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Poor performance by UK Tories leader Kemi Badenoch at PMQ Prime Ministers Questions in the British parliament, broadcast on C-SPAN every Sunday at 9.00 pm US EST, is leading to speculation among Tories that she may not be around after local elections. Robert Jenrick who contested the leadership election is around says skeptics. Tories have changed leaders from  Cameron to May, May to Johnson, to Truss, to Sunak, to Badenoch, and now Jenrick? That would be the seventh new Tory leader since David Cameron assumed office in 2010. Then followed Brexit and Covid pandemic, and Labour taking office with the British now favoring being part of the European Union, all coming in full circle through 7 prime ministers in 15 years. 

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Any Asian conflict involving China would in a few months destroy Apple's value, CEO's would change quickly, and Apple policies change to shift entire production to India and the US in a rapid shift. Tim Cook would be seen as having gambled against America's interests, unresponsive and failing after repeated warnings.  Apple's goal of sourcing from India by 2027 a mere 26% of its iphones, means that a decade after USTR Lighthizer and DJT started the task of reshoring manufacturing to US and allies in 2016, the No. 1 outshoring company would still be making 75% of its dollar value iphones in China. A degree of overconcentration that would make no sense considering that Apple's 75% of manufacturing would be entirely at risk in 2027 after repeated warnings and inaction. The only option for Tim Cook in 2025 is to come up with new goals of shifting a minimum of 50-60% of its dollar value product manufacturing for iphones to India by 2027. . Tim Cook as Apple CEO has done little to prevent the overconcentration of manufacturing in China since 2016. About 10 years after DJT was elected to bring manufacturing back to India or close allies the simple idea of diversification was not implemented. Why? Having set up this system starting in 1998, a system that did not exist before that tiem when Steve Jobs hired Tim Cook with a winning formula to Make in China, a country just emerging from its Communist phase of failed state economy. By 2008 in 10 years the infrastructure was built in a backward largely agricultural economy that was rapidly modernizing under a market economy with state run capitalism under the Communist Party experiment. The Bush Obama 16 years were ones with America not responding to the challenge posed by this new system which could create huge surges in production capacity with focus on key technologies and flood markets. The next decade after 1998-2008 was one of rapid growth of this experiment which combined with design and engineering in the US generated few jobs in manufacturng in the US, but huge profits with huge margins fro a low cost base with a high image and technology innovation product. Lighthizer, Navarro, Jamieson had already sounded the alarm for American manufacturing and loss of jobs in 2016.  America's deindustrialization was becoming a bigger challenge by 2020 so that president Biden continued the policy of reindustrializing. In 2025 China 2025 Plan that was a warning in 2016 is already a reality with China flooding the world in solar panels, and ready to flood the markets overseas with electric cars. Apple may only get a reprieve, this exemption is not the same as the last one. National security is an issue, key technologies need to be protected. There is only one more opportunity to rebuild American manufacturing and keep promises.     ...

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Simon Johnson, former chief economist at the IMF, and Peter Boone of the London School of Economics, compare the trip made by Jean-Claude Trichet of the European Central Bank and Dominique Strauss-Kahn of the IMF to Berlin to meet Chancellor Angela Merkel and the German Parliament around April 29, 2010, to the trip Treasury Secretary Paulson made to the American Congress in September 2008. The seriousness is of that magnitude. The crisis is that big when you consider that it affects a number of eurozone countries, and the design of the euro currrency system in which Trichet and Strauss-Kahn were involved from the French side has some serious flaws in that it allows boom zone countries to overborrow and overspend. There is no way to resolve the situation through currency devaluations and other measures. Ultimately the cost will be similiar in the range of $1 trillion, say Johnson and Boone. The money would have to come from the G-20, and the IMF would have to represent the G-20 in negotiations with the ECB, the EU and Germany. The euro would have to be devalued and its value go back to $1 which is close to where it started. Eurozone bonds would have to be sold to finance the recovery, and countries that buy these bonds would then hold a proportional asset at the ECB. Johnson says Strauss-Kahn does not have what it takes to make the tough actions happen. His aspirations to run for President in France create a conflict of interest. A replacement is suggested in the Governor of the Bank of Canada, Mark Carney....

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This analysis in The Guardian says US president Biden is reversing 3 decades of policy since president Reagan that looked with skepticism at government intervention in the economy. The $1.9 trillion aid package Biden has pushed through Congress is a big game changer in the way government operates to help rebuild America after the pandemic. The 2009 response by the government under president Obama was done without conviction that the government response was the best way to help the economy. By 2016 voters turned to a Republican, Mr. Trump, to help working class voters with a USA first policy, after decades of presidents from both parties Republican and Democrat failed to protect American interests in manufacturing, jobs and incomes.  US president Biden is continuing Trump's policies to protect working class Americans. And bringing new conviction that government not only has a positive role, but has an essential and vital role to play in protecting workers and households struggling to make ends meet. President Reagan had introduced such a deep skepticism of government, that it took so long for people to remember FDR and the role of government before the second world war and afterwards under the Truman administration.  What changed? The health care crisis exposed the weak areas in the governance and policy mindset in America. China had advanced mainly through strong government role of the Communist Party  in steering the economy and business to gain competitive advantage. The health crisis from the pandemic further devastated America's lower middle and working class following the banking and financial sector mismanagement by 2009. The pharmaceutical and health care sector similar to other sectors had shipped manufacturing overseas. In 2021 there is a deep sense that theories don't work, one has to act based on the needs and the situation the country is facing. The way competitor nations such as China are building new infrastructure, gaining manufacturing advantage, dominating key sectors and industries, and creating jobs, requires America to respond. In this situation posing the threat America faces as well as the social dislocation of decades of misguided policies, the US government is the only one capable and having the resources and capacity to respond.  ...

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Justice Khanwilkar of the Indian Supreme Court (2016-2022) is appointed the second Lokpal of India. He wrote some of the key decisions of the court in recent years. As Lokpal he is head of the Anti-Corruption Authority of India, that was established in 2013 after the protests against widespread corruption and leakage of funds led by Anna Hazare of Maharashtra that led to loss of confidence in the government of that year. Justice Khanwilkar supported the strict provisions of the Prevention of Money Laudering Act (PMLA) that provide the essentials for a developing country to ensure good governance and prevent the leakage of funds that are destructive for improving the ease of living, and for the confidence of the people in the government. He also decriminalised homosexuality, and upheld the Gujarat government for handling of events in 2002. He was alsopart of the 5 Judge SC bench that upheld Aadhar documentation of every citizen of India that made it possible under Digital India to deposit money directly to bank accounts preventing leakage of funds going to hundreds of millions of needy Indians. This was key to supporting families across India during the pandemic. In 2020 he passed a ruling on regulating the NGO's in India and use of foreign funding, the Foreign Contribution Regulation Amendment Act (FCRA), which ensures the government of a developing country of over 1 billion people can be run by the will of the people for the people, free from interference by foreign ideologies and interests. He tackled a key environmental case in 1996 when surrounding tanneries were polluting the river Ganges. The range of Khanwilkar's decisions is as prolific as it is critical for shaping a modern nation of 1.4 billion people. He served as the Standing Counsel of the Election Commission of India aiding in the operation of EC that is crucial for Indian election process.. He wrote 226 judgements and sat on 817 benches, a hardworking and disciplined judge that is a reflection of the best of India from the period of Indian renewal under Vivekananda and Gandhi to this day. Khanwilkar started his career in 1982, representing the state of Maharashtra as Standing Counsel at the Supreme Court, and was later Chief Justice of Himachal Pradesh, Chief Justice of Madhya Pradesh. ...

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China imports from the US only $143 billion and much of this is soyabeans (US farmers), petroleum oil products (buyers in Europe and Asia), aircraft (Boeing). Farmers were compensated from the tariff revenues in the first term, oil products would be shipped to Asia and LNG to Europe to make up for loss of supplies from Russia. India will take up the Boeing production as it's economy expands to levels China, Japan had earlier. The action is a last resort as 490,000 lives were lost in 12 years from the fentanyl shipped raw materials from China and drug trafficking gangs in Mexico processing it in labs to ship across the long US border or Canadian border into the US. China and Mexico have not stopped the flow of fentanyl into the US. How much is 490,000 American lives worth? That is 5 times the lives lost in the Vietnam War and the Korean War combined of 100,000 lives lost in both wars. China exported $436 billion to the US in 2023 increasing by about 6% from prior year. Integrated Circuits alone were more than all US exports combined to China at $154 billion. Electric batteries another $80 billion. Computers and office machine parts were $54 billion. Where will China ship all these products. It is brave but it is easier to stop fentanyl flows out of China, and cut all the trade barriers, reverse state policy to dominate key industrial sectors in State Planning. The problem in the stock market response is that this is a trade war which it is NOT. It is about National Security if this is allowed to continue as Clinton, Bush, Obama have allowed to happen US is in real danger of becoming a second rate power in the world, at which point the world will become a dangerous place with India, China, Russia, Germany and other states having no constraints to create future wars without US to set some basic principles of world peace. UN itself would not exist without Cordell Hull and FDR. The world we know will be GONE. US Navy will not be able to build the ships it needs in USA if this deindustrialization is allowed to continue.    ...

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This piece by Cambanis in the NYT shows how even Syrian Free Army soldiers have switched sides to join the ISIS extremist Sunni militia. Sheikh Hassan a Syrian Free Army brigade leader describes the case of Mustafa who switches sides for a higher salary wih ISIS. ISIS gave Mustafa triple his salary at the Free Syrian Army - increasing it to $400. In a region with many unemployed youth the ISIS pays salaries for joining, and taps Sunni frustrations in Iraq, with money raising and financing capabilities a critical part of the organization's capabilities. A piece by Nordland shows how the ISIS's crude but effective money raising uses taxes and other illicit ways to increase revenues. This provides a unique insight into what is happening in Iraq and Syria after the failure of the U.S. to effecively support the Free Syrian Army and moderate groups in Syria, the premature withdrawal from Iraq, and the frustrations of Sunnis built up under the government of prime minister Maliki openly favoring Shiites. This has provided an opening for extremist groups in the region, and created more tangles for the Obama administration as its policies to distance itself from the region have not let it extricate itself from the U.S.'s important role in the region. The vacuum created by these policies has been filled by extremist organizations and created about 2 million refugees- a large humanitarian crisis and undone years of effort by U.S. soldiers in Iraq. ...

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Iraq is Iran's most promising market for gas exports. Iraq needs the gas for its power stations now that Islamic State has been decisively cleared from Iraq. Yet Iraq is having difficulty making payments to Iran for gas supplies because banks are not ready to handle the payments with the reimposed tighter U.S. sanctions and restrictions. The deputy head of media at the Electricity ministry in Iraq, Sadoun Shehan, told WSJ that transfer of money by Iraqi banks is prevented because of U.S. sanctions. U.S. sanctions were reimposed by the Trump administration after they were lifted in January 2016. The new sanctions prohibit gas exports from Iran. Iran had hoped to make the sales and also export to the European Union when sanctions were lifted. Iranian exports of gas that started in 2017 were itself delayed for 4 years by the war from Islamic State.  Iran has the second largest reserves of natural gas in the world. The Trump administration's sanctions have led to a drop of Iranian crude shipments by 29% in 3 months and added to upward pressure on oil prices to take prices to $80 a barrel. This issue has implications for India and China, particularly India as it faces both higher prices for oil and the tight restrictions in purchase of Iranian oil. ...

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It makes for good political rhetoric, but in reality the flow of money goes both ways. A lot of investments are made by American companies overseas. This time the flow of oil money because of high oil prices, from the USA and Europe to the Middle East is being recycled back to the USA in the form of investments in the US through small equity stakes in companies and more so through purchases of capital equipment and services to build Saudi infrastructure projects. The $500 billion investment plan over several years in Saudi Arabia is to build everything from new cities, aluminium plants, electricity generation plants and chemicals and plastics plants. The fears and rhetoric are overblown, as the USA also invests overseas with holdings according to the Treasury department of $6 trillion of foreign stock and debt. The acceleration of foreign investment in the US is to be seen in the numbers, as the dollar gets weaker, and its more advantageous for Canadians and Euuropeans to invest here. Last year $414 billion of foreign investors money went into buying stakes in American companies and building factories and purchasing stock, according to Thomson Financial. Thats up 90% from 2006 and represented one fourth of all announced deals. This year in just 2 weeks foreign investors poured $22.6 billion in just the first 2 weeks of January, and that represents one half of all deals. Shows how quickly the picture is changing. One way of looking at it is that Americans buy a lot of foreign goods and the money Americans use to pay for a lot of imports is now being returned to the USA in the form of foreign investments. Note that foreign investment is desirable because it brings new ideas and technology and new management methods to the host country from other countries. These foreign investors in many cases are able to make these investments overseas because they are good at what they do, having them in the host country benefits the host country and shakes up competition in the particular industry in the host country that is receiving the investment. This is why economies once relatively unfavorable to foreign investors like Japan and S. Korea are now passionately seeking foreign investment to make their economies thrive through the exchange and inflow of new ideas and ways of doing things. The same can be and is true for the USA. The other aspect is that most of the investment is still from countries like Canada, Germany, Japan, S. Korea which are big free trade partners of the USA. Manufacturing investment is heavily skewed to European and Japanese companies. Foreign multinational investment (Sony, Toyota etc) grew to $43.3 billion in 2007 from $39.2 billion in 2006 according to OCO Monitor, and will accelerate significantly as companies like VW and other German companies find it cheaper to build in the USA and shift more manufacturing here. To get an idea why the rhetoric is overblown Canada spent the most in buying American companies, $65 billion in 2007, according to Thomson Financial. Russia spent $572 million and India $3.3 billion. How will this improve the chances of the USA making it out of this recession? Five million American work for foreign companies in the USA. Of these one third are manufacturing jobs. These jobs pay about 30% more than jobs in American owned companies. Figures from Treasury Department. There will be more of these jobs as companies like VW build plants here. Roubini Economics estimates that an infusion of about $300-400 billion is needed for the USA to overcome the effects of the current mortgage and credit crisis. $414 billion was invested in the USA by foreign investors according to Thomson Financial in 2007, going up from something like $200 billion in 2006. If this pace continues becasue of some of the same underlying reasons as the weaker dollar, stronger economies overseas, then $200 billion additional investments this year would add that much to a stimulus package of $150 billion by one estimate, to provide a boost of somewhere around $350 billion. In the range of the needed boost. Companies like IBM and GE which have significant investments in India and China and investments in software or infrastructure industries that are growing rapidly or Caterpillar with growth in construction overseas, may keep growing through this downturn. This recession may hit selectively and differently, not be a complete hit to the USA economy, and could prevent it from going beyond 2009 with recovery in 2010. ...

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Epic Systems of Verona, Wisconsin, is one of the companies engaged in digitizing health records. It has helped develop records for 40 million patients in hospital systems such as Cedars-Sinai Medical Center in Los Angeles, Kaiser Permanente, the Cleveland Clinic, and John Hopkins Medicine in Baltimore and the Weill Cornell Physicians Organization of New York. Epic provides the software, the IT systems, the training and support. Epic is one of the pioneers in this, having been in the business for 30 years. About 40% of primary care doctors in the U.S. and 25% of hospitals use electronic patient records. The Federal government has provided $2.7 billion in funding from $27 billion of Stimulus funds assigned for the purpose of conversion to electronic medical records. This is likely to speed up the conversion. Other providers are Cerner, Allscripts, Meditech, Siemens Healthcare, G.E. Healthcare, and IBM. Epic Systems is considered the defacto standard in the industry for medical schools and some of the major hospital systems in the country. New contracts are leading to a major expansion of Epic Systems which employs 5100 people. Epic plans to hire an additional 1000 people. Revenue for the privately owned company are estimated at $1.2 billion, a 45% increase over the prior year. Epic is expected to have 127 million patients under medical records by mid 2013. To get the feedback essential for such a large conversion, CEO Faulkner relies on feedback from 250,000 doctors who use the Epic systems software, and on nurses and doctors from Epic who visit customer's sites to see first hand how it works and what needs improvement. Judith Faulkner started Epic more than 30 years ago. A project for the Psychiatry department led to other projects after she graduated in computer science from the University of Wisconsin. Epic continues to attract programmers to Wisconsin by making the Epic campus a fun environment and a great place to work. ...

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Three very important point about a soda tax. First, obesity was rated as the No 1 problem of concern for business leaders at a WSJ conference for business leaders at the beginning of the Obama administration in January 2009. If obesity related costs are taken out of health care, and even though they are not collected as statistics they must be significant, it would reduce the costs of providing universal health insurance. Especially considering that most diseases are exacerbated by obesity, and in some obesity figures as one of the leading causes. Second, Centers for Disease Control Data shows that a typical person now consumes 190 calories a day from sugary drinks, up from 70 a day in the late 1970's. That 120 calorie increase, an almost threefold jump in consumption of sugary sodas, represents one-half of the total daily caloric increase during that span per person, according to C.D.C. data. This is a crucial finding. Just one product alone can cause so much disruption in people's lives. Just as thrifty ways of living are becoming popular in America, better education in schools and communities on good nutrition and eating habits can become popular to reverse the bad habits acquired in the last 20 years, habits that are careless and reckless. Third, research shows that soda drinkers are price sensitive, so that in the past when soda prices went up by 10%, consumption dropped about 8%. So a tax on sugary sodas would make sense. The huge soda sizes at fast food places are one of the signs of the excess of this age with no regard for the consequences to health. living habits....

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Tankersley points to the broken links between economic growth and growth in jobs and incomes since 1989, which have created a shrinking U.S. middle class. In the postwar period before 1989, a one percent increase in economic growth generated a six tenths of one percent increase in jobs growth during economic recoveries. During the 1992 recovery under George Bush this was down to 0.4%. In the 2001 recovery under George W. Bush this dropped to 0.2%, during the current recovery under Obama this is at 0.3%. Income growth also showed a similiar pattern. Median household incomes declined from 1990-1992 and from 2002-2004, after adjusting for inflation, even with economic growth of 6% during this period. For the 2009-2011 recovery period the economic growth was about 4% yet real median incomes increased barely at 0.5%. By contrast from 1982 to 1984 with economic growth of 11%, real median incomes went up by 5%. The result workers median wages are lower now in the beginning of 2013, after inflation adjustment, than at the end of 2003, and real household income lower in 2011 than in 1989, says Tankersley. Why were the recoveries of 1990 and 2001 for the most part jobless? U.S. Federal Reserve studies show employers mindset had changed, instead of hiring back laid off workers during recoveries, employers did not add many jobs. Automation in factories requiring fewer workers, global outsourcing and supply chains, manufacturing overseas, lack of union-management cooperation on wages and jobs in industries such as the auto industry, increase in temp workers, all played a part in creating fewer and fewer good paying jobs. Some of this is playing out worldwide. In Japan the economic recovery has also come with similiar costs- moving jobs overseas for the auto and electronics industries, increase in temporary worker jobs with lower pay and benefits to about one third of all jobs, and depressed consumer spending as a result lowering the economic growth potential. Even the recent German economic recovery has come with an increase in lower paying temporary jobs and driven by exports to Asia. For the U.S. the situation was worsened by three additional factors- housing foreclosures and the hit to savings from the 2008 financial crisis, high cost of college tution and resulting debt, and the high cost of medical care. The Obama administration's effort to increase the minimum wage would help the poor, but do little to address the broken links between economic growth and jobs growth/income growth. The push for college education does not address affordability and neglects jobs training. Most of the questions raised by the changing patterns remain unanswered, which may be why Obama calls this a generation's task, not that of one administration....

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As the market in larger cities matures, the market in Tier 2 and Tier 3 cities is where most of the growth is expected in China's market. An expanding middle class is one source of buyers. One forecast is for 51% of Chinese families having disposable income of 106,000 yuan to 229,000 yuan or between $17,000 and $37,000 by 2020, according to McKinsey. There were only 6% in that income range in 2010, showing how skewed the income distribution was, and why the growth of luxury cars has benefitted BMW, Benz and GM. A new generation of younger buyers is another source of growth- Nissan's chief planning officer, Andy Palmer estimates the youth market at 240 million. This group is being called the Transformers generation. A big surge in buying for SUV's has helped companies such as Ford Motor Company. Benz and Ford plan to add new dealerships, with Benz planning dealerships in 40 new cities and opening 100 new stores in 2014. Audi is planning a new certified used car program to keep used car resale values high....

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"Humphrey's Executor" is a precedent that bars firing by the president of FTC NLRB etc officials. "Humphrey's Executor" precedent is  being challenged by president DJT before the US Supreme Court and with it the independence of the Fed in 2025. Humphrey was an FTC official who was fired by FDR in the 1930's but died before his case went to the courts. It set the precedent that the president cannot simply fire officials he does not like. DJT challenged this by firing offfical at the National Labor Relations Board. When the US Supreme Court takes up this case it will look sceptically at this precedent, yet will find some way to protect the Fed's independence, says WSJ.

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Japan's NTT telecommunications takes a $600 million stake in NEC so that it can compete more effectively against Huawei of China in 5G technologies and for developing 6G. Huawei has 30% of the global base station business in the new technologies, NEC 1%. NEC plans are now to build this up to 20% by 2030 in this new push. Meanwhile the U.S. is limiting Huawei in 5G by imposing restrictions in manufacturing, and restricting use of American technologies by Asian 5G component manufacturers such as Taiwan Semconductor. NEC and NTT now see the opportunity to partner with other trusted countries and partners  to create a new open system of development. Japan's government has blocked Chinese vendors Huawei and ZTE from official contracts. The U.S. has already done this and is pushing allies to stay away from Chinese vendors. The UK is now reconsidering its decision to allow Huawei into its 5G network and is likely to follow the U.S. Sweden's Ericsson has 27% of the global base station market in the new technologies. The U.S. is pulling together American companies in an alliance for American companies to compete in 5 and 6G network equipment manufacturing. Many of the technologies originate in the U.S. ...

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Mexico has emerged as the world's fourth largest exporter of cars in 2012 after Japan, Germany, and S. Korea. Mexico is expected to surpass S. Korea in a few years. In 2011 2.68 millon cars and trucks were manufactured in Mexico. Honda, Nissan, VW and other companies are building new plants in Mexico. Exports in 2012 are expected to reach 2.14 million cars. With the increase in wages in China's auto plants Mexican wages are highly competitive with China, considering the proximity to markets in N. America and Latin America. Wages in Mexico are about $40 a day for assembly line workers. By comparison wages in China are about $3 an hour. Honda plans to manufacture its Fit small car in Mexico. VW executives say a VW car made in Europe is imported into Brazil with 35% duty, into the U.S. with a 25% duty on trucks, and this can be avoided by making automobiles in Mexico. The quality and reliability of vehicles made in Mexico compares well with vehicles made in Japan, according to Nissan, and productivity at plants is high. There is also good avialability of engineers and plant workers. The growing automobile production also means new plants of auto suppliers from Japan, Germany and other countries in a snowball effect as new auto plants open creating new demand for components....

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The high cost of fines is likely to affect recapitalization of UK banks. Fines for Libor-rigging and compensations for customers on Payment Protection Insurance may cost the UK banking industry about 20 billion pounds, says Nixon. Other fines such as the $1.9 billion fine for money laundering activities of HSBC have to be added to this. This means less money for meeting stronger capital requirements and for lending to business and households. Higher compliance costs will mean higher costs in future years. HSBC estimates of the anti money laundering systems are about $990 million a year. The Bank of England has raised concerns about the need for additional capital to safeguard British banks.

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This editorial in the NYT says 80% of the environmental benefits of electrification will be lost if the building of new power lines is not accelerated. Without new power lines much of the electricity will be still dependent on fossil fuels.

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This WSJ report shows that inflation and inflation expectations in the US may have peaked by July 2022. Gasoline prices have fallen from a mid May high of $5.02 a gallon by 10% and wheat futures prices are down 37%.

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India's Chandrayan 3 could be an historic first on August 23 in the search for water on the moon. A landing could be happening soon on the moon's surface in an area known for water.

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Exceptional bowling by Jasprit Bumrah and batting performances by Rohit Sharma, Virat Kohli put India on top in the World Cup Cricket 2023. India scored over 300 runs and bowled South Africa out for 83 runs in the last match.

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Superb batting by Blackwood with 95 runs in the second innings and exceptional bowling by Gabriel gave West Indies a 4 wickets win over England. West Indies cricket team is in England for  a series of Test matches.

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Liverpool under coach Jurgen Klopp's inspirational leadership take the Champion's League trophy after winning 5 to 3 against Chelsea at Anfield stadium. Exceptional goals by Keita, Alexander-Arnold, Brazilian Firmino for Liverpool and by Pulisic for Chelsea.

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DJT 1.0 was led on the tariffs policy by USTR Robert Lighthizer, who had experience negotiating with the Japanese negotiators in the Reagan era. He is today respected by  Republicans, is seen in an important role in economic policy and to prepare the tariff policy actions of the new DJT administration. Lighthizer prefers to get Congress to take action with legislation. He also believes that domestic manufacturing will make gains with new and higher tariffs on Chinese imports. Lighthizer policy is falsely compared with Hoover Tariffs Act of 1930 when world trade was 9% of world GDP, today it is 63% of world GDP, and where under Hoover in 1930 the tariffs were across the board all countries 20,000 goods. Under Lighthizer on specific products where dumping is happening -steel, aluminium, autos, with Japan in 1960-70 or China 2000-2020 targeting American industries + technologies for takeover. And falsely when it comes to raising costs to each American family on average by $4000 a year by economists. The conventional view for business for 2000-2016 through Bush and Obama favoring free trade did not take into account the unusual experience of China which entered WTO in 1990, then expanded in a way unprecedented in history at 10-12% growth rates for 15 years destroying American manufacturing with dumping, having support of outshoring by companies in the US, and not giving reciprocal treatment for exports from the US to China. China also had unrestricted access to US technologies in this type of trade. Lighthizer's approach was to specifically address this problem not a general across the board tariffs on all goods (20,000 goods) on all countries as with the Hoover Tariffs Act in 1930. Lighthizer's approach adopted by DJT called for reciprocal trade response with China as the US had already done with Japan, not unilateral across the board tariffs, and when world trade had advanced to about zero tariff rates. And falsely compared to Hoover 1930 Act because under Hoover tariffs were 29-40%. raised to 60% when world trade was small, was 9% of GDP. The Biden administration has tacitly agreed with Lighthizer's vision by not reversing DJT tariffs. A new higher tariff will probably be selective based on the industry, country and what goals the US has set under the new administration for that industry. Some of the tariffs revenue may also be used for tax cuts. ...

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The firing of John Bolton as National Security Adviser opens up the possibility of a meeting of Trump with President Rouhani of Iran. There is a need for both sides to begin talks on a nuclear deal that would replace the one Iran signed with president Obama to address issues raised by Mr. Trump and Republicans. Iran and countries that buy oil from Iran such as India, China and Japan have an interest in relief from sanctions imposed by the Trump administration on imports of Iranian oil. The European Union is keen to preserve aspects of the nuclear deal. Relief from sanctions is critical for Iran to develop its economy. The last two decades have seen Iran struggle to develop its economy with the sanctions imposed by  different U.S. administrations.   President Trump expressed flexibility on sanctions saying "we will see what happens. I think Iran has potential. They are incredible people." President Rouhani urged Mr. Trump "to put warmongers aside." Mr. Trump told reporters that he had resisted Mr. Bolton's opinions on issues and realized he had moderate views when compared to someone like Bolton.  Trump told Iran "We are not looking for regime change. We hope we can make a deal and if we can't make a deal thats fine too. But I think they have to make a deal." Helping the U.S. and Iran come to talks is president Macron of France who hopes to setup a meeting at the UN General Assembly which meets next week following his efforts at the G-7 meeting in France last month. In the past when tensions were high in the Straits of Hormuz President Trump refrained from aggravating this by saying actions that are "disproportionate" should not be taken and respected Iranian intentions. The tone of the conversation between the two sides has moderated to the point where both sides realize the need for coming to some compromise. This is in sharp contrast to the period a few months ago with rising tensions in the Straits of Hormuz and the seizure of an Iranian ship. Bolton's opinions were not the only issue for president Trump. He was also seen as the source of leaks including one that said Mike Pence, the Vice President, had opposed Mr. Trump's plan to bring the Taliban to Camp David. Also contributing to the new climate for talks is Mike Pompeo the Secretary of State, who has promoted the idea of talks with Iran. He told the media about such a meeting at the UN General Assembly in New York- "Sure. The president has made it very clear that he is prepared to meet with no pre-conditions." The willingness to try new ideas even contrary ones to policy pursued only a short while ago as long as the desired goal is reached is a feature of this presidency and key advisers. From the beginning of the Trump administration there is a firm sense of the need to end the wars in Afghanistan and Iraq. and reduce foreign entanglements that have dragged on wasting resources and destroying priorities. With a willingness to try all sorts of approaches even ones that appear to be contradictory always keeping the end goal in sight. ...