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Xi Jinping, president of China says at the Davos Forum that world leaders should "join hands and rise to the challenge" from protectionism coming from the new U.S. administration. He called on world leaders to support the Paris climate accords- "to stick to it instead of walking away from it."

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Should age be a factor for running for president of a country. In the U.S. the main candidates are all in their seventies. Elizabeth Warren is the exception. She is 70 yeas but looks much younger with a lot of energy. Sanders even at his age of 78 is giving it all he's got with gusto and nerve, and so is Warren at 70, and Trump at 76. So how does one decide in favor of youth with inexperience as compared with age with experience and belief in oneself and ideas. It is also pertinent that old can become new again. Corbyn is trying to take UK back to a quieter more stable period post war. The young can get pragmatic or lose authenticity and connectedness.

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Edward Luttwak in this op-ed in the WSJ, March 9, 2016, offers the very kind of statement in favor of Donald Trump as not meaning many of the things he said, that Friedman describes in his op-ed in the NYT on March 9, 2016. Friedman states that this could be one of the ways that Trump might be presented to voters in a general election to get divided Republicans and independents to support him against Hillary Clinton.

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Supreme Court nominee Kavanuagh has shown a pro-business tilt on many issues. On net neutrality he favored telecom and IT companies. On a ruling on the Consumer Protection Bureau he empowered the president to fire the director on the legal reasoning that there should be several commissioners running the agency. The Net Neutrality ruling from the Obama years was overturned by president Trump, the Consumer Protection Bureau continues to have a Director. On other issues such as Clean Air Act he overturned a ruling. He also defended the rights of pharmaceutical companies vs. the FDA.

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Canada's foreign minister in a speech in parliament says Canada will now "set its own clear and sovereign course." This follows a speech by Angela Merkel of Germany saying " the times in which we could fully rely on others, they are somewhat over." Both countries plan to take a bigger role in international affairs as the U.S. under president Trump is seen as not being able to or not wanting to lead. The U.S. withdrawal from the Paris climate change accord has shaken confidence in the U.S. role in international affairs in 2017.

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Leaders of North Korea and South Korea, Kim Jong-Un and Moon Jae-in meet on April 27, 2018, at the military demarcation line between North and South Korea.  After handshakes and Mr. Moon stepping onto North Korean soil for a few minutes, Kim Jong-Un visits Seoul for peace talks.  This is a historic moment for the two countries as this is the first time since the Korean War (1950-53) that a North Korean leader has visited the South. No peace treaty was signed after the Korean War. During the period of six decades that followed the Korean War, particularly the period after 1980, the South Korean economy recovered from the war and expanded following the Japanese export model with large conglomerates such as Samsung. The North Korean economy has struggled in the period and North Korea is one of the poorest countries isolated for most of this period like Burma from the rest of the world. The development of nuclear weapons was pursued to prevent any external threats to the government, and decades of sanctions followed with aborted efforts to denuclearize the Korean peninsula. Recent ballistic nuclear tests and the installation of a new anti missile system in South Korea led to tighter sanctions with the cooperation of China. This heightened tensions, followed by the tighter sanctions. Kim Jong Un and the government are looking for ways to win approval in the international community, and find a way out of the tight sanctions. South Korea, Japan and the U.S. government are not sure whether this will lead to any results in denuclearization. The summit with Moon will be followed by a summit between president Trump and Kim Jong Un of North Korea. If a way can be found for the North Korean government and party leaders to transition to acceptance in the international community followed by integration of the North and South's economies over an extended period, there is a possibility that denuclearization could work, because it is to maintain the current government in North Korea that nuclear development was pursued in the North. Ideological conflict is now less of a factor in the conflict between North and South Korea as it was in the early days of the Korean War with the Cold War and Communism's advances in Eastern Europe and Asia the big issue at the time. Today China itself is more of a state run economy under the Communist Party following capitalism with Chinese characteristics than the old Communist model, and ideological conflict is not an issue between the U.S. and Communist run countries. This leaves open the possibility of a solution particularly as at some point just as in the case of Vietnam and the U.S., North Korea could see its future more allied with that of South Korea than with China. That leaves an opening for a timetable of transitional actions plus effective implementation stages, with incentives for the U.S. and Japan to negotiate a settlement. ...

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Kasich, Rubio, Fiorina, Christie and Cruz did well in the second debate. The candidates took aim at Donald Trump and some of his odd comments. Jeb Bush's performance did not stand out. The debate going on for 3 hours on CNN is seen as too long by viewers.

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Retired General James Mattis headed Central Command under the Obama administration. He is the new U.S. Defense Secretary. Mattis is critical but has said "there is no going back" on the Iran nuclear agreement. Mattis also has said any U.S. president regarding allies as "freeloaders" is nuts. This is different from Trump's campaign speeches, Yet the trait of Mattis in Afghanistan and Iraq duty is that of aggressively following the enemy, he has been called "Mad Dog,"  and the 66 year old officer brings deep battlefield experience, is highly regarded in the military ranks, and had friction with the Obama administration- traits for which he is well regarded by Trump.

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What were the stories in the Economist magazine that were the most read stories of 2019? Not on president Trump. On Malaysia, China under Jinping, and exodus from San Francisco and Silicon Valley. The most read article was on the newly elected president of Brazil, Jair Bolsonaro. The mismanagement of the economy particularly extravagant state spending on the Olympics and soccer stadiums for the World Cup at the expense of basic sanitation services, bus and transport services, health services, led to the result of a majority of Brazilians rejecting the Workers Party and its leader former president Lula. Unfortunately most of the media including the Economist did not draw attention to this gap. During a period in which income from mining with export of iron ore, and soyabeans to China, enabled Brazil to live beyond its means, there was no effort to draw attention to glaring gaps in development of public services such as sanitation, bus services and transport, lack of building infrastructure other than to support mining. Glaring gaps in education and health services made the situation worse. The second most read piece in the Economist  was on March 10th- Malaysia's PM is about to steal an election. Here the Economist magazine joined the Wall Street Journal which originally broke the story on the 1MDB fund and irregularities in Malaysia where a development fund was misused by the government. Najib actually lost that election and the WSJ covered the story of the developments that followed in which Malaysia's new governemnt led by a returning former prime minister in his nineties Mahathir Mohammed, ousted his own protege Mr. Najib.  The third most read piece in the Economist magazine was - How the West got China Wrong.  Unfortunately the Economist magazine and most of the media covered China in the two decade long boom years without covering the other emerging story as well in which Mr. Lighthizer (now president Trump's top trade adviser) and others questioned the huge unsustainable trade surpluses in U.S. trade with China. With the economy facing huge downside risks and rising trade tensions with the U.S. Chinese president Jinping's move to remove the limit on terms in office in the Constitution was considered a shift from the notion that China was likely to turn into a democracy. Mr. Jinping had already completed his first term in office and the anti-corruption campaign, managing the economic boom for a soft landing, was carried out with the central leadership of the party, after the destabilization evident in the early part of Xi Jinping's first term. Much of China's path was predictable and rational behaviour in its national interest, what was not clearly defined or defended was the way the U.S. could sustain the trade deficits that had reached a billion dollars a day. Leading to Mr. Trump seizing on this as an election issue to form a bloc of voters separate from the two main parties, the Republicans and the Democrats. The fifth most read piece was on Oct 11, 2018- the next recession. It pointed out that with low interest rates central banks in the U.S. and Europe and America could not cope effectively with a recession. The sixth most read piece was on June 29, 2018- Bullshit jobs and the yoke of managerial feudalism. It cited Prof. David Graeber of the London School of Economics, who wrote a short essay that went viral on the prevalence of work that had no social or economic reason to exist, work he called "bullshit jobs". Graeber said people want to feel they are transforming the world around them in a way that is leading to a positive difference. No. 7, 8, 9, were on Bitcoin, Netflix and programming language Python. No. 10 most read was on Aug. 30, 2018- Why startups are leaving Silicon Valley. It showed that in 2017 more people left the county of San Francisco than entered. The main reason the cost of living was burdensome and out of control. As Amazon shifts attention to India and Brazil, and Apple pulls back from India, social media companies coming under fire for disinformation, this period of Tech is making way for a shift in a new direction. A direction that focuses on people's lives, wages, spending on much needed infrastructure and services. ...

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The seventh Republican presidential debate on Jan 28, 2015, without Donald Trump because of a feud with Fox News, turned the attention to other candidates in the race. Christie, Kasich and Jeb Bush gained attention. Cruz and Rubio were criticized for their changing stance on immigration by Bush and Paul.

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Moderators Quick, Harwood and Quintanilla in tense exchanges with Trump on H1-B visas for Silicon Valley, Christie on climate change, and Carson for supporting health claims by a nutrition company. Cruz pointed out that the moderators were pitting the candidates against each other instead of going into serious policy questions.

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The European Union Commission says Ireland must recover 13 billion euros in back taxes for giving tax preferences to Apple that are against EU rules. The EU Commission says Ireland allowed Apple to pay a corporate tax rate of 1% on its European profits in 2003, and .005% in 2014. The EU Commissioner says the use of Ireland as the place where Apple pays taxes on operations in Europe has no base in reality, as most profits are earned in other countries outside Ireland. Taxable profits of Apple "did not correspond to economic reality," according to Ms. Vestager, the EU Commissioner.  In the current environment where political upheaval is unsettling the democratic process in the U.S., Britain, Spain, France and Italy, as well as in Brazil and other countries in the developing world- because of deep recessions, and efforts to cut the deficits with deep cuts in state spending including in education and healthcare, basic services- the moves by companies to reduce taxes to these absurdly low levels such as .005% when other companies in the EU are paying 12.5%, is becoming increasingly unpopular. As pointed out in this BBC News article this sounds like the way Carnegie, Rockefeller and Vanderbilt operated during the late 19th century, and were seen as operating in a manner that was above the law. Janet Yellen pointed out at a Boston Fed Conference on inequality in Oct 2014 that the bottom half of the distribution or 62 million households in the U.S. in 2013, had a net worth of about $10,000, One quarter of these households had a net worth of zero dollars. The working class and blue collar workers in the U.S. provide much of the support at Trump rallies. Younger college educated people support Sanders, because of the situation of the working and middle class in the U.S., and a similar situation exists in Europe. It is for the sake of the democratic process and delivering services in education, healthcare, and other basic areas to all, that companies small and large need to pay their fair share of taxes, regardless of size, influence, or technological advantages. Today this is is seen by most leaders who draw public support as the right way forward for the U.S., Latin America, Europe and Asian countries, including proper allocation of resources to best serve the needs of working people. For example the 13 billion euros is equal to all of Ireland's healthcare budget, and 66% of its social welfare budget.    ...

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Greg Ip of the WSJ looks at the result of changes in supply chains away from China, and the new trading relationship with China to 2028. He says the shift to a new global supply chain that diversifies it away from concentration in China is taking place. Would taking the tariffs from 30% to 60% under a new Trump administration be a good idea? Greg Ip thinks it is a bad idea as the change is gradual and is actually taking place. It may have the unintended effect of worsening US China relations essential for global stability when it is coupled with erratic or retaliatory rhetoric. Rhetoric that appears to China that it is being singled out in world trade beyond what are changes that have taken place with Japan in the past in trade. The Biden administration is for good reasons working to restore a balanced yet stable relationship with China. Apple is shifting production of 25% of iPhones to India. Samsung is investing more in Vietnam. The trade deficit with Mexico has reached $151 billion twice as large as in 2017. And $100 billion with Vietnam three times as large as 2017. The US trade deficit with China has dropped from $381 billion to $281 billion in the last 12 months, the Commerce Department reports show. And from $1.1 trillion with the whole world from $1.2 trillion for the last 12 months, 4% of US GDP. Overall the Trump era tariffs of 30% have not reduced the US  trade deficit substantially but has shifted American and European foreign investment to India, Vietnam, Mexico and other countries as well as to the home country. Over time the supply chain would become truly diversified as India makes great strides to become the third largest economy with new infrastructure by 2030. The head emeritus of the European Union Chamber of Commerce in China, Joerg Wuttke, says the pressure to export will be high for China as its economy shifts more to manufacturing from construction. Most Chinese companies are producing more than internal demand in China, and most companies in solar are losing money, in wind turbines and solar all are losing money, Wuttke says. This means China will double down and increase its investments in Mexico, Vietnam, Morocco and other countries so that it can send its products to the US through third countries that do the final export. One expert even says removing a few screws here and some there, find a different supplier, and shipping to a third party for final export that makes it not 100% Chinese content, the pressure for that is high. ...

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Every day lost in the struggle with coronavirus is a big thing, which is why Itay's most affluent northern region has gone from being well equipped with resources of healthcare to seeing the health system overburdened to the point of disaster. This WSJ report shows why this has a lesson and an early warning for how the U.S. and other countries should design their response. It is also why the White House team that includes President Trump in the U.S. emphasized the plan for just the first 15 Days in the news conference at the Brady Room in the White House on March 16. It is saying the first 15 days are critical, not a day to lose.  It does not matter if you are an advanced economy with state of the art hospitals. Social behaviours must change, old rules rewritten and implemented throughout nations, quickly in days. Here WSJ shows lessons learned by Dr. Cereda at the Hospital of the University of Pennsylvania who trained in Milan and was in constant contact with colleagues in Milan and elsewhere. Many of the lessons relate to not overburdening hospitals and health systems and protecting health systems. This means mild to moderate cases are managed from home and not in the hospital, through massive deployment of outreach services and telemedicine. It means therapies can be delivered at home or through mobile clinics. The second major lesson from Italy is to protect healthcare workers and doctors. The entire White House team with Dr Faucci of CDC and Dr Brx, head of Infectious Diseases in the U.S. news conference of president Trump March 16, focused on the goal of protecting healthcare workers, doctors and hospitals, so they remained strong to take on the crisis. The second goal of the White House team is to protect the elderly with medical conditions. To do this only the most serious patients are treated in hospitals the rest for mild to moderate at home.  Studying the conditions in Bergamo and other parts of Lombardy and northern Italy, is helping U.S. medical leaders to prepare for the current nationwide effort, the 15 days plan announced by the White House. The lessons from the Papa Giovanni Hospital in Bergamo are important say U.S. medical leaders, including Dr. Brendan Carr, head of emergency medicine at Mount Sinai Health System in New York.  He says build capacity in hospital beds before we need it. Clear out hospital space and add new hospital beds.  ...

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Hillary Clinton's estate tax plan would increase the estate taxes on the largest estates from 40% today and her proposed 45% to the higher figure of 65% proposed by Senator Bernie Sanders. Compared to the current $5.45 million exemption only the first $3.5 million would be exempt from estate tax for individuals ($7 million for a married couple). The top rate of 65% would apply to individuals with over $500 million. Beyond $10 million a 50% rate, and beyond $50 million a 55% rate.

The latest proposal adds $260 billion over 10 years adequate to pay for simplified small business taxes, and for expanding child tax credit.  Over 10 years Clinton would increase taxes by $1.5 trillion to pay for expanded education assistance, paid family leave and other programs. She would increase federal revenue by 4% and have the burden fall on only a small portion of households.

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Mr. Trump appears strong on the economy issue says this report in the NYT. About 9 million jobs were added in April, May and June after loss of 20 million jobs in March and April in the U.S. The Republican base of white voters is less affected by the loss of jobs- only one of five Republicans had the perception that they would lose their job. There is confidence about the economy in this base as small business and workers see conditions improving.

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In 2017 Facebook noticed a drop in user engagement- fewer comments, fewer posts, and less sharing. To address this Facebook made a change in its algorithm, which is a bunch of mathematical equations which determine what you see in the newsfeed. The result says this WSJ Facebook Investigation was to make Facebook an angrier place, a place where divisive comments were being posted, and sensational or exaggerated comments were being shared. This increased the level of divisiveness in the US during the early period of the Trump administration. As America looks back on this time- the issues related to migration across its southern border that are still alive today and on which there is now a consensus across Democrats and Republicans on returning migrants. The issues related to the urban-rural divide that many presidents preceding Trump and Biden had chosen to ignore, and which the Tech community showed little interest in. The divide also across educational lines with college educated splitting away from people lacking college education just as costs of college had soared. All these issues were out in the open and instead of having an educated debate these algorithms never intended for solving social problems actually made them worse.  It is now in the interest of both Republicans and Democrats to take a hard look at what went wrong and restore the civility and dialogue that marked American experience across all ages and income groups, and remove the overstated influence of such algorithm based apps. The WSJ Facebook Investigation is a way to restore the traditional media's true place in the national dialogue and push back against the insidious and dangerous influence of algorithm based news feeds such as this one.  Outrage Algortihms may be good for a few people and a few in tech  business in California and in capital markets in New York, yet they are bad for America and the American people as a whole, bad for the vast landscape of America and the vast majority of the American people. Mindless infatuation with pictures of young adults leads to a mindless and dangerous result in mental health, bad effects on women, illusions about what is right living, and increasing divisiveness in America.  ...

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President Trump reiterated his threat to place tariffs on $300 billion of Chinese goods in addition to earlier tariffs on $250 billion in goods.  The problem China faces is that it China imports less, far less than the U.S. does. China has only $10 billion in U.S. goods to place tariffs on. This is after placing tariffs on $110 billion in U.S. goods, mostly agricultural products such as soyabeans in retaliation for U.S. tariffs on the $250 billion of Chinese goods. China could place a ban on imports from Boeing or restrict the access for U.S. companies to the Chinese market. U.S. companies have invested billions of dollars in the China and employ about 2 million Chinese in well paying jobs. Concerns about unemployment would be uppermost to prevent these jobs being affected. Other concern for China is the loss of foreign investment as relations deteriorate. Already supply chains in some products such as clothing and consumer products is shifting other countries in Asia. In automobiles the regional hubs are expected to shift with India as a potential hub for Asia, and Mexico preserving its place as a North American hub following renegotiation of NAFTA. In media the dispute is leading to a shift from Chinese consumers buying Adidas instead of Nike and Huawei smartphones instead of Apple.  For an already slowing economy this hurts China more than the U.S. which is why the U.S. is pushing China to settle with an agreement that the U.S. can trust to bring down China's trade surplus. For the U.S. as most of the loss in exports is in agricultural products the solution has been to provide government aid to farmers, and for Mr. Trump to use the issue to point out that he is fighting for U.S. interests and for fairness. This is why the trade dispute poses more problems for China. Because the surplus is so wildly skewed in China's favor after the inaction of many U.S. presidents just as it was for Japan in the eighties, the situation appears to be headed towards a definite reversal of the lopsided trade surplus enjoyed by China. In the process the U.S. plans to build up the competitive edge it has lost to some degree.  ...

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Some of the memorable parts of president Biden's speech at the AFL-CIO campaign rally today June 17 that will go with the best of FDR and Lincoln about what America stands for were: "This is America we can do any damn thing we put our minds to. And guess what? We are not going back to the false promises of trickle down economics.  We are going forward. We are going forward." "I really mean. this. I know I'm called a cockeyed optimist, but this is based on history. We're the most unique country in history. We are organized on one notion. Every other country is based on ethnicity, religion, geography. But the United States is based on an idea. The only country in the world based on an idea. Think about it." "Why are we doing it. Because we said, "We hold these truths to be self evident that all men are created equal" (applause)  "endowed by their Creator with some inalienable rights, and among these are life, liberty, and the pursuit of happiness." "We've never met the goal. But we've never- other than the Trump administration- tried to walk away from that goal. And it gets better every time we push." ...

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The third largest nickel, and second largest copper mineral deposits, are to be found in northeastern Minnesota. Governor Tim Walz has supported environmental studies on the Twin Metals project. Much of these deposits will be needed for supporting demand for renewable energy electric car batteries. Union labor supports the project and sees Walz as an ally.