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Theresa May, British prime minister tells BBC she feels a mixture of pride and disappointment about leaving 10 Downing Street in a few days. She feels a sense of "frustration" at not being able to put Brexit through and "underestimating" parliament. She is likely to be followed by Boris Johnson as the new prime minister.

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Michael Fathers reviews two detailed accounts of Mao's Great Leap Forward. From 1958-62 Mao launched an effort to industrialize China in its effort to surpass Krushchev's effort to surpass the U.S. and western nations in one decade. Yang Jingsheng's account in the book 'Tombstone,' is a result of decades of research to find what happened during this period. He lost his own father to starvation during this period when all Chinese agriculture was forced into communes with communal living and communal kitchens. The result were disastrous as agricultural production suffered badly leading to famines and loss of an estimated 45 million lives. The policy was continued even as the result showed a looming disaster by 1959. It was only by 1962 that Mao was forced to accept the failure of the program. As an editor of Xinhua news agency, Jingsheng had access to accounts of waht happened in provincial documents and archives. The other book reviewed is 'The Great Famine' by Frank Dikotter which provides an illuminating account of what happened in these years. Dikotter says the final responsibility rested with Mao for calling for higher grain deliveries from the countryside at the height of the famine and for continuing the policy of force and coercion leading to starvation- he quotes Mao who said: "It is better to let half the people die so that the other half can eat their fill." The truth about this period was hidden by propaganda and the mistake accounts of westerners who visited China including Francois Mitterand till the 1990's. Jasper Becker, a former correspondent in China for the Guardian, gave one of the first accounts of what had happened in "Hungry Ghosts: China's Secret Famine" (1996). What shocked readers was the extent of the dead, the violence, and the fear of speaking out even after 30 years. The fear of speaking out is evidenced in the pen name Mo Yan of the Nobel prize winner in Literature for 2012 which means do not speak out in Chinese because his parents were from a more affluent farming family in the village. Mo Yan uses animal and fairy tale characters and Chinese history in his novels and stories including his effort to describe the behaviour of arrogant local officials. The chronology of this period also tells a story. China's Communists took control in 1949, the famine and violent repression to establish the commune system occured in 1958-1962 only 8 years later, and the Great Proleterian Cultural Revolution was launched by Mao in 1966 and was to last a decade till his death in 1979- a period which saw a new effort of upending of China's countryside to establish communism....

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Simon Tisdall of the Observer in London, England, had this to say about Kamala Harris and her taking up the 2024 campaign after the withdrawal by president Biden. He call it a frsh choice in terms of personality, energy, policy, tone, trustworthiness and moral integrity. A generational leap says Tisdall, and the possibilities of a new morning, a new dawn in 2025.

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Senator McCain's vote for the Republican tax bill is uncertain, says this report in NYT. McCain opposed the 2001 and 2003 Bush administration tax cuts on the grounds of benefiting the rich and not doing enough for the middle class. McCain is known to oppose large spending that aggravates the deficit, and the current Republican plan would add $1.5 trillion to the deficit. In 2003 McCain said on the Senate floor he could not support the use of "billions of federal dollars to cut taxes for our nation's wealthiest." How will he vote this time? Holtz-Eakin, his policy adviser in the 2008 campaign says he is not sure, it all depends on what is better, the status quo or this change. 

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Marketing innovation at Ford. Marketing campaign called "Bold Moves," to help Ford reconnect with younger buyers, bring the younger demographics into Ford's customer base again. Could cost upto $100 million. It would have a documentary style internet program starring Mark Fields, head of North and South American operations, and features a new Kelly Clarkson song. Ford plans to produce this show itself, to tell its own story in its own words.

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The risks that China could be stuck in middle income status- plateauing similiar to countries like Mexico in middle income status- grow as China's remains stuck in a state enterprises driven model of growth at the expense of consumers and savers. Japan reached the level of development China is in today in 1970, Taiwan in 1980 and South Korea in 1990. Progress from now on depends on innovation and developing a more open society as shown in the experience of Japan and South Korea, which requires a shift away from most bank lending and funding investment going to state owned enterprises and towards private enterprises and tech startups. The resulting overbuilding has led to a vast misallocation of resources and starving new private enterprises of the large amounts of capital needed. Porter describes the lower level of rural education which has not kept up with the pace of improvement in urban schools, and which poses problems for the future, including a shortage of skilled workers.

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With 57% of Italy's sovereign debt owned by Italians, a lot depends on Italians continuing to invest in Italian government bonds. With the higher interest rates on the bonds Italians have one more reason to continue to do so.

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New film by Fabio Barreto on the life of Luiz Inacio Lula Da Silva, President of Brazil. Lula Da Silva has a 70% popularity rating in Brazil and the Barretos, a Rio based filmaking family, are strong supporters of the President. It shows the difficult childhood of Da Silva growing up in a one room house in a rural area of Brazil, his rise as head of the steel workers union, an automobile factory worker who becomes President on his fourth try. Lula himself says he started to cry at a screening of the movie when he saw the image of his mother. Says Barreto: the vast majority of poor Brazilians are portrayed as inferior and lazy, and less than what they are, and no one has has told these Brazilians that their people are strong.

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Strikers at a Honda transmission factory in Hoshan, 100 miles northwest of Hong Kong are asking for raises of $117 or 800 renminbi in cash above the $132 a month or 900 renminbi that they are now paid. About 950 of 1900 workers at the plant are trainees, young people from vocational schools or high schools earn $132 a month. Older employees earn upto 1500 renminbi or $220 a month. The significance of this strike is that the Chinese government is tacitly encouraging the strike as it begins making moves to increase domestic consumption and make the economy less dependent on exports. This requires consumer's having larger purchasing power and higher wages. It also means that China will not remain the low cost manufacturer for manufacture goods makers around the world for very long. Consider the size of the increase and the policy change of the government and this implies a significant shift by China.