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President Obama will nominate Jacob Lew for Treasury Secretary to replace Timothy Geithner. In making this decision Obama stayed within his close advisors. Lew has held firm in budget negotiations, at one point walking out, and at another point in negotiations of the last two years saying flatly Medicaid is off the table. This signals Obama is not going to give in to Republican demands without a fight. In picking the 57 year old Lew, Obama is choosing someone who has substantial experience in budget matters and in working with Democratic leaders, all the way back to working with Speaker Tip O'Neill from the Reagan days. He was head of the Office of Management and Budget, and is currently White House Chief of Staff. He was chief operating officer of Citi Global Wealth Management and Citi Alternative Investments for 2 years, which suffered large losses in the 2008 financial crisis, but was not closely involved in the way decisions on investing were made. He was brought to Citigroup by Robert Rubin, a former Treasury Secretary under Clinton....

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This editorial in the WSJ says Puerto Rico is a failed welfare state and has similiarities to the problem in Greece with a bloated public sector (25% of the workforce in the public sector). It points out that the benefits are generous even though the employment is shrinking by 14% since 2005, as 300,000 young people have left for the U.S. since 2005. Welfare benefits it points out are $1743 a month compared to $1159 for minimum wage work. Puerto Rico's Governor Alejandro Padilla says the $72 billion debt "is not payable." Debt is 100% of GNP. Three public pension funds and the Electric Power Authority face serious problems. To manage its finances Puerto Rico has taxed ever higher, increasing sales taxes to 11.5%. The editorial says Puerto Rico is ready for a Detroit style restructuring of the debt, and rewriting of labor and other contracts following the U.S. giving access to Chapter 9 bankruptcy to Puerto Rico, doing this with orderly restructuring.

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The relations between the former president Obama and the current president Trump have soured in the first 100 days. Obama lauded activists opposing the travel ban, and Trump sees leaks being conducted for his administration by Obama supporters. Obama was clear from the beginning that he would voice his opinion when it came to systematic discrimination, right to dissent, and deportation of children. Trump's claims that Obama ordered his offices to be wiretapped during the election have caused a rift. Trump took to Twitter to says that Affordable Care Act was "a total disaster," and made it personal by saying "How low has President Obama gone to tap my phones during the very sacred election process. This is Nixon/Watergate. Bad (or sick) guy!" Attorney General Sessions said he will recuse himself from the investigations into Russian efforts to influence the election.

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Sweden's king Gustaf says the coronavirus policy of voluntary action has failed. Sweden now has 350,000 cases and deaths at 7800. This is more than all other Nordic countries combined and one of the highest rates per 100,000 of the population. Most are elderly who never had time to say goodbye. The makes Sweden a target of worldwide criticism for neglecting older people who never got a chance to say goodbye and died in chaotic conditions. It puts into spotlight the values of Swedish society of self centredness. Sweden, Netherlands and some Northern European countries also opposed the large stimulus planned by Merkel and Macron for the EU. showing lack of sensitivity for the plight of poorer countries in Europe such as Greece Portugal, Spain and Eastern Europe that were already hit by the eurozone financial crisis. The king said 2020 "was a terrible year" for Sweden. Now that the second wave has hit Germany hard, Sweden has acted to close schools, limit gatherings for Christmas and is following the restrictions practiced in the rest of Europe. To get some sense of how hard the second wave is hitting countries Germany recorded  952 deaths a day December 16, close to one third of that in the U.S. on Dec 15. ...

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On Pfizer CEO Kindler and whether he has what it take for Pfizer to make a comeback.

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The People's Bank of China says that it will track the value of the renminbi against a basket of currencies, not just the dollar as it has done previously. It did not say when this would happen. Experts say this shift would lead to a weakening of the currrency relative to the dollar. This follows the decision by the IMF to add the renminbi as one of the leading currencies with the dollar, pound, yen and euro.

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Kissinger on great power diplomacy and balance of power in the Middle East. He ignores the Arab Spring, the aspiration of peoples in the region, the role of the Maliki administration in reviving Sunni-Shiite antagonism and its corrupt incompetent administration that led to the rise of ISIS, the Obama administration's policy of paralysis in the Middle East and errors in policy that has led to some of the chaos in the region, and the vacuum left by the U.S. lack of any interest or involvement with partners in Turkey, Saudis, moderate Sunnis and Shiites in Iraq. Most of the people want education, civil rights, protection from religious militias, and U.S or other countries score a win-win only by aligning themselves with the interest of the people in the region which will assert itself in the long run.