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WSJ shows how the daughter of David Rockefeller Neva Goodwin and her daughter Kaiser have led the fight against Exxon for not making the change to renewable energy from fossil fuels in time to avert climate change disasters now common worldwide. One of the major problems of the last 50 years since the Reagan administration in 1980 involve oil wealth in the Middle East used to finance wars and US involvement in these wars in Iran, Iraq, Saudi Arabia, UAE, Libya, Yemen. It haunts us to this day with conflict in the Red Sea and Persian Gulf. This has its origins with John D. Rockefeller  who started the oil company Standard Oil in the 1870's in Cleveland, Ohio, now called Exxon in the US and Esso overseas. A bigger problem has emerged in recent years that remained unnoticed till about 2006 when David Rockefeller, the grandson of John D. Rockefeller, met with the head of Exxon for lunch to ask why Exxon was not doing more to invest in green energy and increase awareness of the damage to the environment by fossil fuels. This was the beginning of the dawning realization of the signs of climate change so prevalent 20 years later today in wildfires, drought, extreme heat and fast floods worldwide.   Today's Exxon is a descendent of the companies John D. Rockefeller (Library of Congress site) created by the 1880's to refine oil which he turned into a monopoly by deals with railroad companies to reduce cost of product. In 1888 he created the Anglo American Oil Company later called Esso which is a phonetic rendition of S and O in Standard Oil, which in 1972 was changed to Exxon. Many of the crises of this century have their origins in the activities of Esso and British oil companies in Iran, Iraq, and Saudi Arabia and the wars that wasted trillions of dollars in American resources through the administrations of Reagan, Bush, Clinton and Obama have their origins in the activities of oil companies, and the governments of these countries using oil financed wealth for wars that involved the US. Huge mistakes that combined with neglect of manufacturing the lifeblood of any economy have led to the gradual decline of the US, being reversed for the first time with the decisive and complete shift made by president Biden so that investments of trillions of dollars can be made to revive the strength of the US economy and the wellbeing of its people. ...

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Last week President Sarkozy of France referred to the golden parachutes and executive compensation when their companies were falling apart as"formidable injustice". StJohn got reguator approval for the Novi hospital based on its ability to use profits to support Riverview. St John asked for $10 million management fee from the state of Michigan for Michigan State University to use the hospital for training residents was this excessive for a hospital that was losing money, and could St John have come up with some agreement with Michigan State where they could still have kept Riverview and had support for the loss. The attached graph shows Ascension made $1250 million in 2007 , some of it on investment gains, considering what it did for the bad publicity for St John and for Ascension was closing Riverview the right decision, and was the payment of $1 million to Joseph CEO of St John the right thing to do given his role in closig St John. And did Ascension consider the devastating impact on Detroit of the closure, and its impact also on St John Hospital in the neighborhood bordering Detroit and Grosse Pointe a wealthy Detroit suburb, as the patients who used Riverview now crowded into St John Hospital thus resulting in similiar losses and the loss of patients from Gross Pointe at St John Hospital, creating the possibility of losses at St John Hospital. ...

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President Obama in his speech at Georgetown, April 13, 2009, describes the thinking behind the decisions made in the first 12 weeks of his administration- why the actions are not aggressive and overreaching as some critics say, and why they are not timid as other critics have said. This was not a typical downturn of the business cycle, but a perfect storm arising from irresponsibility and poor decisionmaking in Washington, Wall Street and Main Street- in effect several crises colliding for something like an explosion, if not dealt with at once, and with strong action. He says "the key to dealing with our deficit and debt is to get a handle on out-of-control health care costs, not to stand idly by as the economy goes into free fall." The recognition that the crisis itself brings with it new possibilities, the opportunity for coming to grips with and forging a good solution to health care, energy and education issues that were neglected while Wall Street directed investments to areas other than investment in building for the future. To the critics like Krugman, Rosenfeld and others who say that the takeover of insolvent banks should be done quickly before the situation worsens, he says it is not because of any ideological or political judgement he has made about government involvement in banks, but because it is more likely to undermine than create confidence at this point. He goes on step by step, through the process of decisionmaking, first to step in and boost spending vigorously, second to get lending flowing again to businesses and families, strengthening the non-bank credit market for consumer purchases and loans, the housing plan, the auto plan, and the work at the G-20. Then President Obama goes on to project his vision and the road to getting there. The five pillars he sees for the future are: redirecting Wall Street and banking to constructive investments for the future, investments in education, investments in renewable energy and technology to create new industries and new jobs, investments in health care to cut costs for businesses and families, and new savings in the federal budget to bring down the deficit. Obama says he will look for savings line by line in every corner of the budget, and has already identified two trillion dollars in deficit reductions over the next decade. And the goal is to reduce discretionary spending for domestic programs as share of the economy by more than 10% over the next decade. Procurement reform will greatly reduce no-bid contracts and save $40 billion. Secretary Gates is attacking th problem of hundreds of billions of dollars in waste and cost overruns that have bloated the defense budget, without adding to the nation's safety. And education programs that don't work will be removed, and waste, fraud and abuse in the Medicare program will be controlled. Finally, Mr Obama points to the nation's political system as one more reason we are in this perfect storm- "a fundamental weakness in our political system." He cites the putting off hard decisions for another day, scoring political points instead of rolling up up sleeves to solve real problems, an impatience that is only worsened by the 24 hour news cycle, and a short attention span that focusses on the immediate results and on poll numbers. And there is too much responding to the "tempest of the moment until the furor has died away and the media coverage has moved on, instead of confronting the major challenges that will shape our future in a sustained and focussed way." After these 12 weeks President Obama says, for the first time there are glimmers of hope, and way off in the distance can be seen a vision of America's future that is far different than its troubled past. And citing the parable in the Sermon on the Mount about that "house built on a rock", he sees America's house built on a rock, a house for which we use this moment to lay a new foundation, come together and begin the hard work of rebuilding, persisting and persevering in the face of disappointments and setbacks that surely lie ahead. Then he has no doubt "that this house will stand and the dreams of our founders will live on in our time." Its a remarkable speech in its directness, its simplicity in approaching the subject, and its borrowing from the Bible for that story of that house built on a rock, and its Lincolnesque reference to the house that will stand. And more than a speech, it describes a vision, and the set of actions and steps taken and to be taken to get there. ...

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Gerald Seib, executive editor of of the WSJ, attributes the divisions in America both on the left and the right to a deep skepticism among people about the intentions of the U.S. political and financial establishment to conduct the country's affairs in a way that benefits all people. Both the traditional Democratic and Republican establishments, the Bush-Reagan, Clinton-Obama politicians and the financial community were seen as self-serving and looking after their own interests. The right of center supply side economics and the the tolerance for immigration levels of 30% rise in the last decade were discredited. A much larger recovery program was seen as needed from the deeply bruising effects of the financial crisis of 2008, started by the reckless financial establishment behaviours, than either the Reagan supply siders or the Obama people had understood or planned. This opened the way for Mr. Trump to take up the cause of ordinary Americans with a message of ambitious infrastructure development, confronting China's use of trade adversely affecting American workers, and slowing down immigration. And within the Democratic party the emergence of Elizabeth Warren and Bernie Sanders with programs for a wealth tax that would finance Medicare for All and college education supported by the federal government. Both the traditional Republicans under Bush and Democrats under Clinton Obama were seen not upto the task, after the 2008 financial and economic crisis created deeper scars than were imagined possible. The lack of effective policies under Bush or Obama simply aggravating the situation further. The culture wars have split Americans down the middle with a breakdown of the traditional American family and social structures creating deep anxieties in America. Obama's comments unsettled people in the heartland when he said that economic decline in the Rust Belt had made people there to "cling to guns or religion or antipathy toward people who aren't like them."   The trillions of dollars spent in wars in Asia and the Middle East were seen by Mr. Trump as an enormous waste when much needed investment was deprived of attention at home. Mr. Trump hammered this point home till today it is well accepted across America.  Even as political divisions persist they are now on how to tackle the redevelopment and growth of the U.S. The new focus of agreement has shifted with agreement across the country that infrastructure development in the U.S. and defending workers rights to jobs and opportunities is the top priority. That trade relations need to be reshaped keeping this priority ever present in negotiations. As a result all parties could agree on infrastructure and the recently concluded agreement for trade with Mexico and Canada and phase 1 of negotiated agreement with China. In overseas affairs the U.S. under Trump seeks cost sharing with a 2% of GDP defense spending by other nations so that money can be diverted to use at home. In this sense the debate has already shifted in the U.S. and the UK to how to address the problems of uneven development and growth across the two countries and better allocation of scarce resources to needs at home. Which is for the U.S. a good thing in the middle of all the perception of divisions.      ...

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As Katya Adler of BBC explains here Catalonia's crisis is less about independence than about populism. Catalonia is already one of the most autonomous regions in Spain. Catalans want to be able to choose their future with dignity, yet on independence opinion is divided in Catalonia. Prime Minister Rajoy has not handled the crisis well says Adler, when he had many things in his favor including EU support and support under the Constitution. Police action and the negative coverage have hurt Spain. Adler also points out that Rajoy and Puigdemont may be doing this for political purposes to increase their support. Rajoy's government failed to win support for the 2018 budget as it is a minority government with thin support in parliament. Puigdemont may also have overreacted and called the referendum  without considering this carefully. and having a realistic plan. Both politicians are criticized for corruption in their parties. Catalonia wants to see more investment and revenues sent back to its region from taxes sent to the federal government making financial issues prominent more than grievances about use of Catalan language. ...

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Tsukayama points to the disorganized nature of Yahoo's main page, and CEO Mayer's failure to use acquisitions such as Tumblr and Summly and investments in Couric and other journalists to enhance the news aspects of the page. Mayer appears to have gone off in many directions without any focus on how this would enhance readers experience in looking at Yahoo's main page. How Yahoo continues to draw as many as 618 million unique visitors in October 2015, as reported by ComScore, remains a mystery considering these shortcomings.

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At the time of Jeff Bezos's purchase of The Washington Post, three Post journalists write about his patient nurturing of business enterprises with long term investments. Jeff Bezos sees the future of journalism in reader access through internet based devices like the tablets now in use, with each family having multiple tablets. Bezos reads newspapers only on a tablet, and sees the current period as one of transition from the print medium to the internet, so that in 20 years the transition from print will be completed.

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The decision of Norway's parliament to divest holdings of its $890 billion national pension fund in companies with 30% of the revenues coming from coal, is important say experts because it renews the discussion on the use of coal and its damage to health and the environment. Some endowment funds such as that at Harvard, Middlebury and Pomona College, have stated they do not see the funds as a tool for social and political changes, other investors see the moves as symbolic. At the same time the Church of England, says it will cut coal or oil sands from its $14 billion portfolio, and insurer AXA plans to cut $560 million in coal related investments from its portfolio. Norway's decision is broader than climate change, as it looks at the financial aspects as well. Svein Flatten, a member of parliament from the Conservative Party, says lawmakers are not just acting for political purposes, suggesting it could end up being a move to improve returns in the long run by reducing financial risks. The 30% threshold would cover mining companies, and the power companies with a mix of coal in their energy generation that makes them dependent on coal for 30% of their revenues. The effect of this is to nudge the shift away from coal at power companies. Bevis Longstreth, a former commissioner of the SEC under Reagan, says Norway's move is designed to shift the mixture of power generation at power companies, and in this sense is likely to be effective when combined with moves by other companies in sequence to reduce the use of coal. This process is already underway, especially where it makes a huge difference such as in China, because of the damaging effects of large dependence on coal for energy on health in China....

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Mr. Erdogan is reelected in the second round of voting with 52.1% of the vote. Mr Kilicdaroglu got 47.9% of the vote with almost all the votes counted. The four percent margin also reflect the use of all state powers by Mr. Erdogan in the election. Overall it could be said that the vote was a close one after an earthquake and 40% inflation in Turkey. Mr. Erdogan efforts to run for another term is not limited by limits in terms a president can serve in Turkey. By the time he finishes another term in office he will have been in power for over 25 years. He faces difficult conditions for the Turkish economy which badly needs foreign investment. The mayors of Istanbul and Ankara the two main cities in Turkey are from the Opposition Republican party of Mustafa Kemal who founded the modern Turkey we know today in 1923 with the victory over the Entente western powers and Greece ratified by the Treaty of Lausanne. The future looks to be set by one of these two leaders as change is likely so that it has a chance to live up to the aspirations that surrounded its founding in 1919-1923. The transformation of a society at the dividing line between Europe and Asia into a modern state with the best that Europe had to offer from 1923 to 1938 including a new language that would promote the literacy of its people. Mustafa Kemal stated clearly in a speech at Nutuk in 1923 that lasted for several days the process that he had to trust would create a modern state that would compare with the best in Europe- the Turkish people and the National Assembly of the people of Anatolia and Rumelia. Mustafa Kemal did not see the six centuries of Ottoman rule as an example for Turkey in what Ismet who led the struggle for independence on the Greek front and as leading negotiator at Lausanne in 1923 called stemming from "the fire of his soul." Of Kemal it could truly be said he fought for the four momentous years 1919 to 1923 both the Entente Powers as well as the remaining elements of six centuries of Ottoman rule. ...

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Obama outlined his views on fuel efficiency goals in his speech to the Detroit Economic Club in May 2007. The thinking of the new President on this issue developed in the last few years as he met with different environmental and conservation groups and studied what was happening in the area of energy. He has used Paul Volcker, Austin Gollsbee, a professor of economics at the University of Chicago, and Joshua Steiner, a former Treasury official with abackground in restructuring, as advisors during the bailout discussions. His speech at the Detroit Economic Club faulted the UAW for joining with management in continuing to stall development of fuel efficient automobiles as retooling costs were high and the companies were being required to support high retiree and health benefits costs. In effect the management-UAW staus quo of continuing to turn out the same mix of pickup trucks and SUV's and leaving the gap in small and medium sized cars without the necessary invesments to turn out winners, may have led GM into the situation it faced even before the credit crisis, when sales of larger vehicles just went over the cliff. ...

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Mankiw is asked by astudent, why the banks lost 100% of their money if they invested in housing through mortgage securities investments, and housing prices went down only 20%. His answer was the crazy amount of leveraging the banks took on to make higher profits. He points to other changes in teaching Econ 101. The role of financial institutions, the effects of leveraging, the limits of monetary policy when interest rates are already at zero, and the challenge of forecasting. He says economists can't take the blame for missing the crisis completely. In saying this he is saying that economists have only to use what is taught in the classroom, and not use their thinking skills developed through the course of experience in the real world and their intelligence, curiosity and skepticism, all part of an educated mind. It requires some of these skills to tell a bubble when you see one.

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Brazil shifts stance on the appreciation of its currency, the Real, as it approaches $1.60 to the dollar in April 2011. With inflation at 6.3% in March 2011, Finance Minister Mantega is seeing the benefits of a stronger currency in reducing the cost of imported goods. Brazil's currency, the Real, is appreciating as foreign money pours into Brazil because of growth prospects and because of the overnight interest rates of 11.75%. This will limit the use of capital controls that Mantega has used in the past. Since October Brazil triple taxes on foreign investment in local bonds.

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As Obama faces the situation FDR faced, between political popularity after election in 1932, and loss of some political capital in the first year by 1933, and a lot depends on political will and courage. He has to execute and implement plans for efficient government spending that builds jobs to replace those lost, and to use the investments in really productive ways including projects that provide returns for years into the future. As David Axelrod points out in the Frank Rich column in the NYT, people sometimes live in a parallel universe, which may be completely at odds with what the rest of the country caught in the economic currents of layoffs and collapsing businesses is thinking.

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Many African countries have high growth rates but this can be misleading. Much of the wealth is generated from drilling or mining for resources. There is no transparency about the wealth generated and its use, with much of the wealth siphoned off to go to the ruling elites. Even the thriving private sectors can give the false impression of progress, when they are cartels of firms run for the benefit of the ruling party and its cronies. Independent media is purchased by the ruling elites and the information is one sided, concealing the imbalanced development and widening gaps between the wealthy and the vast majority of poor. When investments are made they show a stark reality of years of neglect of education and healthcare. Angola has built 24 new hospitals with oil revenues, but has only 1500 doctors for a population of 18 million. Much of Nigeria's electricity supply comes from small generators as the government electricity system has seen underinvestment for years. State owned firms are "privatised" in Nigeria by giving them to cronies of the government in power. These countries lack a honest civil service, an ethic of responsibility in the educated and ruling classes, institutions of democracy with checks and balances, and independent media. The anti colonialist movements in African countries have failed to deliver on education, democratic institutions, and building a prosperous middle class in most of Africa with a few exceptions. Both military and civilian leaders have failed to relinquish power once in control, with the rare exceptions....

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Taxpayers not the banks are Secretary Paulson's clients and he needs to remind himself of that says the NYT editorial page. It wants to see the government bring in new more competent management and not use the management that got us into this mess in the first pace especially where that management has demonstrated poor judgement and made errors that caused the bank to be in trouble. And it does not want to see the government a passive investor. It want the government to have a sy in mergers an acquisitions. Its not saying tha the government should take on the job of running the banks but protecting its investment means Treasury has to be involved in critical decisions that affect its investment and in the way the business is run and what risks are taken. Also Treasury is asked to watch for and take steps against conflicts of interest. Many of the same banks that are selling their assets to Treasury will also be asked to help Treasury to run the troubled asset program. Treasury to take care that these banks do not end up writing the rules on one side for Treasury and selling Treasury the assets by being on the other side because it won't be good for taxpayers. See Guillermo Ortiz's advice to Fed chairman Bernanke at the recent G20 meetings which says says be sure to take ownership stakes, as there was serious, lasting and damaging political fallout in Mexico during the 1994-95 peso crisis, from conflicts of interest and the failure to take ownership stakes and dividends on preferred shares. ...

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  “And 5 million manufacturing jobs were lost while racking up trade deficits of $19 trillion." The Washington Post does not deny this as false, and this is the crux of the point DJT has made what everyone with eyes to see has seen for 40 years. DJT sometimes exaggerates to make his point. False should mean the meaning is false not that a particular number 70% vs 50% for India's tariff on Harley Davidson motorcycles. It should also consider PM Modi's stand for India- to support the US position when it comes to American factories closing by the thousands and destroying not just it's manufacturing but also it's middle class, just as Gandhi would have done. That close is India's sentiment for the American people and the Republic, and the defense of its recovery as a manufacturing nation for its workers and families. DJT did not say that it is a poor country as the Washington Post says is "Trump's telling." As Greg Ip of the WSJ pointed out in 2024, it is that the US simply cannot sustain the blows to its workers and its manufacturing base from a $1 trillion deficit year after year with China. Before bringing economist's into the picture one has facts of what the devastation to American workers has done to communities across America. DJT said and most workers will stand by his words- "For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, both friend and foe alike. American steelworkers, auto workers, farmers, and skilled craftsmen. They really suffered gravely. They watched in anguish as foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once beautiful American dream." Not a single report in the US and foreign media reports of Liberation Day Rose Garden speech by DJT on April 2, 2025, says that DJT said he would trust what he sees with his own eyes and experience for 40 years, and not economists who have turned their backs on American workers, turned to a UAW worker from Detroit and asked him to tell what he saw for 40 years.  "Brian, I’d like to have you come up here for a second. Okay? I just see him sitting. He’s been a fan of ours, and he understands this business a lot better than the economists, a lot better than anybody. Brian, say a few words, please. Would you?" And this what Brian a retired autoworker from Macomb Conty, Michigan saw for 40 years that economists refused to see in their economic theories- "I have watched my entire life, I have watched plant after plant after plant in Detroit and in the Metro Detroit area close. There are now plants sitting idle. There are now plants that are underutilized, and Donald Trump’s policies are going to bring product back into those underutilized plants. There’s going to be new investment. There’s going to be new plants built."     ...

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The US sees no contradiction to India looking for bargain priced oil from Russia to meet the growing needs of its economy and is actually furthering the goals of the G-7 by lowering the price Russia gets for its oil. It helps the economy of 1.2 billion people that like the rest of the world has struggled to fight the pandemic and has incurred the kind of heath costs that even China is now struggling to pay for. President Biden clearly understands and supports this. Democracies an only succeed if they fulfill the aspirations of their people. On this point Biden made clear in his State of the Union that he will generate what it takes from large corporations that paid no tax, to invest in America. Rather than fuel the profits of large oil companies India has increasingly chosen to use Russian discounted oil to invest in India. The Biden and Modi policies are identical generate savings and invest big time in trillions of dollars over the next few years to put democracies ahead in meeting rising aspirations that have been unfulfilled for far too long, which is where the real battles are being fought and will be won, and rightly so. US Assistant Secretary of State for Energy Resources, Geoffrey Pyatt,  said during a visit to New Delhi on Feb. 16-17- "Our experts now assess that India right now is enjoying a discount of about USD 15 a barrel in the price that it is paying for its imports of Russian crude. So by acting in its own interest, by driving a hard bargain to get the lowest price possible, India is furthering the policy of our G7 coalition, our G7 plus partners in seeking to reduce Russian revenues."  Looking at the bigger picture the problem was created by Germany under Merkel who built Germany's over dependency on Russian oil to power a cheap fuel economy it thought was in Germany's interest. This is now being reversed by the hard work of Mr. Habeck of the Green party in the coalition government of Scholz in securing alternative supplies in record time for the EU to avoid a recession. In this sense the perception created early of India which has suffered itself from invasions in 1962 and incursions in the Himalayas more recently, it is not a problem India can solve by becoming energy short at a time when it has invested so much in fighting the pandemic. A similar problem was created by Republican and Democratic administrations of the past that concentrated the supply chain in one country. India lost much investment in the last 8 years as a result of the policies of Merkel's Germany and past Republican Democratic administrations in concentrating the supply chain in one country. ...

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Boosting vaccine production for the Indo-Pacific region that includes Bangladesh, Indonesia, Malaysia, Thailand, Philippines, Vietnam with production done through Biological E in Hyderabad will be discussed at the meeting with Biden. Japan will fund the project, and Australia will handle the distribution. This will be part of a followup to a March 12 virtual meeting of Quad leaders. This effort to meet the vaccine supplies challenge for the Asian region covering south east Asia and its population of 600 million will be one of the major outcomes of Quad countries collaboration, making it a peacetime collaboration that supports development in the region without burdening the financial position of any country.  The other part of US- Indian collaboration and Quad collaboration centers on two related themes after healthcare and pandemic. The immediate challenge is to tackle the breakdown in the supply chain for semiconductors. The US and Europe can no longer depend entirely on a supply chain based in Taiwan. The narrowest part of the Taiwan Straits which separates Taiwan from the Chinese mainland is only 81 miles wide, which makes continued dependence on chip production on Taiwan an unreliable option and the need to build a new supply chain for Japan, EU and US. Plans will be made to address this in the talks. The Biden administration has already taken action with Intel Corp making a U turn and bringing chip manufacturing back home to the US with $50 billion investment planned. India and other Asian countries may form additional options for semiconductor manufacturing. The third part of the Quad effort will center on US and Japan ramping up infrastructure building capabilities with India to build infrastructure across Asian countries and in Africa that will be financed in a way that will not have some of the liabilities of the Chinese initiative called Belt and Road. Loans given by Chinese state banks and contracts including manpower from Chinese contractors are now seen as not meeting the needs of Asian and African countries. These loans most of the time cannot be repaid as in Zambia, and other parts of Africa, and in Pakistan, leading to interest accumulating on debt and making future infrastructure development extremely difficult. The use of manpower from China also means no learning curve for infrastructure is formed for local companies and infrastructure comes without new jobs jobs being created.  For most of the period 1900 -1950 the British built Asian and African infrastructure. During the period 1950 onwards the US assumed a major role, as did the Soviets. This changed after belligerent Reagan administration policies and wars in the Middle East sapped the funds that could have gone to infrastructure building that would improved living standards in Asia and Africa. Mr Biden wants to see this change and this is what he meant when he said at the UN General Assembly today- " we want relentless diplomacy to take the place of relentless wars." He means every word of this and the diplomacy is between allies and also adversaries, but mostly with allies such as Japan, the EU and India to build a better world. That he has to do this quickly Biden is aware of that, which is why he said "the next 10 years will determine our future."   ...

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Prime minister Modi cites the successful Mars mission "Mangalayan" as showing India's technological capabilities and its ability to do things speedily at very low cost. For foreign investors India offers a stable politcal climate because his party has an absolute majority in parliament and controls many state governments, as well as being a democracy with a vibrant and internet connected young generation. A young population with 55% of the people under age 35 makes India the manufacturing powerhouse of the next two decades, said Modi. And the consumer base of over 1.2 billion people an attractive market. It was a rare combination of hands on salesmanship rarely seen ever on television from a prime minister. In one exceptional response about the condition of women, Modi said he personally led his ministers and legislators through Gujarat state's rural areas house to house in 45 degree centigrade summer heat on June 11-13 school opening days. He did this urging parents to send their daughters to school with the slogan "Send your daughter to school, Save a Girl." The result he said was 100% school enrollment in these rural areas for girls. A rare person at a special moment in India's history pushing the goals of development with uncommon tenacity....

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James Galbraith's ideas on the bailout in the Washington Post. He would remove the cap of $100,000 on FDIC insurance and put $500 billion into the FDIC and more resources for the FBI and hire the auditors and investigators needed to clean up the mess. Next he would use $200 billion to buy the preferred shares in the banks that need the money. He would let the investmet banks and hedge funds to themselves. And he woul provide federal funds to stte and local governments in a Nixon administration type of revenue sharing scheme so that local governments do not cut essential services and investments in education and so on. And he would focus on energy and climate change issues for the next 10-20 years as national goals. His point that even with freeing up the illiquid assets two things dont change one the borrowing still will be weak as the economy slows, and the recession and slowing economic conditions will not change.

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Zeit Online shows in this article the continued efforts of the Russian government of president Putin to discredit Chancellor Merkel, following efforts to do this for Hillary Clinton in the U.S. presidential election.  During the Ukraine crisis and the settlement accords of 2014 Germany was seen as a partner by Russia, following sanctions, and renewal of these sanctions Russia no longer sees Germany as a partner. This report shows Russian efforts to discredit chancellor Merkel and the use of RT German channel, WikiLeaks reports of Chancellor Merkel and the TTIP agreement, for the same purpose. The refugee crisis following what is happening in Syria with Russian involvement, terrorism, financial crisis aftermath from 2008, are being used  says Zeit Online to support a movement for "order" as the state ideology now put forward from the Russian government. This could be an early indicator for the 2017 German federal elections, says Zeit Online. Merkel has said that she supports continuation of western sanctions on Russia. It is hard to see what Russia has gained in improving its economy and the standard of living of the people from this type of political action. Putin was able to achieve economic goals during 2005-2010 using good Germany- Russian relations as shown in LyrArc. This was the earlier period of Putin's terms in office, with a broad group of advisors, including finance minister Kudrin, who set forward a prudent economic course for Russia including foreign investment. The world and Russia are poorer from the departure from this earlier set of policies which would have enhanced Russia's economic growth. Kudrin was fired in September 2011, and the economic course has gradually drifted away from what is most prudent for the Russian economy and growth, and for the global economy. Nationalism was part of an earlier period before 1950, that led to frequent wars and economic catastrophes. A new course has been set since then, especially by American presidents Truman and Eisenhower, and people in India, China, the developing world, in Europe and in the U.S., would see little to gain from the politics of that earlier period in world relations.  ...

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Questions about the every 5 years 20th Party Congress of the CCP or Chinese Communist Party, and the 2300 representatives attending from all parts of China are answered in this report in The Guardian.  Xi Jinping is expected to get a third term. To outsiders in US and Europe it is all about power in China, to insiders in China it is about China making it through the 100 years since the 1901 revolution and the tumult, the chaos of the first 100 years, and now a period of modernization and growing incomes,  the need to create jobs, tackle climate change, ensure a good future for the Chinese people. 2300 party members representing millions of party members in China attend the gathering. New appointments and retirements take place at this Congress. Of this there are 200 elite members of the Central Committee with voting rights. This central committee is responsible for electing a 25 member Politburo, of which the seven most senior persons are appointed to the Politburo Standing Committee. Xi Jinping is the General Secretary, the most senior position in this hierarchy. Age related retirements are at 68 years and a new Politburo standing committee is announced at each Congress. After the Bo Xilai effort to take power and take China in a new and unknown direction, and the gradual loss of the party's respect from corruption and abuses of power by local officials, Xi Jinping sensed problems in the future and conducted a anti-corruption campaign. Most of the system of government set up during the Deng and Jiang Zemin years after 1980 remains in place with Jinping calling for a revival of China, the next stage of modernization, under the banner of the CCP. The result of the anti-corruption campaign and a third term assumed by Xi including lifting of a term limit for heading the CCP, gives Xi Jinping an opportunity to shape the future for China as Deng did after 1980. Jinping in the manner of Deng sees the CCP as the organization that can continue the modernization and growth of China. The model set by Deng and Zemin of local autonomy for economy and centralized overall direction continues under Jinping who is General Secretary since 2012. China has made rapid growth during the period 2000-2022, but faces challenges of reorienting its economy away from dependence on a tight economic export oriented relationship with the US and EU, as supply chains are being shifted after the pandemic. This means more unemployment and need for careful economic planning and investment to create jobs in other sectors, and to meet the challenges of unequal distribution of wealth in China after hypergrowth that hurt China in some ways, and in the climate change effects of use of coal other fossil fuels. As focus of interest is on Jinping externally, within China it is these three challenges that must be uppermost in the minds of the 20th Congress members. Much of this stems from the tumult of the century that began with the 1901 revolution through Japanese invasion and upheavals in the 60's and 70's, leading to the rare period of stability and growth in the last 20 years. Jinping like Deng and Zemin has personal memories of the anguish of this period and the tumult, the chaos of the 20th century for China, and the yearning for stability with modernization.   ...

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Steven Rattner, was areporter for the New York Times covering the Chrysler rescue in 1970. He is now a key person on President Obama's task force for the auto industry, looking at the rescue of GM and Chrysler 39 years later. After working as a reporter for the NYT, he worked at Lehman Brothers and Morgan Stanley, eventually starting his own privae equity firm Quadrangle. He is an important fundraiser for the Democratic party, and for Presidents Clinton and Obama. In his current position as counsellor at the Treasury, the Obama administration can use Rattner's expertise as an investment expert and his finacial savy for issues beyond the auto industry. The President decided against a car czar as he wanted to be involved in understanding and making decisions for the auto industry, which may be wise considering the importance of these decisions, and considering that this would take advantage of a number of talented people on the task force with different expertise. Rattner ses the relevance of his expertise in investing, as the decisions for GM and Chrysler can be seen as investment decisions for the government, and under what circumstances and conditions can the government make a good investment in these companies. ...

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Amol Sharma and Paul Beckett of the WSJ interview Finance Minister Chidambaram about the Indian government's decisions to open up the insurance, retail and airline sectors to foreign investment, and bring the deficit down to close to 5.3% in 2013. Faced with slowing growth and the risk of credit ratings agencies lowering India's credit ratings the government of prime minister Manmohan Singh has decided to take some decisive steps, including a shift in coalition partners to maintain parliamentary support for these steps. When asked about what influenced the government's resolve to take these decisions, Chidambaram says credit ratings was one factor, another was the difficulty Indian companies were having raising capital inside the Indian market and overseas. In addition he says growth could not be sustained at earlier levels without new capital, and new foreign investment was needed for sustained growth. The Kelkar committee report provided a sense of urgency to the government by providing an independent view and showing the worst case scenario if the government maintained the status quo. Chidambaram says subsidies will now be transferred in the form of cash directly to beneficiaries and reduce costs by cutting leakage in the system.The government will use the list of LPG cooking gas households to transfer the subsidy for 6 gas cylinders directly to beneficiary accounts. The plan is to do the same for the Rural Employment Guarantee Program and subsidized foodgrains to cut the leakage that stems from duplication and falsification. The Indian government's ongoing program to use information technology to have computerized records of the the entire population and linking to the financial system, incuding a large rural population, now makes it possible to take these steps. On the Kelkar committee's recommendation to increase prices of basic commodities cooking gas, kerosene and food to reduce government subsidies, Chidambaram says this is ambitious and the government has to consider the political context even though it agrees that this has to be done over time....

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Ratan Tata welcomes Air India- formerly founded as Tata Airlines in 1932 by an accomplished pilot JRD Tata who flew the maiden postal flight in South Asia from Karachi to Bombay in 1932- back to Tata Group. JRD Tata assumed the position as head of Tata Sons in 1938. Nehru nationalized Air India in 1953 after years of bureaucratic interference in the management of the airline. Ratan Tata was selected by JRD Tata to run the Tata Group in 1990 and was present during the early formative years of the airline. The decision to take 100% ownership of Air India in 2021 appears to be a good one considering the difficulties JRD Tata had- and which Ratan Tata is familiar with- from interference by the government in the management of the airline in the early period after independence in 1947. This gives Tata Group a clean start to build a new airline. By taking responsibility for three fourths of the debt of Air India with Tata Group taking on the other one fourth, the government gives the new airline a good start. Air India was losing 3 million dollars a day according to a report in DW.com. This transfer also frees up this huge investment for use in other areas of the economy such as infrastructure building, healthcare, education, logistics for exports. ...