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The Russian central bank under Elvira Nabiullina raises interest rates by 3.5% to 12%. In the first 5 months of 2023 the Russian government spent 50% more in rubles than in the same period in 2022. The increase in spending meant increase in wages and more hiring for production of goods including production for the war effort. The policy was to carry on the war effort without the effects of the war being felt by ordinary Russian citizens. The result has been higher inflation at 7.6%. Nabiullina faces a unique set of challenges to control inflation, maintain the economy even as Russia continues the war effort in Ukraine. 

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The Trump indictment under RICO or racketeer laws draws this reaction in the WSJ. WSJ says the alleged behaviour was rotten, but does it gain credibility by being prosecuted under racketeer laws. It describes the Trump response as more delusional than criminal- that a decisive share of Republicans in suburbs did not want Mr. Trump for four more years. WSJ Editorial Board view is that there is no defending the conduct undermining confidence in the election result in 2020 and it would be a mistake for Republicans to try.

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Rudy Giuliani, a former mayor of New York City, is one of the defendants in the Georgia indictment of Mr. Trump under RICO racketeer laws. WSJ says in its Editorial Board opinion that the racketeer RICO laws were used by Mr. Giuliani in his days as a New York prosecutor to tackle business cases, and it is an irony that he is now the defendent in such a case.

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This report in the WSJ says the RICO (Georgia Racketeer Influenced and Corrupt Organizations Act) charges in the Trump Indictment in Georgia offer opportunity for a sweeping narrative. Charges include several related Solicitation of Violation of Oath by Public Officer, False Statements and Writings. In addition to Mr. Trump charges were made for 18 other individuals. 

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Medical insurance choices are complicated for a reason. This WSJ report says a PhD. is not sufficient to figure it out. They were designed this way to maximize profits from a government program by private insurers and capture as large of the market for the Medicare Advantage plans they offer. Heavy lobbying in Congress makes it possible to write legislation that keeps selecting coverage complicated.  The only way to clean up this mess is through universal health insurance, that is UN's SDG 3.8,  that is fair for all, which everyone can understand, and the US as an advanced technological nation can support. Reducing transparency works with heavy advertising for private insurers with Medicare Advantage Plans to capture the largest chunk of what the government spends. Medicare Advantage insurers capture $943 billion of spending on Part A & B Benefits compared to $693 for traditional Medicare. 

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Globalization is being replaced with government support for attracting new investment and industry. Germany is providing $11 billion for 2 Intel semiconductor plants. The Biden administration $280 billion CHIPS and Science Act investment by the US sets the new pathway for government to support industry to increase investment and create good paying jobs inside the US. This reverses decades of neglect of American manufacturing by administrations from the time of president Reagan through the Bush, Obama and Trump administrations. A new world order is being shaped that enables the EU and the US to compete with China with direct government support for industry.  The US and the EU gain, the UK and Singapore lose out in the new arrangement.

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A three part series in the NYT on the speed, challenges and politics of the American economy moving towards Clean Energy.

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Cheese, bread and butter prices are up 30% in the UK in the last 2 years hitting people with low incomes the hardest.