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It took 12 hours after Maduro's capture for Berlin to respond. Chancellor Merz of the CDU and Lars Klingbeil of the SPD Deputy Chancellor are in a coalition government, with the SPD taking a different and cautious view than the CDU. Both agree that the Maduro government was illegitimate and about human rights abuses.The final statement said the Maduro government was illegitimate and had human rights abuses, and welcomed the change. It also was cautious in its wording as it was concerned about implications for international law. No mention was made of drug trafficking to the European Union from Venezuela and its impact on European society as a concern, but this must be a concern that European leaders have. European leaders have failed to bring this up which can be mystifying for people outside Europe knowing the increasing damage drug trafficking is doing to European society, including France, Italy and Germany.

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Kristi Noem's handling of the situation in Venezuela defeated the overall purpose of correcting unlimited migration and open borders with use of aggressive approach in Minnesota that was not consistent with standards set at Homeland Security. It took a great deal of effort from Tom Homan, head of the overall effort on migration control and border security to restore public confidence in immigration approach in Minnesota. The US president was ill served by the use of these aggressive tactics which did not have support even from many Republicans in Congress. The president had showed his dissatisfaction at this and has now moved to correct this by bringing in Markwayne Mullin whom he called "highly respected"  from Oklahoma, who can talk to all sides as the immigration actions take place to get the largest degree of support from the American people along with Tom Homan in many diverse and different states in the Nation.

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Consumer spending went up by 1.1% in June with the rebound in spending. Fed chairman Powell had this in mind when he said the second half could be stronger than the first for the US economy.

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The news and information including video available on the internet have eroded dependence on public broadcasting in the US for communities across the US. The tendency of public broadcasting to be filled with people of views that did not represent a crosssection of America further eroded the credibility as views changed over time across different parts of America. By 2025 public broadcasting appeared as a leftover from the 60's and Congress defunded it in July 2025. 

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A poll conducted twice each year by the University of Hong Kong researchers since 1997 shows Hong Kongers increasingly identify with their city including Hong Kong diaspora returning to the city from overseas. The latest June poll shows this identification increasing in intensity as time passes. Compared to 1997 and 2007 more Hong Kongers identify themself with Hong Kong and much less with "citizen of the People's Republic of China." After "Hong Konger" the identification next is with "Asian," "global citizen," and "members of the Chinese race." Culture is one major aspect of this, the other is the sense of being drowned by mainland people, by the large number of people from the mainland cities buying housing in Hong Kong, driving up prices and making housing unaffordable for the local people. Other aspects of this are the mothers going to maternity wards so their children can get Hong Kong residency, and the slots in elite schools going to mainlanders. Even the tycoons and large business interests are seen as distanced from the local Hong Konger because of the increasing inequality in society, their benefitting from business ties with the mainland with willingness to give up Hong Kong's local interests. At another level one can see this local identity across other parts of mainland China also, as the educated middle class in Shanghai and Beijing see themselves as apart from the "country bumpkins" and migrants from surrounding rural areas. This is a cultural phenomenon quite different and apart from the ideological concerns of the Communist Party, cultural difference which always exist below the surface. The business elite of the Communist Party can relate more to the environs of Sydney, Australia, than to the rural areas around Shanghai, just as much as the business elites in Bombay with connections to a ruling party can relate to Sydney or Toronto. Not everything about humans fit neatly into ideas such as "China Dream," or a "India Dream." And this may be a good thing when all is said and done- only human nature seeking not to be disturbed. ...

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President Trump reset the border debate after the government shutdown on border wall funding by emphasizing immigration issues but not repeating his threat to call an emergency. This time he was more conciliatory on the border wall issue, explaining that it be " a smart, strategic, see through steel barrier, not just a simple concrete wall," and deployed in areas identified by border agents as having the greatest need. On withdrawal from Middle East, the president said "great nations do not fight endless wars." Trump now faces a rocky second half of his term because Democrats control the House of Representatives after the 2018 Congressional elections. He said "if there is going to be peace and legislation, there cannot be a war and investigation." He faces the Mueller investigation by Special Counsel Mueller on the meddling by foreign powers in U.S. 2016 presidential election, with the arrest of lawyer Roger Stone recently, and Democrats in no mood to compromise on the wall. ...

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Prof Richard Thaler of the Booth School of Business at the University of Chicago, sees an acute underestimation of risk as a common element in recurring crises- both the crises of a financial type and the crises like the one in the BP Gulf Oil Spill. Tony Hayward, CEO of BP said that BP had perceived the risk of such a spill as one in a million.

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For decades Gulf Coast refineries efficiently process heavy crudes like Venezuelan oil or Canadian oil sands oil. US oil is a lighter crude. This is why the heavier crude from Venezuela can now be taken for processing to Gulf Coast refineries in the US. This should lower gas prices in the US further.

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Merz at ease at Gandhiji's Sabarmati Ashram with Modi in Ahmedabad, India. An historic opportunity for the European Union and India, two of the world's great civilizations and with 2 billion people taking the first step to modernize the German and Indian economy by 2037 and 2047. 

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A wind farm out at sea to start in 3 years, small renovation projects across France and Germany, a couple of billion dollars from the French government for home renovations- this kind of approach is considered completely unrealistic say EU legislators. One Danish legislator asks what is more unrealistic? Setting serious targets for conversion to renewable energy or depending on Putin's gas and oil?  These EU legislators are calling for aggressive action now. The European Commission set a 9% goal for energy savings by 2030, this has now been moved up to 13%. EU legislators are calling for 23% in savings by 2030. And even this may not be enough to meet the goals for climate change to prevent the disaster from climate change with fires and floods and heat waves that hurt agriculture and food supplies. A savings target of 19% is about the gas that runs 40% of the cars and trucks on American roads in 2021 or 214 million metric tons of oil. The French government has set aside 3 billion euros for comprehensive renovations of homes to save energy with a target of 300,000 homes in 2022. This is completely inadequate as it will cost 23 billion euros say experts on the Paris city council. Renovations are only running at 60,000 a year. A big part of the conversion in Europe is converting from gas heating to electric heating. France is boosting subsidies for new electric heat pump installations.   ...

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This report in WSJ takes a detailed look at how the shift to digital payments, and digital badges for covid free designation on smartphones are affecting a part of the population of 60+ years that is notinternet or smartphone savy.  60+ years make up only 10% of the users of internet on age based graph, even though they are a large part of China's rapidly aging population, estimated to be closer to 20% of the population or about 250 million. Elderly people in China are having a hard time with scanning of health codes to access transport and other services. To tackle the covid pandemic China has health codes assigned to citizens which link user national ID and Covid status. These need to be scanned in for access to train and transport facilities and other services, color coded digital badges on smartphones that show one is covid free.  Most elderly cannot handle these smartphone tasks because they lack the skills of young people with smartphones or lack the digital payments having used cash all their life. Other problems are poor eyesight, health problems, but the most severe is a big skills handicap in downloading apps, in typing quickly, and in navigating the internet. The government is taking steps to provide relief for the elderly by prohibiting places of services from refusing to accept cash, and finding ways to make the health codes system work for seniors. ...

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This podcast in the WSJ takes up a Chinese startup Luckin Coffee that had major investors in the U.S. and China, including big banks in the U.S. and Europe.  The idea is simple- sell coffee in China to aspirational coffee drinkers following western lifestyles using mobile app. It is the story of huge investments and losses, and collapse of a NASDAQ listed company with what the WSJ investigation calls fabricated sales. Why are infrastructure and health, education products starved of capital left high and dry, while billions are poured into such investments with huge losses. All you need is this article in the WSJ of Sept 16, 2015, shown in today's articles. Showing forecasts of rapid growth of coffee consumption for an aspirational western lifestyle consumer in China, and a small mobile app investment to attract investors in a startup -if you refashion the coffee retail outlets as a tech company by selling coffee for delivery/takeout by mobile app. Luckin Coffee in China shown in the podcast in today's articles did this and attracted billions of dollars in investment from investors, including large banks and financial companies in Europe, U.S. and China, only to collapse in 2 years with losses and investigations in China and the U.S. Luckin Coffee soared after its NASDAQ stock exchange listing in 2018 only 1 year after its founding. WSJ calls it "brazen" the effort to add tech hype to a coffee company and have it listed on NASDAQ in just over a year, only to see its sales and value collapse just as quickly. $400 million in convertible bonds losing 90% of their value, the stock losing most of its value and NASDAQ delisting the stock after $311 million in fabricated sales were found as reported in the South China Morning Post. For U.S. investors the problem is that Chinese companies can list on the NASDAQ or other stock exchanges in the U.S., but U.S. investors cannot look at financial records of companies in China. Yet there are basic questions- why is it a tech company? Why are investors like big banks and other large financial investors pushing so much money into such places when there is so much that needs to be done in health and infrastructure investment, and real tech investment? 5G or 6G? Health systems? Ocean Grounds has a coffee store in Shanghai, Pacific Store has coffee retail outlets in China, and Starbucks is still in the business with retail outlets - remember none of these companies are tech companies. In 2017 Luckin Coffee started by making it look techy with a mobile app and refashioned itself as a tech company.  What is so big about a mobile app as there are hundreds of millions of apps. The rest came from making it look like Starbucks, right down to baristas, fancy coffee machines, and opening stores near Starbucks, according to the Podcast in the WSJ.The difference between Starbucks and Luckin Coffee - the price Luckin Coffee would sell for about $2 compared to about $4 for a Starbucks latte. Yet do this by pricing at closer to Starbucks and issuing promotions discounts constantly on the mobile app, that would bring the price to about $2. That is all it takes to make a tech company nowadays. No scientific research, no science and technology, no technical experience, nothing of the kind that led to the invention of the computer chip or the vaccines that are now being developed, or research activity of any sort. Banks, financial companies are willing to channel huge amounts of money into these places and lose it, as they did in We Work, and are doing at companies such as ride sharing app companies, as well as other app companies without any core technological component or value added such as infrastructure or health products. Only it is not the bank's money but the people's money and savings that are deposited at banks and channeled into investments. At the same time as investments in much needed infrastructure and health, education, services that really matter to us as a society, are neglected and starved of capital.     ...

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As Citigroup shares dropped to $3.77 a share last week abruptly losing 50% of their value in a week, the Federal Reserve, Treasury and the FDIC were in negotiations over the weekend with Citigroup. Mr Paulson had several discussions with Robert Rubin, influential executive and director of Citicorp. And Citicorp CEO Vikram Pandit spoke with regulators and lawmakers. The deal that was worked out is as follows. Under the deal about $306 billion of largely residential and commercial real estate loans and certain other assets, which will remain on the balance sheet, will be backed up by Citigroup and the government. Any losses will be shared in the following manner. The first $29 billion in losses on that portfolio will be Citigroup's responsibility. Any losses over the $29 billion will be shared 10% by Citigroup and 90% by the government. Of the government's losses Treasury will use $5 billion from the bailout fund, FDIC bear the next $10 billion in losses, and the Federal Reserve will guarantee any additional losses above this $15 billion. What will the government get in exchange? Citigroup will issue $7 billion of preferred stock to government regulators. In addition the government is buying $20 billion in preferred stock in Citigroup with all preferred shares paying a 8% dividend. The other aspects of the deal are that all dividend payments by Citigroup will be halted for 3 years, certain executive compensation restrictions, and Citigroup will put in place the FDIC's loan modification plan which is similiar to the plan it recently announced....

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It comes as a shock to central banks and is pressuring governments- the food price explosion that won't go away even as energy prices are moderating. OECD graphs in this WSJ report show food prices up in 2023 over the prior year by 15-20% in France, Germany and Britain, compared to 5-10% in the US, Canada and Japan. In France households have cut food purchases by 10%, and in Germany by 10.4% over prior year in the largest drop since records were being kept in 1994. In Britain the statistics agency shows that 40% of the poorest 20% of people are cutting back on food purchases. Ludovic Subran who worked at the UN World Food Program says it is an "access problem." Food production has not dropped, people just can't afford to pay the prices. In Britain The Resolution Foundation says higher food prices since 2020 means the British public by summer 2023 will have to pay more in food bills $35 billion more than the 25 billion pounds for energy bills. Policymakers call higher profit margins by retailers as a possible cause as in world commodity markets food prices are falling since April 2022. Andrew Baileyof the Bank of England says it is the "fourth shock to inflation" after the supply chain bottlenecks, the energy price increases from the war in Ukraine, the tight labor markets. In Italy, Spain and Portugal governments have offered sale tax relief, in France and the UK government is leaning on retailers to curb price increases. ...

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Shear of the NYT says president Trump is taking risks of losing support from low income people who supported him in the presidential election by making aggressive cuts in programs that help low income people. In his first budget plan deep cuts to social programs and increase of 10% in defense spending of $54 billion is planned. The new health care plan of the Republicans House and Speaker Ryan is seen by the Congressional Budget Office as increasing uninsured people by 14 million. Trump has left Social Security intact, but he sees other cuts as cuts to the "administrative state' and overreach on entitlements. The budget plan is titled "America First," and shrinks foreign aid, cuts state department budget by about a third, and cuts funding to PBS, other agencies, and cuts social program spending.

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The new iPad coming out in March 2012 will be priced at $499, with the prior version being priced now at $399. Tim Cook, Apple's CEO, says the iPad sales in the 4th quarter of 2011 surpassed sales of PC's by any individual manufacturer. To give some idea of the impact Apple's sales of $9.5 billion for iPads in the 4th quarter were twice the sales revenue made by Microsoft for Windows software and close to the total revenue of Google during the quarter. This third generation iPad looks like the previous one. It has an A5X quad-core chip for faster processing and a higher resolution screen with 2,048 by 1,536 pixels. The new iPad also works on the new cellphone network technology called LTE. It works on AT&T and Verizon's networks. Users can dictate e-mail on this device.

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The U.S. Census Bureau shows incomes of American households, the median household income, surged in 2015 by 5.2%. This increased by $2800 to $56,500. This is the largest increase since 1967. It shows that steadily improving employment and hiring is leading to improvement in incomes for the middle and working class. Ris in minimum wage has also helped . The largest increase was for the lowest 20% of the income tiers. Full time working women did better than men, with increase annually of 2.7% for women, and 1.5% for men. Nocitizen incomes increased 10.5% to $45,100, native born households went up 4.4% to $57,200. The number of people without health insurance also declined from 33 million or 10.4% of the population to  29 million people or 9.1%. Another way the changes are helping lower income households is the decline of the official poverty rate to 13.5% in 2015 by 1.2 percentage points from 14.8% in 2014. Through a series of small incremental steps the path is being set for a recovery of household incomes for the middle class and working class. A bright spot is that the improvement has affected all age groups, household types, regions and ethnic groups, though among full time workers women did better than men. In this recession older white men have had more difficulties getting back into the workforce. This is reflected in the political scene in 2015-2016 for the election season. ...

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The U.S. Agriculture Department cuts its estimate of corn crop yield per acre in the U.S. by 15.5%, as a result of the severe drought in 2012. Agriculture Secretary Vilsack, says the situation for farmers is better this time than during the last drought in 1988. Now 85% of farmers have crop insurance compared to 25% in 1988. The Agriculture Department estimate is for a 3-4% increase in prices in 2013. Capital Economics says the impact on GDP in the U.S. will be about 0.1%. Because 40% of the corn crop goes into ethanol production there is renewed debate about the 2005/2007 Renewable Fuel Standard, which requires 13.2 billion gallons of corn based biofuel be made in 2012. Worldwide the bad weather conditions in Brazil, India and Russia are worsening the outlook for food supplies. The U.N. Food and Agriculture Organization says global food prices increased by 6% in July 2012, with corn prices up 23%.

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Professors Gluck and Graetz of Columbia Law School discuss the presumption of severability in case the Obama health care law is declared unconstitutional by the U.S. Supreme Court. Severability would mean some parts of the law could be left intact if it is declared unconstitutional.

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Illinois uses a discount rate of about 8% for its pension liabilities. This makes them look smaller than they really are. The 8% represents expected return on assets. Illinois's five pension pllans assume returns ranging from 7% to 8.5%, yet their average 10 year returns ranged from 2.4% to 3.6%. The Netherlands uses a discount rate equal to government borrowing rates, which would be 4% for the U.S. And Dutch plans have to be fully funded or take steps to make up the difference. Illinois will have its plans 90% funded by fiscal 2045. Canada uses a government return adjusted for inflation and an additional premium, which is about 6%. The Ontario Teacher's Pension Plan for instance uses a discount rate of 5.4% and is about 85% funded. The Ontario plan's CEO, Jim Leech, says his fund would be 200% funded if it used the Illinois approach. Which raises the question is the Illinois approach realistic and isn't the best approach to be realistic about the finances.

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China's economy is feeling the effects of a sharp slowdown of the economy with covid lockdowns in 2022 and the Ukraine crisis undermining confidence in China. Internal divisions on president Xi's policies of allying with Russia on Ukraine are shown in this report by the WSJ. China faces a collapse of its relationship with the US and Europe says the WSJ. With it China's economic growth faces a sharp slowdown.  From 18% at the beginning of 2021 economic growth has slowed down to 4% in fourth quarter of 2021. The current situation in Ukraine and Mr. Xi's response create risks of collateral damage for Chinese manufacturers with weakening global demand, says the WSJ. Deng Xiaoping's policy of opening China which happened for the last 40 years is being reversed with Mr. Xi's policies and the stance taken by the Biden administration is supported by the US Congress by both Republicans and Democrats.  This WSJ report points out that premier Li Keqiang has pointed to the risks China is facing in somber tones calling the external environment for China in 2022 "more complex and severe." At the same time Hu Wei a senior adviser to the State Council stirred up discussion online with an article about Mr. Xi's pro-Russian policy, saying "China can't be tied to Putin and the ties need to be cut off as soon as possible."  ...

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A Phase 1 trial of over a thousand volunteers shows the Oxford vaccine works well with minimum side effects that can be handled with acetaminophen. Phase 2 trial is underway with volunteers in UK, Brazil and South Africa. Participants given the vaccine had significant increase in antibodies to neutralize the disease, and T cells for long term protection. About 70% reported fatigue or headaches which can be handled with acetaminophen. After the Ebola crisis of 2014 in West Africa the British government invested 120 million pounds to form a group to develop vaccines for top 10 likely threats dubbed "Disease X." On this list was the coronavirus. Scientists at the Jenner Institute at Oxford formed a team as part of this effort. Sarah Gilbert and Adrian Hill led the scientists at Jenner and pioneered research for  a new way to do this- to first replace a part of the virus with a component of the new virus. Then to remove the part of the virus that allows it to replicate in humans. This method is called recombinant adenovirus vector. The Oxford scientists used existing technology in new ways to increase the chances of getting a good vaccine early.  The first vaccine could be developed and tested for mass production by September. A 30,000 participant trial begins in U.S. in August. About 1 billion doses could be manufactured by end of 2020. India's Serum Institute has the manufacturing facilities to do this near Pune, India.  ...

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Bide meets British prime minister Starmer in Wasnhington as Britain is ready to approve use of its long range missile systems inside Russia. This comes as Russia is about to gain control of the Donetsk region. Republicans other than Mr. Trump and his supporters are for stronger support to Ukraine following US policy of opposing invasion to achieve military goals since 1900 against the Japanese in China and the Vietnam War was fought on the same basis in the 1960's considering the South Vietnamese state as an independent republic, just  invaded by the north, by North Vietnam, just as the US had done in the Korean War between North and South Korea. In the Vietnam War nationalism played apart with the Vietnamese nationalism prevailing by 1970. Russians see Kiev as the origin of the Russian State in the 9th century, and eastern region of Donetsk as Russian if western Ukraine seeks to join NATO and EU. Britain has opposed Russia since 1750 as it saw Russia as the threat to an Empire it was building in South Asia, in India that financially supported its Empire worldwide for 200 years till about 1950. Britain engaged in the Crimean War against Russia so that along with the French it could control Turkey and its Ottoman states in the Arab Middle East under the guise of trade. This effort was pushed back by Kemal Ataturk in the 1920's when he founded the modern state of Turkey in Ankara. ...

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A 35% increase in capital spending by the Indian government and crowding in private investment will be the basis of growth in the Indian economy says India's finance minister Ms. Sitharaman at the G20 Finance Ministers and Central Bank Governors meetings in Bali, Indonesia. Sitharaman said evidence based policy making was vital for resilient economy in India.

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This WSJ report shows ways in which companies are attracting and retaining employees by building homes. One company shown here is building the homes to keep costs down using subcontractors. Costs are kept down so that houses can be built at $200,000, to make them affordable at $1000 a month mortgages for workers earning $40,000 to $100,000.