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Since January 2, 2009 consumer goods companies, like Procter and Gamble and 3M, are also playing a part in the decline of the Dow Jones Average. Only Chase JP Morgan plays a part in the decline of the Dow among financial stocks, because the other financial stocks have fallen so far that their decline makes little difference. See the other link about consumers waiting for paychecks to make sizable consumer products purchases, which is also not a good sign. What worries analysts is that we are in the beginning of a consumer goods recession which has a long way to play out.

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Global sales growth will be from developing countries as US sales slow down to the rate of a 4-5% growth, losing 1 percentage point and be at the level growth is in Europe. This growth will mean U.S. sales of 305 billion dollars in 2009 for pharmaceuticals. Next year two thirds of prescriptions will be generics, increasing from 50% in 2003. Forecasts from IMS. Also FDA is taking a tougher line in regulation. Top seven emerging markets will grow at 12 to 13% a year in contrast- from improving economies and greater demands for spending on health care.

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The British pound decline of 22% against the USA dollar so far this year 2008, and a decline from a high of $2.116 in November 2007 to $1.5388 on November 11, 2008, is unlikely to help exports in 2009, and unlikely to help exports as long as other countries economies are weak and import fewer British goods. Also the shift in the recent years to exporting goods and services to less price sensitive goods such as pharmaceuticals and creative industries will reduce the export bounce effect compared to its effect in 1992 when the pound declined.

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Jim Yardley of the NYT provides this exceptional and detailed report on Pope Francis, his roots in Argentina, and how he approaches issues of injustice, poverty, and capitalism. Pope Francis brings change to the Catholic Church through his humility and a humbler Church to millions of people around the world, especially in developing countries. Yardley points out that Francis challenges the attention paid inside the church to doctrine, and the bishops paying too little attention to "spiritual worldliness" and the needs of ordinary people. Coming at a time of increasing social and economic disparities, decline in upward mobility in the western world, failures in governance by political authorites and business leaders, the words resonate in a deeper way. This report traces the story to its early beginnings in Buenos Aires, Argentina, to immigrants from Piedmont, Italy, in 1927, fleeing the Mussolini fascist regime for a land of new opportunity. As Archbishop Bergoglio in Buenos Aires he created a group of priests who worked and lived in the slums of Buenos Aires, and he made regular trips to the poorer areas of Buenos Aires. He does not embrace ideology say people who know him from the Argentine experience, but focusses on the native peoples and culture, rejecting colonial legacy, in a faith where the poor and ordinary people are central to this idea of Christianity, far from intellectuals and political manipulation. ...

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After three years o rock star popularity prime minister Trudeau's popularity has dropped so far that his party could lose the October general elections. This is after Canada's Attorney General resisted efforts by Trudeau and senior officials to let a Canadian company SNC-Lavalin avoid trial. Since then recording of a iphone call taken by the Attorney General with a top government official Mr. Wernick has created an uproar on this matter. Ms. Wilson-Raybould, the Attorney General saying in that conversation that this was going to look like nothing but political interference by the prime minister and everybody else involved in this. Nearly two thirds of Canadians now disapprove of the job Trudeau is doing according to a poll by Ipsos Public Affairs and Agnus Reid Institute.  Rock star popularity can fade quickly. In Brazil Ignacio Da Silva was popular till a crisis with state finances and the Car Wash scandal involving illegal payments led to the loss of his Workers Party in the recent elections. Mr. Trudeau had won support by supporting clean governance and giving women a say in governing. Ms. Raybould was transferred to a lower position after her unwillingness to follow government officials on the CNC Lavalin issue. Now the Liberals Party of Trudeau is trailing the rival Conservatives and Ms. Raybauld is a highly respected figure in Canada. ...

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The carefully prepared rules and strict implementation are good news for UEFA soccer after the closing of Stade Francais in rugby with 25 players testing positive and the playing squads and coaching staff put into isolation. Some of the rules as eight teams leave for the quarter finals in Lisbon. All 8 teams in the elite of European soccer are required to read and follow the 31 page document on the rules for health safety during the coronavirus. Players cannot leave the hotel without prior agreement and cannot meet people outside their group. The all get tested before they leave and the day before each game. In the hotels a private access route and a private dining area, food prepared by the team's own staff. Laundry, clothes and equipment only to be handled by team's own staff. VIP arrival areas are only one's used at airports. Everything has to be disinfected in advance. Very little is left to chance. It is similar to hospitals that have setup a rigorous defense. So far its working and hundreds of millions of fans have watched teams like Real Madrid, Manchester City and Liverpool on television. Only two tested positive when teams left for Lisbon showing that soccer teams are taking it seriously for the fans which is a good thing, a very good thing to give fans something to watch from home in these days of the pandemic. ...

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Chantix Pfizer's anti-smoking medication faces new questions as Safe Medication Practices, a drug safety group, releases a report that shows 988 accidents linked to Chantix in the USA during the 4th quarter 2007. The FAA reacted to this report by banning the use of Chantix by pilots and air traffic controllers. Chantix has already been connected with psychiatric problems and this report shows links to heart trouble and diabetes.

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The tech monopolies have operated with impunity with one overriding goal of maximizing profits for far too long. Under Theodore Roosevelt the solution was to breakup the oil monopolies of the 1890's. Fighting Tammany Hall corruption in the New York governing structure was just one of TR's achievements, he also fought for better living conditions for workers in New York, for breaking up Standard Oil's grip on the oil industry, and worked hard to rebuild the American Navy to stand up to the European Colonial Powers who impoverished India and China. America can be proud of TR,  and Joe Stilwell who fought the Japanese in China with deep understanding and concern for ordinary Chinese and their struggle against poverty, the wall of indifference of the colonial powers to their condition.

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Gerry Adams of Sinn Fein in Northern Ireland says in the NYT that some way has to be found to respect the vote of 55% in Northern Ireland in favor of remaining in the European Union. He says Northern Ireland and Scotland should not be made to leave the EU because of a different preference expressed in England and Wales. He points to one of the most harmful effects of the Brexit i- the return to a hard  border between the EU state of Ireland and Northern Ireland. This will affect the economic, healthcare, tourism, business and cultural links of Ireland in the north and south, and reverses the gains of the 1998 Good Friday Agreement. He calls it a result of factional infighting in the Tory party, the rise of far right anti immigrant groups such as UKIP, and the Gove faction which never really supported the peace deal in Ireland that has brought two decades of peace. Adams says concurrent referendums for a united Ireland is one solution to this problem. Another is an All Ireland forum of political parties and civic partners to meet, and for the Irish Government to stand behind the Good Friday Agreement, so that the Brexit does not hurt the interests of Ireland as a whole. ...

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PM of Sweden Ulf Kristersson on the Joint Statement of the Nordic nations with India. Joint Statement: 3rd India-Nordic Summit, Oslo, 19 May 2026 Published 19 May 2026 1.  Today in Oslo, the Prime Minister of India, Shri Narendra Modi, the Acting Prime Minister of Denmark, Ms. Mette Frederiksen, the Prime Minister of Norway, Mr. Jonas Gahr Støre, the Prime Minister of Finland, Mr. Petteri Orpo, the Prime Minister of Iceland Ms. Kristrún Mjöll Frostadóttir, and the Prime Minister of Sweden, Mr. Ulf Kristersson, held the 3rd India-Nordic Summit hosted by the Norwegian Prime Minister. This Summit builds upon the previous two Summits held in Copenhagen in 2022 and Stockholm in 2018. 2. The Prime Ministers noted that they are meeting at a time of global geopolitical flux and rapid economic and technological transformation and agreed on the need to deepen the partnership between India and the Nordics for mutual benefit based upon shared interests and values and to cooperate in addressing global challenges. In this context, they decided to elevate the India-Nordic relationship to a trusted Green Technology and Innovation Strategic Partnership. 3.  As leaders of vibrant democracies and large open market economies, they underscored their shared interest in fostering a robust and resilient global order based on international law that promotes peace, stability, inclusive economic growth and sustainable development.  4. They reaffirmed their commitment to upholding international law, shared values and obligations including democracy, freedom, human rights, gender equality, rule of law, respect for sovereignty and territorial integrity and international peace and security in accordance with international law, including the United Nations Charter. 5.  The Leaders discussed international peace and security including the conflicts in Europe and the West Asia/Middle East. 6. They discussed opportunities for collaboration in trade and investment, blue economy, circular economy, digital infrastructure, digitalisation and artificial intelligence, climate action and energy security, fighting pollution, water, research and education, talent mobility, healthcare, space & geospatial sectors and defence. UN, multilateralism and international cooperation 7.   The leaders reiterated the importance of an effective multilateral system, with the United Nations at its core. They confirmed their commitment to work towards reforming the UN, including the UN Security Council, to make it more representative, inclusive, transparent, efficient, accountable, effective and reflective of the contemporary geopolitical realities. The Nordic Prime Ministers reiterated the support of the Nordic countries for permanent membership for India in a reformed and expanded UN Security Council. The Nordic leaders welcomed India’s application to the Nuclear Suppliers’ Group (NSG), and emphasized the importance of the international multilateral export control regimes in upholding non-proliferation and international peace and security. Trade, investment and economic cooperation 8.  The leaders emphasised the importance of a continued central role for the World Trade Organization in the multilateral trading system and global trade governance. They underscored the importance of a fair, open, transparent, equitable, non-discriminatory, inclusive and rules-based multilateral trading system, with WTO at its core. 9.   They acknowledged the significant economic exchanges in the form of trade and investments between India and the Nordic countries in promoting sustainable economic growth, prosperity, circular economy, bioeconomy, sustainable development and supply chain resilience. 10. To facilitate trade and investments and contribute to the objective of sustainable development, they particularly welcomed the entry into force of the India-EFTA Trade and Economic Partnership agreement and the conclusion of the India-EU Free Trade Agreement. The leaders also welcomed the active business exchanges in the margins of the Summit and highlighted the need of continued business exchanges to identify opportunities. The leaders stressed that in addition to the economic benefits by enhancing market access and removing trade barriers, the India-EU FTA and India-EFTA TEPA could support economic security and resilience through diversifying critical value chains and opening new markets. They welcomed the shared objectives under TEPA that EFTA states shall aim for investment of USD 100 billion leading to creation of one million direct jobs in India. 11.   The leaders further emphasized the need of undertaking initiatives to improve connectivity between the Nordic and the Indo-Pacific regions, including in line with the continued development of the India-Middle East-Europe Economic Corridor. ...

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Barton Swaim editorial page writer of the WSJ on Vladimir Putin Weekend Interview with Beatrice de Graaf of Utrecht Uiversity and Niels Drost of Clingendael Institute in The Hague, Netherlands - how Western World missed Czar Peter the Great's World View and its shaping Putin's World View creating vast misconceptions when US thinks Russia thinks like western norms.  Could the US have missed a key component of the thinking of Russian leaders in putting themselves in the line of Russian kings (Czars) since the Enlightenment with belief in nationality, autocracy and Empire of the Enlightenment. “Of course he (Putin) also refers to the Second World War, and he does refer to Stalin—but not that much. Far more often he talks about the great Russian czars.” And the great Czars that was important to Putin, de Graaf counts 3000 statues built in Russia to these role models for Putin. In the early years says de Graaf Putin talked incessantly about the modernization of Russia, Russia joining the Modern World in the years of the Enlightenment, Russia fighting off Napoleon and under the Soviets Nazi Germans. Graaf says he talked about- “Peter the Great and European interests, of Catherine the Great and literacy and the Enlightenment. He spoke of Alexander I and Europe joining to defeat Napoleon." Deep down Putin felt in these talks 11,000 of them on the Putin site which puts up his speeches and talks over a 20 year period, which Niels Grost with his fluency in Russian has looked at. Of these 3000 talks and speeches are in this reference to the great Czars. Even before Ukraine there was a sense of hurt that considering the vast expanse that Russia occupies in Europe Russia had by restoring the old Russia by 2000 found itself in a odd predicament. As de Graaf and Swain point out the US market based economy based on GDP, the US presidents such as Bush and Obama saw Russia as a  middle power based on its exports and imports, its trade, its commerce which was the only way they could see the world. This led to a special kind of shortsightedness says this interview in the WSJ. Putin's key adviser says of Russia's goal - to be seen as a Northern European Power (from WSJ) in 2025.Putin sees Russia as looking for "respect," as a goal.  This is where US business may have got it all wrong- the authors say about China and India- and the US, seeing themselves as Empires not in today's Modern World as with imperialist ambitions, but with a historic sense of regional presence across Asia and North America with their rapid modernization. DJT's talk of Canada as a 51st state, one finds US business as accepting the idea that Canada is part of the US regional influence. And under the Monroe Doctrine of 1824 revived by no less than Teddy Roosevelt and FDR, in its cooperation form by JFK in 1960, the regional influence of the United States in the Western Hemisphere is also accepted by US business and the American public. It is this context that the authors say offer an alternative view of the Russian leader and his policies. Beatrice de Graaf and Niels Drost are the author of "Putin's Czarist Dream" At that point there is in addition to nationality, autocracy and Empire of the czars the ideas embedded in Eastern Orthodox Christianity which are different says de Graaf of Utrecht University in Netherlands, from Western Christianity. This Eastern Orthodox Christian idea is a bit different from St. Augustine's just war and discussion of what constitutes a just war, and the definition of that being given under Russian tradition by Russian Czars or leaders who Putin identifies himself with such as Peter the Great. Peter the Great  created the beginnings of Russia as a modern European state in St. Petersburg during the years of the Enlightenment. In the Eastern Asian tradition the Bhagavad Gita also has a discussion of what constitutes a just war so that it extends to different regions of the world not just European. ...

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Greg Ip tells India's story, piped water for hundreds of millions of Indians, massive increases in road and rail, rapid development of infrastructure, aviation, ports logistics. WSJ graph shows country growth of economies for Japan, China, India, Germany in 2000 and 2020. By 2000 Japan had grown its economy to become about half the size of the US economy with two decades of rapid growth since 1980. China repeated this process with two decades of hyper growth since 2000 to become about 75% of the US economy by 2020. The graphs also show Japanese growth tailing off so rapidly after 2000 in relation to the US economy that it is now only about 25% of the US economy. China is likely to follow the same path as growth slows and with an aging population to become about 35-40% of the US economy by 2040 from 75%. India following the process that happened in Japan and in China is likely to become close to 35-40% of the US economy by 2040 from about 18% today, with the fastest growth over the next two decades for the most populous country in the world. Greg Ip points out what has been achieved since 2014 with the Modi government. Good governance without leakages of public funds dedicated to infrastructure, ease of living, GST one India one tax so that growing pool of funds from taxes fund rapid development with no leakages to corrupt officials,  Swacch Bharat or Clean India, clean water from taps, electricity and cooking gas for the whole population of India with dates for completion. All this Ip calls removal of the shackles that existed for far too long even past 2000 and 2010 when China had vastly surpassed India from its low point in 1980 after Mao and the Great Proletarian Cultural Revolution. India today is in as much a pace of development as China in the 1990's and Japan in the 1960's, except that it now has the benefit of grasping how development can be done in a way that does not affect climate and health in adverse ways as happened with China's hyper growth -which also led to the tragic loss of manufacturing for workers and communities in the US and Europe due to the economic theories of laissez faire of the Reagan era. Reagan theory for governments not working with industry that were applied indiscriminately during the Clinton, Bush, Obama and Trump presidencies for three decades led to shipping manufacturing overseas with no regard for the risks and dangers. What Greg Ip fails to mention is the uniqueness of India that is united by Vedanta, Hinduism and Buddhism for thousands of years, and which keeps the fabric of society together when it is divided by 13 language groups. These 13 language groups are: Hindi 43% of the population, Bengali 8%, Marathi 7%, Telugu 7%, Tamil 6%, Gujarati 5%, Urdu 4%, Kannada 4%, Odia 3%, Malayalam 3%, Punjabi 3%, Assamese 1%, English 1%. It was the vision of the early leaders Vivekananda, Gokhale, Mohandas Gandhi, Nehru, Sardar Patel, that united a diverse country with many languages and cultural variation. And it is this vision of Vivekananda that is creating the Good Governance under Sab ka Vikas, Sab ka Viswas, Sab ke Saath, Sab ka Prayas of today- development for all, with the confidence of all, with the support of all, the efforts of all. Without a disciplined direction based on hard work India could not make it this far or fulfill the aspirations of its youthful population by 2040. ...

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Preliminary results show the SPD Social Democrats leading in Germany. The SPD had 25.7% of the vote, ahead of Merkel's CDU at 24.1%. This is the worst showing for the CDU in German elections. The environmentalist Greens Party came in at 14.8% of the vote. The pro-business FDP Free Democrats came in at 11.5%, the far right AfD at 10.3%, and the socialist Left party at 4.9%. Parties calling for big infrastructure investments in Germany with tax increases emerged as big winners reflecting the public mood in Germany after CDU led coalitions with SPD for the last eight years focused on the eurozone crisis and opened migration into Germany, while neglecting much needed investment in broken infrastructure. Both the SPD and Greens are calling for big investments and taking on additional borrowing to do so. They now have a combined 42% of the vote, and 47% when combined with the socialist Left. The Afd with 10% remains mainly a fringe party - and primarily a result of Merkel's decision to open migration from war torn Arab countries which she later reversed, and from from the CDU's failure to tackle social and economic problems of eastern Germany.    ...

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The confusion among Tsipras supporters in Athens as the creditor terms that are stricter than the ones rejected in the July 5, 2015 referendum win 250 votes out of 300 in the Greek parliament on July 10, 2014. The centre right New Democracy and centre left Pasok parties and other parties support Tsipras, and the far left of Syriza abstains in the vote. Serious damage was done to the economy in the 6 months of Syriza negotiations ending in the referendum, increasing the size of a new bailout. The increase size of the bailout came as a shock in Germany reducing any flexibility for chancellor Merkel in the internal debate within Germany. In addition relations were damaged with the EU by the referendum and Syriza's handling of it. As a result opinion polls showed German support for concessions dropped to a low of 10%, increasing pressure on chancellor Merkel within her CDU party. Analysts say Greeece could lose another 10% drop in output if Greece leaves the eurozone, showing the risks taken by the far left Syriza party and economic mismanagement. Even if it stays within the eurozone Greece faces additional costs with lower tax revenues from the fallout in the economy of events in July 2015. Greek officials say the restrictions on ATM withdrawals to 60 euros a day for each account could stay in place for months. These developments are not taken into account by academics and young people in Greece as they refer to European solidarity. ...

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The situation in Ireland for the tax paying public is similiar to the situation in the US, as Peter Coy points out. Ireland has guaranteed the debts of its banks, but in doing so it has assumed a huge burden. The costs relative to Ireland's small economy for a single bank, the Anglo Irish Bank, would amount to $3 trillion if this was done on a comparable basis in the US, says Coy. In the US 1 in 5 homeowners are under water, and the Bush and Obama plans have done little to make principal reductions; the most they have achieved say experts is reduce the interest. The Foreclosure Prevention Working Group, an organization of states' attorneys general, says the large majority of mortgage modifications raised and not reduced the amount owed by homeowners. As Carmen Reinhart points out, if the government assumes private debt, it should do so at a realistic price, and this means haircuts. So far this has not happened. In the case of AIG, the government assumed all the debts, fully insuring AIG bondholders from losses. If the government is going to take up the problem of the homeowners under water, private debt holders are going to have to take haircuts. Bad lending would be encouraged if creditors know that they will be protected in the future. Policymakers may have waited too long because its equally irresponsible to gurantee payment of debts 100% as it is to do what has happened so far, which was to say the principal reductions would encourage borrowers to borrow recklessly. ...

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A Berlin based think tank, German Institute for Economic Research, says Germany could end its dependence on energy imports by winter of 2022. That is much sooner than mid-2024 as Economy Minister Habeck has stated.The issue has serious urgency as the war continues in April in Ukraine entering a new and more dangerous phase in the east. And every day oil and gas imports by European Union gives Russia $16 million for coal, $434 million for natural gas, and $489 million for oil, a total of close to $1 billion every day.  With new missile attacks on civilian buildings this is one way for European Union to shoulder some of the burden that it has not done so far. DIW think tank says this could be done with decreased industry and household consumption that could generate about 18-26% savings of the demand for Russian natural gas, suggesting that households turn down thermostats and use less warm water, and industry turn to alternative fuels such as coal and biomass. Another saving is from increased supplies from Norway and the Netherlands of liquefied natural gas (LNG). Increased supplies from Norway alone says DIW could cover 20% of current annual imports of gas from Russia. Instead of waiting to build new infrastructure, the new LNG terminals on the coast which face long construction times and eventually falling demand for natural gas which make them financially untenable, the best approach is to use existing infrastructure in LNG terminals in the Netherlands, Belgium and France to increase volume in EU pipelines. Such action would cover 25% of demand for Russian natural gas. Other action is get more efficient use of the European pipeline system to increase German gas imports from Algeria, Libya and other North African nations vis southern EU nations. ...

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So far 17 million people in the UK have received the Astra Zeneca vaccine.  35 cases of blood clots, 15 of pulmonary embolism and 22 of deep vein thrombosis have been reported across the UK and EU. In a normal year more than this number of cases of blood clots are seen say experts. These occur naturally in the population, including elderly population. Astra Zeneca's chief medical officer, Ann Taylor, says the number of blood clots in the 17 million people who have received the vaccine across Europe is actually lower than would be expected in the general population. The EU countries of Germany, France, Netherlands and Italy have temporarily stopped using it after 3 healthcare workers in Norway had blood clots. In Germany 7 out of 1.6 million had a rare condition of cerebral sinus thrombosis. Both EU and medical regulators say that there is no evidence that these blood clots are caused by the vaccine. The number of clots are similar to what was seen in the population before the coronavirus. Also this report in The Times says taken together there is no difference between the number of clots in the population that received the Pfizer vaccine or the Astra Zeneca vaccine.  The Daily Telegraph reports that one in 1000 people have blood clots every year, so that for 17 million people in vaccinated population with the Astra Zeneca vaccine there would be 17000 cases of blood clots over 12 months. During the clinical trials Astra Zeneca reported there were fewer people with blood clots who had been vaccinated than in the people who were not vaccinated. ...

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Just about half of Africa's population is within 25 kilometres of a fiber network for mobile telephone connections. In Nigeria this is much lower at 14%. Instead of having to lay costly fiber optic networks for high speed broadband connections Africa can benefit from new 5G network technologies that enable Africa to leapfrog to better high speed internet connections. The telecom company MTN has started testing 5G mobile internet in Nigeria with live demonstrations in Abuja and Calabar, and in other Nigerian cities during a 3 month trial period. Nigeria is one of the few African countries that is pushing 5G with rollout in 2020. 5G uses radio waves to transmit and receive data between an antenna and one's mobile phone. It operates at high radio wave frequencies which cannot travel as far as other frequencies, so a denser network of base stations or masts is needed. This makes it highly suitable for large urban areas. A report by GMSA shows that South Africa, Nigeria and Kenya and four other African countries will have 5G by 2025 and this will be about 3% of mobile data compared to 16% worldwide. Problems with use of 4G in Nigeria show the issues facing Africa. Cost of using 4G is high for the average user, so that only 4% of users of mobile internet in Nigeria are 4G even though Nigeria has an extensive 4G network. Instead 40% of Nigerian users use 3G networks. 5G faster internet could help Africa in areas such as health with telemedicine, and in remote education, say experts. They also say 5G rollout in Africa will benefit from drop in costs as the technology becomes widely used in Europe, China and America. ...

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The riots in Dublin, Ireland, covered in depth in The Times, started with a stranger approaching an Irish language primary school in Parnell Square East, and attacking children there with a knife. A deliveroo driver on a motorcycle moves to the scene and using his helmet hits the attacker felling him to the ground where he is disarmed. Minutes later the scene is replayed over social media channels TwitterX, Whats App, and far right figure puts it in a Twitter account that a "foreign man entered the school and stabbed five people," setting off marauding youth to riot on the streets A tram and several police cars, shops in the centre of Dublin, a hostel for asylum seekers, are damaged or set on fire.  In September 2023 200 people protested high immigration outside the Irish parliament. As in Amsterdam-Rotterdam-Utrecht area  housing in Dublin is unaffordable to the locals. Immigration has surged particularly from Ukraine all over Europe in 2022. It is an issue in UK, Netherlands and Ireland. With the cost of living crisis, the aftermath of the pandemic with people suspicious of the state, overcrowding in socially deprived inner city areas Parnell Square being one of them,  and record homelessness; immigration has become a scapegoat. The suspect in this situation was a naturalized Irish citizen who has lived in Ireland for 20 years and is of French-Algerian origin. The Deliveroo driver who came to the rescue is a 43 year old Brazilian Caio Benicio. It took three hours after nightfall 6.00 pm for police to restore order. ...

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Prof. Barry Naughton at the University of California, San Diego, looks at how China has approached tech regulation in a way that has not yet happened in the US and Europe. It says tech regulation expands the role of the government, yet is one that has "a reasonable regulatory rationale," and can be easily supported on an individual basis. It says the US and Europe have recognized the issues that need to be tackled as tech companies were left with no checks or regulation after growing in insidious ways in the last ten years, but have so far failed to act on this knowledge. Some of the goals pursued in China made sense for China it says- technology self-reliance after delinking with the US, data security, de-risking the housing market, getting on a path to carbon neutrality. Other goals such as de-licensing tutoring companies and reregistering as non profit companies-  this was because of president Xi's concern that excessive costs and stress were discouraging Chinese families from having more children as China's population ages rapidly. This means the government plays a bigger role yet Naughton says when it coms to the goal of reducing inequality China has still to come up with ways to use tax policy and other ways to mitigate an extremely unequal distribution of wealth in China. Today this is limited to donations and giving by companies. In the US and Europe social democratic governments from Biden, Scholz and others are taking serious steps and have plans to address these problems of common prosperity with plans to help families and workers. ...

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Horowitz provides a rare portrait of Donald Trump's father, Fred Trump. This is  useful in understanding Donald Trump because as Trump says frequently many of the traits- self-promotion, aggressive business promotion, taking advantage of political connections to advance the family business, penny pinching for construction sites- are all traits he inherited from his father. His father did not want to go to Manhattan as business was already nice and easy in Brooklyn and other places. The son went into Manhattan and put his name on Towers he built in the city. Fred Trump benefitted from the FHA and depression era programs setup under the New Deal by FDR, and the flow of immigrants and returning veterans, the zoning allowances given by politicians. Without this the business would be nowhere as successful as it was. Making it self-made only upto a point, in the intensity and the individualism displayed. Fred Trump was born in 1905 to German immigrants who spoke mostly German at home. His brother John was into books, and went on to teach at the Massachusetts Institute of Technology, so the family was certainly aspirational immigrant. Fred was the doer and started his business with his mother at the age of 21, and by 28 had won the mortgage services business of a failing German bank, by 1938 at 33 he had setup property developments in Brooklyn. Federal Housing programs were the key- homeownership was emphasized in the New Deal with F.H.A. 25 year mortgage loans- as affordability was an issue in the Depression era period. Fred Trump keenly used these loan subsidies with price tags so it would be a stretch to say the business simply went up on the intensity and the business skills.  ...

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Helen Gao provides this exceptional story of how 544,000 Chinese students studying abroad far from being success stories are facing stress, anxiety, depression to an unusual degree. About 329,000 of them are in the U.S. where the $50,000 to $60,000 college tuition cost is ten times the disposable income of a Chinese family. For working class families study abroad means using up savings. Researchers at Yale in a 2013 survey found 45 percent of Chinese students on campus had symptoms of depression, 29% had anxiety. This is similar to other universities in the U.S., Australia and Britain with large Chinese student populations. Language barriers and cultural barriers pose a problem particularly in student interactions with advisers and professors. Liberal arts studies emphasize critical thinking and other skills that are not found in a results oriented, memorization from note cards oriented system in China, creating academic stress. Worse what awaits students who return is not enough recognition for years spent studying in a different environment- about 80% of Chinese students from abroad earn a mere $1500 a month, according to a Beijing think tank Center for China and Globalization report done with a recruitment agency Zhilian Zhaopin. As she talks about the experience of other students from China, Gao describes her own anxiety attacks during 8 years of study in the U.S. Her father sent pictures after his first visit to the U.S. in 1995 says Gao, with words about how he wanted his daughter to see the U.S. with her own eyes, the beauty of the country and its spirit. Years later Helen Gao of Beijing sees a different America as she walks from one Harvard campus building to another in 2015 during her last year of graduate study, one that brings anxiety, financial insecurity, and uncertainty about the future.   ...

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How we age is up to us. You are able to do the plank at 70 because you are doing it at age 50. Dr. Norman Lazarus is a professor at Kings College, London, and is 84 years. It is all up to us, what we eat, how we get our exercize and aur work life balance. Dr. Norman Lazarus says about ageing that our appoach to it is totally inadequate and that ageing has not much to do with genetics. If one eats healthy food and exercizes well then many of the diseases we hear about at older age are just lifestyle diseases that one does not have to worry about, even if one gets one of the diseases the recovery will be faster. He says eat well, move a lot and also enjoy yourself. Enjoy yourself to keep cheerful which stimulates the brain. He is the author of "The Lazarus Strategy: How to Age Well and Wisely."  In Lazarus view the last 25 years can be miserable or without disease depending on what we do. Diseases of ageing are not inevitable he says, its rubbish he says and it makes him cry, it is just that it takes 25 years for all that neglect of exercize and not eating healthy to reach a critical point. It is also not that some people are better than others. Lazarus found himself at age 50 putting on weight till he made the decision one day at lunch with his wife.  A a non competitive long distance cyclist Lazarus has done studies which show cyclists over 70 years having the immunity and fat level of 20 year olds. Nothing is written, we have to write it ourselves. ...

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This editorial in the WSJ commends Congress for the $2 trillion U.S. aid package for households, small business and large corporations to keep workers on payroll, and aid to hospitals. It also commends the Federal Reserve for swift action to maintain liquidity in all corners of money markets. It was important to prevent a run on money market funds and municipal bond funds. The U.S. Senate bill adds $454 billion for Treasury that can support further Fed action if needed. This has also resulted in a recovery in the stock markets. The editors of WSJ caution Treasury from intervening too far up the risk curve to help companies that had overleveraged themselves with risk before coronavirus hit. It makes clear that the U.S. central bank the Fed should only offer liquidity against good collateral to companies that were healthy before the shock. As president  Trump never tires of telling listeners to his daily briefings from the Brady room in the White House- Boeing and the airlines were healthy before coronavirus hit. It was not their fault that coronavirus hit so suddenly. These companies deserve government help, says the president. By making the distinction between otherwise healthy companies and companies that overleveraged themselves on their own, the Fed, Treasury, and the U.S. government can get more bang for the buck. The WSJ editorial also says there is a bit of good news in the behaviour of politicians, media and the public in the way they are ignoring the trivial politics and self-centred behaviours, including indiscriminately being critical of the president, and focusing on the important matters that affect all our lives.  ...