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American corporations lost faith in the American worker with a series of missteps by labor in the US by 1999 which were also failures of top management and engineering for quality on the assembly line and wages to compete with low cost outshoring. In losing this faith in the American worker America's corporations lost faith in their own country, in their own people- the people of America. Larry Summers was mentored by Treasury Secretary Rubin from Goldman Sachs. Deputy Treasury Secretary under Rubin, president Clinton. Following Rubin in 1999 as Treasury Secretary. Several key events happened that damaged America and the working people of the Nation -and each time Rubin and Summers are seen as giving wrong advice. The first deregulation of financial markets setup by Clinton-Rubin-Summers in 1999 led to financial crisis of 2009. The second setting up China's entry into the World Trade Organization without safeguards that caused China to use unfair practices to destroy much of America's manufacturing base. The 2009 financial crisis-  The support for repealing the Glass Steagall Act in 1999 and for deregulation of financial markets by Rubin and by Summers led to deregulation that caused the financial crisis of 2009 with overleveraging of US banks and faulty mortgages. This was the first blow to the social and economic fabric of America, to America's workers and families. The second body blow came from decisions made by president Clinton with advice of Larry Summers as Deputy Treasury Secretary and Treasury Secretary in 1999.  Advice that Clinton regrets  and sees as wrong and which have shaken American workers faith in the traditional Republican and Democratic parties of Bush, and of Clinton-Obama 1992-2016, a 20 year period which saw almost the entire industrial base of the US shipped to China  by American corporations working with China. American corporations lost faith in the American worker with a series of missteps by labor in the US by 1999 which were also failures of top management and engineering for quality on the assembly line and wages to compete with low cost outshoring. In losing this faith in the American worker America's corporations lost faith in their own country, in their own people- the people of America.     ...

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Kessler and Lee do the fact check in the Washington Post on Hillary Clinton's comment in the third Democratic U.S. presidential debate in Dec. 2015. Clinton says "Donald Trump is becoming ISIS's best recruiter. They are going to people showing videos of Donald Trump insulting Islam and Muslims in order to recruit more radical jihadists." This was an effort by Clinton to distinguish her approach to terrorism from that of Trump. Kessler and Lee say Clinton referred to videos of ISIS that so far cannot be found. The closest to this is an NBC news report citing Rita Katz of the SITE Intelligence Group monitoring Islamic terrorist groups that Trump's comment on barring entry of Muslims to the U.S. could be used as a recruiting tool. The Clinton campign says Hillary was referring to this.

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Dr Kevin Lee, a British neuroscientist, heads EpiNova, a 60 person unit within Glaxo's R&D department. Lee founded two biotech startups before joining Glaxo. The smaller units called Discovery Performance Units are Glaxo's way of creating biotech startup like units which it is hoped will produce better results. The 36 DPU's in Glaxo R&D are given 3 year budgets and flexibility to make their own decisions for drug research. The large bureaucracy, scientists not working across fields and an older mindset are seen as obstacles in the search for new drugs. EpiNova with its own logo operates in a a Glaxo facility, an hour north of London. Decisions are made faster, says EpiNova chemist Dr. Wilson, and the atmosphere is that of a startup willing to try new approaches quickly.

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The ruling Congress party led coalition government has depended on regional political parties for support. Since winning elections over a BJP led government, the Congress party in India has depended on an alliance with Left and Marxist parties, then an alliance with regional parties from Tamilnadu, and now an alliance with the regional party of Mamata Banerjee in W. Bengal. Following three decades since independence in 1947, when the Congress party under Nehru and Indira Gandhi generally won large majorities in parliament, the situation has changed to where regional party support is needed for either the opposition BJP party or the Congress party to form a coalition government. This has reduced the flexibility of the coalition governments in setting policies to encourage foreign investment in the growing economy.

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Carlos Slim's America Movil has expanded quickly throughout Latin America in the last decade. It now has 225 million customers. It offers innovative solutions in a region where credit cards are not as widespread and incomes are lower. Prepaid cards let customers of America Movil use its service in large numbers. It started with 10 million customers in Mexico, about ten years ago. A new strategy is to expand data streaming and internet services in the same way, by offering low cost prepaid cards that let people in Brazil use the service for 2 weeks, and similar pricing elsewhere in Latin America. America Movil has 60 million internet customers at this time. The target is to get 400 million people online using mobile phone devices iin the Latin American region.

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Support for the centre right Moderate Party of Mr. Reinfeldt declined to 23.2% in Sweden's 2014 parliamentary elections. A trade union leader, Mr. Lofven, led the coalition of centre Left parties including the Green Party to a narrow win over the centre right parties, with 43.7% of the vote. Votes to an antiracism and womens issues party Feminist Initiative was expected to go above the 4% needed to enter parliament and provide support to the centre left parties, yet reached 3.1%. The strain on funding for schools and other public spending, as a result of immigration support spending on Middle East refugees by the Reinfeldt government, led to a siphoning off of significant voter support to a far right anti-immigration Sweden Democrats Party which doubled its vote to 13%.

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On the morning of Jan 15, 2015 the Swiss Franc jumped in value against the euro by 18%, and at one point up by 39%, following the Swiss National Bank's announcement of removal of the peg to the euro of 1.20 euros. Foreign exchange fluctuations of this scale are unprecedented. The peg to the euro was made in 2011 following the rise in the franc's value by about 44% in 2010-2011. The sudden rise in value in 2010-2011 hurt Swiss competitiveness and tourism, threatened to bring an onset of deflation, and recession. Part of the rise was due to external factors- the eurozone debt crisis led to decline in the value of the euro, and fears of a eurozone breakup led to money flowing into Switzerland as a safe haven.

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Here Simon Jenkins in the Guardian looks at the situation in Spain, where independence from Spain for Catalonia, could lead to independence demands from other regions such as the Basque region. He says opposition to devolution of powers to Scotland in the 1980's in Britain led to the drive for independence in Scotland years later. He sees the Spanish government's strong response as not the best way to deal with the situation. A better way is to allow some form of self-rule for regions such as Scotland and Catalonia, enough self-rule to accomodate regional aspirations. He cites the example of Slovakia with peaceful separation as the alternative if no agreement is reached.

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According to a proxy statement filed by Exxon with the SEC, Lee Raymond, CEO of Exxon, received a compensation package of $140 million in 2005. Stock, options and long term compensation will add another $258 million. The total is about $398 million.

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Libyan leader Moammar Gaddafi is killed in a firefight between rebels and Gaddafi's forces defending Sirte on October 20, 2011. Sirte was taken by rebel forces with the help of airpower from French fighter jets as part of a NATO led effort.

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Fannie Mae's top management paid lobbyists from both political parties to reduce any government or congressional oversight of the company. Gretchen Morgenson and Joshua Rosner describe the situation that led to the financial crisis of 2008 in their new book "Reckless Endangerment."

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Alexander Kudascheff of the DW.com says in this editorial opinion that the secular republic of Kemal Ataturk is about to become an Islamic autocracy. Kudascheff cites a number of reasons why the failed coup seems partly improbable such as it being led by the Air Force and Erdogan being able to fly back to Istanbul, not cutting communications,  and the intelligence agencies not having earlier knowledge about it. The overreaction to what is seen as a coup that was put down so quickly raises questions about the coup itself, says DW.com. It points out that Turkey now being admitted to the European Union now seems less probable than ever. The 3 month emergency is also seen with much skepticism. The coup and Erdogan's overeaction are a big negative event for Turkey-Eu relations.

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A writer for the NYT describes his fascination with King's Cross London train station and the neighborhood of the same name. Here you find an area which has gone through decay of typical industrial neighborhoods and revival in recent years. St Pancras International station is here with the Eurostar trains and one of the most modern railway terminals in Europe. 

You will find places such as St Pancras Old Church, a place of Christian worship since the 4th century. And Old Drops Yard which is a space once used for transporting coal during the Industrial Revolution now converted into shops and modernized. 

Booklovers will find the British Library, with ancient documents such as the third century Diamond Sutra in Chinese and millions of books. And one of the popular things to do in the area is to walk along the Regents Canal which was built during the period when Britain led the Industrial Revolution.

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Australian prime minister Scott Morrison says "global health trumps everything else," that " we need to have the information, and we need to have the transparency." Australia is seeking support from other countries in an effort to launch an investigation into missteps early in the crisis that have led to the epidemic spreading to millions of people around the world. China has rejected such an investigation. It has threatened retaliation with a consumer boycott of Australian beef and wine, and tariffs on barley. Australia tightened its laws on foreign interference and counterespionage in 2018. U.S. and European calls for an investigation into coronavirus origins is making Australia reconsider its trading relationship dependence on China. India has stepped up its vigilance of Chinese investment so that state backed entities do not acquire local companies affected by the pandemic. Japan has set aside $2.2 billion of its pandemic support package to help Japanese companies shift their supply chains out of China. ...

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German national soccer team coach Joachim Low has used 7 different defenders in the last 3 games as he tries to find a winning formula after replacing Hummels and Boateng, says this report in DW.com. He also replaced Thomas Muller and it will take some time before the German national team coach can find the new younger players to replace the old ones. This approach is not unique to Joachim Low alone as other national teams are also looking for younger players. The Spanish national team and the Portuguese national team have many younger players in an effort to bring new faces to the game who excel at soccer. Younger German players being called to play on the national team include Philipp Max, Robin Gosens, Nico Schulz, Mahmoud Dahoud, Nadiem Amiri, Florian Neuhaus, Jonas Hofmann. The only way to play other national teams who are bringing in younger players is for Low to tap into younger talent in Germany and let the process bring results.

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Career changes through music, fashion furniture, leads to interior design for Brigette Romanek in Los Angeles. She remembers women who were strong in her life as she moved to different cities, her aunt, her grandmother. She says she learned from herself that she would not give up. she also learned she was creative. An episode in which she designed hand bags led to her realizing how important it was for people to feel good, feel confident. 

She says she likes to work late at night when it is really quiet. Romanek loves design from the 60's and 70's  and classics from that period, shapes from that period that were simple but fun. She talks about a large olive tree in a room, for calm and grounding. The indoors going outdoors as concept. Bringing positive moods in people's minds through objects of beauty.

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The US faces a shortage of hydroelectric power in western states as the runoff of water from the mountains is only 25% of its normal level. The drought in California and the lack of hydroelectric power will lead to blackouts in the state. Normally Hoover dam provides electricity to power 1.3 million homes with 23% going to Nevada, 13% to Arizona, and the rest to Southern California. With the water levels low in Lake Mead, Hoover Dam will provide only a small fraction of the electricity it normally does to California. Colorado river's Lake Powell which feeds into Lake Mead has only 25% of its normal water levels.

The dry winter and spring led to less snowpack to feed rivers and streams in California, with loss of enough water to produce electricity for about 1 million homes for a year. This means more blackouts will hit California and western states.

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Migrants cross the border freely wading through murky thigh high water of the Rio Grande in the Del Rio sector of the US Border Patrol. WSJ shows migrants crossing the river. About 13,000 migrants are in Del Rio mostly from Haiti after a natural disaster. Flights from Texas will now take most of them back to Haiti . US Border Protection is expected to have 600 added personnel in the area today. US Border Patrol has made 215,000 arrests in the Del Rio sector, the second busiest of the Border Patrol's nine southern sectors. Word had spread in community of Haitians looking for job opportunities that this was a safe place to cross.

The Biden administration is moving to tackle this mistaken perception that US is likely to let migrants in. Haiti says it will take the migrants back into the country. Other migrants are from Guatemala, Cuba and Honduras.

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The South China Morning Post provides a look a the property prices, real estate bubble in Hong Kong, in this series. The central government in Beijing sees the lack of affordable housing and people cramped in small cramped housing not able to get a decent flat, as a cause of the discontent in Hong Kong. Seventeen weeks of protests, as the 70th anniversary of the Communist Party of China comes up is causing China to rethink how the Hong Kong model has worked. 
The city depends on land sales at high prices for its revenue, the tycoons who control the limited land supply are not releasing enough land to build affordable housing. China depended on Hong Kong as a financial centre, and let these simmering problems continue as the Hong Kong model was seen as a success. The mass demonstrations for the 17th week are calling for new thinking on the way Hong Kong's economy can benefit all its citizens.

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Wages for factory workers actually declined over the last two decades. Outshoring led to reduced wages in manufacturing. The auto industry crises after 2000 increased this decline. This trend is finally being corrected after the pandemic exposed the risks of a supply chain dependent on unrelaible partners overseas. The Biden administration has also eased the way for unions to win wage increases, similar to the role of the Scholz administration in Germany for German unions to win wage increases. Both presidents say this is important for the dignity of workers and for workers to earn a living wage. The cost of living crisis has further increased the sense that worker incomes have suffered for too long. Germany's transport union negotiated wage increases of 410 euros a month with Deutsche Bahn this week, and the UAW union is negotiating a new wage agreement with Stellantis, Ford and GM.

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This story by Fiona Macdonald of BBC is from the BBC Britain series to be found on the Britain homepage.  It has some remarkable poems that help one deal with the fears of everyday life, how to cross these barriers that one comes across with different feelings of both hope and despair, how to bend with them and come out healing and growing. It shows how poetry can help bring a calmer soother element into our busy and sometimes frantic lives. Poetry that is read for its deeper subtle meaning with pauses and time to reflect on the words, each word gently,and let it gradually sink into our subconscious minds. The results can be amazing if it is read the right way, slowly, and not the way we read journalism, news reports, prose or essays. It is well worth reading the poems given here by Fiona Macdonald, even reading one can be soothing and calming in its effect.

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President Trump announces a $ 16 billion farm aid program to help American farmers hurt by Chinese tariffs on American agricultural products. The money goes directly in payments to farmers. Mr. Trump sees the tariffs on Chinese products as paying for the program.

The Trump administration has blacklisted China's Huawei  and president Trump says that he considers it to be a threat to national security. He also sees it as a bargaining chip in future trade negotiations with the Chinese. China's president Xi sees his country's national sovereignty in how it sets its own economic policy and manages its economy as an issue. Both sides are far apart. Xi even cited the Long March led by Communist leader Mao to Yenan in the 1930's as an example of the fortitude needed by China in dealing with the American challenge.

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The U.S. and India face difficult trade negotiations as India moves to build its Make in India campaign, building capabilities of Indian manufacturing companies for global supply chains. Mr. Trump will sign a $3 billion defense deal with India for supplying helicopters and other equipment to India. Indian policy on trade is to ensure local content and transfer of technology to build capabilities of local companies. The goodwill generated by the visit by Mr. Trump to India, and deals on defense could lead to agreement on other trade issues, as India and the U.S. balance other considerations such as the rise of China into the picture. This will take time and is likely to be done after the elections. Differences on tariffs will continue in the same way that differences with China led only to a partial deal, with contentious trade issues on technology left for the future.

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The evolution of Mumbai from the British period to the post independence period with trade union movements, was followed by a shift to politics on the basis of getting jobs for local Marathi people in what was once the commercial capital of the British Empire. This kind of politics was led by Mr. Thackeray after 1967. As this report in The Hindu says Mr. Thackerayand the party Shiv Sena highlighted the plight of unemployed Marathi youth  through his party's weekly Marmik. The first government of Mr. Thackeray's party was formed for the state of Maharashtra which includes the city of Bombay by Manohar Joshi in 1995.  Both the trade union movements of Mr. Fernandes in Mumbai and the ethnic politics of Mr. Thackeray failed to provide the development needed for the state of Maharashtra because of the lack of the technology and capital needed and the knowledge of industry needed that could be applied on an American scale, much like the flawed efforts of Mao's politics in the Great Leap Forward, and the Great Proletarian Revolution in the post 1960's period.   ...

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There is a sense from Remainers and Brexiters in the Conservatives and in Labour that Brexit is "acting as a drag on UK growth and limiting its potential" after the pandemic and inflation. Senior members of both parties are meeting in Oxfordshire including David Lamy of Labour and Michael Gove of the Conservatives, and the heads of banks and large business. Gove and Boris Johnson led the campaign for Brexit, and Gove is now interested in ensuring Brexit is not viewed as a failure in the long term. The Office of Budget. Responsibility says Brexit will reduce Britain's per capita GDP  by 4%, over the 15 years from 2016. Labour sees it as a threat to any future Labour government to leave unaddressed the relations with the European Union. In a bipartisan effort what sort of conversation to have with the EU so that Britain's economy benefits? President Biden's effort in working with like minded Republicans for America's renewal may be seen by Labour and the Conservatives as reason for doing the same in Britain to ensure European recovery.   ...