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This piece by Lyman and Bienvenu in the NYT shows Hungary under the Orban administration keen on restoring its frayed ties to the European Union. Compared to the atmosphere earlier the Orban administration has moderated its positions following the economic crisis in Russia, say the NYT reporters. Hungarians have memories of the 1956 freedom struggle put down by the Russians, and while many Hungarians are looking for the relief from high mortgage payments provided by the Orban administration, they see the ties to the European Union as important for Hungary's future. Both Merkel and Putin visited Hungary recently.

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"Millions of Americans treated like they were invisible," like they didn't count, that president Biden talked about in his State of the Union Address to the US Congress, is  the subject of this piece in the NYT. 

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After months of uncertainty and waiting for concessions, offering temporary exemptions, the Trump administration announced tariffs will go into effect on steel and aluminium imported from the European Union, Canada and Mexico. A tariff of 10% on aluminium and 25% on steel goes into effect on May 31st, 2018. The tariffs affect about half of the imports of steel and aluminium into the U.S. and are intended to keep promises to protect American industry made by president Trump during his election campaign.

Mexico and the European Union are imposing retaliatory tariffs. The European Union will impose tariffs on $3 billion of American goods in retaliation. 

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Mark Carney, Governor of the Bank of England, in meetings with bankers and business leaders says Britain should remain in the single market 2 years after exit from the European Union, according to the Sunday Times. Theresa May plans for Britain to exit the EU in 2019. The reason is that this would protect business as it adjusts to leaving the single market, a kind of transition or Brexit buffer period. This period "really informs what businesses need to do because you transition and restructure during that window," Carney told a House of Commons Treasury Committee. About the changes in the politics in the U.S. and Europe Carney has said about basic fairness in bankers language- "market fundamentalism can devour the social capital needed for capitalism" to work, referring to the moral failures in operations of the banks by 2009 and how it hit the middle and working class incomes and wealth.

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President Macron shows flexibility on pension age being raised from 62 to 64 after two weeks of crippling transport strikes in Paris and on national railways. Some aspects of the pensions reform consolidating 42 different pension schemes into one national pension is broadly supported by the public and the CDFT union. The raising of the pension age for transport employees who often retire in their fifties is also broadly supported. The strikes by the CGT union have about 60% support and Mr. Macron's approval ratings have dropped to 33%, leading to Mr. Macron giving ground.

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Germany's and the European Union's oil imports from Russia are undermining western sanctions for the invasion of Ukraine. The Centre for Research on Energy and Clean Air says Russia earned 63 billion from fossil fuel exports since Feb. 24. Germany paid 9.1 billion euros for fossil fuel deliveries in the two months since the Russian invasion. Italy is next at 6.9 billion euros in oil and gas imports from Russia. China is third with 6.7 billion euros of oil and gas imports from Russia. The European Union is the main importer accounting for 71% or 44 billion euros of Russian oil and gas. CREA has found that western oil companies continue to do high volumes of trade in fossil fuels with Russia. This includes Total. BP, Shell, and ExxonMobil.

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The EU Council meeting shows 85 billion euros of support to Ukraine. It shows EU's continued support for Ukraine and to begin talks for Ukraine's entry into the European Union. This is a remarkable step as the war in Ukraine enters winter 2023-2024. It also shows that the Ukraine conflict has entered a final stage after stalemate in the war in which Russia would control parts of Ukraine in the east and Crimea, and Ukraine enters the European Union. This would meet Ukrainian people's need for sovereignty and lead to the next step of rebuilding and reconstruction of Ukraine. The result of the war are the expansion of NATO to include Sweden and Finland, and the new idea of NATO as protecting the Eastern European countries from invasion.

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Meltzer says the northern European countries France, Germany, Netherlands, and others should form a new currency union, and leave the euro currency to Portugal, Ireland, Italy, Spain, and Greece (the PIIGS countries). This way Greece can devalue its currency to bridge the gap of 20% between wages in Greece and the productivity of workers in Greece. The new currency union would follow fiscally binding rules. After the adjustments in currency were made by Greece, Portugal, Italy and Spain, these countries could be admitted to the new currency union of the northern countries. This would be conditional on acceptance of financial discipline and enforceable sanctions by these countries. Meltzer says clever agreements designed to protect the bankers are not the solution, as they only shift the responsibility and the burden for wasteful and reckless behaviour to taxpayers. Bondholders would take losses in a devaluation, and banks that are at risk should be either allowed to fail or given loans on strict repayment conditions. ...

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This leader in The Economist magazine says a hard Brexit of the sort announced by Theresa May at a Conservative Party conference is clearly bad for Britain. It also point out that half of British people voted to remain. It is not clear that voters have voted for a hard Brexit, a soft Brexit, or voter alienation with elites and effects of years of austerity since the financial crisis have helped tilt the vote to Brexit. It points out that the rhetoric may be damaging Britain's chance of negotiating a Brexit that limits damage to GDP, which the Treasury estimates to be nearly twice the loss in GDP if a member of a single market as compared to leaving it. British government leaders may be overestimating the willingness of leaders of France, Germany and other countries to make concessions. By talking up to their party base politicians such as May may be putting German and French leaders to also toughen their positions on free movement as an integral principle of the European Union, and consequently of membership in a single market. ...

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Experts say about 110,000 votes separate Hillary Clinton and Donald Trump in the three states of Michigan, Wisconsin and Pennsylvania that decided the 2016 presidential election in the U.S. giving Trump the win. Post election reflection in the Democratic party points to a disconnect between the establishment in both parties and the white working class. It is described as something that was not thought enough about even though as pointed out in Lyrarc, and in The Washington Post by columnists, and in news coverage about the inequality movement long before Bernie Sanders appeared in 2015. In the period when banks were favored over millions of homeowners facing foreclosure in 2010-2014, the surging stock market and the zero to to half percent interest on savings that hurt savings of most of the working class and lower middle class without stock investments, and the continuing problems in communities facing job losses from trade for the third decade. The hollowing out of the regions in Ontario from job losses from the Canadian industry helped Justin Trudeau win the Canadian election. In this election it helped Trump in crucial midwestern states, combined with a degree of indifference shown by establishment Democrats. Former Vermont governor Howard Dean is planning to run for chairman of the Democratic National Committee. Bernie Sanders says he backs Minnesota Rep. Keith Ellison to be the next chair of the DNC. Jeff Weaver, campaign manager for Sanders, says the problem lies in what has been clear for some time now "that the centrist wing of the democratic party has no standing with working class and middle class  voters in this country." In 2016 only 51% of union households supported Clinton the lowest since 1980, 43% supported Trump. Obama won 59% of union households in 2008 and 58% in 2012 to 40% for Republican Romney. Trump picked up 3% of union households, Clinton lost 7% of union households, creating about a 10 point gap that would be magnified in industrial states where union jobs are concentrated, for about 18% of the people who voted in the election, enough to create the shortfall in Michigan, Wisconsin and Pennsyslvania. Fed chairman Janet Yellen pointed out the problems at an Inequality conference in Boston in 2014, pretty stark in its reminder that inequality had surged to levels not seen since the depression of the thirties, with 62 million households having a net worth of $11,000. Krugman and other economists had pointed this out on the pages of the NYT. Yet the post election reflection in the media is as if this is some special insight when it was clear for all to see, and covered in depth in Lyrarc for years since 2008. There is voter fatigue after 8 years of one party in power as pointed out by Obama campaign strategist, David Axelrod. The loss of union enthusiasm made the task of  a third term for the Democratic party even more difficult.     ...

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At this point in May (May 22, 2026) a glimmer of hope appears for settling both the crisis in Hormuz and the Ukraine war. Pakistan, Turkey and China following DJT visit to China may be pushing Iran to lower the scale of the conflict. China's first priority was to be accepted by the US at the Beijing meeting as an equal power with the US, and keen to show its willingness to bear responsibility for peaceful resolution in conflict zones as a sign of its maturity as a world power. Much of this is not shown in the media as it is mostly done behind the scenes in communications that the media knows nothing about. Note that even in the depths of the Cold War during the Hungarian revolution of 1956 and Soviet action in Budapest, the US and the Soviets when their economies were not intertwined as the US and China are today, were still talking to each other to limit the conflicts to low level conflict. Hong Kong takeover, China's actions near Taiwan, China's presence in Latin America, Chinese cooperation with Iran, and Russia on Ukraine, China's economic competition in rare earths, are relatively smaller levels of friction considering 1950's Soviet's and the US. At the same time China and the Us are aware of a new bloc emerging in Oslo in May, where India is merging its economy with the Nordic economies of Sweden, Denmark and Norway, and of the European Union and Germany, creating a new bloc of 2 billion people that can only grow rapidly with India's potential to exceed growth rates of 20% in the 600 million Eastern region for a decade. EU would make the shift to strategic partnership with India displacing the vital role the European Union has played in China's growth and economy. This would create new pressures for Russian president Putin to decide it is time to listen to a friend India and de-escalate lower the level of conflict with an initial peace deal that would lead to more talks on a final settlement. Because Russia would have a harder time tackling both India and Germany at the same time. NYT shows on the same day May 22 a report on Russia and a report by the Swedish Foreign Minister Maria Sonegard that say the elites in Russia and Putin were by January 2026 having very serious discussion to change the administration, bring Igor Sechin as negotiaor to end the Ukraine conflict before serious, possibly irreversible damage, to the Russian economy. Sweden's Sonegard says that between 2020 and 2024 Russian economy declined by 8%, not grew by 13% as official figures show, inflation is much higher than 5% as official figures show, and credit is tightening, bankruptcies expected, growth even with oil prices up down to 0.4% for 2026. During 20 years running Russia Putin's No. 1 priority, his life's mission was to restore, then exceed by a large margin the living standards of the Russian people. Having at such great cost accomplished the goal of gaining recognition as a Northern Power in Europe, having gained much of Russian speaking eastern Ukraine, Putin could wisely with self respect wind down Ukraine conflict for good. The US gains something similar to Northern Power status for Russia in its recommitment to the Monroe Doctrine, with Russia withdrawing from any involvement- and China tacitly doing the same-  in the western hemisphere. With that the US can tackle its own losses that match Russian losses in lives- loss of more American lives than in the Korean and Vietnam and WWI combined to drug smuggling from Mexico, Venezuela, Colombia, and restoring rule of law in Cuba, Venezuela, and through drug cartel free Mexico good governance in Mexico.  ...

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The declining support inside the EU and in Turkey for Turkey's joining the European Union. Only 20% inside the EU support Turkey's entry in the EU and only 44% inside Turkey, according to a Germn Marshall Fund survey in 2013. As recently as 2004 73% of Turks supported joining the European Union. The EU officials are trying to revive discussions on entry as a way to get the Erdogan administration in Turkey to commit to democratization, respect for the opposition and protesters, and a way to coordinate regional policy in the Middle East.

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Most of the reporting on Ukraine follows the war. Questions are asked how will this conflict end? This report in Der Spiegel is one of the rare reports that looks at the Ukrainian economy with images and reporting from the ground that answer that question. If the Ukrainian economy is surviving in 2023 then Ukraine will continue long after a peace settlement is reached. It shows for instance that supermarket shelves are well stocked. It shows energy from half a million generators keeps the lights on and companies working in Ukraine. The steel industry is mostly destroyed yet the software industry continues to grow. Unemployment is 30% even after hundreds of thousands of younger Ukrainians are at the war front. Of about $62 billion promised by US and European countries about $31 billion has actually been transferred to Ukraine. The IMF has created an exception for aid to Ukraine with offices in Kviv and Brussels. All defense needs are covered from the Ukraine budget. Before the invasion in Feb 2021 defense took up 9% of the budget, now it takes up 42% of the budget. Another 16% for public security. For social benefits 16%, and another 26% for other expenditures. By having an economy that is functioning and life even in light from generators and solar energy, with supermarkets well stocked and providing office space for workers, with aid mechanisms working. Ukraine has already emerged as part of Europe, tried, tested and come through adversity of the worst sort. It is supposed to join the European Union, yet Der Spiegel says it is already tightly integrated into the EU. Its power grid was integrated with the EU power grid before the war, and nuclear power was sent to the EU from Ukraine before Russian attacks on the nuclear plant. Then transmission lines brought energy to Ukraine from the EU. The EU takes in 80% of Ukraine agricultural exports compared to 20% before the war. Even at the risk of lower prices and hurting farmers in Poland, the Polish government has allowed large imports of agricultural products into Poland. The close links with countries of the EU that share a border with Russia have increased. The problems now are that Ukraine after this war will have severe shortage of manpower. Already with the fall of the Soviet Union Ukraine lost about 8 million people and population was 44 million before the war. About 8 million people moved to Ukraine in the one year following Russian invasion. Of this 1.5 million stayed in Poland, the rest went on to other countries in the EU or returned. The countries such as Germany, Finland, Czech Republic have labor shortages of their own and encourage refugees to stay. Rebuilding is estimated to cost $131 billion. Yet as is evident in Poland after most of the damage from the second world war in Poland it was rebuilt using modern technology. Ukraine survives, its life goes on, is the message from Der Spiegel. In this way the war's outcome is already evident. Much of it comes from the European Union having sensed that attacks made with impunity would endanger all of the European countries when made by any dominant power. This is also what Cambridge historian Brendan Simms has shown about European history for the past 500 years in History of Europe- The struggle for Supremacy 1452 to the present. No one country says Simms was able to act with impunity and pose athreat to its neighbors as all other countries in Europe rallied to prevent this. This war is no exception.   ...

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A conflict is developing between Britain and the European Union over vaccine supplies as both sides try to get access to limited supplies. Britain and the US have moved ahead with their vaccination drives, causing alarm in Europe as Germany, France, member states of the EU lag behind. The problem comes from the delay in approving the vaccine by Astra Zeneca and Oxford University by the European Union. European Union prestige is at stake because its slower process of approving vaccine has led to a delay of 1 month in approving the Astra Zeneca vaccine. The Oxford vaccine is only now approved in Europe. Other problems have emerged. Astra Zeneca has announced that its vaccines made in Britain are now running short of supply and it can only provide 39 million doses to the EU instead of the 80 million originally arranged by EU. Soon after this announcement Pfizer said its factory in Puurs, Belgium, near Antwerp, is running into production issues. This would reduce supplies to the EU.  The EU has responded to this situation by saying it was being treated unfairly by Astra Zeneca. In response it has introduced new paperwork that would limit supply of Pfizer vaccines to Britain from the Belgian plant. Other countries are watching this situation with dismay as richer countries are fighting for the vaccine supplies. ...

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It all ends as expected. Another chapter in the Brexit saga ends with the mutiny in the Conservative Partyl, the resignation of Ms. Leadsom, the party's leader in the House of Commons. WIth most Conservative Party members abandoning the approach of Theresa May of putting unpopular Brexit deals to votes in parliament, the latest planned for June 7. Conservative Party members have already shown their support for Mr. Boris Johnson, who leads by a wide margin in a leadership contest. Johnson supports a no-deal Brexit and once said that would only mean a shortage of Mars chocolate bars. This faction in the Conservative Party including Jacob Rees-Moog believes that Brexit without a deal with the European Union will work. It opposes a customs union arrangement following Brexit. The only problem is that earlier votes have not shown a majority of members of parliament support no-deal Brexit because of fears about the British economy. The fall in the British pound exchange rate shows this is expected. This could mean fresh elections, yet both Conservatives and Labour Party face voter skepticism about their handling of Brexit and loss of support to Liberals in the case of labour and to the Brexit Party in the case of the Conservatives, leaving more uncertainty. Conservatives polled about 11% in advance of European Union elections in Britain, unheard of in modern British politics. ...

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The European Union goes forward with $39 billion for Ukraine aid. The aid is backed by interest from the $300 billion in Russian assets in Europe frozen when war began. Another $15-20 billon is expected from the US when legal questions about frozen Russian assets are resolved- the US asking for a 36 month review of sanctions to replace 6 months in place in 2024. The European Union offices in Brussels have done a poor job of communicating how the EU is  aiding Ukraine with its own resources. Lyrarc.com had to point out that Ukraine aid from EU was about twice that of the US at about $200 billion compared to about $95 billion for the US. Former president Trump stated that this was just the opposite the US spending twice what the US was spending. Media in today's world means little or nothing because it operates highly fragmented and organically outside the control of any particular source online, television or print. And established sources apart from bias are spread so thin many important matters for the betterment of people's lives or giving a true picture from which to make observations, are left to wither or distort. The highly formal  corporate environments of the EU are impervious to the outside so that institutions such as the ECB, European Union headquarters are out of touch with the people worldwide.  ...

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A big win for the US and a win-win for the European Union in the sense that it brings stability to the trade relationship. For the US it brings a level playing field in world trade that had suffered fo far too long from unfair advantages taken by Japan, Canada, European Union and other nations, in addition to the serious distortions of the world trade system with China's state version of capitalism financing an export model. So the first step was to straighten out the situation with partners and allies the US has supported in the past 75 years. US European Union Trade Agreement is reached July 27, 2025, at meeting between Von Der Leyen of Eu and DJT of the US in Scotland. It includes $750 billion EU purchases over 3 years of US oil and gas, LNG, nuclear fuel, semiconductors, etc and $650 billion in investments in US, including military purchases. It puts a 15% tariff on all products from the EU entering the US, replaces the tariff of about 5% under Biden. On Pharmaceuticals it is what the US president decides says Leyen, though for now it is included.  The EU Trade Commissioner Maros Sefovic says- “I think that what was most important for us was to make sure we would have this predictability and we would have stability for our businesses." ...

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The visit of European Commission president Von Der Leyen to India is her first to the country. The aim is to strengthen European Union's ties with India. The EU would like to take the cooperation between the two sides to the next level.

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This report in DW.com shows how the rebuilding of the European Union supply chain is happening with shift of manufacturing from China to Vietnam and India. This report looks at how Danish companies are investing in Vietnam. EU trade with Vietnam is now $64 billion. 

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NYT Graphs showing Effect of 17.2% overall US Tariffs positive on US Trade Deficit (significant shrinking) Prices (less than 3% increase in index). Overall effect is surprisingly quite positive, yet media has given misleading reports and misrepresented tariffs. Tariffs were used when everything else failed and had to be applied in the real world with skill, and backtracking where necessary, repositioning tariff, and continuing to use it when the opposite side including European, Japanese, Koreans, Taiwanese, were only interested in their own gains, indifferent or negative to fairness for US gains. Even where the tariff was placed on a partner the results were surprising the carving out of exemptions such as electronics semiconductors and iphones, made it possible for India to increase exports, so that it was done thoughtfully. This shows that tariff application was done by DJT/Bessent/Jamieson in a way that gave countries options to manage their trade to come out doing well. Germany and EU without US tariffs may not have signed the deal with India this quickly, and India may have used its agricultural protection to prolong and not look for areas in common and work out a deal. Germany might still be thinking India depends too much on Russia for defense, instead it looked for areas for defense cooperation. Result the huge India- German, India-European Union deal that connects to form a 2 billion strong market. Nobody really noticed its importance except for 2 billion people- it comes when it is a highly motivated 2 billion people with strengths in technologies, industry, people skills, and between 2 civilizations the Buddhist/Vedanta Hindu and the Christian civilization, each discovering the other and the richness of its partner's civilization. ...

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US president DJT State of the Union Address to Congress Feb 24, 2026. BBC Analysis shows the president going on the offense to take up the issue of illegal migrants, cost of living, and business investment to get the economy to grow. DJT compared the $1 trillion in business investment under Biden over 4 years with the $18 trillion that he had secured in his first year. He said the tariffs were here to stay whatever the Supreme Court decision stated because all the agreements with EU, UK, China, India, South Korea, Taiwan, Japan, other countries will remain in place as all countries want it that way. The president stated that through tariffs he had secured benefits for getting manufacturing back to the US to create jobs and raise incomes. The Big Beautiful Bill also added to business investment through its writeoff in one time for equipment and plant. The oil price per gallon had gone down to $1.85 a gallon at the pump lowering the cost of living and inflation. He pointed out that the economy was strong with low inflation lower than 3%, unemployment at 4% and ecponomic growth in 2025 close to 3% with some quarters exceeding 4-5%. The US ice hockey team attended the event and the Congressional medal of honor was given to soldiers in the Venezuelan helicopter dangerous mission, and to a World War II pilot who was 100 years old. Transgender was shown as an issue with parents shown with their daughter who had suffered from transgender laws that he asked Congress to change. Calling some of this crazy as parents and families were suffering as a result. ...

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Media headlines focused on Xi's statements on Taiwan. China is concerned that US not recognize Taiwan independence, but not much beyond that. China puts Iran much lower on the list of issues it considers important. It appears that China first priority is to be accepted as an equal partner with the US as a superpower. That is Xi's goal in this trip. Issues of Hormuz and Iran not something China considers important. China has an interest in a non-nuclear Iran, in no nuclear weapons proliferation. As the US has made this a priority China prefers to be not vocal on this issue, as it relies on the US to see this is done. A secondary priority for China is to have the US agree that China could continue to import from the Hormuz Straits to met its oil needs. As China has relations with Arab states it is carefully balancing this with relations with Iran. What does this mean? It means China and US are in considerable agreement on the current situation in the Gulf region and in the Middle East. China sees beyond Iran, so does the US. Both countries are focused on the future - on reindustrialization in the US and China on the next phase in its industrialization. New countries and blocs are also emerging that will rival China and the US- India/Japan and the European Union under leadership of Germany and France. These four countries or blocs are all thinking of the world beyond a failed Middle East- the economic issues they face and how best to tackle them, and the issues relating to borders and security, how best to tackle them. ...