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Patrick Barta's exceptional reporing on Manek Chowk, a busy industrial and commercial centre of Ahmedabad. Manek Chowk, the public market in Ahmedabad, India, where street vendors find jobs in the informal economy. The informal economy provides most of the jobs in countries like India and Brazil. They could be street vendors, rickshaw drivers, workers doing textile stitching work and being paid by the piece, and so on. Ahmedabad has 55,000 richshaw drivers, 70,000 street vendors, 70,000 construction workers, and 45,000 rovish trash collectors and recyclers. Most of the city's once prominent textile mills have vanished or are rotting. If Ahmedabad makes it through this difficult period with job losses in India, its because of a thriving local informal economy. It may not provide what a regular job provides, but it helps people feed their families and they are happy to make it through the tough times. And even in the better times the jobs just do not exist in the proportion necessary in countries like India and Brazil. Consider this. Between 2000 and 2005, the number of formal jobs in India stayed flat at about 35 million, while informal jobs grew 17% to 423 million, according to the Indian government. These are the most recent years for which information is available. Economists say the creation of formal jobs may have picked up after 2005, but not by much. The situation is like this all over much of Africa, Asia and Latin America. And as companies layoff formal workers in favor of cheaper employees part-time and without benefits, the importance of the informal economy grows. In Ahmedabad the rights of these people are protected in the case of women by the Self Employed Women's Association of India, which numbers 1 million people across India....

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This behind the scenes account  shows how the NATO communique with policy declaration was prepared by July 6 before European leaders and Mr. Trump set foot in Brussels on July 11. It shows to what lengths key members in the Trump administration will go to achieve American objectives in preserving the NATO alliance. Particularly now that Russia is taking an aggressive stance to NATO near its borders.  General Mattis at Defense Department pushed for the 4 30's initiative which is about preparing a rapid deployment force to be ready by 2020. This is in the communique. Also in the communique is the setup of a command post in Norfolk, Virginia, ready to act to deploy forces in Europe. U.S. ambassador to NATO, Kailey Hutchinson, received the demand from National Security Adviser Bolton to have ambassadors from all countries work overtime to get the declaration done by July 6. Jens Stoltenberg, Secretary General supported this effort. All were concerned that there should be no repeat of the mess that happened for the G-7 communique when at the last minute president Trump refused to sign on, leading to derisive comments about Canada's Justin Trudeau. It was seen as critical to preserve the sense of unity in the U.S. alliance with Europe. This time there was no disruption even though Mr. Trump acted unpredictably in Brussels. ...

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The former Surgeon General of the U.S., Vivek Murthy, has tackled issues such as the opioid crisis, obesity and poor health outcomes. In his new book "Together: The Healing Power of Human Connection in a Sometimes Lonely World," Murthy looks at the loneliness he says is pervasive in the new culture of iphones and social media that have perversely reduced not increased social connection and the feelings coming from good relationships and social concerns.  A 2020 Cigna survey shows 61% of American adults are lonely, up from 54% in the 2019 survey. It is not about having a lot of people around you, it is about feeling a genuine connection and the quality of relationships. Murthy finds this lack of genuine social concerns and social connection as fairly pervasive from his conversations with people all across the country. Normally it is felt in the fifties as life changes, and in the eighties with loss of mobility. Today the tech devices and what is called scoal media that appear to have increased communication have actually reduced the level of quality connections and interactions. Dr. Murthy suggests volunteering, and service in the community or larger communities worldwide as a way of breaking this. Capitalizing on informal day to day contacts, including with people one has not known before, is another way. This shifts the focus to the people around us and brings a new dimension and quality to our lives.  Saying hello often and smiling genuinely, says Murthy. Improving the  quality of time in day to relationships is another. This can also give us the confidence to connect with people on a regular basis.  ...

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Alan Blinder points out that the political partisanship that has emerged in 2010 has not served America well, as it has deprived the government of the fiscal policy tools, which would be more effective than the Fed's only mildly effective tool of buying $100 billion a month of medium and long term Treasury debt. The country he says is tied up in partisan knots that prevents the use of the fiscal policy tools, and leaves the Fed with the choice of doing something only nudging the rates on government and private securites a bit (by 30 basis points for Treasury debt and 15 basis points for private securities as an example, not enough for more than a mild impact on corporate spending). The fiscal policy tools are he says of a wide variety and pack a lot more power, and he cites three as examples: offering significant lasting tax breaks for job creation, large enough to produce results (larger and long term than the HIRE program), government hiring directly onto public payrolls and government paying local and state governments for hiring at the local levels, the government offering to compensate states for a cut in the sales tax for a year to stimulate consumer spending. Would'nt this raise the deficit though? Blinder points out that the deficit problem lies in the future. Right now there is so much slack in the economy, that public spending will not crowd out private spending. And with Treasury rates at an all time low, Treasury can finance the larger deficit in the short term. A depreciation of the dollar or inflation, he says, is not a worry, because now there is worry about deflation, and the USA needs a lower dollar to push exports up and rebalance its economy. This does not slight the deficit issue and the culture of poor budgeting among both parties, as Reagan Budget Director David Stockman pointed out in an op-ed piece, but accomodates the real dangers and opportunities of difficult policy choices. This is why he laments the advertising campaign and public relations campaign against the 2009 stimulus bill, and the expected paralysis of fiscal policy from the extremely partisan 2010 midterm elections, and public opinion consumed by fear of deficits. Leaving the Fed with the unenviable choice of using only mildly effective tools. Other experts and columnists mention the risks associated with the Fed's large scale purchase of securities, if this leads to another asset bubble and subsequent collapse, and another bailout needed for financial institutions. Peter Eavis in one column in the WSJ points to the lack of effectiveness of the first round of quantitative easing of $1.7 trillion. And Kelly Evans, in the WSJ, points to the risks of "bad" inflation, if another round of quantitative easing by the Fed leads to increases in the price of commodities such as oil and food (such inflation falling heaviest on lower income households).The US Financial Regulatory Reform bill has received low grades, and recent standards for reserve capital in worldwide banking reforms are stretched out over a long period, leaving fragility in the economic system, if something were to go wrong....

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Two US carrier strike groups and 17 naval ships prepare for joint exercizes with Japan's Self-Defense Forces off Okinawa in the first week of October 2021. In late September a British aircraft carrier group goes through the Taiwan Straits. China has flown aircraft near Taiwan's airspace before. On October 1-5 over a period of 4 days China sends 150 fighter, bombers and other aircraft near Taiwanese airspace. This situation is reminiscent of the situation in 1950-53 during the period of the Korean War when US president Harry Truman sent the Seventh Fleet to the Straits of Taiwan. In 1954 Chinese artillery started the shelling of offshore islands Quemoy and Matsu. This happened again in 1958 under president Eisenhower. At that point the US sent a naval contingent to the Taiwan Straits. The crisis was resolved through talks with China. Eisenhower then setup a joint defense agreement with Taiwan.  Here the Taiwan Defense Minister says China is capable of an invasion of Taiwan in 2021 but "it has to calculate what it would cost and what kind of outcome it would achieve." He also says that after 2025 "it would have lowered the costs and losses to a minimum." As US companies seek expansion in China the situation is changing rapidly in 2021 in the other areas.The US under president Biden sees the wars under previous presidents and the economic policies of not investing in American industrial strength have created risks for America in its role in the world. Biden seeks to restore American industrial strength through massive investments. It has been reported that Taiwan even considers the concentration of world semiconductor industry in Taiwan a way to assure the US dependence on Taiwan for semiconductors would lead to allied economic commitment to Taiwan in addition to defense commitments already given. In a sign of awareness of the distorted situation in semiconductor manufacturing that American companies such as Intel have allowed to happen, including ceding essential technologies in manufacturing semiconductors to other nations, the Biden administration has pushed to reverse these policies giving $52 billion in state aid. President Biden talked to president Xi of China in early September in a 90 minute call. This was aimed at easing hostility between the two countries. During that call the two leaders had agreed to abide by the Taiwan Relations Act, that states Taiwan's status should be resolved through peaceful means. It was passed in the US Congress in 1979 during the period when the US restored diplomatic relations with China. The situation today resembles that in the period after the Korean War into the late 1950's when China under Mao continued shelling of islands under Taiwan from the mainland. This makes the existing supply chains that make the US, Europe and India overly dependent on China,Taiwan, Singapore, for manufactured goods look antiquated and out of place. American companies such as Apple, GM, Black Rock and American financial companies are caught in a bind as they operate as if nothing is happening, when a lot has changed during the coronavirus pandemic. The Biden administration is pursuing its own long term policy for restructuring the supply chain for American industry. ...

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The huge investments that president Biden has made in America, including rebuilding aging infrastructure are part of the reason that the economy has been resilient with unemployment at about 3% and inflation coming down from 9% to 3%. In March 2022 leaders in finance such as Ray Dalio of Bridgewater Associates and Jamie Dimon of JP Morgan Chase were convinced that inflation would not come down and the economy would be in recession. Instead Fed's Jay Powell with repeated rate increases and Joe Biden by investing trillions of dollars in rebuilding infrastructure and creating new jobs and new factories have done what the leaders of American corporations were skeptical about, doubtful about whether this could be done.

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President Obama ordered the surge in 2010 for 30,000 additional troops in Afghanistan. There are now 150,000 NATO troops in Afghanistan. Of these two thirds are Americans. The goal of the surge was set by President Obama as " disrupting, dismantling, and defeating al Quaeda and its extremist allies" in Afghanistan. Yet the fact remains that official estimates on the coallition side are for only about 100 or so al Quaeda militants operating in Afghanistan. The war in Afghanistan is being fought with Taliban insurgents in Afghanistan who also live in the mountainous region that comprises Pakistan and Afghanistan, and has some form of clandestine support from sections of the Pakistani military and intelligence services- the Pakistani military having played a critical role in the formation of the Taliban from its inception to act as Pakistan's proxy in that region. With the democracy protests in the Arab world in 2011, al Quaeda does not fit into the existing mood in the Middle East and the Muslim world. Considering these facts- and the mood favoring American disengagement on the part of America's allies in the Afghan government and Pakistan's military, and the American public mood favoring disengagement, the Taliban seeing their conflict as purely domestic and little to do with al Quaeda- the situation is likely to move in the direction of phased American withdrawal. ...

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Indian foreign minister Jaishankar describes the highly eccentric situation of lack of US India close economic and defense cooperation for over 50 years, when the natural flow of cooperation one would expect between the land of Washington and Lincoln and the land of Vivekananda and Gandhi was interrupted. The current form of cooperation has existed for about 14 years and accelerated after prime minister Modi was elected in 2016. This was a turning point in the US India relationship and in India US economic partnership. After president Trump was elected Mr. Modi and Mr. Trump held a huge public gathering in stadiums at Houston and Ahmedabad, in a way that was never seen before between an Asian country and America. What changed? For one thing India had a great weight lifted from its shoulders with the removal of the erratic Nehru policies of post independence India of forming a non aligned bloc with countries like Egypt and Yugoslavia. These were policies that had no connection to India and its history as the civilization where the East has its roots in Vedanta and Buddhism. It also resulted in alienating the Dwight Eisenhower administration and administrations that followed after John F. Kennedy, as the Cold War intensified and most of Eastern Europe came under Soviet domination. India never gauged the effect this had on America after the Berlin crisis in 1948, the Hungarian revolution of 1956 and similar uprisings in East Germany, Poland, and the Czech Republic. Britain was no help even with the British Commonwealth, as the British perpetuated the idea that India was too divided to make up one country, having failed to grasp India's ancient civilization and  culture, and having built the Empire in India by using the division in the country. Mohandas Gandhi described this in Hind Swaraj in 1910 and told Indians that it was they who had invited the British into India, with rulers using military garrisons of the British commercial East India Company for help in their internal wars. Americans still unfamiliar with India till after 2000 simply accepted British colonial ideas about India. The new administrations in the US, the Trump and Biden administration, and the Modi administration in India have shaken this up and changed perceptions all around. Biden recently during the Modi visit to Washington DC said India US relations as he sees it would be "the closest on earth." So that today we have an ancient civilization roused to its depths in its youth for modernization, that extends from India to Indonesia all the way to Japan rooted in India's ancient civilization of Vedanta and Buddhism, with a population of about 2 billion people. That faces the US on its Pacific coast, united in its determination to build a new and common future with ideas of parliamentary democracy, participation of the people, and of modernization with science and technology, contributing to the betterment of all peoples. ...

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G.E. reported profits of $5.1 billion from operations in the U.S. in 2010. Its American tax bill? G.E. paid no taxes, claiming a tax benefit of $3.2 billion. G.E. does this by lobbying for tax breaks, aggressive strategies for reducing taxes including concentrating its profits offshore, and innovative accounting. G.E. has a large tax department, which some call the nation's largest tax law firm. Other firms are following the same practices The corporate share of the U.S. tax receipts has fallen steeply over the years- down to 6.6% in 2009 from 30% in the 1950's. This raises all sorts of questions in the current budget deficit situation facing federal and local governments.

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Mark Fields, takes over from Mulally in 2014, as CEO of Ford Motor Company. Fields headed Ford's Argentina operations and Mazda in Japan, before heading the luxury car division and North American Operations. He made it through a dfficult period in 2008-2010 when it was not clear whether he would survive the turmoil that was shaking Detroit car companies. He is respected for supporting CEO Mulally's effort to change the deteriorated culture at Ford by bringing a new humility and honesty to tackle problems upfront, and for supporting better relations with the plant workers through wide bonus sharing. He is a New Jersey native who attended Rutgers University and Harvard B-School before joining Ford.

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For the government to recover its nearly $50 billion investment GM stock would have to rise above $68 billion. At its peak the stock was valued at $56 billion in 2000. With severe global competition expected as there is capacity for manufacturing 100 million cars and a market for only about 55 million according to experts, there will be pressure on prices and margins. GM will emerge as asmaller company after bankruptcy and more automakers will be going after ashrinking market. Any assessment of how well the government does will also have to take into account the benefits to the American economy of stabilizing the auto industry in a period of freefall.

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The size of the municipal CDS market is about $50 billion. Five large derivatives dealers- Bank of America Merrill Lynch, Citigroup, Goldman Sachs, J.P. Morgan Chase, and Morgan Stanley- met in November 2010 to discuss standardizing paperwork for "muni CDSs" to attract more buyers and sellers. The biggest banks are hoping to profit from the deteriorating finances of US cities and states. The CDSs or credit default swaps require swap sellers to compensate buyers if a municipal issuer misses an interest payment or restructures its debt. This makes states nervous and they are suspicious of CDSs, believing that this encourages speculators to bet on, and worsen states' financial situation. California is about to require all 86 of its underwriting banks to disclose what CDSs they have traded on the states' debt, for customers or for their own accounts.

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Gerard Baker in the WSJ points to issues of transgender, illegal migrants in US cities, and race in politics as issues on which the "correct" views were causing anxiety for the American public. Parental anxiety on transgender at school for their children, public anxiety on illegal migrants in American cities, and anxiety about race as a defining factor in political life. The illegal flow of fentanyl and loss of life in the US is a basic issue- how could the US as the largest advanced economy in the world become so feeble that it cannot stop illegal flows of fentanyl and human smuggling. Baker also says that he doubts that the new Department of Government Efficiency will work and eliminate waste, that he thinks imposing tariffs will depress domestic productivity and reduce living standards of the people. And that installing what he calls "oddballs" will work except to create chaos. On the issues of infrastructure, cost of  manufacturing revival in the US which were issues in 2016 and turned into the agenda of the Biden years little is said, and on cost of living nothing tangible about reversing the 20-30 percent of price increases in housing and groceries that have happened in the pandemic years 2019-2023. ...

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UK economy declines 0.3% in April 2025 as exports to US decline. The UK is one of the few countries that reached a trade agreement with the US. Also important to note is that the UK economy grew by 0.7% in the 1st quarter of 2025. The US tariffs are a negotiating strategy says Treasury Secretary Bessent to get countries  including the EU and China to have a level playing field in trade with the US, and not take the US for a ride. This has some costs but they are temporary and we are all better off that world trade can now be on a firmer footing than the imbalances of before. Bessent for instance told members of the US Congress in the last 2 days that US inflation is actually 0.1% and has come down, the 10 year yield in the US bond markets has come down, and the US is managing this transition without cost increases. He said Walmart had increased prices after tariffs, Amazon and Home Depot had not, and he sees American buying from sellers like Amazon and Home Depot. The British economy will also benefit with the certainty that it now has a clear trade agreement under fair rules that will promote bilateral trade with the US. ...

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WSJ report shows that on the morning of the 90 Day Pause in Tariffs announcement discussions took place with the Swiss prime minister, with Treasury Secretary Scott Bessent, and watching Fox News interview of JP Morgan Chase's Jamie Dimon. Seeing the turmoil in financial markets and bond markets, US president DJT made the decision to give time to make the agreements with about 50 countries, and time for financial markets to understand the president's  policy and goals to reformulate the world trading system into one that offers a level playing field. The chart showing the Tariffs of 67% by China and US 34% imposed tariff in the Rose Garden on April 2, 2025, was say reports the result of the influence on the president of the advice of Peter Navarro.  Treasury Secretary Scott Bessent's expertise is in financial markets as a protege of Soros, Navarro's is world trade. Bessent stepped in when financial markets appeared to reflect the uncertainty and convinced the president that the 90 day pause would be the best way to implement the policy on trade. There is a vigorous debate in the administration about how to get a level playing field for trade, and get the job done without disruptions in financial markets or a recession induced by uncertainty. On April 10 as part of the effort to talk to the American people US president DJT opened up his Cabinet meeting to the media and had Bessent, Borghum, RFK Jr and Marco Rubio talk about their plans and policies. Proper implementation, gaining confidence of the people of America and financial markets, is now as important as the goals and policies in the next 90 days. Getting the trade deals with the European Union, Japan, South Korea, Taiwan, Britain and India would go a long way to reassure financial markets and set the right tone for the future.   ...

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By a vote of 223 to 202 largely along party lines the House passed a bill that brings sweeping changes to the American financial regulatory system. The 1279 page bill creates anew federal agency for consumer protection, establishes a council of regulators to police the financial system for systemic risks, initiates oversight of the derivatives market, and gives the government power to wind down large firms that are in danger of collapse and pose systemic risk. The bill also gives sharehlders advisory say on executive compensation, increases transparency of credit rating agencies, and sets aside billions in governmet money to help unemployed homeowners.

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Venezuela faces an uncertain future after U.S. efforts to support Mr. Guaido and call for new free and fair elections have failed. With help from Russia the Venezuelan economy is showing signs of recovery from the steep decline and high inflation in 2019. Oil production is expected to reach 1 million barrels a day in 2020 after falling to 650,000- 700,000 barrels a day in 2019. Russia's oil company Rosneft provides critical help for Venezuelan oil sales and maintenance in oil fields.  National Security Adviser John Bolton is faulted for his advice to president Trump on Venezuela, that merely voicing support for 36 year old Guaido, would lead to regime change without action from the U.S. With the recovery in Venezuela with help from Russia and Cuba, Mr. Guaido's popularity has dropped by 20 points to 38%, according to a Venezuelan pollster Datanalisis. Most Cubans and Venezuelans in the U.S. are in Florida where there is support for new elections, and Mr. Trump continues to support Mr. Guaido. The lack of support for change from other countries including Europe, India, Turkey, and Mexico have led to a stalled situation in Venezuela. There is concern for the steep inflation, the migration of about 4.5 million Venezuelans, the shortages of critical supplies as a result of the economic collapse in 2019. The situation is stabilizing for the government yet the future of Venezuela with U.S. sanctions and weak economy leaves Venezuela in a precarious situation. Venezuela continues to be an example of how well meaning changes for social justice can lead to political changes that bring about economic collapse. This happens  when business and the economy flounder under mismanagement and corruption under crony socialism, a variant of crony capitalism. The old capitalist class and the privileged families who ran the country under its old two party system are gone. Replaced with a new class. The trying out of untested economic ideas in the quest for social balance leads to economic mismanagement, loss of critical human resources which leave the country, and a higher degree of poverty with shortages than before.  Today in Latin America Brazil shows how allowing generous pension benefits at the expense of basic needs and public services in the budget can hurt the economy. Argentina's overborrowing once again shows how this leads to IMF loans and harsh economic austerity. Chile shows how not financing pensions and public services can lead to collapse of public confidence and riots. Venezuela shows how the quest for social justice and reducing privilege can itself get flawed, leading to mass migration of as many as 4.5 million citizens. This happens under models that vary from free enterprise models to socialist or nationalist models showing that models can be less relevant than good sense and good management. In the beginning and for some time each of these models worked well, commodity price supported booms concealed real problems. Avoiding extremes, prudent spending, good investment and hard work, investment in education and infrastructure, building consensus, and good management, is critical for the future to avoid the bad outcomes facing much of Latin America. A lesson also for Asian and African countries that basic virtue is more important than socialism or free enterprise or nationalism when it comes to development.   ...

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This BBC report looks into the culture of overwork that becomes a fast track to burnout. Christina Maslach, professor of psychology at the University of Berkeley, says about this culture- if you take a plant put it in a pot, don't water it, give it lousy soil, and not enough sun, its going to wither away no matter how good it was to begin with. That is how much the workplace environment matters and today most people realize that it has gone in the wrong direction, with subtle messages and wrong signals pushing people into overwork. That is pushed forward by the nature of 24-7 being available with the internet. Only a conscious effort and a knowledge of the false signals in an out of place culture can help one make the right choices, and help life bloom the way it was supposed to be.

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David Gelles of the NYT column Corner Office, talks to the head of Accenture, Julie Sweet, about creating an inclusive workplace and levelling the playing field for women. In this interview Julie Sweet talks openly about her upbringing in the small Orange County, California town of Tustin. Her mother graduated from college when Julie was in her freshman year. After several jobs to help her family she went to law school and joined a New York law firm. She tells Gelles about her experience at this law firm Cravath where there were very few women partners and about breaking down sobbing at a unconscious-bias training session at the firm when asked about her own experience as a woman. After being elected partner she set up the first woman's program leading up to bringing more women upto the point where today women are 25% of the partners. Accidently she takes a call from a recruiter 17 years later about a position as general counsel at Accenture. She accepts the offer and five years later she is made the CEO North America of this consulting company with 469,000 employees. Asked about what tactics are effective in creating a level playing field for women Julie Sweet says it comes from making it a business priority. Making diversity and women a priority with measurable goals. Set goals, have accountable leaders and measure progress, says Sweet. Accenture did a study and found stats that were shocking. 40% of companies have no plan for advancing leadership, and less than 40% look at attrition between men and women. A big disappointment but also a large opportunity here to get results by putting in place some basic things. In 2015 She set Accenture goals for 40% women, and sees 2020 goal at gender parity 50-50%. For a firm with hundreds of thousands of consultants worldwide what are the qualities she sees as important in hiring? Sweet says lots of different interests and curiosity for learning. Next comes being able to do straight talk with clients, to deliver tough messages as companies are constantly telling her they want to hear what they need to hear not what they want to hear. ...

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The first of many coastal wind turbine energy projects on America's coastline produces energy. The Vineyards Wind project in New Bedford harbour in Massachusetts sends 5MW of energy to the New England grid this week. The Operator says 5 850 feet tall turbines will be operational early this year. In all 62 turbines will generate wind energy, enough to power 400,000 homes. The White House's and president Biden's target is for 30 gigawatts of wind energy to power 10 million homes by 2030. Understand how Danish companies are leading the effort which is also why Danish companies were invited to India for its nascent wind energy industry. Copenhagen Infrastructure Partners is the developer with Avangrid of Spain. South Forks Wind is a smaller 12 turbine project off the New York coastline which s being developed by Orsted of Denmark. This Guardian report says some of the opposition to these projects in other parts of the country are coming from fossil fuel companies that seek to prolong the use of fossil fuels in the face of warnings of climate change by scientists and other leaders in government and industry. ...

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A 2024 Study by the International Trade Commission predicted that a 25% tariff on imports would reduce imports by almost 75 percent while increasing average prices in the US by about 5 percent.  As US companies have about half of the US auto market this would mean US auto manufacturers now have access to an additional 37 percent of the market by investing in auto plants in the US. US steel and aluminium plants will get additional investment to build these cars in the US. There is nothing new about this the US makers built plants in China. Germans, Japanese and Koreans took the US for stupid by keeping US cars out of their markets and thinking this could go on while by destroying US manufacturing it was  destroying America's middle class. It also gives the Germans BMW and VW, Subaru, the Japanese Toyota and Honda, Nissan, the South Koreans Kia and Hyundai, Chinese makers of EV's the option to Make in the USA and build plants invest in US manufacturing.  ...

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DJT was asked if China's celebration of Victory Day with Russia recently in Tianjin had any message for the US. He said he did not see it that way, that US has good relations with China. In this context the Smithsonian Museum exhibit on military history of the US shows a real aspect of the World War II in loss of life- Russia 17 million dead, China 11 million dead, Germany 10 million dead, Poland 5 million dead, Japan 2.5 million dead, US 1 million dead, UK 800,000 dead. Russian and Chinese losses of 28 million dead are 15 times the losses of US and UK combined of 1.8 million dead. With the scale of losses of such magnitude Victory Day celebrations in Tianjin can be seen in the context of this shared history and major losses overcome as much of the world knows with US help. A sobering view is that the colonial powers Imperial Japanese Army, French and British policies caused famines in World War II leading to 6-7 million deaths in India, Indonesia and Vietnam which is 4 times the 1.7 million US and UK deaths. Views of China in the Context of the Ukraine War and Russia are very different in US than in France and Europe and are widening in differences in 2025. In the US as in this report in the WSJ China is seen as a trade partner and competitor with certain issues, many of China's university leaders and experts question the prospect of a long term alliance with Russia, and for DJT Russia is a nuclear power with which US seeks good relations and a political settlement of the Ukraine War. In France as shown in the article in Le Monde adjacent to this the European attitudes towards Russia throughout European history since 1700 of regional rivalry between France and Russia, Germany and Russia since 1900, Britain and Russia since 1700. FDR led the alliance with Russia against the Nazis and Imperial Japanese in the 1930's and 1940's. Herbert Hoover led the effort to bring relief supplies and aid to Russian in the period of the Civil War after the Bolshevik Revolution in 1917. With China America kept the government in China functioning as it retreated from the invasion by the Imperial Japanese Army in the 1930's and 1940's and the only hope with Gen. Joe Stilwell in China alongside Chinese leaders. ...

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Only 27 of 249 Republicans in the House of Representatives have accepted that Mr. Biden won the presidential election, the rest refused to answer. And only 32 of these Republicans in the House say they will accept if this is certified by the Electoral College. The Senate is split 50 Republicans to 48 Democrats with 2 runoff elections in Georgia. In one Senate seat a Libertarian candidate too a slice of the vote denying a clear victory to the Republican Perdue for that seat. In the other election for Senate seat with  about 20 candidates running no one could secure a clear win. Mr. Biden with a very thin margin of 13,000 votes in Georgia over Mr. Trump. Mr. Trump contested the election because of the unprecedented nature of the 2020 election with mail in votes allowed in a way and in huge numbers that was not always well organized to be fault proof. With federal elections being run by state officials in 51 states and not by a national election commission as in India, and each state improvising its way of handling mail in ballots there was not a fault proof way of knowing if everything was 100% unquestionably correctly done. A national federal election commission not belonging to any party and unrelated to state or federal authority can ensure an election is free and fair better than the way it is organized in the U.S. Use of electronic machines for over 1 billion voters also ensures consistent way of doing it in India compared to the haphazard nature of the American process of vote ballots and separate counting in each state. This is the second election in which both parties differed on the election and disputed the result. The earlier one was Bush vs. Gore when Mr. Clinton was outgoing president following 2 terms in office. Yet surprisingly there are no calls for setting up a structure like that in India that would organize the vote collection under the authority of a national election commission and the use of modern technology consistently across the nation. ...

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Russia stated at a meeting of OPEC oil producers that it would not accept cuts in oil production to stabilize the oil market. The coronavirus effects on the world economy have resulted in a sharp decline in demand for oil. This lack of an agreement among oil producers is leading to a steep drop of 30% in oil prices on March 9, 2020. The Russian position in talks was that it was too early for deep cuts considering that the  true impact of the coronavirus on the world economy was unknown, and that the loss of 1 million bbd from Libya had already reduced production. Experts say the Russians wanted to stabilize oil prices around $50 a barrel and the Saudis a bit higher. Under the OPEC agreement Russia would have to reduce its production by 1.5 million barrels per day (bbd), in addition to 2.1 million bbd from previous cuts that would be extended to March, which it found unacceptable. The impact of the double whammy of continued increase in coronavirus cases around the world and the drop in oil prices as a reflection of business confidence was also felt in world stock markets.  Russia's budget is less sensitive to oil prices than the Saudis. The Saudis need somewhere near $80 per barrel to breakeven. Analysts say Russia does not want to lose market share to American shale oil companies which do not have output cuts and benefit from lower oil prices. Shale oil companies in the U.S. are struggling in the present situation of low prices as many of them need $65 a barrel in price to breakeven. About 208 shale oil companies in the U.S. made bankruptcy filings since 2015.  The oil importing countries with increasing oil imports such as India will benefit from the drop in oil prices. Japan and other oil importing countries in Europe, Africa and Asia will also benefit as Russia and the Saudis go all out to increase production. ...

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The New York Times reports that comments from Obama administration officials describe an alarming loss of trust and confidence between China and the USA over the last two years. David Shambaugh, director of the China Policy program at George Washington University, says the administration had hoped to work with China on major challenges like climate change, nuclear nonproliferation, and a new global economic order. China, he says, has failed to step up and play that role. He describes the Chinese as responding as an increasingly narrow-minded, self-interested truculent, hyper-nationalist, and powerful country. Jeffrey Baker, a key China policy adviser in the White House, says China's responses reflected a sense in Beijing that China was a rising power and the USA a declining power, especially after the strong rebound of the Chinese economy after the 2008 crisis. The administration is determined to counteract that impression. Other factors complicate things. China is facing a transition to a new leadership in the next year. There are differences within the Chinese Communist party leadership ranks about the direction China should take. Trade and currency issues have come to the point where American public opinion is shifting greatly, with educated professionals changing their views on trade and currency matters. See the recent WSJ/NBC September 2010 poll on world trade, reported by Murray and Belkin in WSJ, Oct 2, 2010. The Obama administration cannot ignore the deep concerns of the American people on these issues. The House overwhelmingly voted in September to threaten China with tariffs on its exports if the Chinese currency, the renminbi, is not allowed to appreciate significantly enough (experts estimate that it is overvalued by 20%). It is not clear whether the Administration's rhetoric on this issue is to assuage public opinion in a business as usual manner, or expected to achieve substantative results to rebalance world trade. The G-20 summit in S. Korea leaves this change for well into the future- China with current account surplus of 5.8% of GDP in 2009 is expected to lower this to 4% by 2015. With the high jobless rate in the US and the large and rising current account deficit, the United States may have reached a juncture where this cannot be put off well into the future years. Other issues, the different foreign policy objectives, and differing perceptions of China and the US of each other, the relationship with US allies in the region, may create additional tensions. These tensions may be navigated by governments of both countries, but the shift in American public opinion on trade, currency and jobs issues will require tangible and real change. As trade tensions will only increase in the next two years with the lack of fiscal stimulus on the jobs front, and no significant change in jobs expected from the Fed's purchase af additional Treasury debt, and a sense that the mutual benefit in the trade relationship with China has been lost to America's serious detriment. China's position may be perceived as stronger than it really is from the faster rebound from the 2008 crisis, and may in reality not be as Jeffrey Baker sees it. As David Barboza has reported in the New York Times, and experts have pointed out, the huge amount of lending encouraged by the government has accentuated weaknesses in the Chinese economy. A significant amount has gone into real estate speculation and will only increase the bad loans on the books of China's banks. This happens at the very time that growth is expected to slow down and make it harder to absorb the bad loans, as was done in the past. ...