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 Edward Jenner invented the small pox vaccine in 1796. Before this a method called variolation was used. Pieces of fabric or threads moistened with a sick person's small pox postules were pulled through incisions in a person's arm. This was effective until Edward Jenner invented the vaccine itself for mass vaccination efforts. Tom Parfitt of The Times writes about how Catherine Empress of Russia invited Dr Dimsdale from Britain to give her the inoculation against smallpox. She became the first person to be inoculated in Russia and had the courage to do so after this method had been tried and successfully tested in Britain. Catherine writes in this letter to Count Rumyantsev that she had only mild discomfort. She then championed smallpox inoculation for the Russian people and says "it does not call for huge expenditure." Today the Russian government is making its best efforts to vaccinate the Russian people, yet only 38% are fully vaccinated. The example of a medical revolution 200 years ago and how it was handled in Europe is new inspiration for renewed efforts. ...

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Germany's chancellor Angela Merkel says she will not support the moves by the EU commission to impose export bans on export of Astra Zeneca vaccines made in EU countries to Britain. A Dutch factory has 4 million doses of this vaccine ready for shipment.  Merkel says, "there are a huge range of international interdependencies when it comes to vaccine production. You have to be very careful when it comes to imposing export bans. You have to take a close look at supply chains."  Merkel's action comes as Britain makes an effort to talk to German and French leaders for a fair way to allocate supplies of vaccine. France and Germany see the need for the principles of "reciprocity" and "equivalence" to be covered in settling the differences on vaccine supplies. Equivalence refers to the sense that there should not be a big gap between EU and non EU countries in vaccine access. On March 24, Britain had vaccinated 45 of 100 people in the country, and EU had vaccinated only 13 people in a hundred. ...

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The US tariff on China made EV"s imported into the US is 100%. The EU has a 10% tariff. It has now imposed additional tariffs that range from 17% to 38% depending on its investigation with Chinese companies on how much support they get from the Chinese government as hidden subsidies. This move is to level the playing field. The result is that BYD faces a 17% tariff because it has operated relatively on its own. For Geely and SAIC it goes up to 38%. The tariff on European companies making EV's in China and exporting them is additional 21%. US carmakers (GM and Ford) have only a small presence in the Chinese car market compared to the Europeans who  make and sell 3 million luxury cars in the Chinese market (BMW, Audi, Mercedes Benz). About 25% of EV's sold in Europe are now China made EV's. The EU wants to level the playing field so that local makers maintain a strong presence in their home markets. The US with no significant car manufacturing presence in China of Ford, GM to protect is taking stronger action. ...

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Under new lending facilities the U.S. Federal Reserve will buy $500 billion of short term debt of U.S. states, counties with more than 2 million residents and cities with more than 1 million residents. This is intended to ease funding strains for cities, counties and states in the U.S. that are seeing large revenue drops and rising expenses from simultaneous economic and health crises. Two other changes from the Fed. New classes of debt are included under the Term Asset Backed Securities Lending Facility or TALF. The Fed will now accept triple A rated tranches of existing commercial mortgage backed securities, and newly issued collateralized loan obligations. $100 billion is available under that program. To help business with less than 10,000 employees or revenues of less than $2.5 billion loans will be made through the Main Street Lending Program. This will initially fund up to $600 billion in loans, with restrictions on stock buybacks, dividends, and executive compensation. The emphasis is on helping businesses that were doing well before the crisis hit. Some that were carrying A ratings and were investment grade but downgraded to B after the health pandemic hit are considered "fallen angels." The Fed will also support new debt issuance by these firms in its corporate program.   ...

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Charlie Munger, vice chairman of Berkshire Hathaway, America's largest conglomerate with a trillion dollars in assets, says Crypto currency should be banned outright. He calls it not a commodity, not a currency, not a security, but a gambling contract with 100% edge on the house. It exists in the US he says only because of a gap in regulation. Munger says China has banned it, so has India with RBI calling for it to be banned. India's central bank RBI governor Shaktikant Das has called i "nothing but gambling" and their perceived value is "nothing but make-believe." He also has called for an outright ban on cryptocurrency saying that modern currency can only be issued by the central bank/government. The question remains why it took so long for Charlie Munger and the leaders in the financial sector in the US  to say this in the WSJ, as it only further damages the interest of ordinary Americans who dabble in these ventures.

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The New Popular Front in France is a group of socialist partties that include the Socialist Party of former president Mitterand, the France Unbowed of Jean Melenchon, other left parties, and the Greens. NFP has put out its economic plan for France, RN National Rally has not. NFP puts out the details that can make it possible to raise the minimum wage in France to euros 1600 a month. And to invest in France's aging infrastructure the way Biden is doing in the US. About $100-$150 billion needed for the economic plan would come from contributions and taxes of the wealthiest similar to Biden's plan in the US. It also rejects the so called neo liberal thinking and culture that has become entrenched in France, in Europe and in the US where infrastructure is failing, public services are failing yet the wealthiest are not paying their fair share in taxes so that the countries of Europe and America can be rebuilt and renewed, to provide a better life for all.

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Daniel Altman's proposal for a tax on wealth over $1 million. He makes the case for taxing wealth not incomes to reduce inequality as this is where the situation in terms of inequality has worsened for the U.S. in recent decades. To support this proposal Altman cites the change in the U.S. Ginni coefficient, which measures inequality. The Ginni coefficient is anumber from 0 to 100 which goes up with higher income inequality. From the late 70's to the 1990's, the Cnesus Bureau showed this to be in the low 40's. By 1992 the Ginni coefficient went up to the mid-70's, according to the Federal Reserve data. It increased to about 80 in 2010. In 1992 the top 10% in the U.S. population controlled 20 times the wealth of the bottom 50%. By 2010 this figure triples to 65 times. and the graduated income tax even if it redistributes a small share of the wealth does little to affect the trend of wealth extremes from building up and threatening the social fabric of America, reducing mobility and opportunities for the bottom 50% to unprecedented levels since the 1950's. ...

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Arwa Mahdawi writes in The Guardian about issues facing the Democratic party in the US, and Labour in the UK, of turning their backs on the working class. And to the roots of their parties in the working class and rising middle class under FDR, Truman and Clement Attlee in the 1930's 40's and 50's. Woman's issues are about men's issues and issues of the people as a whole, of fairness in the economy, about correcting grossly poor misallocation of capital away from education, health, infrastructure and children, when seen in this larger and very real context.

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Extreme mismanagement of the economy led to the situation of currency notes of 100 trillion in Zimbabwe being issued by the central bank of this African country, unbelievable as it may sound. The situation has deteriorated over two decades. Before independence this country was called Southern Rhodesia run by a small community of white British settlers from the nineteenth century. After a independence war by a liberation front organization this country entered a new phase in which the mismanagement of the country's economy became a serious problem for all communities, in a nation of 15 million people which could attract tourists with diverse African habitats and Victoria Falls. It is an example of how the hopes of a generation  that experienced independence in 1980 in these parts of British East Africa have been waylaid by autocratic leaders and mismanagement. This region includes Uganda, Malawi, Zambia, Tanzania and Kenya. 

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The ruble plunges from 83 to the dollar to 111 for its largest single day fall on record on Feb. 27, following the swift American and European response to the Ukraine invasion. The Bank of Russia raised interest rates to 20% from 9.5%. The situation is reminiscent of August 1998 when the government devalued the ruble and suspended payments on debts, leading to collapse of the banking system. That situation led to emergence of Mr. Putin as the Russian economy was stabilized in the years following the collapse. By acting quickly with sanctions on Russia's central bank and on its other banks the trade in the ruble has essentially seized. Russia this WSJ report says may default on its debt as it would not be able to use its $600 billion in foreign currency reserves to support the ruble or its banking system, pay off outstanding debt payments.

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Italy which imported 40% of its gas supplies from Russia has shifted rapidly to Algeria as a source of its gas replacing its own supplies from Russia and even sending supplies north to Austria. Algeria, Africa and other gas producing countries Azerbaijan and Turkey are winners in the closing of the Nordstream pipelines to the EU from Russia. Algeria is making the largest contribution to EU gas supplies. Low Russian gas prices for a decade kept Algerian gas in the ground. Algeria is expected to send 100 billion cubic meters of gas to the European Union making up 65% of the 160 billion cubic meters the EU imported from Russia. Much of this gas is produced by the Italian gas company Eni and Sonatrach, Algeria's oil and gas company. Pipelines from Azerbaijan and Turkey deliver gas from that region to the EU. Azerbaijan plans to double its gas production.

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Florida Governor Bob Graham 1979-1987 work in investing in education boosting per pupil spending and investment in Flordia university system is similar to California Governor Pat Brown 1960-1968 who helped build the Cal State University system. Bo Graham covered the Kennedy-Johnson period of the sixties to the turn of the century, retiring in 2003 after serving in the US Senate for 18 years. His early upbringing was on a family farm in Florida. He is known for his effort to take on the roles of ordinary Americans for 100 days when he ran for public office. This period is a reminder of the changes in the democratic system, business and the economy since then with influence of lobbyists in Congress, tech monopolies, and the financial industry leading to crises since 2009, and wars in the Middle East that dissipated the Nation's resources that should have gone into replacing dilapidated infrastructure.

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The NYT, Wash Post, WSJ, and television shows such as CBS, fail to clearly give a summary of Harris and Trump policies, showing  dangers or opportunities. Key issues are Immigration and here Kamala Harris simply will sign into law in the first months of her presidency the Republican Lankford McConnell legislation that president Biden has negotiated and agreed to for closing the Border with Mexico and fixing asylum policy.  

Social Security Medicare- The Trump plan for ending tax on Social Security in effect defunds Social Security and Medicare. For what purpose? Ending the tax only gets people earning less than $60,000  90 dollars. That's correct $90, according to Tax Policy center. And on average $550. It will bring up the insolvency of Medicare up by 6 years to 2031, and lead to cut in Social Security Benefits of 25% in 2032, according to Center for a Responsible Budget.

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China's government takes the first steps to create a market where credits can be traded on rights to emit carbon, burn fossil fuel and create emissions harmful to the environment and health. Big emissions come from chemical plants, steel and cement factories, and burning of coal by power plants. China is the world's largest user of coal for energy. The credits are a way for this sector of the economy to participate in cutting emissions. The provincial level program run on a pilot basis with only $400 million in credits will now transition to a larger program covering entire sectors of the Chinese economy that are responsible for carbon emissions. Experts say this program takes time to structure and the Chinese government is moving forward even though this takes time.

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German chancellor Angela Merkel comes out openly in support of the recommendations for a tougher lockdown made by Germany's National Academy of Science. This would require an end to school attendance Dece. 14, extended Christmas school break, full closure of all but essential businesses Dec. 24, and working from home to the fullest possible way. Merkel made a passionate speech in parliament ro mostly unmasked members. The opposition Alternative for Germany and the Free Democrats were critical of the government's handling of the pandemic which they called a failure with rising cases reaching a total of 1.2 million. The deaths are at 590 on a recent day, with total approaching 20,000. Alice Weidel of AfD described Merkel's handling as aimless and grotesque.  Christian Lindner of FDP said the lockdowns had proved to be ineffective. He was critical of undue harm to Germany's business and economy. Weidel said Merkel's legacy would be debt and unemployment.   ...

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Lahart says adjusting for inflation the DJIA average in early March 2013 would be about 12,900 instead of 14,254, much less than it was in Oct 9, 2007 peak. If dividends are reinvested the Dow would be at 16,600. With inflation and dividends taken together the Dow would be around 15,000. Lahart does not cite his source. Browning in a separate piece says the DJIA adjusted for dividends, inflation and taxes, according to Bespoke Investment calculations is still below the 2000 level in 1994 dollars, and provides a different view.

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How Britain is enforcing its lockdown preventing gatherings of more than two people outside and only for exercize, and as short as possible in the local area only. Violators face a 60 pound fine. In German states this is 2500 euros. The drive to nature spots to exercize is not allowed. Police have used drones in some areas.

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Are DJT Republicans forgetting about promises to tackle high prices in first 100 Days asks the WSJ?

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Kenyan president Ruto says after the tax hikes that led to protests were cancelled- this would increase the borrowing needs. The funding gap in Kenya's finances was 600 billion shillings or $2.7 billion, now he will add another 346 billion shillings to this borrowing.

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Dr. Ezekiel Emmanuel of the University of Pennsylvania gives this early warning on the risks of the sudden U turn in China's zero covid policy to complete reopening. He says the switch from zero covid to population wide immunity via viral spread is coming on too suddenly without preparation. He says China made three mistakes. First, the economic cost of zero covid that dropped growth and created high youth unemployment of over 20%. Second, not procuring Pfizer and Moderna mRNA vaccines with newer technologies. Third, moving to abruptly end the zero covid policy 180 degrees in a sudden move that lacks preparation. Precipitiously ending the zero covid policy for 800 million people means rapid spread says Dr. Emmanuel. He says the key variable the R statistic that measures how many people get infected from one covid patient on average, has moved from 2 to 3 during the early stages of the pandemic to 10 with the omicron variant. Chinese officials report the R to be at 16 in China today, says Dr. Emmanuel. ...

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PM Modi's address to the Law Conference in October 2022. Modi talks about the importance of laws in society playing a constructive role to promote ease of living, ease of justice, and innovation. Laws from the British times are still on our books, says Modi. About 1500 laws that were outdated have been scrapped and 23,000 compliances that were not needed and a burden on people were scrapped by his administration, says Modi. These laws and compliances had become a "loko ka dabai" a burden on society.  In Gujarat delays in justice were lessened by the introduction of evening courts. During Covid virtual hearings have facilitated the work of judges and made it possible to continue the work of the courts during the pandemic. It is imperative, says Modi, that the courts and the law officials keep this idea of ease of justice and ease of living in mind as they tackle the work of implementing the law, so that respect for the law is enhanced. ...

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This report in The Times shows how Africa is tackling malaria by using modern methods such as drones. Drones are used in Ghana to send medicine to remote parts of the country. The rollout of the world's first malaria vaccine is taking place in Malawi, Ghana and Kenya. The Glaxo developed vaccine requires 4 doses over 18 months. Gavi is a partnership that brings UNICEF and WHO in partnership with private companies to  buy vaccines in bulk and distribute them where it is not affordable. Gavi supported 66 million vaccines in 2018 for children, yet about 20 million children in Nigeria, Congo and other parts of Africa lacked routine immunizations in 2018. UPS and health service workers are joining in the effort for administering this vaccine correctly.  Software that tracks the taking of the vaccines by children is essential for success and this is being implemented with Ghanian authorites. This report shows how it is done in Dateng, Ghana, a town of 800 people 3 hour drive from Accra.  ...

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In a massive intervention last week and again this week the Bank of England cut interest rates from 0.25% to 0.1% and launched a 200 billion pound program to buy UK government bonds and corporate bonds to support the economy and business. Investors sold UK government debt for short term cash holdings and invested in U.S. currency holdings as the safest asset they could find, as the economic effects of the coronavirus epidemic hit capital markets. Andrew Bailey, the Governor of the Bank of England stated that it was the government's job of preventing temporary "dislocation" becoming permanent economic "destruction." Business failures are expected as a result of the coronavirus impact and also layoffs resulting in a temporary jump in unemployment. The government needs to take steps to mitigate these effects in the UK as is being done in the U.S. by the Trump administration with $1 trillion in direct assistance to business and people affected by the crisis. ...

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Hear this America- Trumps call to end tax on social security benefits is a HUGE MISTAKE. It will result in seniors getting an average of about $560 now in exchange for a cut in social security by 25% in 2033 only 9 years from now, and Medicare insolvency 6 years from now. The insolvency dates and cuts are estimates of the Committee for a Responsible Federal Budget.

Senator Larson says Trump's plan to end tax on social security benefits is "a fatal mistake," because it does not make up for the lost revenue.The Committee for Responsible Federal Budget, bipartisan budget evaluation says it will bring forward by 6 years Medicare insolvency from 2037 to 2031 just 6 years from now, and advance Social Security Fund insolvency by 1 year from 2034 to 2033. It will lead to a cut in Social Security benefits of 25% in 2033 which would have dangerous and tragic consequences for seniors in America pushing many into poverty.

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China improves relations with South Korea after protesting a decision to install anti-missile system THADD made by South Korea. In a meeting in Beijing, South Korea's president Moon and China's president Xi affirmed their commitment to a denuclearized Korean peninsula, agreeing that a repeat of the 1950-53 Korean war cannot be tolerated. The effort is part of a move to restore normal economic relations after economic retaliation by China on the issue of THADD system to deter North Korea. Mr. Moon was accompanied by 200 South Korean executives, the largest trade delegation ever sent overseas by South Korea.