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Are Traasdahl of Norway describes his approach to hiring, management practice and culture.

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A research paper by the Federal Reserve Bank of New York shows 43% of Americans in 2012 under the age of 25 with student debt, having average debt of $20,326. Compare this with about 25% of young Americans having student debt in 2003, with average debt of $10,649. This is crowding out other borrowing such as buying new homes or cars by younger Americans because of borrower unwillingness to take on more debt and banks unwilling to lend to borrowers who might default.

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Before this deal Kuwait with 7.6% was the largest single shareholder in Daimler. Now a Abu Dhabi investment firm Aabar Investments PJSC plans to put in $2.65 billion for a 9.6% stake in Daimler. The largest shareholder in Aabar, which is listed on the Abu Dhabi Securties Exchange, is International Petroleum Investment Company. IPIC is owned by the Emirate of Abu Dhabi. Daimler is doing this deal by issuing 96.4 million shares at price of 20.27 euros ashare. On March 20, 2009, Daimler shares closed at 21.34 euros in Frankfurt.

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The IMF in April 2012 said Spain may have moved too aggressively with austerity measures. The IMF said: The new deficit target in Spain "could have accomodated more fully the impact of the weak growth outlook." This supports the Spanish government's view that it has to balance controlling spending measures and redctions in spending with considerations that take into account the weakness of the economy and high unemployment. One of the important considerations is that the private sector and banks faced with losses in the housing bubble are not likely to generate growth at this time, leaving growth dependent on government spending; which if cut too quickly could lead to declining GDP and even lower tax revenues with higher deficits. The government of prime minister Rajoy is faced with the difficult task of creating credibility in financial markets about controlling years of spending by regional governments during the housing boom, and at the same time applying prudence in not taking steps that would hurt the economy at a delicate time....

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France and Germany remained far apart on approach to banking regulation in Dec. 2012. Germany does not support regulatory powers of the ECB over Germany's small and midsized savings banks which lend to small businesses and consumers. France supports regulation of all 6000 banks in the eurozone by the ECB. Germany also raises concerns about how the regulatory powers of the ECB can affect its powers in setting interest rates. Germany does not support the British position for regulatory powers over London based banks to remain in Britain. Coming up with a new banking supervisor for European banks with regulatory powers of supervision is needed for Spain to get access to additional EU financing. This is also part of the new financial architecture for the eurozone, including deposit guarantees, which needs to be set up.

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The pictures of a 4 year Syrian Kurds child Aylani- dead on a Turkish beach after the small boat carrying the parents and 2 children capsized on the way to the Greek island od Kos- made headlines in the media and created anguish in Europe.

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Harvard professor, Benjamin Friedman, reviews journalist Timothy Noah's book "The Great Divergences: America's Growing Inequality Crisis and What We Can Do About It." Friedman says, Karl Marx got it wrong when he predicted greater inequality based on the situation he saw in Europe and the U.S. in the late nineteenth century. Inequality actually decreased in the U.S. and Europe with industrialization, technological progress, higher educational and income levels by the early part of the twentieth century. Similiarly Simon Kuznets, Nobel Laureate, also got it wrong when he extrapolated from what he saw in the early postwar period, assuming greater equality and better opportunities in future decades. The approach Noah and Friedman advise is to look at individual factors that promote or discourage less divergence in income levels, opportunities and upward mobility. And based on this shape policy and action agenda for better outcomes. A whole range of issues fall in this range- promoting manufacturing and higher wage jobs, immigration policy, investments in education to upgrade skills, better educational opportunities, vocational training, upgrading education to keep up with new technology, and investments in research and new technologies for new industries that would create better opportunities. Because inequality is increasing worldwide, and countries are focussing on improving competitiveness as well as preserving the social fabric in a global economy, this is an issue facing all countries that seek a better future....

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Following the Nuclear Security Summit in March 2016, U.S. president Obama says world leaders had expressed concern about Mr. Trump's comments in private conversations with him. Obama said- "even those countries that are used to a carnival atmosphere in their own politics want sobriety and clarity when it comes to U.S. elections because they understand that the president of the United States needs to know what's going on around the world." Obama said that comments by Mr. Trump showed a person "who doesn't know much about foreign policy or nuclear policy or the Korean Peninsula or the world generally. Mr. Trump said in a NYT interview that "Now, wouldn't you in a certain sense have Japan have nuclear weapons when North Korea has nuclear weapons?" Trump has defended these comments in a televised townhall meeting held by CNN in Milwaukee. Obama was critical of these comments as upsetting the situation in Asia where the U.S. has made great sacrifices in World War II, and today "underwrites the peace and prosperity of that region." Adding that "you don't mess with that."...

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Khairat el-Shatar, financial leader of the Muslim Brotherhood was nominated as the party's candidate for president in Egypt. The Muslim Brotherhood controls the newly elected parliament and the body that is writing the new constitution. It is in a struggle with the military about limiting the military's role under the new constitution. The Brotherhood sees the election of its candidate as president as important to not diluting its influence in relation to the military and other parties. Khairat has committed to following a moderate course in setting Egypt on a new path, with a focus on reviving the economy.

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The European Commission responds to the VW emissions scandal with on the road testing using portable devices approved by the European parliament in Feb. 2016.

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The eurozone GDP shrank at an annualized 5.9% for 4th quarter 2008.

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The ECB and the Bank of England cut interest rates to near zero.

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Gerald Seib of the WSJ points out that the winners in the passing of the Republican healthcare bill in the House by a 4 vote margin are Speaker Ryan who never wanted the job in the first place, and president Trump who showed he could cajole Republicans into getting it passed because he likes winning. Now comes the hard part says Seib, when it goes to the Senate- House conservatives are not going to be happy when they find major changes they dislike. If the bill clears the Senate in a modified version Republicans will now have to own any issues with healthcare, including says Seib things that may not work out for pre-existing conditions- or for groups that are disadvantaged, including older people.

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This editorial in the Wshington Post is sharply critical of the Obama administration's policies of inaction in Syria and Iraq. It says president Obama and his administration will have to answer for the policies to the American people and the people of the Middle East and Europe.

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Rising bond yields for the bonds of Germany, USA and Spain are seen for 2011. The absence of solutions for deficit reduction after the passing of Bush tax cuts in the US, and the debt crisis in Europe, create a situation with the potential for sovereign shocks in 2011.

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Demonstrations across France in cities like Paris, Lyon and Marseilles, by private and public trade unions drew an estimated 2.5 million people. They are protests that President Sarkozy's government is not doing enough to provide stimulus to the economy and protect jobs. THese are the largest nationwide demmonstrations in more than 20 years. France lost the most jobs in 40 years in the last quarter of 2008 and Sarkozy's government has only announced a$35 billion stimulus. Germany and France are also holding back on large stimulus spending , including significant help for Eastern European countries, and this will become an issue at the April 2, 2009 G-20 meeting. Ted Truman at Treasury is articulating aforceful response for the Obama administration calling on the EU countries to come up with astrong stimulus plan. See link.

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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.