of oil from Russia, making up a third of Russian oil exports and second only to China which takes in half of Russian oil exports. India buys this at about $60 a barrel and it generates about $45 billion dollars of revenue for Russia. Indian refineries have the technology to process Russia's heavier crude oil. Some of it is processed in India and exported to Europe.

US and DJT statements about India and a tariff rate of 25% are based on India moving from exporting less than 2% from Russia in 2021 to 45% of its imports in 2024.