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US Congress cuts to Corporation for Public Broadcasting (NPR and PBS) of $1.1 billion for 2 years. It passes Senate 51-48. $7.9 billion in cuts to foreign aid programs were passed in the Senate bill. Native American and tribal radio stations in 9 states are protected.

Note that no cuts to HIV $400 million which is protected, and also for maternal care and malaria, and tuberculosis. These programs will be protected with new language. Also protected, by Senator Moran of Kansas, are food aid programs used by farmers- Food for Peace, Food for Education and child nutrition.

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Krugman points to the connection between the failure to achieve debt reduction through debt forgiveness and the sluggish economic growth in the eurozone and U.S., five years after the global banking and financial crisis of 2009 and four years after the beginning of the eurozone debt crisis in 2010. In the U.S. debt reduction for homeowners was delayed with a wave of foreclosures, and in Europe austerity budgets were the norm as Germany pushed hard for austerity policies. In 2014 small relaxation of austerity to give relief to voters took place in Greece, France, Italy and Spain, with austerity budgets still in place. Growth also slowed in Germany to slight contraction in the third quarter and no growth in the fourth quarter of 2014. This is leading to the formulation of new policy to address growth challenges in the eurozone. Debt to GDP is growing in eurozone countries and Britain because of lack of growth, even though spending cuts have been made, showing the need for rethinking policy. ...

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Deteriorating China Iran relations as the oil imports from Iran for China face US tariffs of 25% on China's exports to US, and US economic relations far more significant for the Chinese economy. China gets somwhere between 1.4 to 1.6 million barrels aday from Iran (80% of Iran's oil exports) into Shandong refiners at $10 below Brent crude prices. Another 400 mbd comes from Venezuela to China. This means $30 billion comes to Iran from oil sales to China at $59 a barrel, and $8 billion for Venezuela from oil sales to China. This has financed much of the bellicose policies towards the US in the western hemisphere and in the Gulf region. Iran's bellicose policies in the Middle East, its nuclear policy, are now seen by China as a distraction and  detract from good economic relations with the US. China $400 billion oil deal 25 year cooperation agreement signed in 2021 was signed under the Biden administration and China today faces a completely different situation in 2026. Even China's relations with Russia are not the same as the US builds better relations with Russia. A wind down of the Ukraine war would change the situation completely and ensure peace in Europe including Russia, as the US works with the EU to meet future challenges having learned from this experience in Europe (Ukraine dividing Europe) and in the Western hemisphere (drug/ migrant. trafficking). When historians write this chapter of the inflows of capital from advanced West to Arab countries and the Gulf region they will write about the huge contrast between China/India's efforts to modernize and these nations where much of that capital was wasted in wars and conflicts and in grandiose projects that made no material difference to the standard of living and quality of life of the vast number of ordinary people. Once the oil dividend is gone with fossil fuels replaced with renewable energy by 2035-2040 this opportunity to advance is lost for the Arab and Gulf region. ...

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US president Biden feels the tax system is not fair for most Americans and the Trump tax cuts favored the wealthiest Americans. Detailed studies from universities Chicago, Harvard, Princeton and Treasury Department on 2017 Trump tax cuts lowering taxes for corporations from 35% to 21% for top corporate tax rate, and accelerated investment spending deductions, show much of the investment that took place after tax cuts in 2017 would have taken place anyway. And that the tax cut did not pay for itself, adding $100 billion to the national debt of $34 trillion each year. Striking was the point in the studies that said that instead of $4000 the average American only benefitted by $750 per year, most of the benefits going to the wealthiest and corporations. Many of the largest corporations tech and oil companies pay less in taxes than any notion of fairness would call for sometimes much less than ordinary workers.  Biden now proposes the tax increases for corporations to go up to 28%, higher taxes on foreign profits, and the corporate minimum tax increased from 15% to 21%. And for employees paid more than $1 million corporations not to be able to take deductions. ...

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The political mood changes in Cairo as Egyptian voters choose a presidential candidate and Egyptians participate in an open political debate. For a country where open political discussion and honest elections had not taken place for three decades the change can be felt in Cairo streets.

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As Eliud Kipchoge sets a record with running the marathon under 2 hours in October 2019, The Times looks at another time and another record- Roger Bannister of Britain running the mile in under 4 minutes in 1954.

The contrast- the BBC showed the Bannister run only afterwards, Kipchoge was shown on 25 television networks. Both had pacemakers, runners who set the pace for them and fell back. Weather was carefully planned for Kipchoge, Bannister took a chance on May 6, 1954 at Paddington grounds. Bannister was a medical student, Kipchoge was working at running going to sleep and back to running. Bannister had a ham salad, Kipchoge had oatmeal before the run. Both tried to break records at the Olympics and decided on this as an alternative for a personal best and setting a time record.

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Heidi Vogt provides this exceptional account on the U.S. and international efort to build Liberia's healthcare system from scratch. Years of civil war till 2003 and the shortage of funds mean that even basic equipment such as X ray machines and blood testing equipment are lacking in Liberian hospitals. Even with a effort that includes the U.S. Army and Air Force planes, a 25 bed hospital for healthcare workers using tents will take till early November to be operational. Showing that the response is sorely inadequate here in Liberia leading to the spread of Ebola to Europe and the U.S. by December at the current pace. Liberia's head of Ebola control says the international community has failed Liberia with its inadequate response. For the U.S. and Europe an inadequate response creates new dangers as the public has lost confidence in government response.

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This editorial in the WSJ shows a different view of the passage of the $280 billion semiconductor bill in the US Congress and the Biden Schumer negotiation for the $369 billion climate change and tax bill that was done at rapid pace in the span of 24 hours. It sees this from the view of the Republican party that hoped to present president Biden as a failure, unable to tackle inflation or achieve much for action on climate change, renewable energy, and building America's supply chain.  All this is happening quickly and shows the value of patience and persistence, and faith in the ultimate fairness of the American cause during a difficult time of war in Europe and rancor at home. It is not that 17 Republican Senators got played as the WSJ puts it, they voted for the $280 billion semiconductor bill on its merits and their ultimate faith in the fairness of the American cause and faith in America's workers and families, in its people. ...

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The government of Theresa May and the EU appear to be on a collision course with the release of the EU draft legal agreement that says Northern Ireland must remain in the customs union and future arbitration or appeal would be under the European Court of Justice.

Ireland favors the EU draft and sees it as a default solution to avoiding a hard border with Northern Ireland if it becomes necessary. Theresa May and the DUP party of Ireland on whom the prime minister depends for her coalition government's thin majority support in parliament, both reject the EU solution. 

The Labor Party says it would solve the Irish border issue by entering into a new customs union with the EU, so that no checks are needed at the border for people and goods. The Labor party sees it as vital to prevent any effort to undermine the Good Friday Agreement that forms the basis of the peace in Northern Ireland.

 

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In an effort to fulfill a campaign pledge and yet not upset peace negotiations president Trump plans to go halfway by recognizing Jerusalem, while keeping the U.S. embassy in Tel Aviv. 

In a sign of much policy has changed since the Obama presidency, new information cited by NYT shows Trump working closely with premier Netayahu of Israel to prevent a vote on Israeli settlement policies. Mr. Obama had decided to proceed with a vote and had sharp differences with Netanyahu that dominated press coverage in the second term. See search term Netanyahu.  The issue is a delicate one because it depends say experts on how Trump frames his decision, does it recognize West Jerusalem, what does it say about its status as holy city, and about Palestinian claims to East Jerusalem. It is fraught with risks as Saudi Arabia is likely to say no to negotiations if the issue is framed to only recognize the Israeli position.

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Estimates of the exposure of European banks to Greece's sovereign debt shows BNP Paribas has 5.01 billion euros in exposure to Greek debt, Societe Generale 4.23 billion euros, Deutsche Bank 3.02 billion euros, and HSBC 1.94 billion euros, Credit Agricole 0.85 billion euros, Unicredit 0.80 billion euros, Santander 0.51 billion euros. The exposure of French, German, Italian and Spanish banks in Greece is a critical difficulty in resolving the crisis, as the banks are still in a fragile condition after the global financial crisis of 2008. With the debate on resolution of the crisis focusing on how a three way distribution of the burden should take place between austerity cuts, bondholder and creditors, and taxpayers in Germany and other EU countries, negotiations are finally taking place between each European government and the banks of that country. Three countries where such talks are taking place are Germany, France and the Netherlands. Finance ministry officials in Germany and France met with representatives of the banks and insurers in their country to arrange for the banks to voluntarily take losses on their holdings. The respective holdings of Greece's government debt according to the Bank for International Settlements are: French banks $14 billion, German banks $22.65 billion. Overall exposure to Greece is higher for French banks- at $56.7 billion for French banks and $33.97 billion for German banks. This opens the door to a Brady Plan type solution for the financial crisis in EU countries Greece, Ireland, Portugal and Spain....

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How Starbucks changed from a customer oriented experience like the ones at expresso bars in Italy, to add sandwiches, lunches and drive through. And in the process diluted its customer oriented experience (conversation, place to meet European cafe style) and the experience of real coffee, upto the point that its main competitor became Dunkin Donuts in many places. Consumer Reports rates McDonalds drip coffee better than Starbucks. Baristas at Starbucks lament the loss of the atmosphere of the early Starbucks as sandwiches and other items are pushed in a fast food type environment. One could have seen this coming as Schultz was a Brooklyn kid who seemed to struggle with his fascination for the Italian expresso bars he saw in Italy, and his New York and American ways of popularizing this experience by building hundreds of locations and expanding quickly. In the process Starbucks became a different place and a different company without quite realizing it. The Brooklyn kid in Schultz won over the other side that remained intrigued by his experience in Italy. This is described in his autobiography, "Pour Your Heart Into It," somewhere the magic disappeared. This is amazing that a place can change and competition can creep in on you when you kind of lose your identity, and forget where you started, the dream and vision. See the separate article where Schultz has taken charge of Starbucks operations and let go of the CEO....

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An exceptional look at burnout and stress at work in the Guardian newspaper. In the UK 526,000 workers were affected by the burnout epidemic, suffering from stress, depression or anxiety, in 2016-2017, according to Health and Safety Executive. More women are affected than men, and more in professions in healthcare, social care and education. Longer work hours are part of it till pressures at work became intolerable for people shown in this report. Problems remain masked at the beginning and act in a kind of mission creep. Experts say it is important to see this as the result not of sick individuals unable to cope but of ailing organizations that have created workplaces where burnout can occur, where blame takes the place of collaboration, and support is limited or non existent.

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Imagine a place that is rural, far from industrialization, and facing high levels of air pollution. In Gaborone, Botswana, the social prestige of driving cars and increasing car population is creating levels of air pollution from second hand older cars with poor emissions control. People driving cars see cyclists as coming from poor families and simply drive them off the road. 

See how cycling to work is being promoted as normal and dignified by a Swede who is the Ambassador of the EU to Botswana, and how many in the middle class and colleges are cycling to work to promote a return to older ways of doing things that make sense as healthier for the environment and for one's health.
 

 

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Is aging linear or non linear happening in spurts as life's events, a trauma, adversity, immunity levels covid infection or other infection take place in people's lives. Research leans to molecular changes that are linear for a white and then shift to nonlinear and in a spurt change the outcome of one's health. Living well involves being aware of such spurts and counteracting them with improved lifestyle behaviours in food, exercise, sleep and recreation.

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A shift is just beginning to take place as Taiwanese firms respond to changing conditions in China, fewer tax breaks, new labor law higher wages and new environmental laws. Expect this to gain momentum over the next few years and investment shifting to other lower cost countries in Asia.

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Rapid growth in Bihar one of India's most populous and backward states. In the last 5 years Bihar has grown rapidly with radical changes in governance, rule of law, and investment in education and development. The change took place under the new state leadership of Nitish Kumar, who is interviewed here.

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Coolpad, a local competitor, moves to third place in China's smartphone market. Coolpad had a 11.5% share of the Chinese smartphone market in the 2nd quarter of 2014, following Lenovo at 12.5% and Xiaomi at 12.4%, according to research firm IDC. Coolpad has used a cost advantage to increase sales.

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US effort to strike economic deals and business deals that will change the direction of South and Southwest Asia in ways that are the need of the hour. DJT replaces the failures of the Republicans under Reagan, and his 1983 Middle East Envoy Donald Rumsfeld, who knowing about the use of chemical weapons intervened on the Iraqi side with arms support that led to the subsequent wars. Rumsfeld was to lead the US into Afghanistan War in 2001 and into Iraq War in 2003 by his Office of Special Plans intelligence. By contrast DJT wound down these wars and is now setting a new path to peace in the Middle East by showing the economic path that India now leads for South Asia, and South west Asia's Saudis, Qatar, UAE and Pakistan. This is a remarkable change for Republicans and the Nation, which has the support of well meaning Democrats, including Biden.

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The solitary side of Obama's nature, which leads to an insular presidency, without the frequent contact with other political leaders and the public. Kornblut calls it the schmooze deficit. One Democratic leader says Obama is daisdainful of things that make people feel connected to him. In numerous interviews lawmakers from both parties complained of arms-length treatment. Earlier reports also show a leader who does not go outside his close inner circle to understand what is happening in the country. Obama is not known for making social encounters outside the ones scheduled or to make spontaneous calls. Some of this solitary nature comes across in this autobiography, "Dreams From My Father." In that memoir Obama writes that if the talk began to wander, or cross the border into familiarity, he would soon find reason to excuse himself. And that he had grown too comfortable in his solitude, the safest place he knew.

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Sri Lanka has an inflation rate of 26%. Government spending on the war against Tamil separatist movement in the east and north makes things more difficult. Central bank is squeezing credit to control inflation. And there is a need to spend more to rebuild the wwar ravaged eastern province. And the war has taken a toll on human rights and on the free press as the country became increasingly polarized. The Rajapakse brothers won the last election to as Maninda Rajapakse, the president says to have peace and development by defeating the Tamil separatists who have created a continuous conflict on the island for decades sapping government resources and attention from development.

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This editorial in the Economist magazine says the banks have paid large fines for wrongdoing but individual accountability has not been achieved. Only one individual conviction has been achieved related to market rigging in Britain. The penalties paid by banks between 2009 to 2014 worldwide add up to $245 billion, according to CCP, a research group. The problem says the editorial is that without individual accountability this is likely to be seen just as a cost of doing business. For the culture at banks to change individual acountability has to be established, and only now are banking regulators realizing that the public's disillusionment with the political parties in power during the last decade in Europe and the U.S. has its roots also in the way accountability has been tackled. Editorials in the WSJ and the NYT have addressed the same theme and expressed the same concern. The May 21, 2014 editorial on the U.S. Justice Department's legal settlement with Credit Suisse. "Holder convicts Switzerland," was critical of the Justice Department because this settlement did not bring accountability or justice. Columnists Eavis and Reilly in the WSJ, Protess and Greenberg in the NYT, were also critical of the settlement. Other legal settlements followed the same pattern throughout 2012-2015. Another aspect of this and a larger problem is that the same management has remained in place in some places. Shareholders expressed their feelings at the recent Deutsche Bank meeting in June 2015 when one shareholder association asked the question: "Mr. Jain are you the solution to the problem or part of it?" questioning how the same management that created the problems was going to fix the problems. A week later the two co-CEO's departure was announced and a new CEO appointed. BaFin, Germany's regulatory authority was described as not providing effective oversight on management at Deutsche Bank, by Eyk Henning in the WSJ March 28, 2014. It is too early to say if the public's frustration with the slow pace of establishing accountability and generating culture change is at long last registering with regulators and the political parties running the government. Prime minister Cameron and chancellor George Osborne's decision to put $1 billion into communities throughout Britain from the fines, described in the WSJ May 31, 2015, and an additional $227 million pounds from a legal settlement with Deutsche Bank in April 2015 for creating 50,000 apprenticeships, is the first sign of a conviction developing in political parties that instincts of fairness and the compact between the people and their government handed down over many, many years and generations, need to be respected. In the U.S. communities devastated by the recession and foreclosure crisis, especially inner cities, could benefit from Cameron and Osborne's exceptional idea. For the political parties and the political elites in Europe and the U.S. it is a way to restore some of the trust lost in the last decade. For banks a change of management, cultural change, will benefit the employees and shareholders, and improve relationships with customers, restoring trust over the next decade....

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Dipti Deshpande writes in the Economic Times that how India's economy recovers depends a lot on how well the government tackles the problems of vaccine supplies, vaccination staff and incentives for vaccination to the public, vaccination logistics, and vaccination skepticism. Vaccination plays a large role in the reduction of fear and permits resumption of normal activity as seen in the US, UK and France. Government education of the public on vaccine safety should be conducted on an organized basis across the country starting now for the gaol of vaccinating the entire population by December 2021. In the 200 days remaining in 2021 the government would have to administer over 1000 million doses or at the rate of 5 million doses a day just for the single dose population, with the second dose meaning additional supplies and logistical effort, organized health staffing, all to be organized.  The thrust of this article is that the economy and especially laggard sectors such as services would gain a fully powered recovery if the problems of vaccine supplies and vaccination drives are resolved early with preparation, lessons learned, and proactive action all taking place immediately. The period after the decline in cases to below 50,000 a day which is fast approaching for India is one that needs to be used to take deep yogic breaths, and prepare the Indian mind for the next challenge for government and nation.   ...

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President Obama's proposed legislation for the fight against Islamic State proposes a three year effort with use of Special Commandos, but no major ground combat effort. It also rescinds a broad Bush era 2002 legislation for the Iraq war, but leaves in place 2001 legislation for the war against al-Qaeda and affiliates.