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David Smith, Economics Editor of The Times, says history is repeating itself now that the Labour Party thinks it should not have abolished Clause 4 of its constitution under Tony Blair ( the common ownership of the means of production, distribution and exchange). Now that Labour's policies for renationalisation of water, transport and other basic services are popular, it appears that we are seeing a response from people fed up with market failure and greed in the way the private companies in these services are run.  Profits should go to taxpayers for basic public services and that salaries of management should be moderate, services efficient, and borrowing of capital done at lower rates, is the idea behind this. The Times You.Gov poll on renationalisation for rail shows 56% supporting, only 22% opposing, renationalisation of energy companies supported by 45%, 29% opposed, water companies 50% supporting and 25% opposed. In addition to this other Labour policies of 45% tax rate for incomes above 80,000 pounds, and 50% at 123,000 pounds, as well as wealth tax are also popular. Workers on company boards with ownership of a portion of company equity are also popular. This adds to the mystery about Labour's lack of strong support going into the election. Support for renationalisation comes from the thirst for change, says The Times. Market failures, greed, inequality and poor delivery of essential public services, severe cuts in the last decade, all play a role in the thirst for change. There is also the idea that when it comes to essential services there is no room for profit or owners and managers with huge pay running into millions. When trains are overcrowded or unreliable run by private companies economic arguments remain for the textbooks, its daily experience that counts. Going back to a time in the past when it worked, where economic structures were based on fairness, and people cared, is seen as an alternative to a dysfunctional period.     ...

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Trade is just one aspect of the Biden Economic plan. It covers US manufacturing and jobs, Climate Change Action and Renewable Energy, Cost of Living and Wages for workers, Interest rates and inflation, and Capital Allocation with government partnering with the private sector in key industries such as electric cars, solar panels. It has the overwhelming support of most Americans- seven out of 10 Americans favor it polls show. What is described here in the Washington Post as a change from decades of trade policy since Reagan/Bush, Clinton/Obama, is also a response to the loss of key midwestern states by Democrats to Trump in thepresidential election of 2016, and the upheavals for democracy that Biden calls the struggle for the soul of the nation on the White House website. Biden is simply saying that the old policies were a mistake, a huge mistake, and Biden is correcting the Trump response which was loud but lacked the substance that is in the Biden plan through capital allocation in size and government actions to back this up. In this move he now has the support of both Democrats and Republicans. As Greg Ip has pointed out in the WSj no one during the Clinton administration when it engaged China with the World Trade Organization on trade imagined China would replace America as the dominant nation in manufacturing, the size and th scale also affected the climate, the environment in China, and created huge inequalities in the US and China that both nations are trying to correct, Biden in the US and Xi in China. It could even be said these policies were a failure because the size and scale simply overwhelmed everything else with growth rates in China of 12-14%, and the fallout in the near collapse of the economy in the years ahead from hypergrowth.  ...

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India's challenges in securing $1.3 trillion in capital over 5 years for infrastructure spending. This is needed including capital from the private sector to support government funding, so that India can build the infrastructure to create new manufacturing hubs that compete with China as the world's manufacturing workplace. The Biden administration's determination to compete effectively with China using is own supply chain in Asia, and the EU's plan to follow what the Biden administration does, is likely to create a new kind of environment by 2024-2025 that will create a steady flow of capital to India and other parts of Asia to finance this effort for rebuilding its supply chain. The Biden administration is seeking to build a culture change from the old culture pushed by Reagan type free marketers that delivered lost decades in manufacturing and jobs in manufacturing for the US. Biden's State of the Union message was clear- "Folks we're just getting started. We're just getting started." By 2024-2025 the Adani story may just be a footnote to this story as other manufacturers and investors pick up the infrastructure challenges facing the US, EU and India for a new supply chain for the Free World built around self-reliance. The Ukraine war and China incidents such as one that happened recently, will accelerate the rebuilding of the new supply chain on the part of the US and the EU with partners in Asia. And change decades old assumptions and trade relationships over months, not years. ...

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If it is possible and necessary for someone like David Attenborough to rediscover experience with nature unhurried and in quietness it is possible and necessary for all of us. The famous BBC personality and naturalist David Attenborough is considered to be the most popular person in the UK. In this interview in 2020 he talks about his garden and bird watching hobby during the lockdown, the way it is helping to preserve mental health. For the first time he is in one place for months. At 94 years, Attenborough is a bit subdued and looks back at his long career and bringing the natural world to television viewers through natural world series such as Blue Planet, The Living Planet, Our Planet, and Life on Earth. He was a speaker at the Climate Change conference in Poland in 2016 and hopes to speak at Glasgow conference in 2021 about the earth being finite and the need to change human behaviour.  The interviewer senses that something is amiss with all the naturalist wonders that Attenborough has been depicting on television. They seem too perfect and made for reaching large audiences. In the process was something being lost. Even Attenborough senses this as he starts discovering nature through birdwatching with excitement as if he had never done this before. He lists the birds one by one. It is the ability to discover and always treasure this sense of wonder at the natural world, and rediscover it again, that is what we strive for in this world, and so important for mental health.   ...

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Critics say China uses debt trap diplomacy in Africa through its infrastructure investment projects. Silja Frohlich of DW.com speaks to Eric Olander of the non-partisan China Africa Project to make an assessment of what is happening. Olander says Africa is facing a demographic change of immense proportions with about a billion people that are being added by 2025. For African leaders what are their options- do they build the infrastructure that would lead to the industrialization that creates jobs for all these people, even as they use their children's future to borrow vast sums of money. Global and private markets would charge 7 times the interest that the Chinese are charging, says Olander. China has built roads, railways, bridges, hospitals, and other infrastructure for which there was not enough financing from other countries. Since the Belt and Road Initiative was launched 5 years ago it has built four new railways- the Mombasa-Nairobi railway, Addis Ababa-Djibouti (759 kms), Abuja- Kaduna (186 kms) and Angola's Benguela railway (1866 kms). China has also helped Africa to develop its options with alternative sources of investment helping it negotiate new investments from different sources as Kenya and Uganda are doing today.  At the conference in 2019 in Beijing President Xi offered cancellation of interest till 2018 for loans to Ethiopia. A new effort to introduce transparency and improve terms and offer debt forgiveness is underway to change China's image for investment in Africa. Olander sees China making a solid contribution over the past 10 years funded by Chinese money. ...

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This Explainer by Lisa Thomas-Darbois shows how the National Assembly is elected and how it works with the president and their respective powers under the Fifth Republic set up in 1958 during the Algiers Crisis and decolonization by Charles De Gaulle. In 1962 a constitutional amendment led to direct popular election of the president. De Gaulle was elected in 1965. Though De Gaulle resigned in 1968 much of the work of modernizing French agriculture from a backward local regional basis to a national technological basis was done by De Gaulle, and French infrastructure postwar rebuilding started. This was continued through the 5 year presidency of DeGaulle's assistants Pompidou and seven year presidency of Giscard Destaing till 1981, modernizing France over 2 decades. To get elected to the National Assembly one has to get 50% of the vote in the first round and 25% of eligible voters. In the second round only the top two parties and parties with more than 12.5% of vote participate. A change was made to make the president's term 5 years and have the election of the National Assembly after the presidential election. Under this change Macron was able to get a majority in the Assembly after his election as president in 2017. In the event the opposition parties get a majority in the National Assembly cohabitation happens and the prime minister is from the opposition ranks as is likely in 2024. This transfer authority on domestic policy to the majority in the Assembly with foreign policy run by the president. It happened twice under presidetn Mitterand and once under president Chirac. ...

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The Guardian looks at high street, the small downtowns in urban areas across the north of England and the Midlands, coastal towns in decline, where Reform UK is offering an alternative to the decline.  Are Britain's best days in the past, and after the failure of Austerity, Brexit and the disappointment with Starmer, what lies ahead. If Farage wins and falters will this put Britain in a spiral of permanent decline? Boarded up shops, closed department stores and banks, with the rise of online shopping and online services, is creating a new situation on streets in mid and small towns in England. People see the decline all around them and this is creating anew mood in favor of trying something else after Labour and Tories have promised and things are taking a turn for the worse in the physical appearance of neighborhoods. Across the UK 34,000 shops closed in 2024, that is 37 a day, and this is true more for the north of England, the Midlands and deprived coastal towns, where Reform has come close to Labour in the last election. In one focus group in You.gov and other research a participant used strong words- that it was "soul destroying" to see the extent of the decline. Across Europe, in Germany as in UK, in France, the same sense of high street decline is evident. Underinvestment in transport, policing, healthcare, and social services. University of Warwick professor Fetzer  has studied this and the effects of austerity first under Cameron and Brexit under Johnson, the covid period, return of Labour but no lifting up program of large investments that would create a feeling of change, to replace the sense that somehow Britain was "going to the dogs," with half a million shoplifting offences in 2025, up 13% in 2025 over 2024, and the homelessness. ...

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The story of Lee Kun-hee who over 3 decades transformed an obscure electronics parts maker into the company Samsung is today, as a leader in smartphones and electronics. He was born in 1942, during the Japanese occupation of Korea and lived through the war years. He studied at Waseda University in Japan and George Washington University in the U.S. By the time he took on the position of CEO in 1987 from his father Samsung had grown from roots as a small fish and produce trading firm. It had then added after the war with Japan and the Korean War in the 1950's other lines of business such as sugar refining, textiles and diversified later into simple electronics such as radios and microwaves.  He was for change and once said to Samsung employees "change everything, except your wife and children." He was both mentor and inspiration at Samsung, with self-discipline and resolve to make Korean companies match their Japanese counterparts in technology and growth. He was like Konsuke Matsuhita of Panasonic in some ways- keen on learning new technologies and bringing excellence and quality to the Korean peninsula. Companies in India and other developing countries can look to the experience of South Korea in making similar transformations in South Asia and beyond. ...

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Texas under new state law S.B. 4 can  impose criminal penalties of upto 6 months in jail on non citizens who illegally enter Texas from Mexico. It allows state judges to order deportations to Mexico- without Mexico's consent- and allows local law enforcement to carry out the orders. The US Supreme Court upheld the US Court of Appeals 5th Circuit decision that says the law S.B. 4 passed in Texas can be enforced temporarily till it is submitted to the Court for final decision. Both Biden and Trump have visited the Texas border with Mexico. This was after Biden and Schumer passed a immigration bill 70- 30 in the Senate which Jim Lankford  Republican of Oklahoma had negotiated with Democrats. Biden said he would sign it to close the border- it would also change parole and asylum law to stop large illegal migration entirely. The former president intervened to stop passage in the House to keep the issue alive for 2024.

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Cheap fixed rate mortgages make up two thirds of home mortgages in the US. Most are at 4% or lower interest rate. A new 30 year home mortgage in 2024 would be about 7%. About 660,000 job offers that required moving and selling the home were turned down. This means fewer homes left for people to buy leading to higher home prices. The additional equity people have in their home on average is $119,000 over 4 years and this means consumer spending is resilient in the face of higher interest rates and keeps inflation at 3%. How does this affect the economy? Fewer homes on the market means there is a loss to the economy of 3% to 5% of output, according to NAHB. The smaller supply of homes means there is less home inventory to search from- instead of 62% in more normal times affordability for someone with a $100,000 in income is now 37% of the listings. This is not expected to change in the next 2 years.

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The drop in IPO capital and venture capital is a sign that there is a new awareness of the importance of capital for public investment in infrastructure, manufacturing, and in health and education with the active participation and direction of the government and support in the US Congress. This is happening as there is a sharp decline in the productivity of capital invested by so called "tech" companies. And science and technology investments directed with government support are needed in new scientific advances for chip manufacturing. Other technological developments such as solar panel manufacturing to tackle climate change also need much capital, and electric car fueling stations for EV's.

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NHK World- Japan's Zero Waste Life video series shows practice of responsible consumption and production for zero waste lifestyle. Since ancient times the Japanese have believed a life force exists in all creation. It is an essential component of climate change action today. This one shows Li Riu's sewing school teaching students how to remake adult clothes into kids wear. Items that could end up in that disposal heap in the Atacama desert in Chile are transformed into clothes for their own children. Her place is full of laughter for mothers and children alike says the author. Click on Original Article for the NHK video.

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Scholz sees Germany going through Zeitenwende, a sea change or turning point in its history as it realizes the "value of democracy and liberty, and the fact that they are worth defending." In a guest article in the Frankfurter Allgeimeine Zeitiung Scholz writes-

"Putin wants to split our continent up into zones of influence, into great powers and vassal states. We know what catastrophes that as brought upon us in the past."

"The autocrats of the world are watching closely to see if Putin succeeds. Is the 21st century governed by the justice of the stronger or the strength of justice."

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The $369 billion Biden climate change and tax bill moves forward with renewable energy but also keeps incentives in place for oil and gas drilling for the transition period now that there is an embargo on Russian fossil fuels. US now exports LNG to Europe with the cutoff of gas supplies from Russia and gas rationing in the EU. In this new situation Senator Schumer has come up with a new approach and is preparing to take this through the US Congress. It puts president Biden within reach of his climate goals for 2030 for 50% reduction of carbon emissions by 2030. This bill could accomplish 40% of that reduction.

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Putting a distance from the negative thoughts of the mind is essential to getting a good healthy mindset. This means not believing what it says. It also means woking hard to be able to change one's life in many positive ways and believing that you frame your own destiny. It is said that a wandering mind is often more of an enemy than a friend, in ancient wisdom. Developing a new calmness, being able to meditate, requires putting a distance from negative thoughts and not believing the thoughts of a wandering mind. This is called cognitive defusion. It is also part of what is needed for yoga and meditation. 

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The settlement with National Association of Realtors will take time to sink in. Now buyers are expected to pay upfront for the help in making the purchase of a house. Prior to this change sellers paid what was called a commission which was baked into the hose price, kind of made less visible. Now that the cost is made visible it can go directly to the payment of the realtor or buyer agent in the form of payment for services rendered such as how much his services cost, how much for a home inspection. The result should benefit home buyers, and mitigate the lack of affordability problem many buyers face today.

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The Guardian follows key speeches and developments at the Labour party conference in Liverpool. This comes as the Labour party leads the Conservatives in the MRP poll by 12 points 45 percentage points to 33 points. Labour is favored in its approach to the cost of living crisis and climate change. Keir Starmer is steadily closing the credibility gap created by previous Labour administrations on policy for families and workers and conviction which has given Boris Johnson and Liz Truss an advantage in the past. Mr. Biden has faced and overcome a similar problem created by Democratic administrations in the past of a lack of conviction to help families and workers in the US.

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Aikins points out the change from Mexicans crossing the border to the people from Central America fleeing Guatemala, San Salvador and Nicaragua. More recently people from Venezuela as entire states become dysfunctional, either from gang violence and lack of law and order in central America or in Venezuela from crippling inflation and economic collapse. It is a problem that America as a whole not just this or that party can resolve, by changing the entire system of immigration the way the European Union has already done and by keeping migrants in their own countries by bringing these countries into a state of stable economic growth, and making them resilient to economic and political shocks.

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This WSJ report looks at Hancock Prospecting's efforts to control the Kathleen Valley lithium project in western Australia. Lithium was discovered in 1817 and today is an essential component for electric batteries that power phones, EV cars. The world needs 50 lithium mines for action to meet climate change goals. The market for lithium was $1.5 billion in 2014, it is now $48 billion. It is found in the Atacama desert in Chile, in Western Australia and other countries. Mobil has invested in Arkansas. Hancock Prospecting in Australia, Albemarle in Charlotte, NC, SQM in Chile, and China's Ganfeng are competing for stakes in lithium mines. 

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It is not just about the Apple ad Crush video that turns millions of hours of creativity in books media by crushing it into an iPad Pro that people find repulsive. Look carefully and the iPad which was touted for it helping to create a big change in promoting education has done little and Apple has not increased literacy in the world through the iPad. New products from Apple, Google and other tech companies are only slight variations from the old. A thinner iPad when the previous iPad was already thin, and small changes at the periphery that are no longer in much demand. Prices are still way too high.

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How returns in the U.S. stock markets of over 30% in 2013 change the picture of five year returns to the end of 2013 compared to the end of 2012. Long run has to be much more than 5 years and even longer for decent returns.

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Negotiations between European leaders, especially Germany's Merkel and the Obama administration on climate change at G8 meeting. The U.S. and Europe try to work out differences. The U.S. is vague about some language such as the starting year against which emissions reductions will be measured, and has resisted the European pressure to set strong goals over the next 10 years. Europe wants 1990, while the USA, Australia and Japan prefer 2005. Europe wants to see language in aformal document that is being developed for the G-8 meeting, which also includes developing countries, for limiting the rise in global temperatures to 2 degrees celsius, or 3.6 degrees Fahrenheit, above pre-industrial levels.

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The Willow oil project in Alaska by Conoco-Phillips which has leasing rights was allowed to go ahead by president Biden with some environmental protections. The leasing rights would have given Coonco-Phillips the right to challenge the government in court with potential damages awarded of about $5 billion, says this report in NYT. It also comes as Biden is faced with the issue of oil prices and supplies, and the impact on inflation with the cost of living crisis, as well as the impact of climate change.

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The first Quad Summit of leaders of US, Australia, India and Japan takes place on March 11, 2021. The Quad is a force for good says the Indian prime minister, with its focus on vaccines, climate change and emerging technologies. 

The leaders affirmed the need to ensure equitable access to the vaccines for speedy economic recovery and benefitting global health. Mr. Biden affirmed the need for the Indo-Pacific region to be "governed by international law, free of coercion and upholding universal values."

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The transport sector accounts for a third of German energy consumption and a fifth of gas emissions, making it a sector that will come up for major overhaul after elections. The Greens party in Germany is making this a major issue in the elections. The massive flooding in Germany and severe drought conditions are seen as effects of climate change that is moving to the top of the agenda. Greens are polling in the 15-20% range and are likely to be a key partner in a new government.