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Not Kentucky as the title suggests but Denmark's Mette Frederiksen. Lara Spirit in The Times of London looks at Starmer and Labour in the month of Feb 2025 with the challenge it faces from Reform UK. Mette Frederiksen PM from the Socialist party in Denmark and her policy to tightly restrict immigration and oppose illegal migrants are of great interest to No. 10 Downing Street. This report says No 10 is interested in how Mette Frederiksen has for years pointed out that the only people hurt from socialist parties supporting migrants are the workers and families across Denmark.  There is a disconnect with history. In the US history shows that since the 1850's to 1960 the US vigorously opposed migration from Asia, and migration from Mexico was only supported during the war years 1940-45 because of the demand for labor and quickly  reversed under president Eisenhower's 1954 Operation Wetback. Today's situation of migrant and fentanyl flows following 490,000 deaths from fentanyl over 12 years is totally unprecedented in American history, and would be unimaginable to every president from Washington and Adams to Lincoln, TR, Wilson, FDR and Kennedy. How did this happen? Why are parties including Harris Democrats, Mayorkas Democrats, in contrast to Fetterman and  Ruben Gallegos Democrats who are asking serious questions about migrants finding themselves caught with Merkel and Scholz in Germany in this situation where the wellbeing of people in each country is obscured by lofty ideas that have no connection to the history of each country and to the situation of unease on the ground? ...

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Andy Kessler looks at the prospects for China's effort to dominate the market for advanced chips used in everyday devices, just as it did in solar panels and electric vehicle batteries.  He says Apple leaves US manufacturing technologies at a disadvantage by securing its M1 processor chip from Taiwan's TSMC. Intel has fallen behind in 10 nanometer chips and will need a few years says Kessler.  Kessler says Chinese threat to invade Taiwan which has made the US and the EU take a firmer stand on Ukraine poses a danger to TSMC which has 5 fabs or factories in just 1 science Park- Hsinchu Science Park. This poses a question is it safe to concentrate about 92% of the world's semiconductor production in one place Taiwan so close to the mainland of China? And knowing sit tight taking no action? Google's last chairman Eric Schmidt asks this question in the WSJ and calls for a new investments in the US to manufacture advanced semiconductors and other semiconductors for everyday use so that the US national security is protected. Even the $50 billion that is in Congressional legislation has yet to be approved by the US Congress, says Schmidt, showing that US Congress is not moving quickly to address this problem. South Korea and Taiwan including TSMC need to be told to make a large part of the semiconductors in the US and other locations such as India to diversify production. 92% of world semiconductors made in Taiwan that could be taken out with a few missiles, is no way to diversify manufacturing, when manufacturing can be done in India or other parts of the world with lower costs and with needed engineering manpower. ...

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In this interview with France24 Foreign Minister Joseph Wu of Taiwan says his country is a front line democracy fighting an authoritarian regime. He warned that after Hong Kong "Taiwan might be next." He also said the mood of the European Union was changing and perceptions had changed after observing the situation in Hong Kong, the escalation at the India-China border, and in the South China Sea. He sees the threat of military intervention against Taiwan as having "intensified."

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UBS interim CEO Ermotti's career in investment banking and efforts to move UBS away from investment banking.

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Many German hospitals depend on supply of doctors from other parts of Eastern Europe such as Poland and Hungary to address a shortage of medical staff. German hospitals have increased supply of equipment but are still facing serious shortages of medical staff as the second wave of the pandemic hits Germany. By December 8 there were daily over 590 deaths, and ICU capacity was being strained beyond a critical point.

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Peter Eavis of WSJ cautions about the ability of the Fed to manage things after a flood-the-zone policy of central banking, because such a policy is hard to reverse and create stable effects for the long term.

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 Lincoln's words in 1858 "political matters now bear a very mixed and incongruous aspect" as Douglas tried to be on the side of the free states in the North when he was actually with the South, can be used for what is happening now with DJT and Ukraine, as seen from Europe by European leaders.  Alain Frachon gives the French view in Le Monde. He cites the founder of the French Institute for International Relations Montbrial in his recent book that the problems started with the false hopes and chimeras about the fall of the Berlin Wall. It marked not just the fall of the Soviet Empire in Eastern Europe but also of the Russian Empire. And the fall of an Empire has repercussions that are being felt today. Franchon says the liberal order neglected to see in its naivette that peoples are driven not just by strategic and economic interests alone but by passions, that includes their sense of what they had lost in the Russian role in that past of Europe in history. ...

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Britain and Britain's parliament now faces some tough choices as the economic costs of Brexit are spelled out by government and Bank of England forecasts. Already GDP per person is below what it would have been without the Brexit vote by some 2%, according to the Centre for European Reform think tank. The main problem is the expected drop in trade with the European Union of as much as 40%. Ending free movement also curbs European immigration, and add to this a drop in foreign investment. The government says the cost of the deal with the EU made by prime minister Theresa May could cost 2.7% in loss for GDP per head. Estimates range from 1.7% to 3%. A loss of 3% comes to an average annual loss at 2016 prices of 1090 British pounds per head. Worse a no deal Brexit could see this jump to 8.1%, according to the government. The Bank of England agrees and says the pound would go down by a quarter. Offsets from Britain making free trade deals are pathetically small of only only 0.2% if at all, and o.1% from likely deregulation. Not a picture that makes Brexit anything but a chaotic option for Britain. ...

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ICE raids in the Paramount district lead to protests and Border Patrol response. DJT calls in 2000 National Guard to Los Angeles, June 7, 2025.

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Shen Wei arrived in New York from China in 1995 from Guangzhou, he is originally from Hunan province. He was on a scholarship from the Nikolai/Louis Dance Theater Lab. In 2007 he was awarded a fellowship by the John D. and Catherine T. MacArthur Foundation. For years he went to every concert and art gallery he could find and opened his eyes to a new way of seeing the art world. Now he is back in China helping choreograph and setup the opening and closing ceremonies in Beijing for the Olympics.

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The European Stability Mechanism made its first short term debt auction Jan. 8, 2013, by selling 1.927 billion euros of treasury bills. Japan remains a key investor. Japanese finance minister, Taro Aso, said Japan plans to to be an active investor in the ESM bond sales. He told a news conference: "Japan will purchase some ESM bonds using its foreign exchange reserves as it monitors progress in efforts to stabilize the European situation." Japan holds $1.27 trillion in foreign exchange reserves. The move pushed the yen lower. Investors pay the ESM to keep cash for three months- the ESM treasury bills had an average yield of minus 0.0324%. The ESM fund will be used for aid to Spain's banking sector, Greece, Ireland and Portugal. Plans are for the ESM to issue three month and six month bills twice a month to reach 18.5 billion euros by the end of 1st quarter 2013. The ESM fund rating is Aa1 by Moody's Investors Service, and AAA by Fitch Ratings.

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The Iran nuclear deal of 2015 begins to unravel as the European Union takes the first step towards the reimposing of sanctions. Britain, France and Germany triggered a dispute settlement mehanism in the agreement which can result in the United Nations reimposing international sanction on Iran's economy, banks, and top officials within 2 months. This follows Iran's resumption of nuclear activities banned under the agreement. Earlier the U.S. withdrew from the agreement and the European Union tried to save the agreement. Recent tensions and the U.S. insistence on the renegotiating for a new agreement have led to this collapse of the 2015 nuclear agreement with Iran.

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Seoul is one of the cities that is shrinking in size during the pandemic. House prices doubled during the period of the pandemic. An average price of a home just 2 years before the pandemic was 341 million won or $252,000 now it is 626 million won in 2022. More South Koreans are moving to wide open spaces with more room and clean air. Seoul's population has dropped below 10 million and could reach 7 million in 2050 as population moves out to smaller more livable towns and cities. Says one teacher who moved out there is a higher quality of life, homes are bigger, prices much lower, and children can go outside and play instead of being surrounded by crowded places. Places at kindergarden are free and extra curricular activities are far cheaper. Another development is also taking place. The model of young people getting a degree and working at alarge corporation in the center of Seoul is now fading as young people start their own ventures or business as entrepreneurs. They can then use the flexibility of locating in places outside Seoul to attract talented employees who no longer like life in the big city compared to the outdoors and larger spaces in smaller cities. ...

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The U.S. and China sign Phase 1 of the trade agreement in a sign of reduction of trade tensions between the two countries. Difficult issues of state subsidies under China's state enterprise model of development, and technological competition were put off for the future. China made the deal possible by agreeing to double its purchases of agricultural products, and offering to purchase about $200 billion in American goods and services over the next two years. This gives relief to farmers, a key part of Mr.Trump's support base. This also helps achieve a key Trump and U.S. goal of cutting the U.S. trade deficit with China quickly, just as happened decades ago with Japan.  See the related article and link on how for the first time in decades China's trade surplus with the U.S. is now set on a path for permanent decline. It dropped significantly in 2019 by 12.5% even though China's imports from the U.S. dropped by 21%, based on Chinese customs data released for 2019. With China increasing these imports significantly and the U.S. holding on to tariffs of 25% on $250 billon of China's exports to the U.S. which are outside the Phase 1 agreement, the downward course is set for the next few years for correction of a dangerous trade imbalance. That imbalance was allowed to develop over successive Republican and Democratic administrations. China already has the European Union as its first leading trading partner and south east Asia as its second. China plans to not be so closely intertwined with the U.S. in trade, and yet preserve its state sponsored development model and drive to compete in technology. China's increased purchases from the U.S. of $200 billon are broken down in terms of farm products- $32 billion, manufactured goods- $80 billion, energy products- $50 billion, services $35 billion. In effect the U.S. gets its goal of cutting the unsustainable China trade surplus quickly and with certainty in 3-5 years. China uses the period to transition for less trade linkage with the U.S. yet preserving its state sponsored model of development and drive for technological advancement.   ...

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Bernie Sanders with 46% of the delegates, 13.4 million votes, 22 states, and many of the young people in the U.S. behind him, told a news reporter at his home in the final sprint two weeks before the election- he plans to see the major planks of the Democratic platform implemented. He said Clinton is progressive on a number of issues, but the platform is more progressive with upward mobility a critical concern. Sanders played a critical role in shaping the platform. He says he opposes someone from Wall Street in positions of Treasury Secretary, Trade Representative, and will make known his views who would be best in these positions, including Attorney General. Sanders is supported in the Senate by Senators Sherrod Brown, Jeff Merkley, and Elizabeth Warren. Warren has campaigned with Hillary Clinton in New Hampshire, and both support minimum wage, women's rights. WIth a win for Democrats in the Senate Sanders will become either the chairman of the Budget Committee, or with his preference chairman of the Health, Education, Labor and Pensions Committee. His main goal now is to see key economic Cabinet positions that affect upward mobility, intergenerational mobility, which is damaged today for the middle and working class, go to persons who would do the most to improve it.  ...

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The large Indian communities living overseas has always been an important factor in India's development, the remittances, the two way flow of technology as ideas and scientific knowledge is brought back. This was true for China in its period of rapid development and is true also for India today. This report looks at Indians giving up citizenship (about 225,00 in 2022) yet most of the people interviewed  in this report say they do this only because there is no dual citizenship route. There are some areas that Indian business can improve on easily which are work life balance which are the reasons some have chosen to live overseas- this would also improve the productivity of the workforce and needs to be considered by Indian business leaders for their companies. 

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Krugman points out that about 13 million Americans without insurance gained health insurance under the Obama plan. He says if it is turned back 8 million whites without a college degree in that 13 million will lose health insurance. Of these eight million about two out of three voted for Trump, so that 5 million Trump supporters could now lose health insurance even though they are older and have more health conditions. Krugman says this aspect of the election campaign was not covered well in the misinformation and social media information of the 2016 campaign, and the lack of media focus on the important issues in the election. On manufacturing jobs he says most of the jobs lost are not returning, and only token jobs such as at a Carrier plant in the news will take their place.

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Sheila Bair, chairwoman of the the FDIC, says the banking industry is showing "continuing signs of improvement, and the process of repairing bank balance sheets is well along, but not yet complete." The bank failures are easing and the FDIC insurance fund which had a negative balance of $7.4 billion at the end of 2010, now has a negative balance of $1 billion. It should turn positive by July 2011 when Bair's five year term ends.

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Mikhail Gorbachev on the Georgian and South Ossetian situation in response to American reaction. See the piece in the Wall Street Journal by the Russian Foreign Minister, which also presents the Russian view. Gorbachev is more direct in expressing the Russian feelings about what has happened since the fall of the Soviet Union and about his feelings about Europe and Russia as part of Europe. Note also British Foreign Minister Milliband's support for the European position of dialogue with Russia different from the confrontation evident in the American position.

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The 2014 budget for Spain is free of the strong austerity measures, cuts in spending, and tax increases, of earlier budgets. Growth is expected to be 0.7% in 2014, after 1.3% decline in 2013. The unemployment rate is set to decline from 27% high in first quarter of 2013, to 25.9% in 2014. Savings of $800 million euros will come from changes in the pension system and civil servants face a freeze in salaries for the fourth year. The premium over German government bonds for Spain's government bonds is now less than that of government bonds of Italy. Cost of financing Spain's debt is projected to decline by 5.2% to 36.6 billion euros, according to Treasury minister Montero. The EU with the backing of the IMF has considered the high unemployment in Spain in its decision to relax deficit targets. This has given Spain an opportunity to clean up its accounts without further damage to the economy. Spain's deficit will now decline to 6.5% in 2013 from a deficit of 6.8% in 2012. The target for the deficit is set at 5.8% for 2014. Credit is still tight and consumer spending weak, major concerns for the government- in addition to the need for creating jobs- of prime minister Rajoy....

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US differences with Pakistan are based on two different perspectves that are not reconcilable. Recent events and the relationship between the US and Pakistan's army chief have confirmed that this is not going to change. US sees militants and Taliban inside Pakistan as havens for the short term as the US disengages from Afghanistan, whereas Pakistan's army sees them as useful elements in Pakistan's security interests in relation to India for the long term. Whe Kayani met with Obama in Washington, he handed Obama a 13 page document showing Pakistan's strategic perspective and emphasizing the gap between short term US interests and Pakistan's long term interests. The Wikileaks cables show Kayani discussing with US officials a possible removal of President Zardari and his preferred replacement. This made Kayani, normally reticent, to rant for hours on the irreconciliable differences between the US and Pakistan with a group of Pakistani journalists. He described Pakistan as the US's "most bullied ally," and said the frames of reference of the US and Pakistan regarding regional ssecurity "can never be the same," according to news accounts. And added that "the real aim of US strategy is to de-nuclearize Pakistan." Holbrooke and Admiral Mullen had hoped to reverse "a trust deficit" between the two sides. But this has not happened. General Petraeus is taking a tougher attitude and patience is thin on both sides. According to a Kayani friend, air marshal Chaudhry, Kayani is always asking Petraeus what the strategic objectives are in Afghanistan. US officials say they have given up on changing Kayani's thinking and that Kayani has told them: "I don't trust you." Kayani's position makes sense when one looks at the strongly anti-American public in Pakistan. Pakistani military and intelligence officials say a campaign against militants inside Pakistan incites domestic terrorism and uproots local communities. And by following Pakistan's own interests and frames of reference Kayani sends signals that win esteem among the Pakistani public. Opinion polls now show the military held in higher esteem than the Zardari administration. This puts the US in a no-win situation in Afghanistan with no clear objectives for the long term. This leaves the US in a time of tight budgets stretched thin to meet the needs in other defence areas that need attention, such as modernization of forces, trouble spots such as Korea, Iran and elsewhere, and resources needed for modernization of US infrastructure and supporting new technologies and industries. The lasting solutions that will take time, careful thought and preparation would be to integrate South Asia as a whole into an economic zone, extensive infrastructure building, and bring India and Pakistan closer through diplomacy and negotiations. See the articles by Richard Haas and others on the need to redirect resources. ...

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Montek Singh Ahluwalia, head of India's Planning Commission, tells a weekend business conference of the government's intention to move towards making the rupee fully convertible and lifting all restrictions on foreign exchange transactions. India's prime minister, Manmohan Singh also said the government "was far more comfortable" making this move.This would make India vulnerable to sudden foreign exchange outflows. India has foreign exchange reserves of $144 billion and is in a position to make the move, especially as it brings the advantages of attracting more foreign investment to the country. Another advantage is the opportunity to make Bombay a financial hub in Asia, especially as the Indian economy develops and India's strengths in the financial industry and its human resources in that area make themselves felt.