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A magistate's court in Hong Kong orders Joshua Wong, who led the protests for democracy in Hong Kong, to do 80 hours of community service work for unlawfully entering a fenced area outside Hong Kong's government headquarters on Sept. 26, 2014. Another activist Nathan Law was ordered to do 120 hours of community service. Wong and Law have formed a new party called Demosisto. Law plans to run in the legislative election on Sept 4, 2016. The first pro independence rallies happened in Hong Kong in early August. Wong says he is pushing for self-determination after the "one country, two systems" framework operating since 1997 expires in 2047.

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This very exceptional report from the city of Recife in Brazil's northeastern state of Pernambuco, comes from WSJ reporters Johnson and Jelmayer. It is about the physicians Vanessa van der Linden Mota, and Ana van der Linden Mota, her mother, who first alerted health authorites in Pernambuco about the cases of encephaly and the links to the mosquito Zika Virus in Recife, Brazil. From 147 recorded encephaly cases, and babies born with shrunken skulls or calcified brain structure in 2014 in Brazil, the cases reported jumped to 4,180 suspected cases. Estimates of cases by 2020 for such cases run up to 50,000 to 100,000 if the problem is not tackled. The family of the van der lindens come from Dutch-German immigrants settled in northeastern Brazil, a less developed region of the country. The family is unique with five doctors including neuro pediatricians Ana and Vanessa working in public hospitals in Recife , and father Helio a neuro surgeon. The entire state of Pernambuco has a total of 15 neuropediatricians, according to this report. The Ebola Virus emerged in countries such as Sierra Leone and Liberia which suffered from war and neglect of health infrastructure. Here in Pernambuco state, as reporters Johnson and Jelmayer point out, the problem stems from neglect in public health infrastructure, especially sanitation and drinking water for shantytown dwellers and vast majority of poor residents in a city of 3.5 million, typical of developing countries in Latin America and South Asia, where development in some parts of the country have lagged far behind, and where needed public health infrastructure investments have not been made. Lack of dependable drinking water means collecting water in containers that are susceptible to breeding mosquitoes, such as the mosquitoes carrying the Zika Virus. A public debate on the lack of attention by socialist and worker's party led governments to this type of infrastructure and transportation services was already underway in Brazil leading to widespread protests in 2013. A $226 million investment in a soccer stadium in Recife, and similar investments in other smaller cities in the northeast were made under the Worker's Party government. Large investments for the Olympics now come as the economy contracted in 2015, and Brazil is hurt by another boom-bust cycle with the slowdown in China- with fiscal austerity policies, a loss of a third in the value of its currency, and the popularity rating of the newly elected government from the Worker's Party in single digits....

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China's National Bureau of Statistics made an announcement in Beiijing that 51.27% of the Chinese people now live in urban areas. In 1949 the figure was 10.6%, in 1979 it was 19%. In the space of three decades China has urbanized rapidly. This has brought with it economic growth, infrastructure development and increased employment in the manufacturing sector as new workers moved from rural areas to the cities. With it also come major problems for the country and the leaders of the Communist party led government. Of the 691 million urban residents, 253 million are migrant workers- 37% of urban residents and 19% of the population are in this grey zone described as the "hukou" or household registration system. Under "hukou" these migrants from rural areas cannot access public services in the cities, and have rights to access them in their own villages where they are registered. Integrating these migrant workers who are different than their more affluent and better educated neigbors in the cities so that they become truly a part of the urban areas will remain a huge challenge for China. One of the ways China is addressing this is with the plan to build 36 million units of affordable housing for these migrant workers by 2016. Ever so gradually Chinese officials are relaxing the restrictions on migrant workers- such as Shanghai Mayor Han Zheng's announcement for allowing all migrant workers to rent subsidized housing in the outer parts of Shanghai and committing to "increase the migrant population's involvement in the community affairs, cultural life and show genuine care for them." Food security is another issue as more development on prime agricultural land means less land available for agriculture. Appropriation of agricultural land for industrial use is bringing the country down to the limit of 120 million hectares of agricultural land needed for self sufficiency in food, according to the Land Ministry. At the same time China's leaders want to avoid what the World Bank calls "the middle income trap," where a country reaches a level of modernization and urbanization, and then stalls at that level- the level being around $3000 per capital GDP, which is China's GDP per capita today, according to the National Bureau of Statistics in China. Li Keqiang, who takes over from premier Wen Biao, sees the building of affordable housing for migrant workers as a critical way to continue the urbanization process, and shift the country from its export focus by increasing consumption and the development of industries that support this. A slowing economy dominated by state owned companies focussed on a decelerating export model and an aging but still growing population- NBS says China's overall population was up by 4.8% in 2011 over 2010 and has reached 1.35 billion- presents a tougher set of challenges to the new leadership in China than was faced by the current leadership....

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350 million Chinese, or 26% of the Chinese people smoke, and 1 million people die of smoking related illnesses each year, according to the Chinese Ministry of Public Health. Apparently the smoking levels were higher in Beijing, where the Capital Medical University estimates 34.5 % of the people smoked in 1997, dropping to 23% in 2007. Now hotels, restaurants and bars and internet cafes have to have non smoking areas, and its banned in public bildings. The fine is light, ten yuan or $1.40 for individuals and 5000 yuan for businesses.

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Andrew Stuttaford's excellent review of a book on the hyperinflation of Weimar Germany. In early 2010, the out of print book, "When Money Dies," by Adam Fergusson was trading for four figure sums. It describes life under hyperinflation in Germany and the events leading to it, the efforts to find a solution, and the collapse of the German economy with the worldwide great depression. The book describes the death of the German mark, with 20 marks needed to buy one British pound in 1914, going to 310 billion in late 1923! The story starts with the onset of war in 1914, and the fateful German decision to fund the war effort largely through debt and the printing presses. What exacerbated the situation was the relatively shallow capital markets in Germany, the creation of 'loan banks' funded by a printing press used by the central bank, and the muffling of all information. The stock markets were closed during the war and foreign exchange rates were not published. The destruction of the war, revolution, protests, imposition of reparations by the victorious powers, and terrotorial occupation worsened the situation. The efforts of central bank president, Rudolf Havenstein, to prevent mass unemployment by devaluing the currency to keep exports competitive, worked only for a time. In the end, says Fergusson, the music stopped. Lacking a reliable pricing mechanism and faced with huge strains, including the onset of the worldwide depression, the whole German economy stopped functioning at even the most basic level. The whole economy was reduced to barter. Rent was payed with butter and lumps of coal were bartered for something else. The only time an economy was reduced to barter in recent times (in the last 2 decades) was the situation in Argentina after a sharp devaluation. The Russian economy also faced a trying period in recent years with the collapse of communism and a collapse of the currency. And the Asian economies faced a difficult period during the 1997 Asian financial crisis. But nothing compares with what happened in Weimar Germany. The book was originally written for a British audience at a time of rapid inflation in the 1970's, and it reminded readers of the connection between the quantity of money in circulation and price stability. Financial crises play out in different ways in different periods, but it is a sobering warning for the need for prudence in financial affairs, avoiding excesses, the need for global cooperation and a measure of peaceful coexistence in world affairs that enables financial systems to work. With excesses in asset bubbles of the stock market or housing kind, bad loans in the financial system, overleveraging in the financial system, lack of reserves, or huge trade deficits, posing the new types of risks in today's environment. Bad loans in the financial system caused problems in Japan in the past and pose risks in China today, overleveraging caused problems in the US in 2008, lack of reserves in S. Korea in 1997, a collapse of the currency in Russia in the 1990's, and a sharp devaluation with a lack of reserves in Argentina. Too much money in the system, as in China today with the sharp increase in bank lending as part of the stimulus following the 2008 crisis, can distort the functioning of the financial system with excesses in real estate speculation and overproduction. The nature of the crises are different but all have a common factor of tolerance for excesses over a long period and a lack of prudence, exacerbated by international tensions and wars that weaken a country's finances. The twin wars in Iraq and Afghanistan are estimated to cost a trillion dollars each and this can only exacerbate the finances in the US, when coupled with other factors such as bad real estate loans in the financial system, and huge trade deficits....

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This WSJ editorial on the sliding scale with lower capital gains taxes for investments held for a longer time frame proposed by Hillary Clinton, says there is no economic theory that shows one or two year investments are worse than longer term investments, and says investors who invest in startups and cash in after a year or two can then invest in other startups increasing investment capital. It points out that new startups are fostered better in an environment where capital gains taxes do not promote holding investments for a longer term. Hillary Clinton is calling for higher capital gains taxes on shorter term investments. The current rate is similiar to the 20% rate under Bill Clinton. George Bush lowered it to 15%, and president Obama increased this to 20% for couples earning more than $484,851 a year, and added a surcharge of 3.8%. Under Reagan it was initally 20% in 1981 and in 1987 as part of tax reform cutting the top income tax rate to 28%, it was 28%. Hillary Clinton's plan is for it to be based on how long investors hold their investment discouraging 1-3 year investment horizons- Year 2- 43.4%, Year 3- 39.8%, Year 4- 35.8%, Year 6- 23.8% or the current rate for the highest income bracket. Investments in infrastructure and long term research projects leading to new technologies and products require a longer horizon encouraging such investments. The Clinton plan appears to be a response to the tech bubble with investments in small tech changes and software improvements that have led to surging investment in startups in social media and other areas which have not yielded the productivity gains needed to support increase in wages- resulting in low productivity and low wage gains in the last decade....

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Michael McConnell, was Assistant General Counsel of the Office of Management and Budget from 1981-1983. He is now a professor of constitutional law at Stanford University. Here he tries to throw light on how the budgetary process that is required by law, and which makes the formal budget proposed by the president available for public scrutiny, was circumvented through a sequence of events starting in February 2011. The Budget Act of 1974 sets specific deadlines and a process for generating revenue, setting spending priorities, and setting the debt limit. The President first submits his administration's budget by the first Monday in February. The Congressional Budget Office has until Feb. 15 to score the budget using identical metrics for all proposals for a consistent scoring. The budget President Obama put forward in February did not take into account the growing deficit and was rejected by the Senate 97-0. The President proposed a new plan in April 2011, but the proposed budget was so vague that CBO Director Douglas Elmendorf said he could not score it. The subsequent efforts in June and July 2011 were carried out in closed door negotiations between senior Republican leaders and the Obama White House. This subverts the original intention of the law. The Budget Act says that both the House and Senate hold hearings on the proposal, with testimony from the administration, "national organizations" and the "general public." Transparency, openness and accountabilility are key aspects of a proper process that is democratic and prevents the parties from engaging in blame and competing claims. The closed door negotiating sessions and the lack of a concrete written budget proposal from the President has turned the current budget process into an effort by each side to see how it can best position itself for the 2012 presidential election. ...

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The story of the Vanguard 500 Index Fund's founding in 1976, and the inspiration from Nobel Laureate economist Paul Samuelson, is told by founder John Bogle. On August 31, 1976, the first index mutual fund, First Index Investment Trust was born. It was launched by Bogle at Vanguard. The idea he put forth was that passive index management could outperform active management with its fees, load, commission and other costs. The IPO target was $150 million, but the underwiritng resulted only in $11.3 million. The underwriters suggested cancelling the deal, saying that this was not enough to own all 500 stocks in the S&P 500 Index. Bogle's response was just the opposite- he now had the world's first index mutual fund. Here Bogle talks about the early inspiration. His senior thesis at Priceton University in 1951, in which Bogle broached the idea that mutual funds could not say they were superior to market averages, received support from Samuelson. This was followed by the article 23 years later by Samuelson in "Challenge to Judgement," an article in the Journal of Portfolio Management in summer 1974, that stated: "that some large foundation set up an in-house portfolio that tracks the S&P 500 Index." Bogle took up the challenge and offered well diversified funds at minimal costs, with a focus on the long term investment. Writing in Newsweek in August 1976, Samuelson said that his prayer had been answered. Bogle describes how his inital encounter working with Samuelson's "Economics: An Introductory Analysis," was difficult. He barely made a C-. In 1993 Samuelson offered to write the foreword on Bogle's first book- "Bogle on Mutual Funds." The relationship lasted 61 years!...

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ElBaradei's father was a president of the Egyptian Bar Association. ElBaradei studied for his law degree and doctorate at New York University and was an adjunct professor of law at NYU. He joined the UN and wasn not the choice of the Egyptian government for the position of head of the UN Atomic Energy Agency. He was a compromise candidate supported by the US. As a young diplomat in the Egyptian Foreign Ministry he was part of the team that negotiated the Camp David Peace Accords with Israel. Because of his background, a nuanced understanding of ElBaradei is necessary to understand his criticism of the Obama administration's hesitant support of the protests, and his statements saying Egypt's foreign policy was a failure. For his role in the future ElBaradei says, all I want to do is share and deliver this country to catch up with the rest of the world." To understand what this means for a backward country like Egypt with a growing population of 80 million of mostly young people, which has failed to keep pace with economic progress in other parts of the world, see the article by Henando de Soto. Soto describes his effort working on a project for reforms in Egypt from 1997-2004 with the support of members of the Egyptian cabinet and the US Agency of Intenational Development, which were blocked in a cabinet shakeup by interests wanting to preserve the status quo. Failure to grasp this central fact that alone among large developing countries Egypt has failed to deliver on the rising expectations in the developing world, makes it impossible to understand Egypt. This is why De Soto describes the situation in Egypt as Egypt's Econmic Apartheid. In New York City enjoyed his time in Greenwich village, going to the opera and Knicks basketball games....

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James Glassman, has published a new book, "Safety Net." In the book he makes an admission that he was wrong in his theory and understanding of the stock market described in his earlier book, "Dow 36,000," published in 1999. That book called for stocks to triple in value in 5 years. Glassman wrote then, at the height of the tech boom, that stocks could immediately double, triple or even quadruple as was happening at that time for tech stocks going public, and they would still not be too expensive. Part of the arguments rely on a definition of risk. Glassman said in his earlier book that stocks and bonds are equally risky in the long run, because stocks had never lost money over the long term and over long periods of time their returns were constant. But Glassman is using a technical definition of risk as how much returns can deviate from the average. What investors face in the real world is a common sense definition of risk, which is- what are the chances you will lose money? This point says Jason Zweig, is clearly stated in Howard Marks coming book, "The Most Important Thing." And what about the point about stocks never losing money, the central point in Glassman's thesis? Here research from Dimson, Marsh and Staunton of London Business School is useful. This research shows that in France from 1912 through 1977, stocks lost money after inflation. The upshot of this is to emphasize the need for looking at risks as real in the real world, where things have changed to the point where the current stock market rally is attributed by the Fed chairman to vigorous efforts to fight a downturn in the economy. For investors these risks are not going away with a sudden surge in stock prices....

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Lee Cheuk-yan, chairman of the pro-democracy Labor Party, describes the 17 year old Wong and young people in high schools to a crowd in Hong Kong in this way- these are very young faces, the old men in Hong Kong including many in the elite who dared not to speak up for Hong Kong's cherished traditions and rights out of caution will die, but these young people will carry on. Wong started the group Scholarism as an internet based movement to fight the 2012 "patriotic classes" plan of the Communist Party and Hong Kong Chief Executive Leung Chun-ying. That movement took hold in Hong Kong and the government had to shelve the plan. This time he is fighting for universal suffrage in Hong Kong in 2017 with the right to elect its own leaders without prescreening by the Communist Party. This is in the spirit of the Basic Law, former Hong Kong Governor Chris Patten tells the BBC. Patten helped negotiate the transfer agreement for Hong Kong and handled the transfer in 1997. In August 2014 China changed this intent leading to protest demonstrations. Wong is of Protestant parents who helped stir in him a sense of opposing social injustice. Beyond Hong Kong there is something else at work- a sense that the new leaders in Beijing are choosing the Putin Way that sees these demonstrations as inspired by foreign forces and treating all NGO's as foreign agents. In a larger sense the old leaders are living in a past world of territorial gains and keeping tight grip on power, when the world is now interdependent economically and politically, with change requiring new approaches to problems. The presence of 15 year old high school students and very young generation suggests no such foreign interference, as most of these students are very young....

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The Economist points out that China's total debt of government, corporate and households has grown by about 100% of GDP since 2008. The 2009 crisis led to rapid increase in debt. It is now about 250% of GDP, according to the Economist. Slower growth of below 7% risks reducing China's ability to service this debt. About half of this debt is owed by state owned companies and property developers. China can use its sovereign reserves to continue supporting bank and state owned companies. Investor's are pricing bank shares to reflect about 10% of this debt as bad debt even though government estimates are much lower. The reserves provided China time to fix the banking system since 2008, yet the debt keeps growing and China has failed to take strong action in the last 6 years. Complacency is a problem, and the incentives for local governments to continue prior practices that increase debt continue. As Krugman and other experts have pointed out at some point the rules of finance will apply to China as they have for other countries that faced a debt crisis- Japan in the late 1980's, South Korea and other Aisan countries in 1997, and the U.S. in 2008. Even without a crisis through deft managemen and use of reserves China risks zombifying the economy as old loans are backed up by new loans, with the further risk of misallocation of capital or poor use of capital. This lowers productivity of capital and hurts development. With poor statistics such as the figure of 1% of debt being bad debt cited here, the problems of complacency can be magnified, as there is less reason for a strong response....

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New York Appeals Court Judge Sonia Sotomayor, is President Obama's pick for the Supreme Court. Saying that Stomayor had arigorous intellect and a mastery of the law, President Obama went on to say at an announcement ceremony, that the judge's inspiring story was crucial in his decision. One that was made with deep reflection and careful deliberation. Obama quoted Justice Oliver Wendell Homes- "the life of the law has not beenlogic, it has been experience." And added his own words to those of Holmes- its vital that ajustice know "how the world works, and how ordinary people live." Sotomayor is from the Bronx part of New York City. Her parents immigrated from Puerto Rico and lived in a poor neighborhood. Her mother worked six day weeks to earn enough money to send her and a brother to Catholic school. From there she got into Princeton University, where she once felt like "a vistor landing in an alien country," but graduated summa cum laude. She went on to Yale law school, where she was editor of the Yale Law Journal, workwed for Robert Morgenthau in the district attorney's office in New York and later went into private practice. She was nominated by the first President Bush in 1991 to the federal appeals court on the advice of Senator Patrick Moynihan, and then by Bill Clinton to the appeals court in 1997. Judge Sotomayor takes pride in her ethnicity, gender and growing up in the poor part of the Bronx, and said in a2002 lecture- " I would hope that a wise Latina woman with the richness of her experiences would more often than not reach a better conclusion than a white male who has'nt lived that life."...

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This is a companion short article to the longer article of Gordon fairclough's trip in a Chinese company made Cherry A1 compact with friends through the 1700 mile Silk Road in Xingiang Province of China. This is a very important piece of writing as its the first time someone has taken a Chinese small car in for a difficult 3 day test drive through mountainous and desert regions for 3 day in a remote region nearly 1700 miles. The Cherry A1 is advertised by China as a worldclass vehicle for about $7000. Is it really is the question. And Gordon says it passes his test admirably. Note that its built with help from Italian auto design firm Bertone, powered by a 1.3 litre enginedeveloped with help from Austrian engineering firm AVL, and made with parts from Honeywell International and Visteon. And finally assembled in Anhui province, a poor province of China, with workers who earn $1 an hour. The Cherry is a government owned company started in 1997. This Cherry will be marketed under the Dodge brand in Latin America and other developing markets by end of 2008. It will be modified for safety and environmental rules and marketed in USA and Western Europe in 2009. SAys Gordon Fairclough that for a small car the car ride was realyy smooth and quiet and even at 100 miles an hour there was only a slight vibration on the steering column. The airconditioning worked well in the desert. The car had a CD player and a USB port for MP3 players. The acceleration was a bit sluggish considering the small size of the 1.3 litre engine and with 4 passengers on this journey through Xingiang province. ...

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Heathrow was built haphazardly as traffic increased since its opening in 1946, with a capacity to handle 45 million passengers at its 4 terminals it was congested and handled 68 million annually. The building of Terminal 5 will ease congestion and increase capacity by 45% making a big difference for British Airways which will operate out of T5 and a big difference in baggage handling ( a million bags weren't ready for passengers at destination in 2006), in the lounges and lounge environments for waiting passengers 2500 at a time) ., and after an annex is built by 2010 passengers will not have to be taken by bus to waiting planes. other airports like Schipol with 4 runways compared to Heathrow's 2 and built with a better layout and plan, and airports in Asia of Singapore Airlines and in the Middle East at Doha are upgrading so BA will only be doing what places are doing. Because the terminal hangups have been costly for British Airways leading to a shrinking of about 20% of its flight network, as it concentrated more on upscale customers, and lost passengers to more efficient airlines., ithe cost will likely be paid off quickly for BA. Demand. is so high at Heathrow that a pair of takeoff and landing spots can cost as much as $50 million and would be going up as Star Alliance and Skyteam member airlines move ito BA's old facilities. Considering the losses from th inefficient setup at the old terminal BA's estimate that T5 savings would cover its cost of 330 million pounds ($660 million) to equip the new building in in the next 10 years may even be understated. Of this 62 million pounds was spent on the new lounges. BA leases the T5 Terminal from Heathrow's BAA owned by Spain's Ferrovial SA, which spent $4.3 billion to build T5. ...

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John Steele Gordon has done a good job of covering the history of banking in the United States since the days of Alexander Hamilton. One of his books is "Hamilton's Blessing", describing the first effort to set up a central bank in the US, the Bank f the United States, modeled on the Bank of England. Here he describes the resistance by Jeffersonians and their successors like Andrew Jackson who did not understand the purpose served by a good central bank and did everything to either dissolve it or to not give it the powers and the authority and the staffing that it needed. It was not till after the crisis of 1907 in which JP Morgan acted as the central bank in loaning his own money to prevent a bank and financial panic and collapse, that the first central bank the Federal Reserve was set up in 1913. Even then it was not given the authority and powers and staffing needed to command the economy in panic or financial collapse which happened in 1931. Part of the reason the crises were less frequent after 1931 is because of a better understanding of economics and also because of the Federal Reserve's ability to step in during a crisis. What went wrong in the 1990's with the S&L crisis and in 2008? Gordon points to a system of undue political influence as one big problem. And the lack of a unified, coherent regulatory system free of undue polticial influence. Both in the 1990's and in 2008 Congress and the regulatory authorites failed to keep undue political influence from distorting and damaging the financial system. In the 2008 crisis ideology simply componded the problem as deregulation and dependence on free markets without any checks simply compounded the problem into its huge dimensions. ...

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Of the 45 million US student loan borrowers in 2025- only 11 million are on time with payments. The rest seeing sharp credit score declines that limit their access to home loans, other credit, or increase the costs of access to credit. This limits access to housing, and other needs for this group, it also affects demand in the economy. A recent WSJ report showed Moody Analytics research that 80% of US consumer spending is now done by 20% of the top income earners in the US. Decline in demand from this group will affect the economic growth in the US and how well the stock markets do. This will affect the job growth in the economy month to month.  This means with inaction from the DJT administration and the SCOTUS lack of comprehension of the economic aspects of this issue in ruling out action taken by the Biden administration- that this failure to take action on relief poses added risks to the US economy in 2025. It also means uneven and unbalanced growth where some groups upper income are favored by the virtue of the way the economy operates leaving many young people out of the benefits of growth. This adds to the general feeling of frustration and discontent after the pandemic and after cost of living surges in 2022-2024. It also means university education is no longer affordable or accessible to young people. Other issues play into this such as the surging cost of university education and action needs to be taken to bring this into line with earlier post 1945 patterns where university education was affordable and taken up. The increase in apprenticeship programs is a good thing, yet the gradual turning away of young men from college education is a serious danger to the cultural literacy in the US in 2020-2030. Leaving aside Ivy leagues making state college and universities affordable is one of the big problems needing to be solved as a priority in the US.  ...

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South Korea never had the benefit of representation in parliament under the Japanese the way India had in the British parliament for Naoroji and others by the 1900's, political participation in the 1920's, assembly elections in 1930's under the British. Democracy came to South Korea in 1948 in the middle of a huge war in the Korean peninsula with invasion from the North, leaving it without democratic traditions, and again in protests in 1960 against Synghman Rhee's military government. Then followed military governments by Park and Chun till 1988. Democracy is only 36 years old in South Korea since 1988. BBC gives this Special Report on President Yoon of South Korea how he was elected as a prosecutor of a right wing government and made Chief Prosecutor by left wing parties. After this appointment he investigated ministers in the left wing government. This increased his popularity but also alineated both the left and the right. Running for election as president of South Korea he won by less than one percent of the vote.  BBC talks to a Yoon primary school friend Lee who describes his interaction with his friend over many years- during which he make more introverted, angry and vehement, and after becoming president more authoritarian. The process is described by the BBC talking to other colleagues and friends of Yoon who worked with him. They found that he relied more and more on a close group of like minded right wing groups. After losing the parliamentary election by a big majority he became a lame duck but still stubbornly refused to talk to the Opposition leaders to work together. Soon he began to see them as his enemy watching too many one sided You Tube videos. The result was one day he declared martial law, creating a huge wave of  opposition by the public, the military and others. In 6 hours he had to withdraw martial law- ending his career when his impeachment was upheld today April 3, 2025 by the Constitutional Court. ...

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The current economic expansion in the U.S. in April 2014 is at 58 months from the beginning of recovery in 2009. In this exceptional account Josh Zombrun of WSJ compares the current expansion to previous expansions since 1950, with the views of experts such as Stan Hall of the NBER committee, which studies turning points. This expansion is forecast to go for 90 months into 2016 by the U.S. Federal Reserve, and 102 months into 2017 by the CBO. Sooner or later, says Stan Hall, some adverse unpredictable event takes place that ends the expansion. So far the expansion has been slow and protracted, as predicted by economists Reinhart and Rogoff from previous financial crises in the last century, giving it room to grow as corporate earnings continue to improve. Fed chairwoman's sense of slack in the economy also provides room for employment and incomes to grow in the later stages of the expansion. This is good news for the emerging market economies such as India and China, and for the European Union, faced with slowing growth. So how does this expansion compare with earlier ones. The expansion of the 1991-2001 of the tech boom was 120 months, 1961-1969 of the Sixties 106 months, 1982-1990 of the Reagan era 92 months. The controversial one on shaky foundations is the recent housing boom 2001-2007 of 73 months ending in a huge bust with the 2008 financial crisis. The shorter expansions are the 1975-1980 Post-Vietnam one for 58 months, and the 1970-1973 spurt before the OPEC price surge. Figures are from the NBER, CBO and the Federal Reserve's Summary of Economic Projections....

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The University of Bayreuth, has written to Germany's defense minister Karl-Theodor Guttenberg, giving him two weeks to explain evidence that show he used passages from other writers for his university dissertation. Gutttenberg, 39, joined the Merkel administration in 2009, and comes from Bavaria. He was awarded the degree in 2007. Plagiarism is taken seriously in Germany because academic work is treated with much respect in Germany. This is happening even as Guttenberg was becoming popular as a younger politician with a political science background and a fresh face among older politicians. The title of the thesis is: "Constitutions and Constitutional Treaties: Levels of Constitutional Development in the USA and the EU."

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Prof. Neera Chandhoke of Delhi University points out that Jawaharlal Nehru and other leaders of the Congress made great contributions for India. First in the freedom movement and then in helping India take the first steps to modernization. During the early years India needed the leadership of Nehru and Gandhi to establish a functioning democracy. Even though the focus has shifted to the economy and the next steps in modernizing the economy, the contribution of the early years should not be forgotten, as it laid the basis for what happened later.