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Except in Britain where there is concern about the government's handing of the crisis in nursing homes most European leaders have improved their standing with voters with their coronavirus response. Public confidence has increased for Germany's Merkel, Italy's Conte, France's Macron, and Spain's Sanchez. France's Macron enjoys a personal popularity rating of 44% and satisfaction with his government's response has increased to 42%, after a decline in mid-April when there was a jump in cases. In Italy satisfaction with the government response is at 66%, and Conte remains popular. Mr. Sanchez's response to the coronavirus crisis in Spain is approved by 46% of voters. Most European leaders have shown unity and composure in the crisis, strengthening the community spirit in the European Union.

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In a major turnaround yields on the 10 year bonds of Italy and Spain declined significantly on Nov. 29, 2012 to 4.55% for Italy and 5.32% for Spain. Risks remain especially if Spain needs a bailout from the EU in early 2013, or Spanish yields rise with an increase in the bonds issued to 125 billion euros for 2013, say analysts.

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Bruni describes the situation facing Millenials in the U.S., a group of young people who face high student debt and few job opportunities, many stuck in jobs that do not match their qualifications. A similiar situation faces young people in Italy, Spain, France, the UK and other European countries. In South Asia there is an appalling lack of job opportunities to meet the aspirations of young people for a better life.

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Oxfam agency does a study to show the extent of damage done by colonialism in Asia-taking one of three examples India, China and Indonesia with population today of about 3 billion people. British colonial rule in India-from the 1750's to 1950,  estimate is about $34 trillion. It is important because Gandhi's Hind Swaraj (1910) is the result of work done by Dadabhai Naoroji in Poverty and Un-British Rule in India (1901) in coming up with an estimate in the $trillions that showed Gandhi "the extent of the poverty of India." Gandhi's famous letter to the Viceroy in 1923 comes from looking at the British budget for India where little is invested in Indian development much of it going to policing India. An average of $650- $750 per capita income in1600 for both Britain, Netherlands and India, China and Indonesia diverges to $100 in India, China and Indonesia and $10,000 in Britain in 1947. The Dutch and Britain had financed their industrial Revolution that generated most of this prosperity using funds squeezed from taxation, seizure of provincial treasuries,  and unfair trade in India by the British and Dutch East India Companies from 1750 to 1940.  What made this possible is the advance of science and technology that gives the British Navy and the smaller Dutch Navy the edge beginning in the 1600's and maintained for two hundred years to 1800's to defeat the French Navy. And with a leap forward in the Industrial Revolution propelled by science and technology to maintain this edge against all newcomers till 1920's when the US and Japanese Navies contended for superiority. In 1588 the British Navy under Queen Elizabeth had more 400 ton ships and bigger ship guns than the Spanish Empire's Navy under Phillip the Second that dominated Spain, Italy and Germany, and Latin America. This was the turning point the year 1588, when the Spanish Armada was destroyed by the English Navy and by storms in the English Channel. A new book "Armada" by English historians Martin and Parker (2023) shows this as a turning point from which the British and the Dutch started after defeating Spain. There are questions about what led to attitudes towards science and technology moving forward in Northern Europe and stagnating in not just India and China but also in Spain in 1600-1900. One could arguably say and ask how is it that Spain became as poor as India and China by 1900-1950?  Adam Smith (Wealth of Nations) says it is the insulated agricultural valleys of the Ganges and the Yangste river civilizations of India and China that are at fault. Yet one could say this for the Rhine, Danube or the other river based civilizations of Europe. It is primarily the advance of the Renaissance philosophy that opened up thinking in Europe and not in Asia, to ask questions about the world around us, to venture out, to test and experiment then invest capital where Asia and Europe moved apart.      ...

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President Hollande of France is interviewed by Sylvia Kauffman of Le Monde, Angelique Chrisafis of The Guardian, Berna Gonzalez Harbour of El Pais, Jaroslaw Kurski of Gazeta Wyborcza, Alberto Mattioli of La Stampa, et Stefan Ulrich of Suddeutsche Zeitung in mid-October 2012. He tells the reporters that France is the bridge between northern and southern Europe and says he is against division, rancor and the idea of 'each for one's own.' He called recession being as big a threat as deficits and emphasized the need for growth. Hollande pointed out that it was false to say Germany was the only country paying to help, that France was also paying for the solidarity with other eurozone countries. From now on he sees the need for monthly meetings of eurozone countries as opposed to crisis driven meetings which have failed to produce results needed and led to procrastination and political maneouvring. On Merkel's side there is internal politics and parliament which has affected decisions in in the interests of the eurozone and the EU, which he said he respects but which also requires putting the interests of Europe first. On specifics Hollane sees no need to further delay action on direct aid by the European Stability Mechanism to Spanish banks and efforts to bring down Spain and Italy's borrowing rates, and calls the gap between France and Germany's borrowing rates of 1% and Spain and Italy's 7% "unfair."...

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The EU summit under the presidency of Germany completes its task for setting up the European Recovery Fund and providing nonrepayable aid to countries hardest hit by the pandemic that would otherwise have to spiral their already high debt levels to unsustainable levels or provide little assistance to their suffering public. These countries include Italy, Spain, Greece mostly in southern Europe. Also needing aid are eastern European countries Hungary and Poland. For the first time the European Union is jointly taking on this debt of nonrepayable aid to member states most in need. This is a historic step. The Dutch prime minister, almost ruined the solidarity of Europe with his continual effort to cut the amount of funds and place conditions. The Dutch have favored austerity in Europe but at what cost and at what does it say about the Dutch in Europe. Reports show the Netherlands have gained back billions of dollars that would have gone in taxes to the governments of France, Spain and Italy by setting up tax haven. The Netherlands population 17 million, Sweden population 10 million, Denmark population 7 million, together make up less than half the population of any one of the major countries of Europe, Spain and Portugal, France, Germany, Italy. The combined population of about 350 million people in southern, eastern, and western Europe was arrayed against these 34 million northern countries in the long negotiations, that show solidarity but are also a sign of the changes in Europe as these countries in northern Europe were always guided by their own personal or country interest. Rutte fought hard because of elections he faces a second time against the far right wing parties, for a second time since the 2017 election. It could not get more personal than that. Even Britain if it was still in the European Union is likely under Boris Johnson to have reversed policies of Cameron to support solidarity in Europe and aid for recovery, considering how the government has tackled the pandemic in Britain. Setting conditions would only go part of the way is the reality today. The bigger part of preventing mismanaging of funds comes from the individual experience and hardship of people in southern European nations of Italy, Greece, Spain and other countries after the missteps in the eurozone finances in the last two decades. This provides the necessary dose of internal financial discipline. Not acting quickly in solidarity today would have been a serious mistake for Europe. Still Mr. Rutte and the Dutch have cut the European Recovery Fund's nonrepayable aid by 110 billion euros from the initail target set by Macron and Merkel of 500 billion euros. The agreed target now is $390 billion euros. ...

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Rising bond yields for the bonds of Germany, USA and Spain are seen for 2011. The absence of solutions for deficit reduction after the passing of Bush tax cuts in the US, and the debt crisis in Europe, create a situation with the potential for sovereign shocks in 2011.

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Socialist Party in Spain increases its share of the vote to 29%, and emerges as the largest party to form a government with the socialist leaning Podemos party in 2019 elections. It does this by returning to its labour base and working class roots. It pitches a platform of worker's rights, higher taxes on wealthy, environmental roots, issues important to its social democratic roots. The WSJ cites a 57 year old employee of Spain's health service Antonio Benitez, living in Andalusia who says people have a hard time making ends meet, and its about time socialist parties speak of the main pillars of being socialist, without all the deviations to the centre. As free market thinking entered the mindset of leaders in the UK such as Tony Blair and Gerhard Scroder in Germany, Clinton in the U.S., the shift began towards economic efficiency in the tradeoff with equality and social justice. This was aggravated by the effects of international trade and technology in worsening income disparities and unsettling communities in traditional manufacturing. This trend is now being reversed as Socialist parties or Labour allied parties in the UK, Spain,and increasingly in the U.S., take a new position different from the past. A political scientist at the Free University of Amsterdam says its like these parties got hit on the head and now decided to go back to core values around equality, reducing disparities, social justice and the environment. Jeremy Corbyn of the Labour Party in Britain increased Labour's vote in the 2017 elections to 40% up from 30% in 2015. Italy's Socialists won 41% of the vote in 2014 European elections, moved to the centrist positions that made firing workers easier, pension overhauls raising retirement age, leading to losing half its support with 21% ahead of European elections in 2019. Pedro Sanchez of Spain raised the minimum wage by 22% before winning the 2019 elections compared to his predecessor Socialist premier Zapatero who is reported to have said "cutting taxes is left wing." Now workers rights and higher taxes on corporation are on the agenda.  ...

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The inspiring story of Afghan spin bowler Rashid Khan who helped the Gujarat Titans win the IPL final against the Rajasthan Royals. Coming from a war torn country he saw his mother die from coronavirus. He longs to play one day under the Afghan sky for screaming fans. He is close to his teammates in the Gujarat Titans and brings a positive spirit like no other after his struggles in Afghanistan and the hard work of his parents in getting him to play cricket.

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Rep. Wesley Hunt is flown to Washington from campaigning in Texas to get the vote in the US House of Representatives to 215-215 on a War Powers Resolution on the president's action in Venezuela. He was driven directly to the House with escort from the Washington Dulles Airport by Capitol Police. Such is the drama in the House nowadays as Democrats look for ways to restrict the president's action in the international arena on the Monroe Doctrine. The resolution if passed would require Congress to authorize the action to deploy troops. The Venezuelan action was taken quickly in a few hours bringing Maduro to the US. The US set a naval blockade of the country which has fallen apart with high inflation and mismanagement, corruption and drug trafficking after Chavez entered Venezuelan politics with a military coup in 1998 and set up an authoritarian government. When he died the power was handed to a person who lacked experience tackling a complex oil economy and inflation reached 1000 percent destroying the economy. The Monroe doctrine had fallen into disuse since 1824 and its revival in 1904 by Teddy Roosevelt which made it difficult for the US to take action in the interests of peace and security in its neighborhood free of European colonial powers. Russia withdrew from Venezuela after the Trump administration set a new start for US Russia relations based on "respect" for Russia as a power in Northern Europe. In 1824 the situation facing Venezuela and other South American countries blocked by president Monroe was intervention by France, Spain to collect debts.  President Teddy Roosevelt affirmed the Monroe Doctrine during his term 1900-1909 to ensure fairplay, democratic governance and good governance in the western hemisphere free of European powers. In 2026 much of this is being misrepresented in a torrent of what TR called "mendacity." The issue of Greenland and security for the Eastern seaboard of America from foreign powers is also getting the same treatment by the US and European press with no mention of Admiral Perry's discoveries in Greenland for the US Navy in 1890's, and Denmark as a colonial power which had no belief in representation of local people having transferred its colonies in Asia and other parts of the world to other nations for payment or in exchange of territory. The entire population of Denmark of 6 million is smaller than the Houston area and the entire population of Greenland of 50,000 would not fill a baseball stadium, and yet it seeks to block US security for the entire eastern seaboard of  North America from foreign powers in 2026 after it did so in 1947 when Harry Truman offered $100 million for Greenland, as the Cold War intensified in Eastern Europe. ...

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Krugman says the European Union countries were not ready for the euro and the current crisis shows this. Spain with its peseta could have regained its competitiveness with a 20% devaluation, after years of inflation as money flowed into Spain from other countries including Germany and fueled the housing boom. Or Spain would have received stimulus funds from the central government, if it was an American state like Florida. Instead Spain now has to work through this crisis with high unemployment and painful deflation. Greece faces severe austerity measures and is more to blame for its mess, because of faulty accounting to cover up its problems.

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The Bank for International Settlements, BIS, considers companies that have interest payments exceeding the earnings before interest and taxes as zombie companies. This report in WSJ cites BIS central bank data showing 10% of European companies, including companies in Italy, Spain, and France are zombie companies. Stefanel, clothing maker, is one of these companies in Italy. This is up from 5.5% in 2007, showing how the financial crisis of 2008 and the aftermath have affected European business.

OECD estimates in Jan. 2017 confirm this showing the figures have tripled since 2007 for Italy and Spain. This misallocation of capital is as much as 20% in Italy.

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American men took the biggest hit for life expectancy in an Oxford University study, with life expectancy dropping by 2.2 years in 2020. American women life expectancy dropped by 2.65 years. Lithuanian men had a decline of 1.7 years. This is the largest decline going back to the days of the Great Depression in the 1930's

Elsewhere in Europe, life expectancy declined in many countries for the first time since the Second World War. This happened in Spain, Italy, England, Wales and Belgium. Women in 8 countries and men in 11 countries had drops in life expectancy over more than 1 year.

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Reports from Europe that a V shaped recovery is happening in the economy. Andy Haldane the chief economist of the Bank of England says roughly half of the 25% lost output in the economy in the lockdown in April and May has been gained back in UK. This is good news for Europe after the bad hit it took from the pandemic since March. The reopening of the economy in Germany, France, Italy, Spain and Britain is taking place with greater reassurance as the curve is flattening out at low levels of cases in July and people are generally following rules for prevention.

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The cooler mountain regions of Italy that are away from the tourist crowded destinations of Florence, Barcelona and the rest of Spain, Lisbon, Portugal. They are the Dolomite mountain region of Italy, the Alpine region of Slovenia, the Black Forest Germany, Vienna, Austria, English wine country, Bergen, Norway. The English wine country is in the southeast, Surrey, Kent, Sussex, and cooler this time of the year in summer than parts of southern Europe. The Black Forest region has cities like Freiburg and Karlsruhe in the southwest of Germany. Nearby is the Rhine region with Koblenz. All easily accessible from Frankfurt.

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Krugman says voters in France, Greece, the UK and other countries are protesting against austerity measures imposed in the EU countries. The policies were based on the assumption made by the Chrisitian Democrats in Germany that the German model if applied in other countries would generate the kind of recovery Germany made in the last decade from the high unemployment under chancellor Gerhard Schroeder. German wage restraint agreement between unions, industry and government made this possible under the Hartz reforms, and France is already embarking on wage restraint, with the two major parties, unions and industry backing the plan. But for this to work France and other countries such as Spain and Italy have to be able to export to Germany or other countries. German workers are suffering from stagnant wages for many years, stemming from concessions made to reduce unemployment. Allowing wages to rise in Germany when there is a shortage of workers in industry, would benefit workers in Germany and help France and other EU countries increase exports. German industry is failing to make this normal adjustment in markets by insisting on smaller concessions, even though there is support within the government for higher wages. German growth was possible because of demand outside for its exporters. The "austerity measures" Germany supports would depress demand inside the domestic economies of France, Spain, Italy and other EU countries, and without the wage and inflation adjustments with Germany leave demand weak outside. Without needed demand output falls, unemployment rises and tax revenues decline, leaving deficits worse than before, and a dangerous downward spiral. Better management of finances as Germany has insisted has ceased to become the issue, as both Hollande in France and Rajoy in Spain, and Monti in Italy, are keen on getting control of finances, especially regional spending in Spain....

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A detailed account of the expansion of Banco Santander under Emilio Botin, using his shrewd financial abilities and extraordinary stamina. Botin expanded the bank with acquisitions of Banesto in Spain, Abbey National in UK, and acquisitions in Brazil and Mexico. This reduced its profit exposure in Spain to 15%, reducing its risk in the 2011-2013 banking crisis in Spain. Botin's family has run the bank for three generations, with the bank now headed by Patrcia Botin, after Emilio Botin died of a heart attack in 2014. Sheila Bair, former head of the U.S. FDIC, says the bank is run efficiently, and Botin was careful to manage risks prudently in the global financial crisis of 2008. Banco Santander benefitted from the years of rapid growth in Spain following Spain's entry into the European Union in 1986, the year Emile Botin took over as chairman. He comes from Santander in northern Spain, and studied law and economics at Spanish universities. With the passing away of Adolfo Suarez, and the abdication of Juan Carlos, the passing away of Emile Botin in the same year, three of the men who helped create modern Spain have now faded away....

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ECB president, Mario Draghi, is interviewed by Wall Street Journal reporters Blackstone, Karnitschnig, and Thomson, at his offices in Frankfurt. The reporters press questions such as- are austerity measures going to work in Greece, what happens with Portugal, what is "good" and "bad" austerity, why aren't eurobonds the answer. Draghi sidesteps the Greece question by saying it will depend on implementation of the commitments in fiscal policy and structural change. He takes the discussion to the general situation in southern Europe, in Italy and Spain, with the high youth unemployment and inflexible labor markets, making the point that there is no alternative to fiscal consolidation considering the excessive debt to GDP ratios of Italy, Spain and other countries. Good fiscal consolidation is where the taxes are reduced and government expenditure is on infrastructure and capital investments. Bad fiscal consolidation merely raises taxes, leaves current expenditures as is, and reduces capital investments. From his experience with the situation in Italy- and a similiar situation exists in Spain- Draghi points to the ways in which inflexible labor markets for the protected part of the population leads to temporary work contracts and few job opportunities for young people. The unemployment rate in Spain for young people exceeds 50%. Draghi's view is that fiscal consolidation is contractionary in the short term, but leads to growth in the longer term as structural changes are made and the confidence channel operates. It is also necessary to be put in place first, so that there is time to put the structural changes in place. He sees the program in Portugal on track. At the same time Draghi is aware of the drying up of credit in Spain, Italy and other countries even after the Long Term Financing Operation, and will respond as the situation changes. On the point of eurobonds, Draghi says it cannot be accepted that you spend and I pay, countries spend as they see fit and then they issue bonds jointly. For there to be trust its essential that each country stand on its own, and this is also a condition for setting up a durable fiscal union. This aspect of his views are consistent with the views of German chancellor Merkel and the northern European countries, Germany, Netherlands, Finland. Draghi is not new to this job after being president of the ECB for 4 months. He was on the Governing Council of the ECB for 6 years and has a good grasp of decisions made in the past. When asked if there is more that he could do for growth, Draghi's response is that the ECB will do the most it can do for price stability in the medium term and at the same time within the terms of the Treaty to promote financial stability. ...

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Consumers are taking on new loans for cars and purchases such as refrigerators, but at the same time businesses and consumers are paying off debt at a faster rate. The sharp decline in the Euribor rate in 2015 is good news for Spanish consumers and business as most loans are tied to the Euribor rate. Yet memories of the severe downturn in the Spanish economy are leading to consumers reducing debt with reluctance to take on new loans. The result is that even though Spain's economy is expected to show 3% growth in GDP in 2015, the loan levels at Spanish banks are expected to remain flat in 2015 over 2014. The IMF says GDP will not reach precrisis levels till 2017, reflecting how deep this downturn has been in Spain. IMF forecasts show that debt held by Spain's businesses and households will be double economic output till about 2020.

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In May 2023 Germany's Scholz overruled Habeck to let sale of 24.9% of Hamburg port to COSCO go through. Here is how over 2000-2016 China build its world class network of containerized shipping ports while the second Bush added the war in Afghanistan to the wars in Iraq started by Reagan/Bush. Without defense costs China built this world ports network. Piraeus in Greece, south of Athens, a port concession acquired in 2004 Antwerp in Belgium (Austrian Netherlands), a minority stake in a container port acquired in 2008. In 2013 with sale of Terminal Link ports in a Cosco 49% stake deal by CMA of France CMA holding 51%, China has stakes in Zeerbrugge and Antwerp, Busan South Korea, and Le Havre, Montoir and Fos in France, Xiamen in China, Miami and Houston in US. Rotterdam, Netherlands- Cosco acquired in 2016 a 35% stake in Euromax Terminal in Rotterdam from Hong Kong's Hutchison's Holdings for $125 million. Valencia and Bilbao majority  51% stake for $270 million, when JP Morgan paid as much as $950 million to ACS of Spain for these ports after the 2009 crisis led to Spanish divestments. Today measured in TEU shipping containers China sends goods to Europe 10 times what it takes in through Spanish ports. ...

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France's Finance Minister Michael Sapin introduces a no-austerity budget in September 2014 as France's growth is forecast at 0.4% in 204 and not reaching 2% till 2017. Sapin says "we have taken the decision to adapt the pace of deficit reduction to the situation in the country." The government will put off large parts of the 50 billion euros in cuts in spending towards the latter part of the period to 2017. Critics on the left say the cuts are undermining the social welfae model of France. President Hollande's popularity has declined to very low levels in 2014. Prime minister Valls wins support in the National Assembly for the government's strategy to tackle the economy and growth- increase business confidence and postpone cuts till the economy recovers by 2016.