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A year after taking office Argentine president Milei cuts spending by 30% bringing inflation down from 25% to 2.4% in November 2024. All sorts of programs are cut that had proliferated over the years. The resut is that the economy shrinks by 3.5% in 2024, only to grow rapidly by 5% in 2025 restoring a more stable pattern of growth and moderate inflation. Throughout it's history Argentina has faced high inflation and economic crises.A similar pattern in Brazil was broken in 1998 after two decades of inflation. It reached 56% in January 1990 dropping to about 2% in 1998.

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In this economy there is wide divergence in the US for upper income people earning well on assets they own at 5%+ for extra income and the lower middle classes wage earners that are struggling even with low unemployment and inflation at 3%. WSJ looks at these two divergent parts of the US economy and what can be done. Inflation could be worse with higher Trump tariffs on imports, says WSJ. The situation is a difficult one for families struggling even with higher incomes, as this one in Michigan in the WSJ, that finds it necessary to take money out of savings with prices higher but not reflected in inflation statistics of 3%. One example is higher housing and apartment rental costs with 25% of families having to spend over 50% of their income on home rental leaving little for food and expenses. President Biden has called for limiting price increases on home and apartment rentals to 5%, and Harris has proposed aid for families spending more than 30% of household income on housing costs. Strong action is needed. ...

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Britain has imposed a complete lockdown of the country with fines and enforcement including it going on a person's criminal record.

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Higher property taxes and other costs are making Americans feel poorer with less cash flow even though housing wealth has increased by 80% since 2025 to $35 trillion. 

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Angela Merkel finally reaches an agreement for a coalition government of the CDU, CSU and the SPD parties. Under the agreement the CDU cedes the Finance Ministry to the Social Democrats SPD party, and the Interior Ministry to the CSU which favors a stricter immigration policy. The agreement still needs the consent of the SPD party members in a vote. In addition to the Finance Ministry the Social Democrats will hold the Foreign Affairs Ministry. It means Merkel will have a fourth term as Chancellor, this time in a period roiled by immigration issues and the volatility of the Trump administration in the U.S., ensuring that Germany acts as a stabilizing force in world affairs.

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Here is someone in the UK who got is degree a BSc. in economics and is now working in finance in London. He borrowed 44 thousand pounds. He paid back 7000 pounds. How much does he owe? 54,000 pounds that's because at interest of 7.3% instead of 8% he still cannot keep up with interest costs. This is the problem not that young people don't want to pay back their loans. The setup is faulty. The problem is Plan 2 Loans in England And Wales which charge an additional 3 percent over and above the Retail Prices Index which was 4.3% in March. All Plan 1 Loans charge only the RPI 4.3%. At 4.3% this borrower would at least have paid back some of the principal so he knows he is making progress with the student loan.  The Labour government has said -"government could reduce the monthly repayments for every single new graduate without adding a penny to government borrowing or general taxation". But nothing new is expected this year's Budget.  ...

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The US is sending the M142 High Mobility Artillery Rocket System to Ukraine to counter Russian artillery and long range rocket attacks in the eastern Donbas region. This is part of a new $700 million 11th military aid package to Ukraine. Germany will provide its IRIS-T system to Ukraine with radar to track Russian artillery, so that entire cities can be protected from Russian artillery attacks. The US has obtained assurances from Mr. Zelensky that the HIMARS US system will only be used on Ukrainian territory and not into Russian territory. Ukraine currently lacks this type of system that reaches for 45 miles for its midrange system, and it is seen as crucial for defending Ukraine, as Ukrainians are being forced back with Russian artillery attacks. Mr. Biden in an article in the New York Times said the US goal was simply to see "a democratic, independent, sovereign Ukraine," not to oust Mr. Putin, or seek a broader conflict with Moscow. Mr. Biden said that this aid will make a diplomatic settlement more likely, as it will strengthen Ukraine's negotiating position. ...

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Republican McConnell and Democrat Schumer in interviews in recent days with The Washington Post, as the focus on the rest of 2024  is on what will the new US Senate look like, who is in majority, and who is in minority after November. A small faction in his Republican party opposed McConnell's bipartisan compromise. McConnell says after 17 years in the US Senate, that one has to remember what Harry Truman said. Truman America's post war president in 1950's said if you want a friend in Washington, buy a dog. Yet the Post also says the two McConnell and Schumer worked closely for 4 months to negotiate the bipartisan compromise on immigration to close the border. The first time the two sides have come  this close in this century says the Washington Post. Looking at the 22 Republisenators that supported McConnell and voted for the aid to Ukraine one finds most are senior and the majority of the senators with the most experience, compared to a small faction of newcomers without anywhere near the same experience. This is why the dissension in Congress can also be seen as not telling the whole story, when the most experienced people in the Senate and the House of both parties have come together on the big issues even when the fringes of both are engaged in unconstructive confrontation. You could see that when the younger J.D. Vance of Ohio addressed the heads of all the major US banks this past week in a Congressional Senate hearing and the difference when the more experienced Van Hollen of Maryland talked to the same banking heads. And when Senator Tillis of North Carolina one of the older experienced Senate Republicans made a strong plea for aid to Ukraine on the House floor and in his earlier support for the bipartisan change to asylum and parole immigration laws in the US. A broad center is emerging around coming together, around the most experienced people in the US Congress that sets the country in the right direction.   ...

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The impact of coronavirus deaths is higher for men with certain behaviours such as smoking and alcohol consumption. For infections it is not clear that the rate is much higher for men than women. The data from graphs provided by WSJ of global data from different countries shows a higher rate of infection for men in Italy, just about 52% in men in China, but a lower rate for men in South Korea and France. Some of the higher impact of coronavirus death can be explained by habits such as smoking in men- in China smoking for men is ten times that of women. In Italy over twice as many men smoke than women. Researchers say that the prevalence of the receptor that helps the new coronavirus enter human cells is higher in smokers. The other reason researchers say is higher alcohol consumption in men than women. China's data also show more men infected because most of the people in the labor trades such as construction and other work is done by men. This made them more exposed to the pathogen in the local market where the virus originated. ...

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The Biden administration has set new rules for restricting leading edge chip manufacturing in China. The policy is intended to prevent military use of advanced chip technologies by China, a policy adopted by Xi Jinping in China. US and China have differences on Taiwan and the Asia-Pacific region. Companies making chips will have to decide if they will invest in the US or China. Any leading edge manufacturing in China of chips over $100,000 or increasing manufacturing capacity by 5% will lead to restrictions being placed on these manufacturers for working with the US. This sends a clear message about US policy for leading edge chip technologies that the US seeks to protect from misuse by other countries.

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Melissa Eddy gives an exceptionally vivid account of how life in a smaller city is changed by the arrival of immigrants. She describes the emotions of Christa Menden, owner of a flower shop in Bonn, who had to face stone throwing demonstrators on the street, and how this is changing the tranquil nature of Bonn, Solingen and other smaller cities in Germany. Muslims who have integrated into German life and the city authorites see years of integration efforts being setback by the activities of a few extremists. Hans Peter Weisz is one resident of Bonn who sees the unhealthy nature of the resulting wariness to foreigners in an open, outward looking Germany

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Rosa Chang, immigrant from South Korea, is pursuing her dream of green park space in the middle of Brooklyn's densely packed and traffic filled areas. She is unrelenting giving it her all for over ten years, and keeps this vision alive even today, says John Leland in this NYT report. Rosa Chang sees Gotham Park on 9 acres in Brooklyn that is covered with parking space and six lanes of clattering bridge traffic. Chang is trying to attract $200 million needed for this to happen to add badly needed park space for kids and families in Brooklyn neighborhoods. She has the support of Meera Joshi, deputy mayor of operations, under Mayor Eric Adams, and Dan Doctoroff, deputy mayor under former mayor Michael Bloomberg. Doctoroff who helped create other parks in New York City sees this park could bring in $290 million for local merchants by bringing in Asians, Hispanics and Blacks, Whites all closer together in this space. It would provide green park space for park deprived neighboring communities. Bloomberg and Doctoroff created 7 parks in the city including the High Line and Brooklyn Bridge Park. It is  people like Chang, who was born in South Korea, grew up in Toronto and visited many cities in Europe and around the world, that understand what livable spaces look like and where green space is essential for kids and families to grow up. ...

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About 1 million jobs in Germany depend on China. Scholz is derisking but not decoupling Germany's relations with China because of the close linking of the two economies under Merkel. About half of German business depend on China for some part of their supply chain or for parts. Yet it is clear that the relationship has changed after the pandemic and the war in Ukraine, the lessons learned from the shutdown of oil and gas supplies from Russia, the search for alternative supplies to get through the winter. Germany like the US is rebuilding its supply chain to correct the over concentration in China. The annual dialogue between the leaders of the two countries is also no longer the same as premier Li Qiang of China meets chancellor Scholz.

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In return for South Korea not developing its own nuclear weapons the US will give South Korea a central role for strategic planning in the use of nuclear weapons in any conflict with North Korea. This was an agreement reached during the visit of Yoon Yeol of South Korea to the US in meetings with president Biden.

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NYT shows maps of the region hit by the earthquake in Turkey.