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This report in the WSJ makes the America centric thinking mistake of forgetting where China started from in assessing progress and China's new priorities. In 1960 the World Bank shows China per capita at $90 which does not change much till 1990 when it was $300, the Deng opening to western technology and capital pushed it up to $3000 the year 2000 (US $36,000) and $4500 in 2010 (US $50,000) when the global financial crisis hit. Since 2010 the Chinese economy was burdened by high local government debt and struggled to get to $10,000 in 2020 under Xi Jinping's first two terms as president. Yet it paid a huge price for this -the chance of Bo Xilai (2014) upsetting the twin banners of Science and Modernization of the May 4th 1919 movement that set the course of China for 100 years uninterrupted through the Nationalists, the Japanese occupation, the Maoist CCP, the Deng CCP opening and Jinping CCP pullback. The huge inequality was seen as an opportunity for Bo Xi Lai or some other leader to capitalize on moving China in an unknown direction that posed risks for the future of China. Even then the first preference of Xi would be to carry on with what had worked after Deng. Yet it was clear that working class votes were shifting the dynamics of elections after the Trump election and closing the doors to open access to western capital, technology, and investment. With Trump in erratic and uncertain ways, with Biden after the elections of 2020 consistent and with single minded determination to limit flows. Not just Xi, any other Chinese leader would have had to have the internal discussions about the need to shift back to a model China was familiar with and one that worked before- that of state intervention in the economy, that of reducing the inequalities that posed risks for the CCP's survival as forging a path for stability to carry out the twin banners of the May 4, 1919 Movement - Science and Modernization as China's salvation. Unlike the hysteria about China posing a challenge to the US these internal debates of Xi and the party may have concluded that the US with about half the population of China's as it grows with immigration in the future and multiple times the per capita GDP was a country that no other country was going to come close to. In this sense the supply chains are deceptive as these are likely to be completely redone under the Biden administration to bring most important manufacturing back to China. It is in this context that Xi had limited room to manoeuvre and decided to focus on stability for the long term to fulfill China's dream of the May 4, 1919 Movement of the last 100 years for Science and Modernization casting aside the risks associated for instability of the inequality that comes with more of the western type of growth, and with the climate change risks also associated with it. Lower growth gives China a chance to correct some of the flaws of the hyper growth that was partly of its own making and partly thrust upon it by investors from the outside, so that the new climate would best serve the goals of the May 4, 1919 Movement of keeping high the banners of Science and Modernization. This kind of rethinking is also going on in the US in the same manner about inequalities and hardships for workers and families, with some of the anger directed at China as internal political sentiment- hence the trillions of dollars moved by the Biden administration to address the flaws of growth under free markets and intervene in the economy where needed as in climate change to give firm sense of direction. In a sense the direction taken in different contexts the American and the Chinese are the same - address the problems of workers and families, of the people, as Lincoln had pointed out and striven so hard for, so that Labor is the more important than Capital, and workers and families vital to the nation.   ...

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This editorial in the WSJ says Brexit lets British voters not a political elite decide the best way forward. Endless integration set by the EU in Brussels was never the best course for Britain given its trading and commercial history. The anemic economic growth, migration crisis in the EU, and the lack of accountability of Brussels EU bureaucracy was an issue for the British public. Ask any unemployed youth in France, stagnating entrepreneurs in Germany, or people in Eastern and Southern Europe struggling with economic policy for the euro set in Frankfurt by the ECB, says the WSJ.

The British government handling Brexit and the economy will still be held accountable for delivering good results. British people choosing to "take back control" through political independence was the right way given that continental social democracy and the "European Project" does not have the answers for Britain's future vision and growth.

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The sudden collapse of Thomas Cook, and the immediate layoff of its 20,000 employees comes as a shock as it is an old company trading since 1841 on the stock exchange. The name was synonymous with travel in Britain and in British Commonwealth countries. The analysis in the Times of London shows management was to blame. First with overexpansion under one CEO, even though online travel booking was taking off. He was fired, and followed by sharp cutbacks with another CEO who was fired, followed by last minute efforts to save the company as it faced huge debt loads and interest load even though its revenues were up by 6%.

In a situation similar to that faced by Jet Airways, an Indian airline, which also had overexpansion and debt load problems, the banks had second thoughts and turned down any new financing to support the company as being too risky.

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After resisting calls for impeachment inquiry into president Trump's dealings with Russia during his campaign by the Democrat controlled House of Representatives, Speaker Nancy Pelosi decides to launch the inquiry in September 2019. The issue raised in the inquiry relates to a call made by the president and released transcript, and whistleblower's letter that showed president Trump asking the Ukrainian president to look into corruption of a company in which Democrat Joe Biden's son was a board member.

The U.S. provided funds to Ukraine as it struggled to keep Eastern parts of Ukraine from separating with the help of Russia. Mr. Trump states that the U.S. was left with providing most of the cost without European countries contributing enough, a complaint he has made since the beginning of his campaign about all U.S. allies in American engagements overseas such as Korea and Japan and NATO.

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With a mere 1% of GDP invested in public healthcare India remains backward in its commitment to the welfare of the rural poor. Prime minister's Modi's plan is laudable says this BBC report, but the record of implementation is spotty at best at the state level for such plans. The new plan announced in the 2018 Indian Budget is for a health plan covering 500 million Indians with 5 lakh rupees coverage, something never tried before but with a cost of a mere $1.7 billion is something that the country woefully lacked or neglected to tackle.

This plan may be better implemented at the national level, and particularly where the reputation of the governing party and its plans for industrialization are at stake in the coming year's national elections. If accomplished and the Modi government is eager to take on these challenges it would be a significant step to balanced and overall development of the Indian economy.

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This WSj editorial says the meeting of president Trump and president Putin in Helsinki on July 16, 2018, projected weakness and was "a personal and national embarrassment." It say Mr Trump could not even support his own intelligence adviser Dan Coats over Mr. Putin. This will bring Democrats and Republicans together and offers ammunition for the president's opponents, says the Journal. 

It also says that on the Nordstream pipeline Mr. Trump was right about Germany having it own favorable dealings with Russia. On NATO the lack of strategy and Mr. Trump's swagger, saying what comes to his head for Mr. Trump, only weakens support for the alliance in the U.S. The NATO alliance with spending above 2% by Germany and France after calls by Mr. Trump for spending 4% strengthens NATO, yet weakens it by weakening the alliance with America's European partners. 

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Corporate concentration with larger companies, each more dominant in its industry, and fewer companies controlling half of U.S. corporate profits, are trends economists say that hurt wages, create income inequality, shrink the middle class and lead to less consumer welfare. About 30 companies control half of U.S. corporate profits in 2018 compared to 109 in 1975, according to economists at the University of Arizona. Fewer companies in each industry mean less competition for workers, and less leverage for workers in setting wages. Apple Computer just reached the trillion dollar size and Amazon is close to doing this with its dominance in online shopping. Amazon is known for lower wages in its industry. Apple has some of the highest profit margins in  industry, and trends show the margins have risen between cost of making a product and price in an unprecedented way. The result is higher corporate profits and labor commanding a declining share of the nation's wealth. ...

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China's dollar for dollar retaliation on $16 billion of U.S. imports with 25% tariffs set to take effect August 23 excludes oil which was on the original list. China takes in about one fifth of the total U.S. oil exports, and in the space of 2 years has become the largest importer of U.S. oil. Experts say China could be shooting itself in the foot if it decides to place tariffs on oil imports from U.S. China is dependent on foreign sources for 70% of energy needs and this trend continues. Another reason say analysts is that by keeping oil out of this trade dispute there is more chance that China can continue importing Iranian oil through a waiver  after U.S. sanctions on Iran go into effect in November.

The U.S. also exports higher quality oil that is less polluting and a grade which is used in newer plants.

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Former prime minister Nawaz Sharif faces a trial on corruption charges in Pakistan in 2018, just prior to new elections. The military and the judiciary both support the trial which involves payments for 4 upscale neighborhood London apartments owned by Sharif. 

Mr. Sharif's party leads in polls with about 36% support, higher than the next leading party Tehreek which has 24% support and is led by Imran Khan a former cricketer. The Pakistan People's Party of the Bhutto family comes in third. The result of this could be a weaker coalition government. The Supreme Court has banned Sharif for life from holding political office. Pakistan has seen governments toppled and military rule for half of its 70 years since independence. The rivalry with India and the role of the military has affected political institutions and democracy in Pakistan making peace with India difficult to achieve for any elected government.

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Walmart plans to take a 75% stake in India's online retailer FlipKart for $15 billion. The move comes as Amazon is making an an effort to invest heavily in online sales in India. Amazon plans to invest $5 billion and is making strong gains in the growing Indian online market. This is expected to give Amazon about one third of its revenue growth in the next 3 years. The move by Walmart is seen as a defensive one against Amazon's efforts.

Walmart has 21 Best Price wholesale stores in India which it started in 2009. Foreign owned companies can only sell their own products under Indian rules and this makes it harder for Walmart. Online retailing is away to get around this restriction to sell many products and brands. India is growing in online retail with $35 billion estimated for 2019 by Forrester, this compares with $935 billion in China and $459 billion in the U.S.

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This report in the NYT shows how venture capital does not work for women, immigrants, latinos and blacks because there is less room for errors and failure for women and minorities. Venture capital, the $100 billion going into it in 2019 for even the fringe benefits of tech nowadays, pushes aggressively for results and returns which may not be right for companies seeking gradual growth and moderate returns without the stress and increased chance of failure in an hypercompetitive VC environment. Apart from the big names and some others there are many companies that fail in this kind of hypercompetitive environment, says this report. A bigger problem is the neglect of societal values and ethical considerations in this environment such as the disinformation in social media as one example. Ethical concerns, and greater gender and racial diversity is also a goal as most of the VC industry operates under rigid rules allowing little flexibility and seeing any variation condescendingly, says this report. ...

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Currently Asian-Americans make up 62% of students at top high schools in New York. Mayor Blasio aims to give 20% of the seats to students who almost reach the qualifying scores on an entrance exam for Stuyvesant and seven other specialized high schools. Under Blasio's plan Discovery program for economically disadvantaged students would get 800 of the 4000 specialized high school seats for ninth graders in fall 2020 up from 250. 

Another view is presented by Parenting While Black organization of low income parents and children, who say that more important is to improve the quality of education for the city's 1.1 million students and start at the early grades. They see the high school debate for these 7 specialized schools as taking attention from the real problem to focus on s small sliver of students. The mass of students, the vast majority, they say are left to dangle in the wind.

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French president Macron cancels a fuel tax increase after violent protests. Spontaneous protests took place in Paris and across France. People in rural France were angered by the increase in the fuel tax even though by a few cents, because many people in rural areas of France are struggling to make ends meet. The tax aroused sentiment in rural areas because it followed a move by president Macron to cancel a tax on the wealthy.  Students and ambulance workers joined the strike. 
The aloof nature of president Macron staying above the public concerns has led to a sharp drop in his popularity and the sudden eruption of protests.

Macron's large majority in parliament may not reflect the true nature of public opinion as many people stayed away from the polls in the election for the National Assembly. Since the election Macron has alienated members of his own Movement by not listening to concerns and several ministers have resigned.

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The steep decline in popularity of French president Emmanuel Macron in the period of one year. With the yellow vest protests on the economic insecurity of struggling families, Macron's efforts to bring in business friendly policies as a change agent are itself out of step with the times and with France in the provinces and small towns, as pointed out in the New York Times and Times of London analysis of the situation in France today.

As pointed out in the analysis Macron's base itself is small and its anti-institutional posture rejecting conventional politics itself has given momentum to the current yellow vest protests about economic insecurity of struggling families. The support for this comes from all parts of society and single political party, without nationalism, race or migration as factors at all, and comes so soon in one year from the time that Macron emerged with his own movement rejecting the institutional structure.  

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The European Union would accept extension of the deadline on Brexit of March 29, and a second referendum could take place. Theresa May could go over the heads of her squabbling MP's and call a second referendum or a general election, says this report in The Guardian. 

A British request for extension of the deadline is seen as inevitable because it is impossible to pass the necessary pre-Brexit legislation before March 29. Conditions could include a second referendum and allowing the UK government to appoint national parliamentarians for the EU parliament as EU elections are in late May 2019. Because there is no majority for a second referendum just yet, and because the only way to get support in parliament is to have in place the customs union rejected by far right Conservative MP's, extending the date is the only viable option.

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The more pro-European faction within prime minister Theresa May's Conservative Party is reluctant to push for a vote at this time to avoid what it sees as "political suicide"- a massively disruptive departure of Britain from the European Union without an agreement. This gives May another 2 weeks to come up with a solution. 

Most observers believe Theresa May is simply using a strategy of running down the clock to the March 29 deadline. By not extending the deadline she is seen as planning to hand out to the British Parliament two starkly different options- a massively disruptive no-deal Brexit causing Britain's departure from the European without any agreement and the option of accepting the agreement the prime minister has negotiated with the EU which protects Ireland and Northern Ireland peace and open border trade flows called the Irish backstop.

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Use of Huawei's equipment for 5G technology upgrade of India's telecom networks is seen as less of a cybersecurity threat in India and attractive in terms of its lower prices and technological advancement. U.S. efforts to prevent the use of Huawei's 5G networks equipment because of cyber security threat are hitting a roadblock in India where the cost of the upgrade to 5G is a major advantage with the Chinese telecom equipment maker Huawei.

Germany is considering letting Huawei supply telecom equipment after its cybersecurity agency report showed Huawei could not siphon off sensitive data for use by the Chinese government. Data rates for 4G networks have been slashed in India by 90% with the introduction of the Jio network. Hundreds of millions of customers make India a large enough market for new 5G technologies to be attractive for China's Huawei, making it harder for the U.S. to block Huawei in other countries.

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This New York Times Editorial Board says the Indian border with Pakistan is a more dangerous place for escalation into nuclear conflict than North Korea. The lull and the calm after the initial hostilities is deceiving says NYT. It says the Trump administration needs to take an active role to reduce tensions and China needs to take firm action in opposing terrorist activities conducted from Pakistan into India. 

It also points out that even though this is seen as not possible there is still the need for India, Pakistan and Kashmir to talk about solutions that could work instead of just giving up and continuing as before. Without mentioning it NYT appears to be saying that other intractable conflicts have been resolved including in the Balkans (religious conflict), in Ireland (religious conflict), with the right kind of effort and determination, and men of goodwill on all sides.

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Spending a minimum of 250,000 euros on a house in Greece gets an investor a five year renewable visa. Chinese investors seeking a European base are buying or constructing homes in Athens, and the islands of Santorini and Corfu. This is reviving the residential building market in Greece after years of bailouts by the European Central Bank. Chinese middle class investors see the presence of Chinese companies such as Cosco which owns part of the port of Piraeus as a sign it is safe to invest in Greece. Property prices dropped 40% in 2010. In 2018 prices went up by 2% and building permits by 10%, according to the Bank of Greece. Real estate investment was up 20% in 2018 with Chinese investment companies buying into whole apartment blocks in Athens to draw investors.

Greece had a record 33 million tourists in 2018. A 320 billion euros bailout ended in 2018. 

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As the Indian economy experiences a slowdown in 2019-20 a revealing statistic that lack of loans in the banking system is playing a critical role comes from the central bank, the RBI. Compared to the 6 month period April to September 2018 when 800,000 crore rupees loans were made to borrowers in the first 6 months of 2019 the loan volume dropped to 90,000 crore rupees.

Bad loans in the banking system and mismanagement in the banking system have caused the drop in loans, leading to government efforts to inject money into banks and consolidate banks by merging failing banks into larger better run banks. Additional causes of a slowdown are the drop in consumption, sales decline in the auto and other industries. A cut in corporate tax and the 2020 budget with investments in infrastructure, relaxing fiscal limits to invest more.  are designed to stimulate growth.

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The head of India's leading information technology company WIPRO, Abidali Neemuchwala,  says he took the risky path by choosing an assignment to South Africa when his peers were heading for the United States as engineers. That assignment gave him a chance for higher level activities, better perspective, and ways he could stand out.  He tells how these early experiences helped shape him for the job he has today.

The best way to tell when one is taking a risky path, he says, is when all your peers are not looking at doing what you have chosen to do. Its different, and it has made all the difference for Neemuchwala. In 1994 South Africa was entering the Mandela era after Apartheid, and presented something very different from the United States. Mr Abidali chose this risky and different path, with new opportunities as well as a leap into the unknown. 

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Walking is great for mental health, for keeping up your spirits and reinvigorating the soul. Its the best way to stay healthy in our sedentary world. Walking inside and walking outdoors, never spending too much time sitting. Useful tips-

Shoes should be comfortable should hug the feet not be tight.

Take gentle steps. Footsteps light rolling from heel to hoe to avoid a hard flat footed landing, says one orthopedic surgeon.

Start with posture stand up straight, relax your shoulders, keep pelvic neutral, engage the core, as these muscles keep your posture erect when walking. Look not down but 10 feet away or further.

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Prime Minister May has fended off a cross party attempt in parliament to take control of the Brexit process including an extension to Article 50. The price for this is that May agreed to let parliament vote for or against a no-deal Brexit and for an extension or delay of Brexit.

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Erdogan's grip on Turkish politcs loosens as he loses in both Ankara and Istanbul. Since Erdogan started out as Mayor of Istanbul in 1994, as a young politician with nationalist credentials, this is seen as a significant shift. A younger leader Mr. Imamoglu is now seen as new Mayor of Istanbul.

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The U.S. central bank, the Federal Reserve, lowers interest rates by lowering the federal funds rate to a range of 1% to 1.25%. A drop in consumer spending, in travel, tourism, and the worldwide impact on supply chains in manufacturing, is expected to reduce growth. The move was intended to offset this.