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How diagnostic tests in portable toolskits, that patients can use themselves, are being developed at low cost in developing countries like China. This creates the kind of care appropriate for poor countries, where patients need something they can afford, and something that does not require repeat visits to doctors offices or clinics. Ustar Biotechnologies is a Chinese startup, that says it has the technology, costs that the founder says "no one can compete with," and affordable prices for poor countries. The sales of such diagnostic test portable devices or kits is expected to soar in coming years. Quimin You, the inventor and founder of Ustar, graduated in North America and worked with multinationals. His proposals for cheap diagnostic technologies were turned down by multinationals, who in their narrow focus saw these thechnologies undermining their existing products. Now Qimin is back in China with a startup that will do this.

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The Japanese government reports a revised estimate for GDP growth in 3rd quarter 2015 from a decline of 0.8% to an annualized rate of growth of 1%. As a result Japan is no longer in recession as previously reported.

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Loopholes in the tax code that tax the money paid to managers of private-equity funds and similar partnerships at 15%, rather than at ordinary income rates of 35%. This loophole survives by invoking small business. The Joint Committee on Taxation says that treating carried interest as ordinary income, income of investment management services which is what it is in this case, would raise $17.7 billion over 10 years.

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The FBI and the IRS were working on the same investigation of FIFA from different directions and began working together since Dec. 2011, as they found that the same people were involved. Richard Weber of the IRS, says another round of indictments can be expected. The IRS case starts with investigation into tax fraud and one discovery leads to another in the case. By 2013 Chuck Blazer had pleaded guilty to tax and corruption charges and agreed to cooperate with the IRS and the FBI, leading to the breakthroughs that followed. Enhanced cooperation between the Justice Department and international banks since the indictments against banks for illicit operations has made banks willing to cooperate with investigations fully. Once the case was built up getting FIFA officials at one place for the meeting in Zurich made it easier to make the arrests.

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Hannes Swoboda of Austria, a member of the European parliament, and president of the Progressive Alliance of Socialists and Democrats in the European parliament, makes the case for investment in growth and employment as the only way forward for Europe. Tax revenues generated from growth and employment would help reduce deficits, in addition to taxes such as a financial transactions tax.

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The Fed acts to stabilize the credit markets till the current administration and Congress or its successor can think of the best way to inject money into the USA banking system and in helping homeowners in the housing crisis. One fact remains between 2000 and 2006 Americans took on about 3 tillion dollars of additional debt than if they had followed the earlier trajectory of spending, so they owe $3 trillion dollars more than they would have if they followed earlier spending patterns, accordingto Business Week estimate. It is this debt that will depress consumption spending for 3 to 4 years according to BW estimates till this debt can be worked down. The other estimate by BW in Street of Fear in the same issue is for $285 billion in total amount of subprime writedowns expected with only $150 billon accounted for so far in early April 2008. This means another $135 billion in writedowns will come probably this year. One anlayst Meridian of Keefe, Bruyette & Woodsfor example points outan additional $15 billion of subprime writedowns expected for Citigroup on top of the $21 billn already taken and in the worst case the writedowns could reach $60 billion. So clearly we are only half way through these writedowns. With consumption spending due for a big hit, and more big hits in the credit markets, the worst may still be ahead in 2008. ...

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Steven Press of the Stanford History Department says "buying Greenland is not a new idea."  Actually Denmark sold hubs in India to the British Empire, offered Greenland for sale to US in 1900's,  and US president Harry Truman offered $100 million in 1946 for Greenland because of it's strategic value in the Cold War. Then why are the EU countries sounding indignation. Denmark was a colonial power in India in the 19th century. Denmark was explored in its widest extent by Robert Peary in the 1880's who proved it was an island by reaching it's northernmost side. Peary advocated for Greenland to be part of the US and the Commanders in Chief all agreed in 1946 the island "was completely worthless to Denmark," yet was vital to the United States, to protect its eastern seaboard. DJT is hardly the first to say this even though the Europeans want to excoriate hime for doing so. In fact it was Secretary of State William Seward in 1867 who looked at acquiring Greenland, when he negotiated the purchase of Alaska from the Russian Empire. Alaska is a lot ,a lot better for natives compared to it being under Russia, and this would be true for Greenland than being under Denmark. Denmark's claim was not even accepted till 1921 with Norway disputing it.  Denmark had not explored the northern part of the country when Robert Peary reached it for the US Navy and claimed it for the US inthe 1880's. It can be said that for these reasons Denmark has little reason to be in Greenland except as a colonial power. Its claims are from 1814 Treaty of Kiel with Prussia. Denmark can hardly protect Greenland's vast shoreline with 6 dogsleds, and security less than the New York Police Department, from Russian and Chinese submarines and ships in the Arctic. The native Inuit population of Greenland has little in common with Denmark as a colonial power. About 60,000 Inuit origin native residents, in the whole island, most of them would fit into one or several American bases, Okinawa alone has 80,000 people. Who would have per capita incomes many times what they are today with better living conditions and standards of health and education, security and air transport under the US.    ...

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Obama wins South Carolina Edwards home base by 55% to Clinton's 27%, and Edward's 18%. Obama wins 24% of the white vote. What happens when the white men who voted for Edwards choose between Clinton and Obama ? As many white men voted for Obama as for Clinton. And 70% of white voters in exit poll by Edison/Mitofsky for the National Election Pool of television networks say they would be satisfied if Obama wins the Democratic nomination. When asked if the country was definitely ready for a black President 25% of white voters said yes. Obama's coalition of young people, black people, and white male voters, alienated by the Clintons and working through the internet and other media outside of the establishment, may resemble the one put together in South Korea by young people to put an outsider in the President's position a few years ago.

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India Middle East Economic Corridor or IMEC is a proposal backed by US and France, Britain for rail, shipping and other connections from India to Europe. India, Saudis and UAE back this Economic Corridor plan. Turkey for geostrategic reasons had operated as a route for east-west trade and has wanted a plan of its own. India has improved ties with Qatar and this could bring other nations into the plan. France hopes to bring planners together over the next 2 months. Saudis had committed $20 billion for rail investment for IMEC.

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Bernie Sanders points out in this NYT op-ed the idea that Donald Trump could benefit from the same discontent among working class voters that helped the Leave campaign is a wake up call for the Democratic Party. He calls for global trade and a global economy that works for working class, middle class Americans.  Sanders is pushing for a Democratic Party that embraces the concerns of working class Americans, that understands the impact of factory closings and loss of jobs, of economic uncertainty, of declining incomes and shrinking opportunities.

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This NYT account of what happened at Facebook as it faced privacy issues and issues related to its detrimental impact on societies here and abroad, is based on interviews with 50 people close to Facebook. Its social media presence slows and it shifts to a different strategy of focussing on its role as a messaging app following trends that show young people are turning away from publicly posting status and photos. Meantime its controversial role in information in the past is coming under heightened scrutiny. A realization that social media role in information was never appropriate  happened by accident, and is reversible. Other accounts say that the shift happens from trends of young users not from company management and values.