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The two front runners among Democrats in the campaign for President in the U.S. are building their lead on the basis of programs to reduce inequality and build the social fabric. Bernie Sanders and Elizabeth Warren support a program of Medicare For All. This program is a single payer program run by the government so that medical costs can be cut by the government directly negotiating cuts, which would reduce some of the cost.The WSJ looks at the ways this can be financed at a cost of between $11 trillion over a decade. Programs of less extensive coverage  in Medicare for All excluding undocumented workers and having individuals share some costs would cost this much, according to some experts.The gap would be financed by taxes such as that on Medicare currently. Sanders additional tax premium would be 7.5% paid by employers and 4% by employees. About $1 trillion is generated by each percentage point of taxes over a decade says CBO, so that a combined 11.5%  tax would cover Medicare for All. Alternatives or some combination would include this with taxes on the wealthy. Tax hikes on wealth, income and financial transactions would generate $11 trillion over a decade, according to the Committee for a Responsible Budget. Currently a majority favors a Medicare for All plan, and this support could grow as people understand that it would be progressive and reduce the burden on the middle class by shifting some of the burden to the wealthier in society in today's economy, where much of the increase in wealth over the last 3 decades has gone to upper income people. Much more so in the U.S. than in Europe creating a tear in the social fabric and disaffection with Democrats, who in earlier administrations from Clinton to Obama failed to maintain the gains made under FDR, Truman and Kennedy. This has led to a Republican administration under president Trump that won over disaffected Democrats but hope to merley to maintain the status quo. Warren is trying to change this with bold social programs that fit today's needs and circumstances. ...

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Ed Finn, president of Barron's for 19 years from 1998 has observed the economy for decades and comes to the conclusion that the 2007-2008 banking crisis from Reagan style deregulation was the one principal factor the US economy and the people suffered from a lost decade that was extended to 15 years by the pandemic. This has ended under president Biden says Finn, with he says about 10% growth in S&P 500 every year since 2020 and expects growth at that rate for another 4 years under president Biden. What this says about ultra low interest rates is that it was bad for America and a result of the need for tackling the 2009 financial crisis. Interest rates need to be at the moderate level of about 4-5%, the level today, where savers are rewarded, retirees are rewarded, bondholders are rewarded, and excessive risk taking is penalized, says Finn. Moderate interest rates help mortgage holders and new companies start businesses. In short says Finn- this is the way a economy should be run. We were sold the idea of ultra low interest rates because no one wanted to talk about the bad effects of Reagan style deregulation that inevitably lead to lack of the financial oversight of regulatory authorites. Financial oversight by regulatory authorites needed for modern economies to run, whether this is the US, India, China, or any large European economy, it is an essential condition for stable long term growth that serves the needs of the people of every major economy in the world. The idea must be cast aside that economic policy must be determined by the swings in sentiment  every few decades in one direction to too little government from to too much government or reverse, and be determined by essential truths of how a sound and good economy is run. As the US enters 2024 what Powell a Republican, and Biden a Democrat, and the bipartisan group of Senators in the US Congress are saying is that we get it, and are with single minded determination making it happen. ...

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A brief history of the US presence in Greenland and US-Denmark relations in Le Monde. On a map Greenland is located closest to Canada on the Smith Sound with the American base of Thule nearby. Next closest is Iceland. Norway and Denmark are further away. Around 1814 when Britain invaded and occupied Denmark in the Napoleonic Wars, Norway which was part of Denmark since 1400 was given to Sweden by Treaty of Kiel. Greenland, Faroe and Iceland were Norwegian dependencies. All three were kept by Denmark.  Icelanders set up small settlements on shores of Greenland in the 10th century which did not survive. Other parts of the island's shore were visited by the Dutch who came into conflict with the Danes after 1500. No country could claim ownership of Greenland as because of the harsh climate there very few settlements survived except of the native Inuit people population of 14,000 by 1900 who lived there. In 2025 about 56,000 Inuit live on Greenland. Robert Peary explored the vast Greenland region for the US Navy on on many trips from 1894 to 1909. With his ship The Roosevelt he reached a point about 100 kilometres from the North Pole in 1909. This is part of the US history on Greenland. Denmark signed documents asking for US protection of Greenland after Denmark was occupied by Nazi Germany in 1941. The Danish ambassador in Washington signed an agreement with Cordell Hull US Secretary of State making Greenland a protectorate of the US. The US set up military bases in Greenland. Today the US base in Thule is 1220 miles north of the Arctic Circle. It has a giant radar capable of detecting ballistic missile attack and a control center of the US military satellite network. At one time 10,000 soldiers were stationed at Thule base, today about 150 soldiers are in Thule. ...

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A 41 year old doctor, Vasant Narasimhan, is the new CEO of Novartis in Feb. 2018. Under Narasimhan R&D is expected to get prominence. His predecesor Mr. Jimenez's focus was on developing new prescription drugs. Dr. Narasimhan sees a shift to new technology, improving data science and digital capabilities to discover new medicines. This shift raises the possibility of a spinoff of the Alcon eyecare business and the Sandoz generics business.   Narasimhan joined Novartis in 2005 from consultancy Mckinsey & Co. and becoming head of R&D. He is expected to push a series of tech based initiatives including artificial intelligence to be used for new biomarkers showing effectiveness of treatment, new sensor technologies developed with Microsoft. This shift is a result of the earlier effort under previous CEO's to make up for the loss of patent protection on profitable drugs by diversifying into consumer healthcare. During the period under Jimenez Novartis share price performance was mediocre, rising 41% over 8 years. Its business is stagnant with a 1% increase in 2017 for revenues, the first increase in 3 years.   ...

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According to researchers at AARP and the Economic Policy Institute women over 50 years have a harder time than men of the same age in finding good jobs since the 2008 financial crisis. Older women who were laid off have a very hard time finding employment and steady jobs, as this report by Patricia Cohen in the NYT shows. Age, lack of internet skills, shifting networks, caregiving responsibilities and time off taken to care for children, all have worked against older women over 50 years. A study by the Federal Reserve Bank of St Louis shows that compared to 2006-2007 before the financial crisis hit when about a quarter of the unemployed for women over 50 years were unemployed over 6 months, by 2012-2013 the jobless women for more than 6 months had gone up to about half of the unemployed women in this age group.

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The most recent U.S Congressional Budget Office projections make assumptions of an higher U.S. unemployment rate for the next 10 years. This worsens the outlook for the U.S. deficit. The CBO projections assume unemployment of 8.5% by the end of 2012, remaining over 8% till 2014. The deficit for fiscal 2012 is projected to be $973 billion, or 6.2% of GDP. This is down from $1.3 trillion, or 8.5% of GDP in the fiscal year ending Sept 30, 2011, after spending cuts. Over the coming ten years CBO projects cumulative deficits of $8.5 trillion and U.S. debt at 82% of GDP in 2021, under a scenario where Congress renews the Bush tax cuts and payroll tax cuts, and is unable to reduce fees paid to doctors under Medicare. The gap between revenue and spending is widening- revenues are at 15.3% of GDP in 2011 and spending is 23.8% of GDP.

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Hitachi supplied signalling technology components for safety on China's high speed trains. Hitachi was the supplier to Beijing based Hollyss Automation Technologies Ltd., which is one of the two suppliers along with China Railway Signal & Communication Corp (CRSC) for the signalling equipment. To protect its proprietary technology from competitive threats Hitachi uses zumen or "black box" so that the components cannot be reverse engineered. Experts say that as a result Chinese engineers did not have a good grasp of how crucial aspects of the safety tecnology worked, leading to the collision of two bullet trains in 2011. The key components of the ATP, the Automatic Train Protection, the onboard brain on the trains, was supplied by Hitachi. Engineers at French company Alstom SA's China operations say China needs time to master the complicated technology acquired in the last seven years of the high speed rail program.

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The Obama adminstration and Democrats start the U.S. "fiscal cliff" negotiations with a call for $1.6 trillion of additional tax revenues, twice the amount of $800 billion discussed in talks with Republicans in the summer of 2011. During the Obama-Boehner talks in mid-2011, the Republicans and Democrats neared agreement for a plan to cut the deficit by $4 trillion over 10 years, with new revenues of $800 billion. Obama then pushed to raise the revenue to $1.2 trillion and talks collapsed afterwards. The Republican side through GOP senior aides says $1 trillion in new tax revenues is where this could end up. The Republicans would agree to cap deductions for the wealthy as proposed by Feldstein-Romney, and the Democrats would agree to changing Social Security and increasing the Medicare eligibility age to above 65 as proposed by Rep. Chris Van Hollen (D., Maryland) in such a scenario.

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Gen. Chen Bingde, People's Liberation Army chief of general staff, leads a military delegation from China to the U.S. He made a speech at National Defense University in Washington D.C. in May 2011. In that speech he pointed out that China's military capabilities remain far behind the U.S. capabilities, which he described as "a gaping gap." He described China's military modernization as having "unfortunately aroused unfounded suspicion and exaggeration of China's defense and military capabilities." With the overstatement of the threat posed by China only "distorting China's strategic intention, tarnishing its international image, and polluting the political environment for Sino-U.S. military relations." In other remarks he said China "does not want to use our money to buy equipment or advanced weapons to challenge the United States." The meeting between Admiral Mullen and Gen. Bingde was the first in seven years between military chiefs of the two countries.

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Facebook's acquisition of WhatsApp for $19 billion in cash and stock. Whats App has attracted users by offering the messaging service free and 99 cents for the second year for sending apps and pictures. It has grown rapidly in its international user base, and has in the space of 4 years since starting up in 2009 built a user base of 450 million users. About 70% of users go to the site daily compared to 61% for Facebook. Facebook pays $40 per user similiar to what is paid out for other social media sites. The main advantages are to protect Facebook as the trendiness of Facebook declines- if youngers cool to the site- by adding a popular messaging site, the international base of users, and the large number of users. A Ukrainian Jan Koum, who worked for 10 years at Yahoo, and Brian Acton founded WhatApp.

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This report by NYT's Choe Sang Hun shows in a brief and lucid manner the charges against South Korea's president Park Geun-hye, as the National Assembly votes on a motion to impeach her.  Her close friend and advisor, Ms. Choo Soon-sil, is involved. Ms. Soon-sil is accused by prosecutors of seeking favors from corporations such as Hyundai, and using the help of the president or the administration to secure these favors. This includes contracts for companies and foundations run by Ms. Soon-sil. In the proceedings before the National Assembly business leaders of the nation's largest companies have confirmed that they could not say no because of requests coming from the administration and the presidential office. About $69 million of donations to the foundations were made. The conglomerate Lotte donated $6 million for a sports complex to be built so that Ms. Soon-sil's company Blue K could run it. Prosecutors say these companies feared retaliation or tax investigations if they did not comply with requests from the presidential office. Other charges are about national intelligence and this relates to orders from president Park to an aide to give 47 classified documents to Ms. Choi Soon-sil between 2013 and 2016. Choi had no security clearance and the documents showed who would be appointed to top government positions including national intelligence director. The opposition in the National Assembly says this violates her constitutional obligations. The constitutional guarantees of freedom of the press were violated say opposition leaders because a newspaper's president was fired for covering Ms. Choi's activities. ...

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Johnson & Johnson begins a 60,000 person clinical trial on 3 continents in the final stage of testing. It could learn vital results in early next year which if positive would lead to government authorization for emergency use soon after. J&J will test whether a single dose of vaccine will work. It is also doing work separately with the UK government for a separate phase three study to test whether a 2 dose vaccine will work.

Other companies in final stage of testing are Moderna and Pfizer with studies results expected in October and Astra Zeneca working with Oxford expecting results by the end of 2020.

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David Reilly says the Fed's response to the large volatility in the stock market after the credit downgrade of the U.S. to AA+ makes sense. The Fed's Open Market Committee voted 7-3 on August 9, 2011, to keep interest rates exceptionally low till mid-2013. With credit markets working and the financial system having sufficient liquidity the Fed did not need to take drastic action. Coming only a short period after the end of QE II, a QE III could be seen as an over-reaction. Another reason for the Fed's action- more pressure was needed for the U.S. government and Congress to shoulder responsibility for the economy. In an earlier statement the Fed had pointed out that the Fed by itself can only do so much and this is consistent with that thinking. There are important headwinds from housing, large consumer debt, deficits, and high unemployment that the Fed alluded to in that statement that will take time to reverse with policy action on several fronts over a longer period. In the speech made on June 6, 2011, U.S. Federal Reserve chairman, Ben Bernanke, said "monetary policy cannot be a panacea."...

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A big factor in U.S. car sales, which reached 7.5 million in 2015, exceeding the 7.3 million in 2000, is that a large portion of cars on the road were about 11 years old following the recession in 2008-2009. As Dexter Ford pointed out in a article in 2012 many car owners on the road had replaced the earlier 100,000 mile mark before buying a new car, with 200,000. This pent up demand, and the better technological features including gasoline conserving technology, gave new impetus to demand in 2013-2015. Lower gasoline prices at the pump of about $2.00 a gallon in Jan. 2016 across parts of the country made it economical to own SUV's and pickup trucks. The U.S. car companies Ford, GM and Chrysler-Fiat had sales of 2 million full size pickup in 2015, with the Ford F-150 leading. Car companies have come through a severe crisis and are taking steps to avoid a repeat of the mistakes of the past on fuel efficiency- Ford has introduced a lighter aluminium based version of the F-150 for example. Gasoline prices also provide buyers with extra money to meet car payments which now have been stretched to longer periods and lower rates by auto companies to reduce the cost burden per month. AAA says the average price in 2013 for a gallon of gas was $3.49, in 2014 at $3.34, in 2015 at $2.40. AAA says that 71% of gasoline stations sell gas at less than $2.00 in January 2016, and gas prices are likely to remain low for an extended period with lower demand from China, higher fuel efficiency going forward with stricter standards, new technology for shale oil production, and the replacement of cartel pricing by competing production from Saudis, Iran and Russia. On average Americans saved $115 billion on gasoline, or $550 per licensed driver, according to AAA's Daily Fuel Gauge Report of January 6, 2016. In addition to the $550 saved the higher fuel efficiency with new technology adds a corresponding amount to savings per driver. Add to this the lower payment at low rates over longer periods and the car payment per month has been reduced significantly in a improving job market, to support car sales....

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This WSJ Investigation shows Facebook is aware of the acute flaws in its product, that the product is riddled with flaws that only Facebook fully understands. Yet it says the company has not acted in a way that correct these flaws. Some of the flaws of how this app affects teenage girls was a subject of one part of this report. In other parts it looked at how the Facebook app in social media use could increase the level of division in society, and affect the achievement of public interest goals, as users make use of the app and apps like Facebook such as Twitter to increase discord. This is becoming an issue as public interest goals are now seen as critical for recovery. Vaccination for coronavirus in US and Europe, national infrastructure development in India and developing nations, effects of social media on women's health, are critical areas in which social media may have failed to deliver constructive results, and actually gone the other way to make things worse for all. This may also be why leaders of large nations including Mr. Biden, and leaders in India and Europe, have lost patience with social media. ...

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Germany is adjusting its requirements for residency permits and work permits for refugees. It will let asylum applicants take temporary jobs by 3 months after applying for asylum. Current law bans migrants from working through temp agencies for the first 4 years in Germany. The government will lower hurdles for job applicants who are refugees. Government policy of Angela Merkel's coaltion is- "people who have the right to protection and stay in Germany permanently should find employment rapidly and earn their living themselves." This is critical to the large effort to absorb about 1 million refugees in 2015, as it will meet the needs of companies and not cost the government additional outlays for social payments to refugees. The initial response from companies such as SAP, Thyssen Krupp, and smaller companies has been very positive, and shows why Germany is uniquely positioned of all EU countries to be able to take on this challenge on both humanitarian and mutually beneficial basis.

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Tax cuts initiated by the Bush administration and to a smaller degree by the Obama administration account for $6.3 trillon of the $10 trillion deficit in 2011. This is about half the $12.7 trillion gap between the $2.3 trillion surplus predicted by the CBO a decade ago for the year 2011 and the current deficit of $10.4 trillon. Two wars and higher defense spending add another $2 trillion. The Stimulus added $700 billon. The Prescription Drug Benefit for seniors $272 billion. This is based on new analysis of CBO data by the Pew Fiscal Analysis Initiative. The record shows unrestrained spending by both parties has led to the current mess. Pete Domenici who chaired the Senate Budget Committee at the time of the first tax cuts in 2001 says "in the end the floodgates were opened." This also shows how quickly the situation can change if sound fiscal practices are abandoned. Two wars were financed entirely with borrowed money for the first time in U.S. history.

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Meltzer says the northern European countries France, Germany, Netherlands, and others should form a new currency union, and leave the euro currency to Portugal, Ireland, Italy, Spain, and Greece (the PIIGS countries). This way Greece can devalue its currency to bridge the gap of 20% between wages in Greece and the productivity of workers in Greece. The new currency union would follow fiscally binding rules. After the adjustments in currency were made by Greece, Portugal, Italy and Spain, these countries could be admitted to the new currency union of the northern countries. This would be conditional on acceptance of financial discipline and enforceable sanctions by these countries. Meltzer says clever agreements designed to protect the bankers are not the solution, as they only shift the responsibility and the burden for wasteful and reckless behaviour to taxpayers. Bondholders would take losses in a devaluation, and banks that are at risk should be either allowed to fail or given loans on strict repayment conditions. ...

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New rules by the Government Accounting Standards Board (GASB) and Moody's would show U.S. public pension funds as about 57% funded instead of 75% funded under earlier rules. This will open up an even wider gap in how much they have in the funds and their promises to retirees to about an estimated $2.2 trillion. This puts pressure on state and local governments to either reduce benefits for new hires, have workers increase contributions, or set aside more money from the budget. Local governments face the risk of credit downgrades and higher borrowing costs if no action is taken and finances are worsening. An example is Illinois retired teachers who earn annual pensions of about $46,000 on average, and do not participate in Social Security under state opt-out. Even under old accounting rules this pension fund had $37 billion of assets and $81 in future liabilities. Under the new rules the unfunded liabilities could jump to 83% by one estimate, from over 50%.

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Diet consultant Tallmadge says be careful about reduced fat peanut butter, enhanced water, energy bars and multigrain foods. She says reduced fat peanut butter is worse than ordinary peanut butter because it takes away the nutrients in the oil. Enhanced water can be nothing more than sugary drinks with vitamin added, better to drink clean tap water. Sugar is a major ingredient in energy bars. Better to snack on fruits and veggies and yogurt, or carry nuts and dried fruits if hiking or doing outdoor activity. And watch out for the marketing words saying its multigrain, what you want is whole grain not refined starch. Don't be fooled by the marketing of the packaged foods industry, check the ingredients carefully, because labels such as "low fat," "high fiber," "multigrain," and "natural," don't mean much. Eating right starts with selecting food carefully and diligently, and goes a long way in preventing many of the diseases and problems coming out of poor eating habits.

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John Cochrane, professor at the Booth School of Business, University of Chicago points to the simple truths about U.S. healthcare- out of control pricing because of the pathologies created by previous laws and regulations. He points out that costs are high in healthcare because regulations keep them high. Supply of new doctors is controlled because Congress and the AMA made it that way with a cap on residency programs and AMA opposing the expansion of medical schools. In a system of open competition new hospitals and health care businesses would challenge old ones which is not happening in a regulated market with regulations working to limit competition for the firms already in the business and with the influence to limit competition. Insurance costs for major expenses in an open and deregulated competitive market without the regulations would be so much lower than todays costs that its likely we would not even need a mandate such as the one the Obama healthcare law imposes.

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U.S. federal government efforts through changes in programs for loan repayment to reduce the burden of $1 trillion in student debt. A weakness of the programs is that no effort is made to put some form of cap on what colleges charge for tution, which is moving ever upwards. As a result students will continue to be burdened by high debt. The loan forgiveness after 20-25 years is not an adequate solution as the writer suggests, because extending loan payments of 15% of income for such an extended period of time leaves less for buying a house, for mortgage payments, education of children, and limits what a family can spend for two decades, a poor option for any family especially when both husband and wife are paying off student debt. As long as young people with student debt defer purchases for a new home and other purchases consumer spending will be weak.

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The South Ferry station, terminus for the No1 trainopens January 2009 with artists work by Doug and Mike Starn commissioned by the rts for transit Program of the Metropolitan Transit Authority. It includes curved floor to ceilin glass walls with silhouettes of trees, a marble mosaic of a vintage topographic map of Manhattan, and other imagery drawn from nearby Battery Park. Says Mike about the artwork, the brothers have been working with the idea of the splitting and changing of the trees and branches of the subway system, something that happens in time as well as in space. Its also rooted in their preoccupation with time and natural bonds part of their continuing project on the "Structure of Thought." The Starns proposal was selected in 2004 because of its imagery and its melding of technology for materials and of organix and urban history, and is part of the rebuilding of lower Manhattan after the 9/11 attacks.

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Self reflection by the boomers, born between 1946 and 1964 numbering some 78 million people, who gave commencement speeches this year from Ken Burns, documentary maker, at Boston College, to Democratic Senator Bennet of Colorado at Colorado College, on the mistakes of this generation. Senator Bennet used three figures to make his point about the failure, from 2000 the annual median family income declined in the US by $300, health care costs went up by 80%, and the cost of higher education went up by 60%. By contrast to this the so-called Millenials, born between 1982 and 2001, just want to see what works and get on with it, says Stefanie Sanford, an education expert. One graduate from the University of Kentucky, Julie Meador, a marketing major, is earning $7.50 an hour as part-time sales associate at Gap. Her view is that what she most thinks of is finding a good job, and not thinking of saving the world just yet.