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WSJ Original article ›
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Starmer could not get a DJT commitment to US supporting with its forces and air support a 30,000 European peacekeeping forces. DJT saying  lets get the peace agreement first. 

“I have confidence, if we make a deal, it’s going to hold, the approach will be trust and verify.”

“Peacekeeping is very easy. It’s making the deal that’s very tough,” DJT said.  His idea was get the first step first and peacekeeping could be done after that “Let me make peace first.”

New York Times Original article ›
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The Us rejects call for additional help to automaker GM for upto $10 billion for merging Chrysler and GM, to let a new administration make such a controversial decision which would mean layoffs for half of Chrysler employees. Instead it will speed up the $25 billion already approved by Congress for all automakers to improve fuel efficiency by retooling plants.
mint Original article ›
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Indian Finance Minister Sitharaman gives the following remarks in parliament on the White Paper presented to the 18th Lok Sabha in January 2024, describing the dire condition of the Indian economy by 2013 with mismanagement and "big ticket" corruption. India's Finance Minister Sitharaman describes the situation in three key areas by 2013 that left the economy of India in a fragile state, with projects stalled, development delayed, and capital investment not taking place. She gives as 3 main points of focus- the state of affairs at Defense Ministry, at the Environment Ministry, and for Energy supplies. At the outset she says PM Modi had suggested the need for such White Paper by 2015 so that future generations would know what had happened in India that failed the country at a time when China had already joined the community of developed nations. The issues go back to the coal scandal when coal auctions had to be cancelled by the Supreme Court for irregularities, the misuse of state owned banks leading to a large increase in non performing loans, and the mismanaged Commonwealth Games under government before 2014.  Sitharaman told parliament this had the effect of national security being compromised, Environment as a Ministry becoming a bottleneck, and the leadership failing the country. In the military there was a critical shortage of ammunition and equipment. She cites the Defense Minister at the time having the attitude that independent India has had a policy for many years not to develop the border areas, as an undeveloped border was better than a developed border. She also says Ministry stated that 92% of the Defense Budget was used up and major acquisitions have to wait for the military. Following this Sitharaman cited the scandals of that period and leakages of funds that weakend the country and failed its people. She compared capital expenditures today of 6.22 lakh crores in 2024 thre times the number in 2013 of 2.53 crores. HAL now makes Tejas jets and helicopters in Made in India production. At the Environment Ministry the delays that were 86 days reached a high of 316 days by 2013 for approval of development projects, with 355 projects pending, the nation brought to a standstill with the effects of the coal supplies to thermal power plants being wholly inadequate and Coal India in poor shape. The root of this was said Sitharaman- what everyone in Indian business knew, the term "genteel facts," as the cost of business going up. She cites the changes since then of aiming for Balance and Development- Transparency, Online Green Clearance, Standardized Environment Impact Studies, A new Department of Climate change, International Solar Alliance 2015, Mission Life 2022, Green Hydrogen, Namami Gange, Rooftop Solar. India set ambitious goals at the last Climate change Conference.    ...
NDTV Sports Original article ›
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Gavaskar says of India in the First Test at Leeds Headingley, India's fielding was ordinary, not Test class. Catches were dropped, fielding was poor so that after five centuries India came up short. With India batting well in the second innings Gavaskar says England showed confidence that let Tongue and Woakes wind up the lower order. With Duckett's 149 with 21 fours and Crawley's 65 set up a two hundred run partnership, that Root and Smith were able to make it look easy to win by 5 wickets.

Wall Street Journal Original article ›
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Fiat divided itself into 2 companies on Jan 1, 2011, to separate its car and truck businesses. Fiat SpA covers the car operations. Fiat SpA CEO Marchionne, says Fiat could lift its stake from the current 20% to over 50% if Chrysler decides to go to the stock market in an IPO in 2011.
The Times Original article ›
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Grim warning from chief scientific and medical advisors to the British government that we are not through this yet, there is more ahead. Without strong action there could be 200 deaths a day and 50,000 cases a day, says Sir Patrick Valance, chief scientific adviser. Tens of thousands of deaths could happen in the winter and there is little prospect that restrictions can be lifted for the next 6 months. The chief medical officer to the government says if we do too little the virus is going to take off. Sir Patrick Valance said at a joint appearance with Whitty in Downing Street that if the virus doubles in 7 days, then if we have 5000 cases a day, it would be 10,000 the next week, 20,000 the next week and 40,000 a day the week after. In a month we could be near 50,000 a day. The vaccine the advisors said may be available to small groups by the end of 2020, only in the first half of 2021 will it be a likely scenario of it being available in widespread way. On protection they say most of us are not protected only about 6-8% may be protected in the hope that immunity is gained by having been infected and developing antibodies. We have to deal with it collectively for the next 6 months as it is now growing across the whole country, not just in some places or environments. Doing too little is dangerous and could let it take off speedily and affect hospitals again, doing too much so that unemployment is affected and poverty social deprivation happens is also to be kept in mind. ...
United States Department of State Original article ›
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Marco Rubio speaks for the US with profound convictions and long experience in the Florida legislature and the US Senate, and as akey member of the DJT administration. In his speech in Munich at the MSC he recalls his grandparents being from Piedmeont Sardinia in Italy and from Sevilla in Spain. He talks proudly of his Spanish and Italian heritage, of America founded by European settlers. For Europe this is a speech that shows America is profoundly part of Western Civilization that started in Europe. Here are some parts of the speech and Rubio's call for America and Europe to respond strongly to the mistakes in migration and deindustrialization that have hurt the people of Europe and America, with deeply felt negative consequences. "That infamous wall that had cleaved this nation into two came down, and with it an evil empire, and the East and West became one again.  But the euphoria of this triumph led us to a dangerous delusion:  that we had entered, quote, “the end of history;” that every nation would now be a liberal democracy; that the ties formed by trade and by commerce alone would now replace nationhood; that the rules-based global order – an overused term – would now replace the national interest; and that we would now live in a world without borders where everyone became a citizen of the world.  This was a foolish idea that ignored both human nature and it ignored the lessons of over 5,000 years of recorded human history.  And it has cost us dearly.  In this delusion, we embraced a dogmatic vision of free and unfettered trade, even as some nations protected their economies and subsidized their companies to systematically undercut ours – shuttering our plants, resulting in large parts of our societies being deindustrialized, shipping millions of working and middle-class jobs overseas, and handing control of our critical supply chains to both adversaries and rivals.  We increasingly outsourced our sovereignty to international institutions while many nations invested in massive welfare states at the cost of maintaining the ability to defend themselves.  This, even as other countries have invested in the most rapid military buildup in all of human history and have not hesitated to use hard power to pursue their own interests.  To appease a climate cult, we have imposed energy policies on ourselves that are impoverishing our people, even as our competitors exploit oil and coal and natural gas and anything else – not just to power their economies, but to use as leverage against our own.  And in a pursuit of a world without borders, we opened our doors to an unprecedented wave of mass migration that threatens the cohesion of our societies, the continuity of our culture, and the future of our people.  We made these mistakes together, and now, together, we owe it to our people to face those facts and to move forward, to rebuild.  Under President Trump, the United States of America will once again take on the task of renewal and restoration, driven by a vision of a future as proud, as sovereign, and as vital as our civilization’s past.  And while we are prepared, if necessary, to do this alone, it is our preference and it is our hope to do this together with you, our friends here in Europe.  For the United States and Europe, we belong together.  America was founded 250 years ago, but the roots began here on this continent long before.  The man who settled and built the nation of my birth arrived on our shores carrying the memories and the traditions and the Christian faith of their ancestors as a sacred inheritance, an unbreakable link between the old world and the new.  We are part of one civilization – Western civilization.  We are bound to one another by the deepest bonds that nations could share, forged by centuries of shared history, Christian faith, culture, heritage, language, ancestry, and the sacrifices our forefathers made together for the common civilization to which we have fallen heir. And so this is why we Americans may sometimes come off as a little direct and urgent in our counsel.  This is why President Trump demands seriousness and reciprocity from our friends here in Europe.  The reason why, my friends, is because we care deeply.  We care deeply about your future and ours.  And if at times we disagree, our disagreements come from our profound sense of concern about a Europe with which we are connected – not just economically, not just militarily.  We are connected spiritually and we are connected culturally.  We want Europe to be strong.  We believe that Europe must survive, because the two great wars of the last century serve for us as history’s constant reminder that ultimately, our destiny is and will always be intertwined with yours, because we know – (applause) – because we know that the fate of Europe will never be irrelevant to our own.  National security, which this conference is largely about, is not merely series of technical questions – how much we spend on defense or where, how we deploy it, these are important questions.  They are.  But they are not the fundamental one.  The fundamental question we must answer at the outset is what exactly are we defending, because armies do not fight for abstractions.  Armies fight for a people; armies fight for a nation.  Armies fight for a way of life.  And that is what we are defending: a great civilization that has every reason to be proud of its history, confident of its future, and aims to always be the master of its own economic and political destiny. It was here in Europe where the ideas that planted the seeds of liberty that changed the world were born.  It was here in Europe where the world – which gave the world the rule of law, the universities, and the scientific revolution.  It was this continent that produced the genius of Mozart and Beethoven, of Dante and Shakespeare, of Michelangelo and Da Vinci, of the Beatles and the Rolling Stones.  And this is the place where the vaulted ceilings of the Sistine Chapel and the towering spires of the great cathedral in Cologne, they testify not just to the greatness of our past or to a faith in God that inspired these marvels.  They foreshadow the wonders that await us in our future.  But only if we are unapologetic in our heritage and proud of this common inheritance can we together begin the work of envisioning and shaping our economic and our political future. Deindustrialization was not inevitable.  It was a conscious policy choice, a decades-long economic undertaking that stripped our nations of their wealth, of their productive capacity, and of their independence.  And the loss of our supply chain sovereignty was not a function of a prosperous and healthy system of global trade.  It was foolish.  It was a foolish but voluntary transformation of our economy that left us dependent on others for our needs and dangerously vulnerable to crisis. Mass migration is not, was not, isn’t some fringe concern of little consequence.  It was and continues to be a crisis which is transforming and destabilizing societies all across the West.  Together we can reindustrialize our economies and rebuild our capacity to defend our people.  But the work of this new alliance should not be focused just on military cooperation and reclaiming the industries of the past.  It should also be focused on, together, advancing our mutual interests and new frontiers, unshackling our ingenuity, our creativity, and the dynamic spirit to build a new Western century.  Commercial space travel and cutting-edge artificial intelligence; industrial automation and flex manufacturing; creating a Western supply chain for critical minerals not vulnerable to extortion from other powers; and a unified effort to compete for market share in the economies of the Global South.  Together we can not only take back control of our own industries and supply chains – we can prosper in the areas that will define the 21st century." ...
Wall Street Journal Original article ›
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Nokia's new hardware design strategy capitalizes on Nokia's strengths in design and manufacturing. Marko Ahtisarri, Nokia's head designer sees opportunity in coming up with phones that have more natural forms, and move away from the black, grey metallic rounded-corner rectangles. He wants to design a phone that would let users keep their heads up, so they can have contact with their environment even as they use their phones.
The Guardian Original article ›
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The third pick of songs by chancellor Merkel for a farewell ceremony at the Defense Ministry, after her first pick of a Christian hymn from the 18th century "Holy God we praise thy name," is one that was on East German pop charts in 1974. It is "You forgot the color film," by Nina Hagen. The song is an angry lament that admonishes Hagen's boyfriend Michael, for not bringing the color film during their visit on holiday to Hiddensee Island. As a result she sings "no one will believe how beautiful it was here." The lyrics were written by Edward Demmler and it was sung by Nina Hagen in conventional schlager style. Merkel spent much of these 16 years seen on television sticking to strict austerity measures for European Union countries. Not investing in childcare, education, retirees, healthcare, and the infrastructure for broadband, roads and bridges, leaving Germany and with it the European Union in stagnation. Only in her last years was she persuaded by her vice chancellor Scholz of the SDP of the need to invest heavily in Germany and the European Union to fight the coronavirus pandemic with aid to the people of Germany and European Union. As she leaves she ponders the lessons both of the GDR in the east and the Federal Republic in the west, both had their flaws and their potential and both could learn from what was missing in the other. An opportunity for reflection and understanding. It is to Scholz and the Greens that is left the task of making the Federal Republic what it could be, to reaching as much of its potential for the good of Germany and the good of the European Union. Even though the singer became a punk artist after moving to the west following the fall of the Berlin Wall, she was a conventional. schlager style singer before that. So that 16 years after trying out the free market version of capitalism Merkel who grew up as a young East German teenager in the former German Democratic Republic realizes that this period after the fall of the Berlin Wall was not all that it was made out to be. As the Guardian puts it this embrace of her East German identity is no characteristic of Merkel as during these 16 years she rarely brought up her growing up years in East Germany. ...
WSJ Original article ›
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About 80% of Ballmer's money ($150 billion -former Microsoft CEO) is in Microsoft stock and 20% in index funds. He tried investing in stocks, Colgate Palmolive at advice of Jim Cramer a college buddy. Then tried diversifying. Tried money managers and found it difficult to find ones that outperform. So he dumped them all. His approach was shaped by Warren Buffet who says put it in S&P shaped index fund. He says-  Keep it Simple. Keep it Simple. We are financially blessed. What I seek says Ballmer is not to have anxiety, not to have to spend a lot of time, where we are blessed enough if we make 7%, the standard S&P return in the long run. He had luck listening to the right people and his loyalty to the company.  When Balmer left office as CEO in 2014 Microsoft market capitalization was $300 million. Ten years later it is $3 trillion with work on cloud computing and AI. Microsoft gained 29%  each year in that period including dividends, the S&P 13% with dividends, endowments 8%. As investor non-investor Ballmer now exceeds $150 billion and is No. 9. Most investments are in one trick ponies Google for example or in two trick ponies Apple, Amazon or Microsoft. One trick pony means they milk it, and milk it, and milk it. Three trick ponies not many you can find. ...
Washington Post Original article ›
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The former interim Speaker Rep. Patrick McHenry, Republican North Carolina, tells a University of Chicago student audience that one can hold off a majority Congressmen only for so long, that there could be a two third majority in the House favoring the Ukraine aid. That bill for $61 billion in Ukraine aid passed the US Senate 70-30 with 22 Republican Senators supporting it but is blocked for 2 weeks by Speaker Mike Johnson for a House vote. Former Speaker Paul Ryan of Wisconsin tell a Washington Post event that House Speaker Mike Johnson has to make up his mind to be decisive and take action that get things done. Ryan served as vice presidential nominee and became Speaker in October 2015 eight years before Mike Johnson in a similar situation where his job depended on different factions. Mike Johnson's view is that he wants to be seen as listening to all members to kind of decentralizing things. Yet as more experienced members of Congress say the only way to get things done is for the Speaker to take action on his own accord and let the situation rest there having done his best. This situation is happening today in the House as about half of all Congressmen in the House of Representatives have not served in Congress before January 2019, says The Washington Post. ...
Wall Street Journal Original article ›
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Apple CEO, Steve Jobs, gave this commencement address at Stanford University in 2005. In it he describes three stories that sums up his life's experiences and what he had learnt about living. One about not graduating from college and how that happened, the second about leaving Apple in 1985 and the energizing period after he left Apple, and the third about his fight with pancreatic cancer in 2004. In these three experiences Jobs brings out the message of the words "bloom where you are planted," because of the resilience and growth he experienced in the way he handled the three difficult life experiences. Not having the money for college, being pushed out of the company he created by the time he was 30, and facing a life threatening illness. Throughout each experience and what life threw at him, Jobs showed dignity, courage and a keen eagerness to learn and grow, turning difficulties into opportunities. He ends the address with this image from an old 70's Whole Earth Catalog. This is an early morning country road in the fall- the kind of road one would take if one was adventurous- with the message "Stay Hungry. Stay Foolish." Something Jobs says he always wished for himself, and wishes for the graduates....
Le Monde.fr Original article ›
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Le Monde publishes the speech JD Vance gave at the Munich Security Conference with it says added context and explanation. It is useful because it is easy to make hasty judgements in one direction or another. The focus here is on immigration to EU and to the US, a sore point. Vance does not mention a bigger sore point - the lack of recognition worldwide to the 490,000 American lives lost in the illegal flow of fentanyl into the US without needed action from CMC Canada, Mexico and China. And business as usual carried on by these countries and the European Union, and a failure to act by the US.  JD Vance said- "And of all the pressings—challenges that the nations represented here face, I believe there is nothing more urgent than mass migration. Today, almost one in five people living in this country moved here from abroad. That is, of course, an all-time high. It’s a similar number, by the way, in the United States—also an all-time high. The number of immigrants who entered the EU from non-EU countries doubled between 2021 and 2022 alone. And, of course, it’s gotten much higher since.And we know the situation, it didn’t materialize in a vacuum. It’s the result of a series of conscious decisions made by politicians all over the continent, and others across the world, over the span of a decade." Fact Check- About 14 million of Germany's 84.5 million people are foreign nationals according to Destatis. This is 16.6% of Germany's population. Vance rounds it off to 20% not 17%. In the US there are 47.8 million people who are foreign born or 14.3% of the population in 2023. It increased by 1.6 million from 2022 to 2023, much of it coming from Venezuela and Central American failed states from left parties mismanaging the economy for hyperinflation and from gang violence. In 2022 EU member states welcomed 1.8 million Ukrainian nationals that was only 100,000 in 2021, which is two thirds of the increase. The reason for Vance's doubling. A similar situation happened in the US with Venezuela as a failed state with hyper inflation into 1000 percent inflation leading to migration to other Latin American countries and into the US during the Biden administration. Some of this happened because sanctions made things worse, mismanagement of the economy. A similar migration happened from Syria into the EU member states as a result of the civil war.     ...
The Guardian Original article ›
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Robert Mueller, the special counsel, says the Mueller Report and his investigation into the 2016 presidential election does not exonerate president Trump. If we had exonerated the president we would have said so, said Mueller in a public statement. "If we had confidence the president did not commit a crime we would have said that," Mueller said. He said the constitution of the U.S. does not allow a sitting president to be charged by the special counsel. Because the special counsel office is under the Justice Department and the department policy set the manner of the report, charging the president was not an option he had. The Republican party controls the Senate and the Democrats control the House of Representatives. Any effort by Democrats in the House to impeach the president would fail in the Senate. Democrats and Speaker Pelosi are wary of impeachment proceedings. Mr. Mueller's statement suggests there is also growing discomfort in Congress about taking no action at all that would be construed as exonerating the president for what happened during the presidential election, because it might set improper precedent for the future. This increases the pressure for impeachment proceedings in the House of Representatives from some Democrats for more information to let Congress decide. ...
Economist Original article ›
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Different visions of primary education, one from the Cambridge Primary Review, and the other from Sir Jim Rose, for children in the UK. Sir Jim Rose thinks there is a lot of overcrowding of subjects in primary education or curriculum overload, and wants to go back to a core curriculum, computer skills, a foreign language, and replace the 12 subjects taught with 6 crosscutting areas of learning. Cambridge Review doesn't see overcrowding as the problem but the lack of good quality teaching of subjects outside the narrow diet of numeracy and literacy. They don't like the dumbing down to core subjects and want to see a broad, rich and balanced curriculum. The Government is following Sir Jim Roses's report as it has been commissioned by the government and is written by one government report writer. By contrast the Cambridge Primary review is independently conceived and has been years in its preparation and draws on international experience and many experts. They are both very different in their perspectives. This is too important an issue, the educational upbringing of a whole new generation of children, to be left to a kind of random selection without discussion of the different views and their merits. ...
BBC News Original article ›
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The BBC's Political Editor, Laura Kuenssberg, says there are significant hurdles to reaching an agreement in talks between Conservative Party leader Theresa May and Jeremy Corbyn of the Labour Party. Labour seeks some assurance on Britain remaining in the customs union. Ironically the very reason Brexiteers such as Mr. Davis and Mr. Rees-Moog oppose the Theresa May deal - the arrangement on the Irish backstop a way for keeping the borders open between the two Irelands - is the reason Labour could find a way to support an agreement with Theresa May. For the Brexiteers this is unacceptable because it would keep Britain indefinitely in the EU.  There are two other obstacles. Theresa May has promised to resign after negotiating a compromise with Labour Party. Would her successor including possibly a Brexiteer such as Mr. Boris Johnson, support the agreed to deal with Labour. This is highly unlikely. Another obstacle is that a majority of Labour party members of parliament favor a second referendum, a ratificatory referendum, or a confirmatory referendum whatever you call it.  A related article today on this issue in BBC News by Katya Adler describes the person on the other side, the person who heads Germany's ruling CDU Party, and who is likely the next chancellor. This is AKK, Anne-Margaret Kampbrauer. She wrote an article in The Times about a month earlier with other German leaders saying she would love to see Britain change her mind and stay in the EU. She is in favor of a second referendum. Parts of the Conservative Party also support a second referendum- those Conservative MP's who are boxed in between the extreme Brexiteers who care for nothing except their vision of Britain outside the EU as a Franco-German arrangement, and the MP's who left the Conservative Party or now support a second referendum.  Kuenssberg says that necessity is the mother of invention and something could come out of the talks between May and Corbyn- but the obstacles she mentions may not be overcome leading to a new popular vote as the best option. ...
dw.com Original article ›
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Brandenburg Berlin metropolitan region of which Brandenburg and city of Berlin are separate states remains a strong economic region. This is where Germany has evolved under ruler Frederick since the end of the Thirty Years War in 1648. Dietmar Woidke of ruling Social Democrats is expected to win a fourth term in office with the SPD expecting 25% of the vote in the important state of Brandenburg next to Berlin. Even though the AfD right wing party is expected to do well approaching 25% of the vote, there are other factors at work. Sara Wagenknecht has rebranded the Die Linke Left party with immigration policy that is similar to policies now being accepted in Denmark, France, Netherlands and other EU countries that see the need to restrict immigration, drawing 15% support. A good example being Mette Frederiksen, Social Democrats in Denmark. A coalition with the Christian Democrats CDU with about 15% expected vote and Greens with less than 5% is likely for about 45% of the vote. Other factors that show a stable Brandenburg are the economy with the new regional airport hub of Berlin Brandenburg airport, a new Tesla factory, rich natural resources a third of the state of 2.6 million people being filled with forests and lakes, and a stable population after the reunification in 1990 without rural depopulation as in other parts of East Germany, only 12% people of immigrant background including Wagenknecht.   ...

The Spirit of Enterprise

New York Times Original article ›
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At the height of the Eurozone crisis in December 2011, David Brooks points out that it is important not to forget what the Germans are saying in this crisis. They are arguing for truth in accounting, which the government in Greece failed to do, and which may have more to do with negative opinion in the media and with the public in Germany about Greece than any other factor. They are arguing against speculative excesses that enabled Greece to borrow recklessly. And they are making the argument that the only way to put the finances of the eurozone on a sound basis is to have the financial discipline that is necessary for a sound currency. Anthony Faiola pointed out recently that one estimate for tax evasion in Italy is $340 billion a year- Washington Post, 11/25/2011. Greece has a similiar problem, which needs to be addressed. This view has credibility and the backing of every principle of sound financial practices, irrespective of country or region. For ordinary Germans who have gone through years of wage restraint during the period of high unemployment, their attitude is captured in one German workers response to Greece's situation - when she said there are "poor children in Germany also." Years after reunification were a difficult experience for Germany, and left parts of the country still affected by the experience. The period of high unemployment is still a fresh memory, as the economic recovery is fairly recent. There is a feeling that the situation is precarious, depending on exports, as the 2009 downturn showed. These facts remain even when one considers the criticism levelled at Germany. Germany benefitted from the bubble in the economies of Southern Europe through surging exports- from a currency that was undervalued in relation to neighbors- because of the common currency. German banks lent heavily to Greece, Ireland, Italy, Spain, and Portugal, along with French and British banks, and bear responsibility for reckless lending and not doing due diligence for loans to Greece and other countries. Germany also carries the burden of memories of hyperinflation in the 1920's, and the sense along with France that partnership is necessary for peace in Europe. Germany's position on austerity measures also has one underlying weakness - if this leads to shrinking economies in southern Europe in the name of fianncial discipline, then the plan fails as tax revenues decline and budget deficits increase. Given this experience Germany faces the challenge of convincing neighbors of the need for good governance and sound spending practices for long term stability of the currency, even as it leads the effort for providing short term funding. In the short run this reaps criticism for Germany, including criticism for some members such as Greece having to leave the euro as a way to regain competitiveness and growth. Experts have suggested that this would be a better option for Greece than a shrinking economy after strong austerity measures, and the referendum proposed by former prime minister Papandreou on strict austerity measures is likely to have gone in this direction. ...
Wall Street Journal Original article ›
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Mario Monti, Italy's prime minister, tells Alessandra Galloni of the WSJ, "Germany will never let France go." French economist Sorman says Americans do not realize that the EU and the Euro were created for political, not economic reasons, and the idea was to bring peace to Europe and especially between France and Germany. He sees the EU countries staying through this crisis together, and France emerging more competitive from this experience.
Wall Street Journal Original article ›
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Reinhart is saying something similiar to what Krugman said earlier, and Peter Eavis said in the Heard on the Street column on March 24, 2009. The Geithner plan is similiar to the Paulson plan. It is trying to get private investors to buy up toxic assets by offering incentives. But the pricing issue like before is left vague and unanswered. And its success looks increasingly doubtful as the is not only the problem of confidence and illiquidity that these plans are confronting, but something more structural and basic about how much these toxic assets are worh and whether it makes sense to bid for them and at what price so that ooooooone is protected on the downside. Reinhart points out that the stress tests are also there, and it may just be that the government is waiting for public support to build for taking on the losses involved in getting rid of toxic assets, and is right now going the longer circuitous route. At some point the government may decide the time is right to sort out the banking institutions finances through the stress tests, make the tough decisions for banks that are not healthy by government takeover, and deal with the toxic assets as owner of these failed banks....
Washington Post Original article ›
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Adam Taylor explains what Brexit is about. What should be added is that Brexit is a child of the time in 2015-2016 when Angela Merkel was ill prepared to tackle the sudden wave of migrants from North Africa from wars and population growth outstripping what little progress was made, making decisions to let in close to a million migrants. Migrants are now being returned back to their home countries and the issue has faded. The austerity policies in the EU with Greece, Spain and Portugal as bad poster childs for the EU are also largely over, with economic recovery in Europe.  As a result confidence is growing in the future of the European Union. What pessimists including Mr. Trump saw as a breakup of the European Union is no longer the case. Britain's long negotiations and divisions for Brexit are now reinforcing an opposite conclusion- that it is beneficial to stay in the European Union. Fully 68% in a Eurobarometer Survey of 27 EU countries by the European Commission in March 2019 think so, only 17% think it is not beneficial. In Britain also a majority now support membership in the EU. The European Union and Britain have a lot to learn from this experience and the divisions generated, which is likely to be part of the acquired experience of a new generation of leaders.  ...
NYTimes.com Original article ›
LyrArc Article Gist
Biden's address to Congress after three years of the pandemic marks a turning point for America like Lincoln in 1962 and FDR in 1933. As Biden surveys the damage done to the country not just by Covid loss of 1 million lives, he sees the closing of factories and abandoning of communities that depended on them all over America, abandoned by administrations of either party. Which has led to a loss of faith in the fairness of the system and of democracy itself.  "And two years ago democracy faced its greatest threat since the Civil War. And today though bruised, it remains unbowed and unbroken. . . That's always been my vision for this country, and I know its many of yours. To restore the soul of this nation. To rebuild the backbone of America, America's middle class." Biden sees a complete rebuilding of America to bring back manufacturing, restore American leadership in manufacturing. And invest three hundred billion dollars for the effort that will create jobs and new opportunities.  "For decades, the middle class has been hollowing out, and more than- and no one administration, but for a long time. Too many good paying manufacturing jobs moved overseas. Factories closed down. Once thriving cities and towns that many of you represent became shadows of what they used to be. And along the way, something else we lost. Pride, our sense of self-worth. I ran for president to fundamentally change things, to make sure our economy works for everyone so we can all feel that pride in what we do. To build an economy from the bottom up, not from the top down. Because when the middle class does well, the poor have a ladder up, and the wealthy still do very well. We all do well." "Folks I've been criticized for saying this, but I am not changing my view. We're going to make sure the supply chain for America begins in America. The supply chain begins in America." "And when we do these projects- and again I get criticized for it but I am making no excuses for it- we're going to buy American. We're going to buy American. Folks, and it's totally consistent with international trade rules. Buy American has been the rule since 1933. But for too long, past administrations, Democratic and Republican, have fought to get around it. Not anymore. . . Folks my economic plan is about investing in places and people that have been forgotten. So many of you listening to me tonight, I know you feel it. So many of you felt simply that you've been forgotten. Amid the economic upheaval of the last four decades, too many people have been left behind and treated like they're invisible."   ...
The New York Times Original article ›
LyrArc Article Gist
Obama's comments during a visit to Greece about the challenges facing multiracial and multicultural societies such as the U.S. and the people left behind through globalization. He says "we are going to have to guard against a rise in a crude sort of nationalism or ethnic identity or tribalism that is built around an "us" and a "them."  Obama also referred to a global elite "that seems to live by a different set of rules, such as being able to avoid taxes," which he said "fuels a feeling that globalization only benefits those at the top," and leads to a push back from people who feel they are losing control over their future." The problem for workers is that fewer and fewer workers are needed in todays advanced automated factories and manufacturing moves across borders leading to anxiety. The president may have realized the extent of the damage only in the closing days of the campaign in 2016, because of his support for trade agreements without talking in this manner about the lives of workers.  ...
BBC News Original article ›
LyrArc Article Gist
A nuclear plant on the left bank of the Dnieper (Dnipro) river in Ukraine under Russian control in the early days of the war and close to Ukraine on the other side of the river is facing increased shelling. The war is shifting to southern Ukraine as Ukraine launches an offensive to retake the city of Kherson lost at the beginning of the war.

WSJ Original article ›
LyrArc Article Gist
After the jump in unemployment in the the first year of the pandemic came the reversal as people retired or left some sectors of the economy leading to worker shortages. This is now reverting to something more normal as the US central bank the Fed acts to fight inflation, with both unemployment and inflation beginning to return to normal levels, says the WSJ.


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