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The BBC looks at the divisions left behind by the Brexit campaigns and the healing needed for Britain to look to the future. Prime minister Boris Johnson has called for healing divisions. What is meant by "healing," and what is needed to do the healing. To understand this one needs to know why people feel strongly. One of the dangers in describing people, places and regions as "Leave" or "Remain" is that no place is entirely one or the other. Even in the most pro-Brexit places as Lincolnshire a quarter of people opted for Remain. In London called a "Remain" city more Londoners voted to leave the UK than voted for the Remain supporting Mayor. New polling done for the BBC gives one a better understanding of core beliefs. The phrase "influences from other countries and cultures makes Britain a better place to live" was preferred by Remain voters. The phrase "Britain will be stronger in the future if it sticks to its traditions and ways of life" was preferred by Leave voters. Leave people were more likely to celebrate Britain's history, heritage, Christian tradition and national identity. What the BBC points out is that the two ideas are not exclusive. This is also suggested in the percentage of Leave and Remain supporting their core beliefs, which hovers around 50 to 55%. Part of the problem is the way politics is organized to be for or against, part of it from echo chambers and living in relative isolation from people with other ideas, sort of in different bubbles. This means getting everyone out of their comfort zone to embrace what they have "More in Common." Organizations and institutions need to work to bridge divides not only in Britain, but also in the U.S. and Europe, with more people to people interface and more of the conversation shifting to beliefs held "More in Common." Wanting to value one's own culture and traditions and wanting to be part of the global conversation are not mutually exclusive ideas. This is the key point, and a balance has to be found between continuity and change, between respecting traditions and grappling with change, and most importantly listening to unheard or neglected voices.  ...

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Instructions in a 2012 law say the money from fines paid by banks for LIBOR related offenses should go to communities throughout Britain. A program in North Yorkshire teaches military veterans how to use "therapeutic baking" as a way to ease stress through cooking and by kneading dough. The same social housing charity, Riverside ECHG, says its focus is on making sure people are not sleeping in bushes or cars. A program in Harrowgate uses these funds to resurface tennis courts at a treatment center for injured police. British prime minister Cameron promised during the recent election to use 227 million pounds from fines paid against Deutsche Bank in April 2015 for financing 50,000 apprenticeships. Critics say the money should have gone to people who were harmed by the banks actions, yet in the case of LIBOR related offenses it is not clear who was harmed and by how much. The idea for the 2012 law come from Chancellor George Osborne. Osborne said about sending money back into local communities- "It is fitting that the money paid in fines by people who demonstrated the poorest values in our society is used to support those who demonstrate the very best."...

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Over the weekend June 25-26, 2011, the Basel Committee made the decision to raise bank capital reserve requirements from 7% to 9.5%. Wall Street Journal and analyst estimates show that Bank of America, Citigroup, and J.P. Morgan Chase will have to together raise $150 billon in additional capital. The rule gives the banks time till 2019 to reach the new goal. Banks that get even bigger could face an additional one percentage point increase to 10.5%. As of the end of the 1st quarter of 2011, J.P. Morgan had an estimated 7.3% ratio and would need $35 billion to meet the 9.5% capital reserve requirement. Bank of America would need $68 billion and Citigroup $48 billion to reach the 9.5% target.

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The results of a Wall Street Journal analysis of 11 countries shows the risk of a stretched out period of stagnation in the economies of the USA, the UK and Japan. Jobs is a critical area in which this is apparent. In Japan employment is down 3.3% from December 2007, in the UK 2% lower, and in the USA 4.8% lower from December 2007. U.S. household debt is down from 131% in early 2008 to 122%, and poses a big burden. In the UK the household debt is larger than in the USA. And Japan's deficits are over 200% of GDP, creating an overhang that depresses jobs and growth. S. Korea, Taiwan and Australia have benefitted from the recovery since 2008 in China, India and the rest of Asia.

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Ed Miliband, leader of the Labor party, tells British prime minister Cameron in parliament on Dec. 12, 2011: "It's not a veto when the thing you wanted to stop goes ahead without you. That's called losing.That's called being defeated. That's called letting Britain down." Miliband was asking what purpose was being served, when it was expected that the European Union leaders were unlikely to provide Britain with safeguards for its financial industry, and when Britain has actually led the way in calling for stricter capital reserve requirements than Basel III standards accepted in Europe. Olli Rehn, European commissioner for economic and monetary affairs, said Britain cannot separate its financial industry from the rest of Europe: "If this move was intended to prevent bankers and financial corporations in the City from being regulated, that is not going to happen."

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A poll conducted twice each year by the University of Hong Kong researchers since 1997 shows Hong Kongers increasingly identify with their city including Hong Kong diaspora returning to the city from overseas. The latest June poll shows this identification increasing in intensity as time passes. Compared to 1997 and 2007 more Hong Kongers identify themself with Hong Kong and much less with "citizen of the People's Republic of China." After "Hong Konger" the identification next is with "Asian," "global citizen," and "members of the Chinese race." Culture is one major aspect of this, the other is the sense of being drowned by mainland people, by the large number of people from the mainland cities buying housing in Hong Kong, driving up prices and making housing unaffordable for the local people. Other aspects of this are the mothers going to maternity wards so their children can get Hong Kong residency, and the slots in elite schools going to mainlanders. Even the tycoons and large business interests are seen as distanced from the local Hong Konger because of the increasing inequality in society, their benefitting from business ties with the mainland with willingness to give up Hong Kong's local interests. At another level one can see this local identity across other parts of mainland China also, as the educated middle class in Shanghai and Beijing see themselves as apart from the "country bumpkins" and migrants from surrounding rural areas. This is a cultural phenomenon quite different and apart from the ideological concerns of the Communist Party, cultural difference which always exist below the surface. The business elite of the Communist Party can relate more to the environs of Sydney, Australia, than to the rural areas around Shanghai, just as much as the business elites in Bombay with connections to a ruling party can relate to Sydney or Toronto. Not everything about humans fit neatly into ideas such as "China Dream," or a "India Dream." And this may be a good thing when all is said and done- only human nature seeking not to be disturbed. ...

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Fomer Defense Secretary Leon Panetta says America needs to take up a vigorous foreign policy in his book "Worthy Fights." Both Panetta and Hillary Clinton, and Gen. Dempsey of the Joint Chiefs, Gen. Petraeus of the CIA, supported U.S. taking a strong stand in Syria by supporting Syrian opposition forces in the summer of 2011 and were overruled by president Obama and his election advisers because of the approaching 2012 election. Here Mark Landler provides more insights into Hillary Clinton's deeply held belief shared with Panetta that the U.S. had to take strong action where necessary to deter foes, to get into the ring to use Panetta's expression. The U.S. support for action in Libya to support Britain and France comes from the efforts of Clinton, and any lack of followup one of president Obama's errors in foreign policy. In April 2016 president Obama said that he considered his failure to followup in Libya to help the new Libyan government his biggest mistake in his presidency. Here Mark Landler looks at Hillary Clinton's entire career as showing a conviction and belief on the need for action where necessary in the U.S. global engagement. Compared to the bluster of the candidates Trump, Cruz and Sanders, with little experience to back this up in their careers in real estate, law or the Senate , Landler says Clinton is the last remaining hawk. Here he describes Hillary Clinton's contact and empathy for the troops from her trip to the American base in Tuzla, Bosnia, in March 1996. In fact many have forgotten that Yugoslavia is what it is today after the Milosevic years and the ethnic wars with Slovenia, Croatia, Montenegro, members of the EU and Serbia negotiating to enter EU, because of the bombing campaign taken by Bill Clinton through NATO in 1999 to prevent ethnic cleansing in Kosovo, and peacemaking following the Bosnian War using diplomat Holbrooke to negotiate the 1995 Dayton Accords. Here Landler describes the meetings with Gen. Keane who pushed for the troop surge that worked in Iraq under president George W. Bush. Clinton supported Keane's proposal made in April 2015, for a no-fly-zone in Syria that would help opposition forces till a settlement could be negotiated. Keane pointed out to Clinton that there was a flaw in Obama's policies- that negotiation would work only if the no-fly-zone was used to support opposition forces. By the end of 2015 Hillary Clinton publicly adopted this position. During a period when Americans are weary of foreign entanglements but understand the need to provide leadership where needed, Hillary Clinton, provides a balance between the pendulum swinging too sharply in one direction in the Bush years and in another direction in the Obama years, says Landler. A view also articulated by Leon Panetta, who was chief of staff for President Clinton during the Bosnian conflict and the Dayton Accords, where the U.S. showed strength of purpose in war and also in negotiating the peace without major entanglements....

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The British economy has contracted for 6 consecutive quarters. Third quarter 2009 show a 5.2% decline over the same quarter of 2008, and a 0.4% decline over prior quarter.

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The bonus issue at RBS bank in the UK, where performance has been abysmal but 1 billion British pounds in bonuses were planned. The public outcry. RBS has been the biggest disaster in British banking or one of the biggest. It has angered Prime Minister Brown for the Government to come up with $20 billion pound injection of capital into RBS recently, yet the current management saw it fit to consider this sizable bonus. Somewhere in all this there is a disconnect between what makes sense and what does not make any sense.

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Mervyn King, Governor of the Bank of England, wants to see stricter requirements than Basel III on capital reserves for U.K. banks. The Bank of England has expressed its strong disapproval of UK banks lobbying activities in Brussels to push for a dilution in Basel III standards. The British government and the Bank of England want to have the flexibility to set their own stricter standards and not to be bound by a relaxed standard set by the EU. The risk to British taxpayers is a principal concern. In the U.S. Fed governor Daniel Tarullo is pushing for capital reserve requirements stricter than Basel III's 7% requirement- calling for a requirement of 10-14%.