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China raises $3.7 billion in a 3 part deal in euros by issuing bonds worth 4 billion euros, for 5, 10, and 15 year bonds. Yields were a negative 0.152% for 5 year bonds and 0.32% and 0.66% for the 10 and 15 year bonds. This is the first time China has sold negative yielding bonds. Moody's projections show China public sector debt is at 185-190% of gross domestic product in 2020, up from 167% in 2019.  

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It is important to remember that FDR and Harry Truman won in North Carolina by huge majorities, so did Adlai Stevenson, John Kennedy, LBJ. In fact going back to Woodrow Wilson in 1912 and 1916. Democrat Josh Stein, Attorney General elected in 2020 and Republican Mark Robinson, the Lt. Governor are very different candidates for governor in North Carolina. Rory Cooper, a Democrat, who won by 4 percentage points is not running after two terms as popular governor because of term limits.  Cooper's focus has been on education, ease of living, infrastructure and clean energy. North Carolina has one of the largest rural populations in the country with one in three being rural with new out of state residents settling in the suburbs. In recent years it has generally voted for a Democrat as governor and Republican for the legislature. Only in  elections since 1980 except in 2008 it has voted Republican for president. In 2024 it is expected to be a swing state. If elected Robinson would be the first black governor of North Carolina, Stein the first Jewish governor.   ...

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CSU leader and chief minister of Bavaria, Markus Soder, says no moral legitimacy to govern could be derived from Christian Democrats poor showing in the German elections. CSU is part of CDU/CSU alliance. CSU is the party in Bavaria with its state capital in Munich. Soder says CDU should not be attempting to form a coalition. A look at the map of Germany given on September 28 in NYT shows  CDU/CSU black mostly in southern Germany in Bavaria. The rest of Germany is all red Social Democrats with Greens in densely populated Berlin, Cologne and Hamburg, and AfD in Saxony/Thuringia in the east.  This shows that the 2% margin lead of Social Democrats over Christian Democrats under Merkel/Laschet does not reflect the true picture of this election. Without Bavaria the CDU has clearly lost this election by a large margin to the Social Democrats and Greens. This is a message also for the Free Democrats FDP as the FDP program belongs clearly to the past and the Merkel years of not moving Germany forward with investment to modernize Germany. The Greens and SPD promised voters in their programs loudly and clearly to invest big in modernization, and this is the mandate handed to them by voters. ...

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This Guardian report looks at the Post Office Travel Money City Cost Barometer, a travel survey of cost for 35 European cities. Nazia Parveen does a good job of comparing many cities across Europe showing what the cost comparisons are for a city break this year. While other European cities cost of hotels and restaurants are up steeply Athens and Lisbon, Porto, Lille, Bordeaux, Budapest, Zagreb, Warsaw,  remain good destinations for the cost conscious. Amsterdam, London, Geneva, Berlin, Venice Florence, Paris, Copenhagen, Stockholm, Edinburgh and Dublin are costly destinations. In general smaller cities as in Germany cities such as Dresden, Leipzig, Bremen and Cologne, Hamburg, Heidelberg, Weimar, Erfurt, offer culturally very rich and yet less costly destinations. 

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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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Now that the euro dollar parity is reached what happens next. This report in WSJ shows there is room for more downside because of the weaker European economy. It says Europe had less of the covid payments to lower income groups and smaller payments than in the US. As a result this shows up in consumer spending. The parity with the dollar does not reflect the event of a shutoff of Russian supplies of gas to Germany. If this happens it will impact the euro further.

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Overseas business locations of US companies offer a way to avoid American government oversight where the business practices have severe adverse effects on the finances and well being of the American public. What responsibility must the US take for ensuring that the deliberate use of such locations to operate independently of government oversight with practices that hurt ordinary Americans savings, is the subject of this report in WSJ. Cryptocurrency firm FTX operated from the Bahamas before being charged with fraud by the US government. 

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This WSJ Investigation into workculture and poor treatment of women and minorities shows behaviour has not changed over the years. Some of the internal investigations go back to the time when Sheila Bair was head of the FDIC in 2009. The FDIC plays an important role in regulation of the banking system. It is not attracting younger employees with the workculture. That this has been ignored for so long is over decades is beyond comprehension, that such behaviour could exist as reported in the WSJ is astonishing. 

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The impact on families of thousands fentanyl deaths in America each year for the last decade. NYT looks at one such family and the turmoil and struggles of this family in 2025.

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German chancellor Scholz and Economy Minister Habeck are on a visit to Canada to negotiate new deals for LNG and hydrogen supply chains. Canada is seen as a resource rich economy with stable supplies and a democracy firmly within the western alliance, that is also a key supplier of energy. Germany is looking for new resources after Habeck's trips to negotiate deals with Qatar and other Gulf countries.

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VW is rolling back decades of globalization, with shorter supply chains, less focus on China, more investment in the US. The war in Ukraine has further disrupted already strained supply chains and VW is rethinking its entire manufacturing system in a new way.

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European banks are expecting low returns and a period of low rates and souring loans from the pandemic and many banks may have to merge to survive. Most are just covering costs. CaixaBank is buying Bankia SA in Spain. Commerzbank and Deutsche Bank may reconsider merging. UBS may consider merging with Credit Suisse, though Swiss banks are in better shape.

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How the coronavirus pandemic has strengthened people's convictions about the climate and fighting pollution, including noise and other more subtle levels of pollution in cities, to seek a sense of calm that was missing previously.

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The new bipartisan sanctions on Russia agreement in the U.S. Congress has the support of key senators, McConnell and Corker on the Republican side, Schumer and Cardin on the Democratic side. The agreement would impose new sanctions on Russia and provide for a mandated congressional review. This follows Russian meddling in the U.S. 2016 election and cyberattacks. This measure is being considered as a sanctions bill on Iran is being passed.

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Ryan Tracy and Anthony DeBarros try to address the question of patchy internet service for America's heartland, rural areas from the prairies of Iowa to the west, and in the south and southeast. Public funds were allocated through the Rural Digital Opportunity Fund for broadband service with the latest optic fiber technologies in 750,000 census blocks in all states except Alaska in the US. This was supposed to bring digital internet with fast speeds enjoyed by urban users to every American home. Instead after this and another program the Connect America program why is internet service serving some customers and not others in rural areas, with patches of areas in each rural part of a state without internet service at the speeds one should expect for streaming and other uses? This WSJ research looks at data and conducted interviews on this important issue and found that internet service providers were given public funds by the FCC yet allowed to pick customers leaving some customers out. FCC rules till 2021 did not require service for all customers equally as long as they provided service to a minimum number of locations statewide say former senior FCC officials. One senior former FFC official says it is not surprising that companies made the decision to do the bare minimum required.  In Heavener, Oklahoma this meant that during the pandemic and lockdown when schools were closed the lack of good internet service affected learning from home. Many students could not get online from home. In 2021 another effort was made. This time funds will not go through the FCC but through the states. The Biden $1 trillion infrastructure spending for workers and families includes $42.5 billion for a rural broadband program in America. This WSJ report does useful service to America by putting the spotlight on one of the issues that divides America today the gap between the quality of life in rural vs. more affluent areas of urban America. It also shows that it is the federal bureaucracy that is at fault in this case for poor internet service in rural areas. Careful attention to this is needed so that rural America gets the attention it deserves from the prairies of Iowa to the mountains, the breadbasket of the country, and the heartland.   ...

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General practitioner physician in Edinburgh, Gavin Francis, describes the mental health issues that are now common. He says they come in the form of panic and anxiety that are leaching into everyone's lives like a second pandemic.

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Bob Herbert calls Obama's attention to afew simple facts- the jobless rate for men 16 years and over is 11.4%, for blacks 15.7%. About 35% of black children live in poverty and the number could soon reach 50%. Hepoints to the mood of the country where a crowd cheering Yankee win in Manhattan erupted to rhythmic chants of "Wall Street sucks." And he reminds us that the full extent of the carnage and costs of the twin wars has been kept hidden from the public. Visit one of the military medical centers and one sees the costs. And he cites Pennsylvania governor Ed Rendell saying in an interview that the people in the Pennsylvania National Guard have been in the wars two, three or four times, and are worn out. Where are we going to find more troops, he asks.

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The US Supreme Court throws out a lawsuit that said the Biden administration unlawfully pressured social media platforms to remove content seen as disinformation. The ruling said the two states Louisiana and Missouri and five parties had no rights to bring their claims before a judge. Earlier lower courts had ruled against the government . The claims by the two states were shown through emails written by government officials to Facebook asking why it had not removed disinformation that said Covid vaccines were harmful. This issue of the usefulness of vaccines for Covid was a major issue in 2022.

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The perception of Chrysler's travails from Detroit. "Like a resourceful alley cat, disrespected, starving, kicked around, but tenacious," so begins Detroiter Tom Walsh's colum on June 11, 2009, in the Detroit Free Press. Disrespected by Ford and former Chrysler manager who left at the time Daimler took over Chrysler. Its a skinnier more haggard looking Chrysler, and Fiat may do a complete makeover starting with the product line, a Fiat small car line unlike the guzzzlers Chrysler was known for like the Dodge Ram pickup.