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The revolving door at the U.S. financial markets regulator, the S.E.C., and lax enforcement, as S.E.C. officals take up jobs at law firms and financial institutions. Here Inspector General Kotz and Senator Grassley provide many examples of revolving door practices at the S.E.C., with officials taking up positions and bringing their expertise to private firms being regulated in the same fields and specialized areas.

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The rupee reached a low of 56.55 rupees to the U.S. dollar on June 20, 2012. Factors affecting the rupees include the large current account deficit and trade deficit, declining capital inflows and foreign investment in the Indian economy in 2012. Other factors are risks of further credit rating downgrades. Fitch Ratings lowered its outlook on India from stable to negative on June 18, 2012. Standard & Poors lowered the outlook in April 2012. The current rating is one step above junk rating, making India the only Bric country without an investment grade rating. The lack of decisionmaking to attract foreign investment within weak coalition governments in India because of the influence of regional parties is a major problem. Other problems include the poor management of coal, energy, electricity generation and the lack of funding for these sectors to power the economy.

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Examination report of Deutsche Bank's regulatory reporting by the U.S. Federal Reserve Bank of New York in 2014 shows serious regulatory reporting problems.

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German leadership in the eurozone and the EU- with the strong stand for eurozone countries to do their economic homework and restore fiscal balance, and the action taken to bring the EU countries together on Russian intervention in Ukraine- is leading to questions about the dominant role played by Germany. Chancellor Merkel has played a leadership role partly because of the absence of other leaders with strong support in their home base who could provide such leadership. Merkel's poll rating in Germany actually shot up during the eurozone crisis from 40% in 2010 to 70% in 2013, and steady at 67% in June 2015, as German taxpayers and voters see Merkel as preventing debt ridden countries in the eurozone passing on higher costs in the debt crisis to Germany. With German wages kept low for the last decade to ensure a economic recovery and lower unemployment, Germans see no reason to support other eurozone countries when a low wage sector exists inside Germany, except under conditions that ensure fiscal balance. In a Harris poll taken in France June 30-July 1, 2015, Chancellor Merkel is rated higher at 43% expressing approval compared to 36% saying they approve of French premier Hollande's handling of the Greece and eurozone crisis. Over 50% of people in Spain and in France disapprove of Merkel's handling of the eurozone crisis, yet two thirds of France's main centre right party support Merkel's handling of the eurozone crisis. In the Harris poll when asked how Merkel, IMF, Hollande and Tsipras handled the Greece crisis people polled in France gave 43% approval to the IMF and Merkel compared to 36% for Hollande and Tsipras of Greece, and 60% disapprove of Hollande and Tsipras handling of the crisis compared to 53% disapproval for the IMF and Merkel. The Christian Democrats party in Germany has dominant leaders in its tradition starting with Konrad Adenauer in the early postwar years, through the Kohl years during reunification and Merkel in the eurozone crisis. By contrast the Social Democrats from the period under Wily Brandt, through the Schmidt years and Schroeder have operated under more of a consensus leadership. Under Sigmar Gabriel or some other Social Democratic leader Germany is likely to have a different style of leadership in the future, especially because the German public does not favor Germany playing this kind of dominant role. At different points in the eurozone crisis Merkel's leadership was needed for decisionmaking- making banks take a 50% writedown on their loans in negotiation with Charles Dallara in Brussels, calling for Italy's president to bring in a new government (led by Mario Monti) when premier Berlusconi failed to make needed changes, and providing flexibility for spending rules for Spain, Italy and France. Merkel has actually moved to the centre to maintain popular support inside Germany, especially since the new coalition government was formed with Social Democrat leader Sigmar Gabriel. On the other major issue of immigration Merkel has provided decisive leadership to prevent the rise of anti-immigrant parties in Germany. Herfried Munkler, author of "Power in the Middle," about why Germany is playing this role may provide clues to Germany's role- by representing different aspects of German public opinion Merkel has prevented the rise of right wing populist or nationalist parties in Germany, which would distort the German narrative about what it sees as its role in keeping Europe together after three wars. ...

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Some of the hrdles Blu Ray is facing are the price of Blu-Ray disc players priced by Sony at $399 vs. $60 for a standard machine, and BluRay discs priced at $11 more than regular DVD's. Sony has said that the price of the disc players won't fall below $200 till the end of the year by which time consumers in the USA may further tighten their spending. An April report by Sanford Bernstein & Co. predicts sales of BluRay discs will add only 1% to sales of DVD's this year, so the outlook is very uncertain for BluRay. Part of the problem is that its a discretionary spending item and consumers may ask themselves why spend so much on the discs when there is not a signifcant appreciable difference in performance? Blu Ray discs do not provide that much of a noticeable difference except for action films.

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The slowdown in China, the collapse of oil prices, and depreciation in emerging market currencies, suggest that low inflation in the U.S is likely to continue in 2016. This will make it harder for the U.S. Federal Reserve under Yellen to increase interest rates in 2016.

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This Nov. 2015 assessment by Economist magazine of Angela Merkel's 10 years as leader of Germany gives a rare glowing account of her leadership. Some failings including the slowness in tackling the early period of the eurozone economic crisis, but recovering through boldness as the crisis developed, and showing boldness in providing leadership for Europe both in the Ukraine crisis and the refugee crisis. It finds Cameron, Renzi and Hollande lacking in leadership qualities needed for Europe to thrive, and looks to Merkel's leadership for Europe's future progress.

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Allan Blinder gives a spirited account of what he sees in the Paul Ryan Republican deficit reduction plan. He says that with the voucher plan retirees would fall further and further behind the increasing cost of health insurance. With no explicit cost containment proposals it assumes that some kind of miracle will occur for costs to be kept in check- especially as Republicans want to repeal the cost containment proposals in the President's healthcare plan. He asks whether someone is saying, that we have to destroy Medicare so it can be saved. Ryan woulld also turn Medicaid into a block grant, then underfund it and let the states figure it out when they are in a budget squeeze. Blinder points to the estimates of the Center on Budget and Policy Priorities, that show about two-thirds of Ryan's budget cuts would come from programs that serve low and moderate income Americans. And to make matters worse the steep spending cuts go to finance tax cuts that largely benefit the wealthy. He calls this Robin Hood operating in reverse, and coming on top of 30 plus years of rising inequality. David Stockman makes a similiar point on the editorial pages of the New York Times, April 24, 2011; also adding the point that the middle class will have to pay higher taxes for the deficit to be addressed, something President Obama's plan fails to do. Blinder says that the Bowles-Simpson and Rivlin -Domenici proposals attack the deficit reduction problem in a better way, that asks something from all classes and interests. ...

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Russian and China sign a contract for Russian natural gas from undeveloped fields in Siberia during Putin's visit to Beijing in May 2014. The 30 year contract is for about $400 billion. China gets natural gas at prices about 25-40% below the current cost of importing liquefied natural gas from Australia, Qatar, Malaysia and other countries, according to RBC Capital Markets. For the last decade China and Russia have failed to agree on a price. In these negotiations a price was reached but is being kept a commercial secret. China imports large amounts of natural gas by pipeline from Turkmenistan at about $10 per million British Thermal Units (BTU's). Gazprom needs about $12 per million BTU's to break even. The two Siberian fields are the Kovykta field and Chayanda field which would remain undeveloped without the deal to supply China. Russia will spend about $55 billion for pipelines and infrastructure on its side, and China $20 billion. China's needs for natural gas were 170 billion cubic metres in 2013, growing to about six times consumption of about 30 billion cubic metres in 2000, according to China's NDRC. This is expected to reach 420 billion cubic metres by 2020. Currently 17.7 million metric tons come by pipeline mostly from Turkmenistan and 15.5 million metric tons of LNG mostly from Qatar and Australia, according to China General Customs Administration. The deal will put on hold higher cost LNG projects for Asian countries and make mores gas available at reduced prices in Asia, according to analysts....

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Fitch Ratings downgrades Brazil's bonds to double-B-plus in Dec. 2015, a junk rating from an investment grade rating. The yield on Brazil's 10 year benchmark dollar denominated bond increased to 6.97% from 6.7%. Other emerging markets such as Turkey and South Africa now expect ratings downgrades in 2016 as the U.S. Fed raises interest rates. Standard & Poors downgraded Brazil's sovereign debt to junk status in September 2015. GDP in Brazil declined 4.5% in the third quarter of 2015 from a year earlier. Brazil's currency, the real, declined by 32% in 2015, making it harder for companies that borrowed in dollars to pay off debts. President Dilma Rousseff is facing impeachment proceedings following a corruption scandal at Petrobras.

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Cyprus a small country of 860,000 people turned to a role as a offshore tax haven after the Turkish takeover of the northern part of the island in 1974. Before this the country was mainly agricultural, and depended on potato farming. To get some idea of what this means consider that the corporate registry in Cyprus has 320,000 registered companies, mostly shell companies setup for foreign companies and rich individuals looking to escape taxes. And a whole sector of professionals of accountants, lawyers and others has developed to service this.

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Spiegel Online provides a inside look at the leader of the Law and Justice Party which was elected to power in 2015. The liberal opposition that was in power since the fall of communism has seen its popularity decline in the rural areas of Poland, especially in the east. The urban-rural divide seen in other countries such as France is acutely present in Poland and other parts of Eastern Europe, with poor governance and a tendency for economic gains made under capitalism following the fall of communism to go to more educated people in the large cities. The party's leaders are Lech and Jaroslav Kaczynski who were president and prime minister from 2005 to 2007. At the time they were seen as outsiders lacking the sophistication and experience in government of the liberal opposition under Donald Tusk, who now is head of the EU Council since 2014. Tusk was prime minister of Poland from 2007 to 2014. Lech Kaczynski was killed in a plane crash in 2010. Jaroslav Kaczynski appoints members of his party to key positions in government including prime minister Duda. Kaczynski is strident about the manner in which the gains since Poland joined the European Union have gone only to certain groups able to benefit from capitalism. At a recent party congress near Warsaw he is quoted here as saying: "We are here to ensure that everyone in Poland has the same opportunities, regardless of where they live, in the cities or the country." Kaczynski's appeal is in offering a generous welfare state for the middle classes- small businessmen in villages and towns across Poland, common people, with subsidies to tackle the cost of living. His focus is on the "pathological" consequences of economic liberalism after the fall of the Iron Curtain, privatization that benefitted a few, including Kaczynski says former communists and dissidents. Small businessmen felt the inroads of large private retail chains, and families felt the problems of lack of investment in schools and kindergartens. The liberal opposition can only offer the hope that being a reliable EU ally will ensure prosperity, which does not go well with the eastern part of Poland. As a result the Kaczynski government is moving away from the ideas that anchor the European Union. It sees the rule of law and independence of the judiciary as something that can be changed to where the president appoints members of the Supreme Court and the judiciary. Protests in Warsaw and the large cities are taking place against these moves. Der Spiegel says this could end up the way it happened in Britain where it simply stumbled into leaving the EU just by accident. This is the situation in 2017. It could be a temporary process that is a response to the excesses of capitalism. As Kaczynski says to create a level playing field for all parts of Polish society by smoothing out some of the harsh effects of rampant capitalism. Or as Spiegel Online points out a shaky period in which the EU and Poland are at odds- ironically with Donald Tusk as the head of the EU confronting both Theresa May and Kaczynski.  ...

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Serious problems facing Turkey's economy. Turkey takes on too many risks as exports cannot keep up with rising imports leading to a severe current account imbalance. Official statistics show the economic growth at 11% in the first quarter, with the growth coming mainly from the construction, retail and financial sectors, and a result of a surge in demand and rapid credit growth. Imports expanded at 42.6% , and exports at 11.7%. The Turkish manufacturing sector has not strengthening its competitiveness. And increases in manufacturing output come from increased imports- with 85% of imports being commodities and semifinished goods, according to an Istanbul economist who contributed to a recent 350 page strategy report commissioned by the Erdogan government. Fast economic growth comes from rapid growth in credit, and consumption demand, but the underlying manufacturing competitiveness and economic fundamentals show warning signs. The government of prime minister Erdogan- distracted by politics and efforts to change the constitution- appears not to have grasped the urgency of the situation it faces....

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The vote count in Indonesia for 13 million election ballots shows Joko Widodo with 53.15% of the vote and Prabowo Subianto with 46.85% of the vote. Voter turnout was 70%. The margin for Widodo was 8.5 million votes according to the elecion commission. Former president Yudhoyono served a maximum term of 10 years since his election in 2004. The democratic period began in 1998 with the fall of army general Suharto who ruled Indonesia for several decades.

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Mortgages Ltd a company in Arizona which makes loans to commercial developers at rates of 12% with other fees that bring it up to 19% with no red tape, higher rates which serve about 5% of that market, went bankrupt with only 27 of 71 commercial borrowers making their loan payments. It used doctors and dentists money to loan out usually for smaller projects of $20 million under the CEO Coles' father who founded the firm, but in the last few years of the booming real estate market the younger Coles who was running the company overreached and went into larger projects in Tempe, Arizona and other places which ran into more than $100 million. These docotrs and dentists would get 9% to 18% returns on their money but as the company overextended and loaned out $928 million ten times what it had previously lent out it ran into trouble and as real estate went sour it has failed to make the interest payments to these doctors dentists and others. Mr. Coles then commited suicide recently. It gives some insight into the nature of events in the commercial real estate markets of places like Arizona....

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Failure of governments throughout the Arab world to deliver in the areas of democracy, free expression, education, economic and social development.