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This podcast in the WSJ shows how agreement was reached for the global corporate minimum tax for 136 countries bringing in holdouts such as Ireland. The global corporate minimum tax is essential for US president Biden's Build Back Better infrastructure spending plan, for Modi's infrastructure plans in India, and for the European Union's infrastructure spending plans, for infrastructure spending around the world, after three decades of neglect of infrastructure building.

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S. Gurumurthy of the Hindu points out the dangers of economic growth without job creation in a country like India. He points out that demonetization- removal of high denomination currency notes- came at a critical time when the economic growth was not creating enough jobs. He points to the five year period till 2010 as having created 2.7 million jobs with 8.5% growth. Even though with lower growth of 5.4% in the period 1999-2004 the job growth was for 60 million jobs created. Had demonetization not happened he says, the economy could have seen the problems the U.S. faced in 2008 with a bubble developing in the real estate market. The fundamental shift of the economy to digitization of payments, increase in tax receipts brings more of the informal economy- with a size of 50% of the economy generating 128 million jobs ten times the formal sector - into the formal economy. A step that is key for India to see rapid growth in the decade ahead. The slackening of the economy for a year is part of  a needed long term plan, says Prof. Gurumurthy, visiting IIT faculty in Bombay, just as liberalization was in the 1990's.  Some errors were made in implementation and flow of credit to the informal economy, including by the RBI, yet the fundamental shift through demonetization served a good purpose. Gurumurthy says, sadly this is missing in the current politicized debate.  ...

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A Phase 1 trial of over a thousand volunteers shows the Oxford vaccine works well with minimum side effects that can be handled with acetaminophen. Phase 2 trial is underway with volunteers in UK, Brazil and South Africa. Participants given the vaccine had significant increase in antibodies to neutralize the disease, and T cells for long term protection. About 70% reported fatigue or headaches which can be handled with acetaminophen. After the Ebola crisis of 2014 in West Africa the British government invested 120 million pounds to form a group to develop vaccines for top 10 likely threats dubbed "Disease X." On this list was the coronavirus. Scientists at the Jenner Institute at Oxford formed a team as part of this effort. Sarah Gilbert and Adrian Hill led the scientists at Jenner and pioneered research for  a new way to do this- to first replace a part of the virus with a component of the new virus. Then to remove the part of the virus that allows it to replicate in humans. This method is called recombinant adenovirus vector. The Oxford scientists used existing technology in new ways to increase the chances of getting a good vaccine early.  The first vaccine could be developed and tested for mass production by September. A 30,000 participant trial begins in U.S. in August. About 1 billion doses could be manufactured by end of 2020. India's Serum Institute has the manufacturing facilities to do this near Pune, India.  ...

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After reading this editorial in the WSJ about the origins of the coronavirus, readers will have more questions about EcoHealth Alliance nonprofit which sent $3.4 million to the Wuhan Institute of Virology (WIV) for  research with potential for risky consequences to world public health if something went wrong.  What is gain of function research and what purpose is served in making virus more infectious and contagious such that the National Institutes of Health would send funding overseas for such research are questions that readers may have. Were all the risks considered for such research overseas. The editorial says the US Congress is not showing interest in the origins and the US president Biden has to take up this- some readers might have a question what would make the US Congress not interested in this when coronavirus has affected the US, India, Brazil, Europe, and the poorest countries on earth in unimaginable ways. Can such important matters as world public health fall under the authority of one person, such as Dr. Fauci and other health officials from one country or two countries, when other countries such as India, Brazil, UK, France, Italy, Germany, EU countries, are gravely affected. Global public health has suffered badly and billions of people around the world, in the poorest countries as well as the people in US and Europe have suffered unimaginably in 2020 and 2021 as a consequence of poor decisions. Much needs to be done to get the people themselves informed about public health and how it can be shaped in the future. ...

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Mr. Trump says he will wear a mask on a visit to soldiers at Army's Walter Reed Hospital. Trump says its "a very appropriate thing. I have no problem with a mask." As cases hit 3 million in the U.S., close to 1 million in India and Russia, Mr. Trump joins the movement for masks worldwide. Early on Mr. Trump  took up the issue of transmission from Wuhan by banning flights from China, failed to get WHO and China to respond quickly to the pandemic requests from U.S. by providing information and allowing a team to visit Wuhan quickly in January. A stumbling block appeared within the health ministry in the U.S. with poor leadership which Trump had to overcome by relying on Vice President Pence to lead the stop coronavirus team at the White House.   Trump's reopening decision came under criticism and he says he had to balance the damage to jobs and economic well being that also affected health. Some of the states and young people responded in ways that led to public gatherings that have led to surges in the south and the western states such as Calfornia. The WSJ reported that in Los Angeles County on June 20 half a million people went to bars after they reopened, showing that culturally even counties in states like California lacked what is accepted good sense. For instance Tokyo bars were paid by the Japanese government not to reopen, according to one report. By wearing a mask Trump is simply acknowledging facts about transmission - a German study shows 40% reduction in cases with face coverings. ...

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Meltzer points to the huge impact on wages in the U.S. from the millions of workers added to the global economy- as people from India, China and other developing countries competed for the same jobs as American workers- as a principal cause for increasing income inequality. The wages of the one percent were insulated from this and actually benefitted in the case of banking and finance. Current pricing practices in health care insulated the medical and hospital related professions. The effects of the global financial crisis- loss of construction jobs, foreclosures, and effects on savings hit the middle class and working classes hard, something Meltzer overlooks.

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As its economy slows and facing high debt levels, China benefits by an estimated $18 billion a month from lower oil prices in 2015. The estimate is from Starfort Holdings, investment and private equity group. The estimates as China benefits from lower prices of all commodities, including oil, are of about $250 billion annually as China replenishes its stocks of commodities. With $12 million barrels imported daily China is a major emerging market beneficiary, along with India, of the drop in oil prices. Continuing pressure on prices from the expected resilience in shale oil production in the U.S. with learning and the development of new production methods means the benefits are likely to continue. China has also not renegotiated price points in deals made earlier at higher prices with China and Venezuela, as it pursues its foreign interests. Stockpiling of grains and edible oils are being increased by 33% in 2015 by $24.7 billion.

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Prime minister Modi addressed the 44th foundation day of the BJP party by video conference, with the speech screened at 100,000 points across India for party leaders and social workers. "BJP is working with the mantra of Sabka Saath-Sabka VIkas-Sabka Viswas- Sabka Prayas ( which means 'with everyone, for the development of all, with the confidence of all, with the efforts of all). we have always given topmost priority to social justice and empowerment in our hearts and working style. Social justice is not a part of political sloganeering for us but an article of faith for us." "The BJP lives social justice, follows it in letter and spirit. Getting 800 million people free ration (food) is a reflection of social justice. The facility of free treatment up to Rs 500,000 offered to 500 million people without discrimination is a strong expression of social justice." On Lord Hanuman, whose anniversary is today, Modi said India was realising its potential and strength like Lord Hanuman did after eliminating self doubt. "If we see the whole life of Lord Hanuman, he had a 'can-do' attitude that helped him achieve big successes." ...

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To make a dent in carbon emissions governments in Europe and North America need to support the use of low carbon solar panels in solar facilities installed there. This would enhance solar energy panel production in the US and Europe, India, other countries. Experts say the use of solar panels made using electricity from coal use in China creates more emissions in China while reducing emissions in the West. The result is that global emissions remain the same as if no solar panels were installed.  The global solar panel production is mostly concentrated in China because of the lower cost of electricity from coal used in production of panels- a critical factor in the lower prices of Chinese made solar panels. This allowed China to gain a monopoly in production of  world's polysilicon, an essential component in solar panel production, that consumes large amounts of electricity in the manufacturing process.  This use of coal generates twice the amount of carbon emissions in China than the solar panels made in Europe, say experts. As a result the governments and companies in Europe, US and India are shifting to local manufacturing of solar panels. ...

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Making stuff- machining and other skills -are now cool in American schools. You Tube reality show "Clash of Trades" and building up prestige of machining skills and machining jobs in the trades from a young age. Young people are getting excited about making things again.Other articles in NYT and elsewhere in media this month show how the big tech companies have become huge and  bureuacratic, so big that no one cares for the individual, its just get on with it. Computer coding jobs not just in the US but also in India are not glamorous anymore, as companies employ tens of thousands of programmers in many locations and are not responsive. 

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"Ram Rajya" is a concept of a just society that serves the needs of the people based on the ancient history and ancient paths of Bharat or India. It is easily understood among the farmers and ordinary people of India. During the long period of colonialism it meant to Gandhi and hundreds of millions in the villages of India a sense of society free of colonialism and colonial rule that did not invest in the country or its people, no matter their religion or caste or language group. In this sense Ram Rajya is all about a just society of governance that meets the needs of all the people, that makes investment in the resources of the country to the benefit of the people. In the modern period in the transformation of rural societies such as China or India or other parts of Asia, Ram Rajya or Buddha Rajya as an extension of the same concept, and about what Abraham Lincoln called society for the people, of the people, by the people, in his call to America for a Just Society. In this sense it has connotations for the world as it struggles to build a style of governance in society that builds the infrastructure, invests in the education and minds of the people, in their health and wellbeing along all dimensions. In this way it is a social concept that is embodied in the best of human society throughout history. It embodies the aspirations of the people of Asia to modernity inspired by ancient tradition, aspirations to science and technology and building modern societies. Of India with Ram and the Buddha, China in its connections to the Buddha, to the people of Indonesia with the connection to Hanuman, and the people in South East Asia and Japan through their connections to the Buddha which were embedded in the ancient society of Ram and the Upanishads in the land south of the Himalayas. No one is too small, no effort is ordinary or small- "I am very small, I am very ordinary, if someone thinks so one must remember the contribution of the squirrel. Remmbering the ocntribution of the squirrel will dispel our hesitation, and teach us that every effort big or small, has its strength and contribution. The foundation of Sabka Prayas (everyone's efforts) will be the foundation of a divine, and capable, just and good Bharat or India for all its 1400 million people."   ...

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Swiss dairy farmers cutting cheese production by 5-10% to tackle temporary US tariff rate of 39%.  Gruyere and Emmentaler cheese to US make up 13% of Swiss cheese exports. Swiss dairy farmers are looking for markets in Asia and waiting for trade negotiations to bring tariffs down so that they can bounce back. The cow is sacred in Swiss Alpine country because of its role in cheese and mil chocolate production for overseas markets. Switzerland's cheese exports are $830 million in 2024 compared to about $7 billion for Germany, $6 billion for Netherlands, $5 billion for Italy and $4 billion for France, and $2.5 billion for the US. Overall Switzerland is a small exporter for a country the size of Virginia. Much of the extra milk production from a bumper harvest in 2025 can be converted into baby milk powder  and exported to China and India. In trade negotiations the Swiss became complacent even condescending and took the US market for granted. This will now change as the Swiss now have time for some soul searching on how best to negotiate a deal that respects the interests of both nations. ...

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Panama Canal ad US control of a passageway through the seas the US build in the 1900's. The New Monroe Doctrine under DJT takes America back to the days in 1900 when president Teddy Roosevelt pushed thorugh the actions neded to build the Canal connecting the Atlantic to the Pacific. TR had the US Army Corps of Engineers start work in 1904 and said the famous words "Let the Dirt Fly." When Colombia refused to make this happen he formed the new nation of Panama. TR realized the importance of connecting the oceans- foresight for the massive expansion of world trade in the 1960-2025 period raising standards of living for the 3 billion people in India/China/Asia and for the 1 billion people of the EU and the US. Never before in history has such ahuge change in living conditions  and hopes and aspirations happened. Today when American ingenuity, invention and sense of purpose is derided or ridiculed, it serves as a reminder of the great endeavors that happened under American leadership and continue to this day into the future. ...

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The effects of climate change that are the biggest issue facing both America and China and the need for cooperation on this vital issue is underscored by the floods in China and the fires in the US and Canada, the heat waves affecting both regions and the rest of the world. Even during the war in Eastern Europe one should never lose sight of the major issues that bind the major population regions of Asia in India and China with Europe and the US, and Africa, Latin America- climate change and food security, development finance and cost of living, helping workers and families in these regions.

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President Trump outlines a plan for Afghanistan that increases the U.S. troop presence from about 8500 with an addition of 4000 more troops and advisors, in addition to a counter terrorism force. To war weary public in the U.S. he says: "I share your frustration over a foreign policy that has spent too much time, energy, money- and most importantly, lives- trying to rebuild countries in our own image instead of pursuing our security interests above all other considerations." About his criticism of the war when president Obama was in office as a huge costly waste of resources Trump said: My original instinct was to pull out, and historically I like to follow my instincts... I heard that decisions are much different when you sit behind the desk at the Oval Office." After resisting the advice of his own advisers Trump decided to fire Bannon who had supported use of American private security contractors for the war in Afghanistan, and used parts of the media to question national security advisor McMaster's views on this. Gen. Mattis, completed a strategy review that showed the mistake of creating a vacuum would repeat the situation of Iraq where president Obama withdrew forces in 2011, leading to a sequence of negative events- with Russia, Iran and Islamic State moving into the vacuum, making American intervention in the war necessary, increase in terrorist incidents worldwide, and a flood of refugees into Europe. Ironically clearing the path for an outsider's bid for the White House, with Brexit in which refugee fears and uncontrolled immigration played a part, and the news of terrorism and the war in Syria-Iraq creating a sense of insecurity. A key difference in the Trump approach with Obama's approach is that "conditions on the ground, not arbitrary timetables will guide our actions from now on," in line with Trump's criticism of Obama's approach. The military in the U.S. has long maintained that the best approach would have been to insist on U.S. presence in negotiations with the Iraqi government under the sectarian prime minister Nouri Maliki. Gen. Mattis was head of Central Command under the Obama administration and must have pushed the view of the military to president Obama to no avail. Failure to do so led to the growth of Shiite militias and the alienation of Sunnis in Mosul, leading to the fall of Mosul to Islamic State thus creating the current crisis. Gen. Mattis and Lt. Gen McMaster are intimately aware of the problem and must have convinced Trump that this is what really happened, that a repeat would waste the sacrifices of American soldiers in the twin wars. Trump gave this as his reason when he said in his televised speech to the nation- essentially a criticism of Bush that he expanded the conflict too quickly, and Obama exiting too quickly to create a void. Trump call his policy "principled realism."  The roots of the crisis are in the India-Pakistan conflict. Like the conflict in South East Asia the conflict in South Asia extending from Iran to India and Pakistan, may take a generation to overcome. A rapprochement between India and Pakistan, beginning with trade and economic relations, is not only in America's interest, it also provides the basis for a realistic American withdrawal. ...

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The Indian Supreme Court on July 27 upholds the core amendments to the Prevention of Money Laundering Act (PMLA)  which gives the enforcement authority, the Enforcement Directorate ED, the powers to make summons, arrest, and other powers to enforce the law. The Supreme Court called the PMLA a law against "the scourge of money laundering." After independence in 1947 some of the problems that Mohandas Gandhi witnessed in the early Congress party ministries allowed by the British in the 1930's became a part of the political fabric as accepted ways of operating. It is only in the last decade that these practices have come to be seen as inconsistent with the development of the country and ones that would have been rejected outright by Mohandas Gandhi as inconsistent and repelling to his India of Hind Swaraj. In a 545 page judgement the Special Bench of Justices AM Khanwilkarm Dinesh Maheshwari, and CT Ravikumar, stated that- "This is a sui generis (unique) legislation... The Parliament enacted the Act as a result of the international commitment to sternly deal with the menace of money laundering of proceeds of crime having transnational consequences." Mohandas Gandhi would be appalled by how elected ministries operated in the India that followed in the first decades after 1947. Not only were some of the basic principles of honest government being violated, it was being done with such impunity that over time it crept into the culture of how things operated in India, destroying any confidence the people had in the responsibilities of government and its ability to deliver on those responsibilities. The Supreme Court has now taken up the task of restoring some of the integrity of Gandhi's Hind Swaraj with its statement that- "Money laundering is an offence against the sovereignty and integrity of the country." Money laundering the SC says is "every process and activity", direct or indirect dealing with the proceeds of crime. Justice Khanwilkar wrote: "Today, if one dives deep into the financial systems, anywhere in the world, it is seen that once a financial mastermind can integrate the illegitimate money into the bloodstream of an economy, it is almost indistinguishable. In fact the money can simply be wired abroad at one click of the mouse. It is well known that once this money leaves the country, it is almost impossible to get it back. Hence a simplistic argument  that Section 3 (offence of money laundering) should only find force once the money has been laundered, does not commend to us."   ...

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Angela Merkel left Germany dangerously dependent on Russia for energy supplies that may simply be shut off after maintenance on the Nordstream pipeline. She did even worse on China says this report in The Times that says that it leaves Germany on the hook for billions. There are $200 billion of German investments in China and German business concern is snowballing with new restrictions on operations in China and the deteriorating business sentiment. Worse the entire supply chain for solar energy and other renewable energy products to tackle climate change is dependent on Chinese components. Another failure to prepare for the future under different scenarios. And 46% of German business have supply lines that include components made in China. By grossly underestimating the risks of such dangerous dependence on Russia and on China, and ignoring warnings from the US, Merkel has hit Germany's new elected government of Scholz, Baerbock and Habeck with very serious problems that may take the next five to ten years to sort out. On energy and how to build a whole new supply chain in Asia with the US and its allies Japan, India and other countries. The ultimate irony was that Merkel felt that she was the leader of the free world, and a free world that excluded the US and India. Such is folly. And how she was presented as a good leader in the media is today hard to comprehend. ...

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Two of three obese people live in developing countries. About 29% of the global population is obese in 2013, according to the Institute for Health Metrics and Evaluation at the University of Washington. Between 1980 and 2013, obesity increased by 47% for kids and 27% for adults in the global population. Dr Murray of IHME says no country was the exception. Diet and inactivity are the principal culprits. About 37% of world's men and 38% of women are obese. Obesity increased rapidly first in developed countries, becoming noticeable by 1980 and slowing since 2006, and now is growing fast in developing countries. Germany is a surprise No. 8 on the list. The U.S. No. 1 ranking tells a lot about the misguided priorities of living in the U.S., lack of education on healthy eating and healthy living, and not putting healthy habits at the top of things to do above making more money. An extreme case is South Africa where 42% of women are obese. The most obese countries are by rank - U.S., China, India, Russia, Brazil, Mexico, Egypt, Germany, Pakistan, Indonesia. Middle Eastern and North African countries have high obesity rates for children. The study is funded by the Bill and Melinda Gates Foundation....

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Indian PM Modi will take part in the swearing in of a new government in Maharashtra on December 5, 2024. Maharashtra and Gujarat with cities Mumbai and Ahmedabad were part of Bombay state in 1947 after independence. It was also the largest trade and industrial region of India. Today it is poised under the Modi government to deliver industrialization on a scale that matches that of China for a modern Vikshit Bharat over the next decade and to 2040. This is the real significance of this event which in some ways surpasses the US election in significance and the scale of transformation of the largest nation in the world.

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Health authorites in Italy, France, Britain India and the U.S, have hesitated in reopening schools. Germany and Denmark have reopened schools with no increase in infections with schools following specific policy including mandatory masks, air circulation rules, and careful preparation of schools to ensure social distancing rules are respected. Other countries reopening schools are Austria, Norway, Finland, Australia, New Zealand.

Schools in German states are reopen for about 1 month now, with a positive experience after careful preparation. Italy faces difficulty reopening its economy as people going back to work find it difficult, particularly women,with childcare provided by grandparents no longer an option, and lack of daycare. Opening of schools in Italy would help in reopening the economy, as well as provide relief to parents and children, when done carefully.

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Fewer workers will support the elderly in the U.S. and the process is accelerating, posing new problems for Social Security programs. Census figures show in 2017 there were 25 Americans 65 years or older for every 100 people in working years, by 2030 this figure goes up to 35 retirees. By 2025 it will reach 33 retirees. By comparison in 2025 Canada would be 40 retirees, Germany 44, Japan 58, and on the lower side India at 13, Mexico 16, China 22. Trustees for Social Security are dipping into the Trust fund in 2018 to pay benefits for first time since 1982.

States are in worse shape $2.6 trillion in assets cover $4 trillion in liabilities in fiscal 2016, according to data from Pew Trust.

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The US has 1 trillion in trade deficits each year and it is completing the destruction of manufacturing in the US. Half of this is with China as China exports through Vietnam and Mexico, third countries, in addition to 295 billion dollars of trade imbalance the US has with China. China, Mexico, Canada and Vietnam are the largest offenders. No country can long endure with such a loss of its manufacturing base. The US Navy itself is in danger without the manufacturing to compete with China in shipbuilding. China has taken up over 50% of shipbuilding, and soon the US Navy will not be able to protect the free world if these types of economists and self serving German or other foreign interests drive a false narrative and the US acts on such false narratives.  Without the US Navy in the Pacific, Atlantic and Indian Oceans no one is safe, not Germany, not the EU, not India, not Latin America or the rest of Asia and the world.

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Policy on China in the second year of the DJT Administration- shift from adversary positions to cooperation. A shift in policy after the meetings with Chinese leaders Xi and Wang Yi at Busan, South Korea in 2025. WSJ Analysis looks at what happened in the first term of DJT, the Biden Administration that followed and in 2025 in US-China relations and how the posture changed, how Xi and his team built rapport with DJT and his team over the tumultuous period in 2025. US turned to Xi in getting Iran to the table for negotiations in Islamabad meetings after the month long effort to take out Iran's nuclear and ballistic missile program infrastructure. This was arranged in the early hours of Tuesday April 7th 2026. Throughout the US air campaign in Iran China pursued the policy it had set at Busan of not letting it affect US- China relations and the DJT visit to Beijing believing it sets the basis for the future course of US- China that affects the whole world beyond regions such as the Middle East where little headway has been made in bringing about peace. China US, EU, India, Brazil, Latin America, Africa, Indonesia, make up most of the world's population and China remains focused on ensuring the US and China can through their cooperation maintain peace in the world overall. This is reflected in this statement of China's Foreign Ministry on Busan meeting as the beginning of something new and big for the world- "Over the past seven decades and more, we have been working from generation to generation on the same blueprint to make it a reality. We have no intention to challenge or supplant anyone. Our focus has always been on managing China’s own affairs well, improving ourselves, and sharing development opportunities with all countries across the world. And that is an important secret to our success. China will further deepen reform across the board, expand opening up, and promote higher-quality economic growth while achieving an appropriate increase in economic output, and advance well-rounded human development and common prosperity for all. This will also expand the space for cooperation between China and the United States." This relates to China's worst fear, worst nightmare - that before it can become a fully developed economy for 1.4 billion people it would find itself in the situation that faces Japan of an aging society and weak growth something Japan faces as a fully developed economy much smaller of 120 million people. Japan per capita GDP is at $36,000 2.5 times China's at $14,000 and about a fifth of Germany's at $64,000, about a seventh of the USA at $92,000. So that if China does not continue along the path of development it has followed since 1990 working with the US and EU it faces the prospect of losing forever the prospect of joining Japan and fall into lower than middle income status when large parts of the interior of China a third of its economy that is rural are still living in poor economy status with per capita GDP of $3500, which is 8% of the GDP per capita of the poorest state heavily rural state of Mississippi in the US. Even Shanghai and Beijing with about $32,000 per capita GDP are only about 58% of the per capita GDP of Louisiana in the bottom one third of US states. Xi Wang Yi, Lifeng are doing what China must do to compete with advanced US and European economies and Japan- continue to work with the US on the development model that has worked the best for China since 1990. It is not about supplanting anyone China is serious when it says here- "Over the past seven decades and more, we have been working from generation to generation on the same blueprint to make it a reality. We have no intention to challenge or supplant anyone. Our focus has always been on managing China’s own affairs well, improving ourselves, and sharing development opportunities with all countries across the world." ...

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India's Foreign Secretary Ranjan Mathai says India will only give recognition to multilateral sanctions imposed by the United Nations. He said: We have accepted sanctions which are made by the United Nations. Other sanctions do not apply to individual countries. We don't accept that position." He was referring to the sanctions program of the U.S. government, under which countries would be granted exceptions and waivers from U.S. sanctions. Iran is the second largest source for India's oil purchases after Saudi Arabia. A multi-ministerial delegation from India is visiting Iran, and the delegation says Mathai will "work out a mechanism for uninterrupted purchase of oil from Iran and to work out a financing mechanism." South Korea which gets 10% of its oil from Iran plans to get an exception to U.S. sanctions under which it would reduce Iranian imports in 6 months from the date of a U.S. sanctions law.

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Oil and gas, pharmaceuticals are not affected by the 26% US tariffs on India in April 2025. The domestic market in India is large enough and growing. India could use this opportunity to get its manufacturers in shape to compete with US products. It is making a huge effort to improve manufacturing, infrastructure and logistics base that will make it a completely different competitor by 2030. Having a stable government focused on grwoth and the economy, infrastructure, farmer's welfare, was a major step for India in 2024. Much of the base for industrial growth and modernization will be laid by 2030.