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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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There was some element of reckless behaviour when Britain tossed aside misgivings to let Tories let in private sector investing into companies in the water sector. The WSJ now calls it the world's largest failure in private sector water investment. Today there is eColi in the water in River Thames so much so that in the Oxford Cambridge rowing race rowers were advised not to make contact wih the water. It goes back to Victorian sewers which was a problem not tackled by companies interested in profits in areas that wiser men had decided is best done by public sector investment. These are the hidden failures of the Thatcher/Reagan years that are only now coming to light. The company Thames Water loaded up on debt to pay investors dividends while the company failed to upgrade London's sewer system, which has spilled what amounts to 34,000 Olympic swimming pools of raw sewage into the river since 2020. The US has not been so reckless as most water and sewage systems are still publicly owned. Near central London a matted mountain of wet wipes and sanitary products along with sewage washed into River Thames is called Wet Wipe Island. Thames Water took on so much debt $23 billion that it defaulted on its debt. How could this be in a modern developed nation, and what about all the other infrastructure investments in Britain rusting  from the Industrial Revolution that need investment? Tories have let Britain down. There are lessons for the US and Germany, France, India and China. ...

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With stricter border control asylum seekers have dropped to 3500 a day at the US border with Mexico and the new government of Mexico under Caludia Sheinbaum is likely to cooperate with Biden to take back people of other nationalities. President Biden is about to pass an executive order that effectively closes the border with Mexico. Once daily crossings reach 2500 the border will be closed. The legal basis of the action is Immigration and Nationality Act clause 212F which says the president can take this action when he sees that "the entry of aliens or any class of aliens to the United States would be detrimental." This lowers the threshold from 4000 in the Senate bill negotiated by the president with Republican Senator Lankford to 2500 daily crossings. Mr. Trump had the Republican Speaker of the House not bring the Senate bill to a vote in the House. At the time Republicans in Congress said Biden should use his executive authority to do this and lower the threshold. The former president Trump also issued this kind of executive order in 2018 which was blocked in a federal court on grounds of humanitarian protection no matter how immigrants entered the country. This time there is a sense that the Congress, the president and public opinion supports this action and the president's authority. Mexican president Sheinbaum's support will also ease its implementation in 2024 and cut down border crossings from asylum seekers to lows below 2500 till a new Senate bill is taken up and passed with bipartisan support that exists in US Congress. ...

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Bradsher, Tankersley and Cohen say in this NYT report- US industrial policy under president Biden corrects the failures of the past. Chinese experts in Hong Kong say the US and Europe deindustrialized their economies with pursuing of policies called "neo-liberal" but basically Reagan era policies that Democratic presidents Clinton-Obama imitated. As they deindustrialized it created disaffection among the struggling lower and middle income classes making $35,000-$106,000 that were big losers in the process, creating threats to democracy as financial and tech, plus pharmaceutical sectors took control of the economy. China's success comes from three decades of mastering the ways of practicing industrial policy that it can support private companies with low cost land, additional subsidies that reduce the cost of production and provide a buffer to absorb losses so that it could dominate key industries. Policies where textbooks and economists trained in the US failed utterly and completely leading to dangers to US democracy that we see as opportunities for good paying jobs in manufacturing disappeared for middle and lower income households from 1980 to 2020. These economists trained in the US always said see lower cost Chinese made goods means lower and middle income people pay less, never saying that this means all opportunities for better paying jobs in manufacturing will be lost for these classes in society. The tech and financial sectors had close ties to the new arrangement that turned manufacturing over to China from the Reagan era to the Obama and Trump era. Apple and Tesla and many industries benefitted from manufacturing mostly outsourced to China. ...

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Last month the Nevada probate commissioner said Rupert Murdoch could amend his irrevocable trust if he is acting in good faith and in the interests of his 4 children. A trial to determine if this is in good faith begins in September 2024. The current trust for Murdoch and his news properties is an irrevocable trust set up 24 years back in Reno, Nevada. It gives one vote each to Lachlan, James, Elisabeth and Prudence after Rupert Murdoch's death. He is 93 years. Lachlan and Rupert Murdoch have views that have led to Fox News and Wall Street Journal news coverage that is seen as extreme. James ran the News operations with Lachlan till he could no longer support the shift, a shift consistent with his father's views. William Barr, an Attorney General for Bush and Trump is a legal adviser to Rupert Murdoch in the effort to give voting rights to Lachlan, so he has a majority. James says he is uncomfortable with the shift at the networks and that it would hurt them in the long run that the gains in ratings are short term and have led to releasing insidious forces in the US. James's wife Kathryn is a climate change activist. The siblings say the original trust had "an equal governance provision" and want a voice. They also say the move to give Lachlan majority voting rights disenfrachises them. The courts in Nevada will take up this case with the siblings working together in opposition to Rupert Murdoch and Lachlan. ...

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Decades of investment in car manufacturing and EV's is paying off for China. It now exports 5.7 million cars of which 1.7 million are EV's. EV exports are twice that of Germany. Car production capacity in China surged as the Chinese market expanded to be larger than Europe and the US combined. The production capacity is twice the size of the domestic market- 40 million gasoline cars from 100 factories.  As domestic sales have slowed down there is a push for exporting this excess capacity. The US and the EU are imposing tariffs on Chinese cars to protect their domestic manufacturing. The push to become a leader dates back to premier Wen Jiabao 20003-2013. Wen chose Audi engineer Wan Gang as minister of science and technology, and gave him the task of making China the leader in electric vehicles. Manufacturers were given subsidies, tax breaks, cheap land and electricity. By one estimate the EV manufacturers and battery makers in China received $230 billion in subsidies since 2009.  This is one reason the EU and the US are imposing tariffs to protect their domestic manufacturers. As the shift to EV's continues in China- half of the cars in 2024 EV's- the gasoline models are shipped overseas. China has now replaced the western brands in Russia with it's gasoline models.  China makes great savings in batteries as it controls the supply chain in batteries. It makes EV's at 30% lower cost with these efficiencies. ...

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In paying respects to the those injured in the attack by a Afghan asylum seeker in Munich on Feb 13 2025 Vance said at the Munich Security conference -“No voter on this continent went to the ballot box to open the floodgates to millions of unvetted immigrants.” It was a speech that raised serious questions about European politicians and parties excluding voices that warned about a decade of illegal migration which has taken Europe and also the US to the point that a fifth of the population is from outside the country. It is not that Northern Europe has adopted this approach. Denmark's Mette Frederiksen of the Socialist Party and before that Boris Johnson and now Keir Starmer parties on both the opposite Conservative and Labour sides have opposed human trafficking gangs and mass migration into their countries.  JD Vance said of Germany shutting down other voices on migration's ill effects on public safety and public services, on the cultural framework itself of their country, as pernicious. "Democracy rests on the sacred principle that the voice of the people matters... There's no room for firewalls. You either uphold the principle or you don't." DJT calls the speech "brilliant" and "well received." “And I think it’s true, in Europe, they’re losing their wonderful right of freedom of speech. Europe has to be careful it has a big immigration problem.” ...

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“I would advise none of the countries to panic. I wouldn’t try to retaliate because as long as you don’t retaliate, this is the high end of the number.” This is the ceiling number Bessent told countries around the world about the Rose Garden Tariffs chart of April 2, 2025. Just don't retaliate and negotiations would work things out. Bessent said some countries say they would work with China. I have this to say to Spain about China, he said, it is like someone with brooms and a bucket of water, it keeps on going, production never stops, that is the Chinese model. What Bessent is saying is that the Chinese model is to keep doing what they have always done non stop with no intention to change- build capacity, overcapacity, and ship production overseas to saturate markets with production and destroy industrial base of other countries- from computers to solar panels to electric cars. China is also looking at it's very recent history just the last 15 years as proof of its superiority in cost and quality and efficiency in production as evidence that US and EU is in decline. Forgetting that this was possible with US assistance and desire to lift the Chinese people out of centuries of poverty. For the 19th and 20th century Britain, the US and Europe were leaders in cost, quality and efficiency. US , India and the EU are coming back using their ingenuity, creativity and talented workers and engineers. ...

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Britain's David Cameron leads the successful effort to hold down spending in the European Union's next 7 year budget plan, supported by Germany and the Netherlands. The new 2014-2020 EU budget plan holds down government contributions to the budget to 959.99 billion euros. There is a 35 billion decrease from the last budget plan after adjusting for inflation, and less than the 1.03 trillion euros proposed by the European Commission, the EU's executive body. Actual spending is set at 908 billion euros compared to 943 billion euros for 2007-2013. Cuts were made in some areas- direct subsidies to farmers went down to 277 billion euros from 337 billion euros. EU funding to tackle high youth unemployment and build transnational infrastructure increased 37% to 126 billion euros. Funds allocated for investment projects in poorer regions slightly declined to 325 billion euros. Special rebates to the UK and the Netherlands remain- the Netherlands rebate is 1 billion euros. The mood of European leaders was summarized in the words of Britain's prime minister Cameron: "Frankly, the European Union should not be immune from the sorts of pressures that we have to reduce spending, find efficiencies and make sure that we spend money wisely that we are all having to do right across Europe."...

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The increased availability of car loans and eased standards for auto loans has played a large part in rising auto sales in the U.S. Annual sales of cars and light trucks maintained a pace of 14.1 million vehicles in July 2012, and could reach 15 million for 2012. Lenders see the car loan market as more profitable and less risky than mortgage lending because of the shorter periods of the loans- 3 to 5 years and the low default rate. Currently only about 2.52% of auto loans are 30 days past due for second quarter 2012, according to Experian. Auto loans outstanding at the end of the 2nd quarter 2012, are $725 billion, according to the automotive division of Experian, up 5.7% from a year ago. The market for securities backed by auto loans has rebounded since the 2008 financial crisis. About $50 billion in bonds backed by auto loans were issued in the Jan-July 2012 period, according to Dealogic, compared to $53 billion in 2011. To get a picture of how this compares with mortgage securities- auto loan backed securities are up 33% above pre 2006 levels, and mortgage backed securities are about 70% below 2006 levels. A recent Fed survey of bank lending officials shows easing lending standards reported by 20% of respondents for the last 3 months for auto loans, compared to 3% for prime residential mortgages and 11% for credit cards....

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China's leading online retailer with its own warehouses and delivery similiar to Amazon is JD.com. It has 118 warehouses in 39 Chinese cities, and 1045 smaller pickup centers in 500 smaller cities. Its online service and infrastructure to support it has been built carefully since 2006. It can now deliver by 3pm the next day and handles 2 million orders per day. The company raised $1.78 billion on the NASDAQ in the U.S. in 2014. Hong Kong venture capital firm invested $10 million in 2006. As it added new systems and software other investors including Tiger Global, Yuri Milner, and the Waltons invested in the firm. JD focusses on low cost and reliable fast delivery using motorbikes for 20,000 couriers for China's congested traffic in cities. It is a unique combination of Amazon, UPS and Wal-Mart in its innovative way of running its retail operation. Liu is the son of a cargo shipowner from Jiangsu province who studied sociology at Renmin University in Beijing, before starting an electronics store in Beijing's high tech zone Zhongguancun. The online retail idea took off when he setup an online store in 2004. He says a lot has changed since the early days when delivery was slow with many customer complaints, and says logistics is important because of user experience. Because JD charges little for delivery margins are thin, and the company has focussed on growing the user base over profitability....

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Biden is a US president in a hurry, says this analysis in The Times. And it says this is for a good reason. Biden as vice president in the Obama administration has watched as time slipped by and much of the hopes remained unfulfilled for infrastructure and other plans including climate change. Biden also has long experience in Congress and long experience working with Congressional rules. He also understands that the Democratic majority may not last beyond 2 years, better to go all out now and lose no time. This is the thinking behind his plan for $2 trillion in infrastructure spending in the first 100 days of his administration, and the idea that he does not need to win Republican support by watering down his plan.

The American people now support this kind of bold vision and bold plan after the pandemic showed the weak nature of presidential plans and aspirations till now for three decades.

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France produced 3.1 million tons of plastic waste, with 2.1 million tons being in packaging. A new environment protection law by president Macron requires supermarkets and other stores to use refill stations for packaging so that unpackaged goods can be sold. This is a legal obligation under the law to cut plastic waste.

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Tariffs policy is part of a renegotiation the US is conducting with China similar to that started with Japan by Lighthizer in the Reagan era as Deputy Trade Representative. It does not in any way have anything to do with the tariffs of Herbert Hoover in 1930 that gave tariffs a bad meaning. This is because tariffs were reduced since Harry Truman's efforts in 1945 by 2017 to 1.47% on average on total imported goods into the US and world trade makes up 63% of world GDP, so large is world trade today. What are Lighthizer- DJT tariffs trying to accomplish? As with Japan in the 1960-1970's it is intended to reverse the trends for China in 2000-2017 that allowed it to game the world trading system to gain an unfair advantage by dumping specific products into the US destroying American manufacturing and communities dependent on it. The US tariffs on Chinese goods proposed in 2024 by former USTR Robert Lighthizer come at a time when US tariffs are in 2023 only about 2.2% of all imported goods, $33 billion on 2333 billion of imported goods. In 2023 the total import duties or tariffs as a percentage of US total imported goods is about 2%, with total imported goods into the US from European Union 3%. and with total imported goods into the US from China about 19% matching China's about 19% on American imports into China. By the time the first tariffs were taken up by the DJT administration in 2017 the total tariffs the US had imposed on imported goods were down to an all time low of 1.47% of imported goods value, $33 billion out of $2333 billion in total imported goods. Compared to the 29-40% under Hoover Act of 1930 raised to 60%.  Today world trade makes up 62% of world GDP, in 1930 it made up 9% of World GDP.  In 2023 the total import duties or tariffs as a percentage of US total imported goods is about 2%, with total imported goods into the US from European Union 3%. and with total imported goods into the US from China about 19% matching China's about 19% on American imports into China.   ...

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Merrill Lynch's Linenberg says the expectation of earnings for AMR is at $1.15 per share for 2006. JP Morgan's Baler's earnings per share estimate of $3.00 per share, and Standard and Poors stable outook for AMR Bonds substantially support evidence of turnaround in profits at American Airlines. American's business model factors in $65 per barrel oil.

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India's robust debate as a democracy is of an astonishing size and diversity of opinion. The debate did not diminish when there was one federal party in many states under Indira Gandhi (1970's). It actually increased many times during this period compared to the period under Jawaharlal Nehru (1950's) taking the example of one state Gujarat as an example of what was going on in 18 states of that time. Newspapers in Gujarati such as Jansatta, Gujarat Samachar and others carried on a vigorous debate with opposing points of view to the Indira Gandhi government at the state and federal level of the 1970's. Most people in places like New York and London fail to understand or see the local language newspapers or are totally unaware of their existence, and the debate carried on in their pages. So that they falsely assume what a small group of English language newspapers tell them about the vigor of Indian democratic debate that is truly unmatched anywhere in the world. And in terms of its 22 languages in one nation one could say in the entire history of the world. Swapan Dasgupta in the Times of India gives the staggering number of publications today in 2023- 144,520 publications reaching 386 million people every day. And 392 television news channels . All in 22 languages. To ignore the local languages as if they did not exist is to ignore India as if a billion people did not exist. Or as it is for China to say that everything written in Chinese papers and Chinese news channels did not exist. Dasgupta also points out that one should take Mr. Modi and the BJP out of this as at the national level its a 10 year old phenomenon. Look back from 2010 for the sixty years from 1950 to 2010 and India was as badly misconceived, misrepresented, and misperceived back then. India he says fell from 105th place in Freedom House rankings in 2006 to 140th place in 2013. Mr. Modi only enters the picture after that. Dasgupta points out the small sample for these ratings 150 respondents and the methodology having missed much if not everything that is needed in a robust democratic debate. There is another aspect which is present which is prominent in New York and London and Washington D.C. and that is that non-alignment is not popular.  One has to see the way Adlai Stevenson running against Eisenhower twice in the 1950's very warmly received Jawaharlal Nehru on his visit to the US and compare it with the way the US perceived India under John Foster Dulles after Dwight Eisenhower was elected in 1952 to understand this aspect of American perception. Dulles was facing the Soviet Union and the British under Churchill then Macmillan had an equal disdain for Nehru's non alignment and tilt towards the Soviet Union. These root perceptions did not change with the Kennedy and Johnson administrations, and continued into the 1970's when Nehru's daughter Indira Gandhi was prime minister and continued non alignment.  India's political alignment after the pandemic is anything but non-aligned. It thinks, acts and lives in a way that is similar to the people of the US and Europe. Not even because it chooses to but because of what it is, coming from being part of its ancient path of Vedanta and Buddhist civilization that is the core Asian experience. It also needs to bring 400 million out of poverty and build the next phase of industrialization and modernization that requires fossil fuels in large quantities at lower prices to sustain its rapid growth. Some of it comes from Russia purely as an economic decision during the pandemic. The Biden administration fully supports India in this task of rapidly growth to meet the aspirations of a mostly young population- sourcing fossil fuels from whichever source that makes sense. To become a key part of the US new supply chain that reverses the overconcentration of the supply chain in China. It can only be said then that Freedom House has the peculiar affliction left behind from the John Foster Dulles period, combined with a bit of arrogance in failing to grasp the central fact of India which is its 22 languages forging one nation- a task nowhere seen in the history of the world. ...

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Closer scrutiny shows that tech companies that have gradually bought into or expanded into new technologies have market power that works to the detriment of democracy in the US. It also fuels a race of other companies with opposing views such as News Corp to use its market power resulting in rival groups not the people of the US able to form their own judgements about the best policies for the American people and the world. NY Times says of Google's Class B voting shares that have 10 votes per share giving founders Larry page and Sergey Brin control of the company that it is OK given their motto "don't be evil." Yet this advertisement of benevolence may just be a way of preventing close scrutiny of the company. Google through You Tube and Podcasts controls huge parts of the media space in 2024 in streaming services that are replacing cable television in 2024. What effect it is it having on public discourse in the US and is a separate class of voting shares a detriment to democracy? This report says NASDAQ and New York Stock Exchange oppose this and this type of Class B is because it was set up before Google went public. NYTimes takes a casual approach to all this by saying it is Google followers, people who come after Brin and Page, or someone who buys the company,  who might be sloppy or greedy.  Closer scrutiny shows that tech companies that have gradually bought into or expanded into new technologies have market power that works to the detriment of democracy in the US. It also fuels a race of other companies with opposing views such as News Corp to use its market power resulting in rival groups not the people of the US able to form their own judgements about the best policies for the American people and the world. ...

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According to researchers at AARP and the Economic Policy Institute women over 50 years have a harder time than men of the same age in finding good jobs since the 2008 financial crisis. Older women who were laid off have a very hard time finding employment and steady jobs, as this report by Patricia Cohen in the NYT shows. Age, lack of internet skills, shifting networks, caregiving responsibilities and time off taken to care for children, all have worked against older women over 50 years. A study by the Federal Reserve Bank of St Louis shows that compared to 2006-2007 before the financial crisis hit when about a quarter of the unemployed for women over 50 years were unemployed over 6 months, by 2012-2013 the jobless women for more than 6 months had gone up to about half of the unemployed women in this age group.

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NYT reporters Confessore, Rosenberg and Hakim show how Michael Flynn after leaving the Defense Intelligence Agency in 2014 over differences with the Obama administration on unattended warnings about the rise of Islamic State militants, decided to do consulting and use his own connections. This led to the Flynn Intel Group, and the controversial connections with Russia and Turkey under investigation. This article gives a detailed account of the period 2014-2016 and Flynn's business.

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By influential business leaders from Brazil, India, Sweden, the US, France and Japan. A strong case for completing the Doha Round even if this takes difficult and decisive choices. The concern is about preserving and building on all the gains in free trade made in earlier Rounds. Not one of the earlier Rounds failed so this would be a first. Differences in areas like agriculture which are politically sensitive in countries like France and Brazil stand in the way. See the article by Scott Miller, French Resistance to Trade Accord has Cultural Roots, in the Wall Street Journal, May 16, 2006.

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See the related article in WSJ May 26, 2006 by Norihiko Shirouzu- In Chinese Market Toyota's Strategy is Made in USA. That article described the efforts of Northwestern Kellogg School graduate Yoshimi Inaba's efforts since June 2005 to effect a turnaround for Toyota in China. Toyota lags badly behind GM in China. Here Bremner puts together research findings of a collaborative effort between Business Week China and JD Power to develop a picture of what drives the Chinese buyer in the fastest growing auto market in the world. McGraw Hill owns JD Power and Business Week.

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Koizumi's legacy 2001-2006, five years of change and a break with the past in Japanese economic policy. Sebastian Moffett review's Koizumi's achievements, bringing Japanese government and policy closer to the people bypassing the bureaucracy and ministries, appealing directly to the people and carrying on conversations with the public on television on critical economic policies such as privatization of the post office savings accounts system, and hiring newcomers such as Takenaka to implement reduction of bank debt that stifled Japanese economic growth. Koizumi also created an effective Prime Minister's office to execute policy and provide new directions to Japan.

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Protests in Hannover, Germany, as U.S. president Obama visits the Hannover Trade Fair. Protesters oppose the Trans-Atlantic Trade and Investment Treaty promoted by president Obama. A recent Bertelsmann Stiftung research institute poll shows larger rejection of the treaty in Germany than a mid-Feb. poll by German broadcaster ZDF showing about half of Germans opposed. Interviews with a dozen protesters show suspicion about large corporate interests, and fears that the talks are secretive, a sense that the interests of ordinary people would be neglected. Elections in the U.S. in 2016 have shown a surge in sentiment opposing trade agreements.

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Brazil's infrastructure needs include port and road facilities for its agricultural exports and mining industry. Road and rail transport networks for passengers are small considering Brazil's size. The rail network is smaller than that of France and only 12% of the one million mile road network is paved. Brazilian petroleum fund Petrosal will invest in infrastructure needs. Investments are being made to upgrade port facilities by Santos Brazil, and investment in toll roads by CCR, a private-highways company. The government is planning investments in infrastructure to prepare for the World Cup in 2014 and the Olympic Games in 2016.

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Maryland, New Jersey, Connecticut and Hawaii are the four leading states with the most millionaires in the U.S. since 2006. 7.7% of the households in Maryland are millionaires compared to about 1 in 20 in the U.S. or 6.15 million households. North Dakota has moved up with the natural gas Bakken field production and many affluent workers with new pickups. Nevada, Arizona, Michigan and Florida moved down the list after the economic slump. These figures are from Phoenix based on Census and Fed Reserve data. It does not include real estate, only assets that can be invested.