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Online shift hit Macy's hard. It is now closing 150 stores by 2026. Macy will concentrate its resources on its remaining 350 locations including the Bloomingdale stores and BlueMercury stores. Salez stagnant at $23 billion profits down by 91% to $101 million. Workforce cuts of 3.5% planned and no plans to sell the company to venture capitalists.

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FR24 gives details of the Gaza Truce proposals under Paris negotiations. A 40 day ceasefire Truce is proposed with one hostage released for 10 Palestinian prisoners.

All Israeli hostages, including women and children to be released.

In exchange for 40 hostages 400 Palestinian prisoners to be released.

Humanitarian aid- 500 trucks per day, 60,000 caravans, 200,000 tents. Rehabilitation of hospitals and bakeries, supply of fuel and other services. Necessary equipment to clear rubble.

 

 

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Krugman points out that even though the economy has the lowest unemployment and inflation has dropped significantly, wages of working class Americans are up significantly, there is a huge infrastructure building effort, and investment in Make in America, there appears to be a disconnect when people are asked about the economy. Many tend to say they are personally better off yet the economy is not doing so well which is not reflected in  what is happening on the ground. Part of the problem could be the pandemic and the economic difficulties of the last three years that is only now gradually changing for the better and that the benefits of the better economy have not reached all people. Part of it is also a reflection of culture and other wars where opinion on social issues is transferred to the economy whether it is real or not. The extent of the culture wars has grown and sometimes been stoked for personal or party interest to affect the true civic responsibilities of the people to offer their best judgement based on careful understanding and reflection. ...

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It is not a Mystery as rural America has indeed been neglected under previous administrations. Krugman tries but misses catching the point. How the rural economy has changed in the last two decades and how it has been neglected is evident from many sources and reports which offers a window into the efforts to better understand and tackle the problems of rural America. A major problem is technological change which has reduced economic opportunities in rural areas. Another problem is that the earlier governments have not planned to invest in rural areas in a way that would restore dignity and work to communities, and better prepare for changes by taking actions that make the rural areas more resilient and create new opportunities to replace the old. Too much attention has gone to technological changes and companies in urban areas and too little to the real needs of rural America and revitalizing the regions as part of overall development. Compare this with Kennedy's exhortation in the South, in places like Arkansas in 1961-1963 with investment in that largely rural state saying that an investment there was as important for New York or California as it was part of investing in America- this is where he said "a rising tide lifts all boats" for the first time. ...

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Sixty four years ago president Kennedy accepted the nomination of his party with these words in Los Angeles on July 15, 1960- "But I think the American people expect more from us than cries of indignation and attack. The times are too grave, the challenge too urgent, and the stakes too high--to permit the customary passions of political debate. We are not here to curse the darkness, but to light the candle that can guide us through that darkness to a safe and sane future. As Winston Churchill said on taking office some twenty years ago: if we open a quarrel between the present and the past, we shall be in danger of losing the future.  Today our concern must be with that future. For the world is changing. The old era is ending. The old ways will not do.  Abroad, the balance of power is shifting. There are new and more terrible weapons--new and uncertain nations--new pressures of population and deprivation. One-third of the world, it has been said, may be free- -but one-third is the victim of cruel repression--and the other one- third is rocked by the pangs of poverty, hunger and envy. More energy is released by the awakening of these new nations than by the fission of the atom itself."       ...

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Superb batting performances by Dhruv Jurel and Shubman Gill as India win by 5 wickets against England in the 4th Test at Ranchi. Ashwin with 5 wickets and Kuldeep with four keep England's batting effort subdued at 145 runs in the second innings, losing the last 7 wickets for just 35 runs. India is now up 3-1 in the Test series. The test also brings up remarkable new bowling and batting talent for India and England in the form of Hartley and Bashir for England, and Jurel and Jaiswal for India.

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An unregulated social media may be the real issue. The states of Texas and Florida may be posing the wrong issue and are better off arguing for proper regulation of the social media companies. The social media and internet companies by fighting necessary regulation are saying they will be the regulators putting themselves in an position they cannot be in. The Supreme court then is addressing the wrong issues. It is Congress that has failed to properly regulate social media content even when it has and continues to pose a threat to the civility and willingness to listen to other people's opinions and respecting differences that is essential for democratic forms of government. John Kennedy confronting Cold War adversaries was still of the view that in the international scene one had to live together and cooperate wherever possible. Ultimately it is the public that has to reach this level of civility and educating the public on civics is an essential priority of the country. ...

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There is something about John F. Kennedy that makes his 1000 days simply the blueprint for America's first 100 years since his presidency in 1960- in space and by extension in climate change, in civil rights, in diversity that spans the whole world of Asia-Africa-Latin America, in the struggle for global literacy and education.

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Nikki Haley is doing what has happened before, fighting for principles in her party and showing that a fully significant 40 percentage points of her party believe in the old conservative ideas, of the Republican party. That of the country club type, the everyman who happens to be conservative the core of the party, small and large business owners. The situation is analogous to the intraparty struggles that beset the Democratic party after the abrupt end after 1000 days of the John F. Kennedy presidency and administration. Since the 1920's and two periods of rising inequality accompanied by technological change from the 1870's that ended with the Great Depression, the US had experienced a great revival under Franklin Roosevelt, Harry Truman and Eisenhower. In 1960 a new future was articulated by Kennedy of the new world that lay ahead, one he had seen upfront in Asia before, during and after the war. How would we bring the post colonial world of billions of people into the modern world. Since then both a modern China and now modern India are part of this change. "Today our concern must be with that future. For the world is changing. The old era is ending. The old ways will not do." Acceptance speech for the Democratic nomination for President, July 15, 1960. It was interrupted after the intraparty disputes that began in 1968, Robert Kennedy challenging LBJ, leading to Richard Nixon, and Edward Kennedy challenging Jimmy Carter leading to Ronald Reagan. John F. Kennedy had articulated a vision that still is alive today based on an understanding of how America's needs fit into all humanity's needs.  In some ways the situation after 2024 or 2028 still goes back to the vision of a new order of the world with emerging nations in Asia with 3 billion people, and additional billions of people in Africa, Latin America. The Arms buildup promised by Reagan in 1980 has yielded little about 50 years later, not even the fall of the Berlin Wall which today has been replaced by another struggle in Eastern Europe in 2024. Truman tackled the Berlin Blockade,  Eisenhower had faced upto Soviet tanks in Budapest, Kennedy had faced the Berlin crisis in 1963 his ich bin ein Berliner (I am Berliner). What purpose would an orbital weapons program serve- and could the US ever be or even want to be  "only one superpower in a safe world," with an orbital weapons program as Reagan and Weinberger went out to do and failed completely. America faces a situation analogous to 1920's with increasing inequality and weakness in the social fabric, as a result of four decades of rising inequality accompanied by technological changes, and misguided Reagan programs that diverted from John Kennedy's vision that the "old era is ending, the old ways will not do."  The vision put forward by John F. Kennedy has more relevance today for the future. That vision he articulated in the First Inaugural Address in which he also said that this work may not be accomplished "in our lifetime on the planet." It is important to remember that John F. Kennedy connected his vision to FDR when he said in his State of the Union Address to Congress in Jan. 1961- In the name of a great President whose birthday we honor today, closing his final State of the Union Message sixteen years ago. "We pray that we may be worthy of the unlimited opportunities that God has given us." This is the vision that stands before America even today in 2024.   ...

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Sweden now joins NATO after clearing it with Turkey and Hungary. Finland has already joined NATO. These 2 neutral nations had a strong defense and Finland has a long border with Russia. They dropped neutrality to join NATO after Russian invasion of Ukraine. Sweden's defense industry, technological innovation, and "Total Defense" based participation of everyone 16-65 years old makes it unique in Europe. A new Defense Innovation Initiative aims to integrate civilian and military technologies even more. Unusual for a small Baltic nation Sweden makes the advanced Saab Gripen jet fighter, sophisticated submarines, and jet trainer aircraft used by US Air Force. It has no border with Russia. It faces the Baltic and Russia also faces the Baltic near St Petersburg.

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LNG prices have declined in 2024 to a fraction of what they were from $70 per mmBTU in 2022 with the Ukraine war to about $10 in Jan 2024. India's state owned Petronet signed a 7.5 million ton LNG deal for 20 years with Qatar at the reduced prices. For the world it is a good thing as India moves to natural gas from coal when about 60% of the increased pollution in 2013-2021 is coming from India by some estimates. This translates into climate change. The goal is to go from 6% for natural gas in energy mix in 2013 to 15% by 2030. Few people realize what this means outside India- that every additional dollar that was added to the nation's energy bill was a dollar not going to essential building of modern rail and transport infrastructure, into new colleges, into new health infrastructure hospitals, into logistics for manufacturing hubs, into digital and modernizing the economy. This during the pandemic has meant free rations of food for hundreds of millions in the rural areas which have been continued into 2024. It meant accessing at the lowest possible price, buying at the right time, and buying oil and gas from a wide range of suppliers. WSJ's Megha Mandavia looks at this effort.  ...

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The former interim Speaker Rep. Patrick McHenry, Republican North Carolina, tells a University of Chicago student audience that one can hold off a majority Congressmen only for so long, that there could be a two third majority in the House favoring the Ukraine aid. That bill for $61 billion in Ukraine aid passed the US Senate 70-30 with 22 Republican Senators supporting it but is blocked for 2 weeks by Speaker Mike Johnson for a House vote. Former Speaker Paul Ryan of Wisconsin tell a Washington Post event that House Speaker Mike Johnson has to make up his mind to be decisive and take action that get things done. Ryan served as vice presidential nominee and became Speaker in October 2015 eight years before Mike Johnson in a similar situation where his job depended on different factions. Mike Johnson's view is that he wants to be seen as listening to all members to kind of decentralizing things. Yet as more experienced members of Congress say the only way to get things done is for the Speaker to take action on his own accord and let the situation rest there having done his best. This situation is happening today in the House as about half of all Congressmen in the House of Representatives have not served in Congress before January 2019, says The Washington Post. ...

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With the lack of action from House Speaker Mike Johnson on a bill for $61 billion in Ukraine aid bill which passed in the Senate  France, Germany and Britain are speeding up their defense supplies manufacturing and making larger investments with a coordinated effort with other EU nations. The problem say former NATO officials is the lack of investment in spare facilities. Rheinmetall is working on the German side and French defense firms are contributing to increased defense manufacturing.The European Defense Agency's deputy chief executive says production will require sustained investment ant finalized contracts. The European Defense Agency says EU nations have invested $52 billion in 2022 on defense gear.

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Farmers protests asking for minimum support price to be extended to other products beyond rice and wheat. About 260 million people are employed in agriculture in India with many farmers on small plots, and large farms depleting water supplies. Efforts to introduce market pricing that would increase farm incomes and to shift more agricultural labor to the industrial sectors that build modern infrastructure and to factories are designed to improve standards of living. The pandemic and the years of slow growth before 2014 and lack of infrastructure building in earlier decades means the kind of shift of agricultural workers to factories that happened in China will be the task of the next ten years. The next budget for 2024-2025 shown in adjoining powerpoint shows the increase of capital expenditures of 11.1% in the coming year for infrastructure that is meant to catch up to the advanced industrial economies of the world with sustained investment at scale over the next decade. ...