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PM Modi tells parliament in a reply to the president's address yesterday laying out the government's program, that if India operated at the speed of previous governments before 2014 it would take three decades to get to No.3 in the world's economies. Instead India plans to move from the 5th largest economy in the world to No.3 by 2030. He pointed to the investments that the government had made in providing housing, income support, water, on a scale uparalleled in history to bring 250 million people out of poverty. The four pillars of the programs are Nari Shakti women's progress, Yuva Shakti youth progress, Anna Data farmers progress, and strengthening the industrial infrastructure of the country. The prime minister pointed to previous prime ministers having doubts about what India could achieve in the community of nations and compared it to the convictions, the hard work and the single minded determination of the people driving progress today who have no such doubts. ...

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Maine's shift from heating oil to heat pumps. Maine is the state with the largest use of heating oil in winter, 50% of homes use heating oil. It was because utilities found it hard to set up transmission pipelines in a sparsely populated state that this happened. Now heat pumps which have no carbon emissions and take heat from outside and transfer it to the inside of homes are effective in the coldest weather and far, far better for Maine than heating oil. About 100,000 homes have heat pumps installed in recent years, and another 175,000 will have heat pumps installed by 2027.  State rebates cut the cost of $12000 for heat pumps to half that and there is another $2000 tax rebate. Users like the even distribution of heat and had problems with the cold parts of the house when using heating oil. Some rave about it. If all homes in America use heat pumps it would be like taking 32 million cars off the road, according to one estimate.

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Following the fifth North Korean nuclear test DW.com talks with Rudiger Frank about the test and what this means. Frank says the negotiations with North Korea and efforts to limit the program so far have been a colossal failure. Tests have continued and without a change in strategy more tests will be followed by the usual condemnations by world leaders and further sanctions. Frank says this change in strategy would include recognizing North Korea as a nuclear state, and getting North Korea to ensure the weapons are safe and secure in the country, getting a clear idea of what and where the weapons are. The International Atomic Agency would be asked to go in and make inspections. The next step would be to freeze the program at some level agreed to. This is a tough step to take but it only recognizes the reality of the situation, and continued development by North Korea of nuclear weapons if no steps for change are taken. 

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Lola Anderson remembers the note her father retrieved and handed her in 2012 London something she had written about wanting to take up rowing and winning gold for Britain. She considred it arrogant at the time, Her father Don gave it to her before he died in 2019. He was himself in rowing for Britain. Today she wins the 4 person scull rowing Olympic gold medal through a last minute effort - a last stroke victory. She calls it the most valuable thing I have along with the medal.

“I still had the belief and the belief never left,” she said. “You have to learn from your tough experiences and I was determined this time around to make sure that if I came back we’d go for a gold."

This is a message to all young athletes and to many of us in sports and in life to have the belief and the idea that "the belief never left."

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Kamala Harris laid out her economic plan for Cost of Living Action at a rally in Raleigh, North Carolina. This includes action to restrict price gouging, excessive prices of supermarkets for groceries. It includes restricting rent increases to 5%, a first time home buyer help with down payment of $25,000, and a child tax credit of $6000 per child.

Kamala Harris said:

"Your salary should be enough to provide you and your family with a good quality of life … such as, no child should have to grow up in poverty. Such as, after years of hard work, you should be able to retire with dignity, and you should be able to join a union if you choose.”

“Our supply chains have now improved, and prices are still too high,” Harris said. “Many of the big food companies are seeing their highest profits in two decades. And while many grocery chains pass along these savings, others still aren’t."

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It is the Tories (Conservatives) party that made immigration an issue for the last decade. It was immigration that was one of the main issues keeping the Tories in power for the last decade. It is a surprise then that the Tories have a dismal failure in restricting immigration by 2024, going into the 2024 general election and expecting large losses of seats in parliament. It also means Tories have taken Britain out of the European Union on an issue such as immigration, heedless of the negative effects on the British economy and growth after misrepresenting it. Boris Johnson made the remark on July 2, 2019 that after Brexit "we will still have whey for our Mar's bars," as if Britain could go on as before. Worse the Tories under Johnson/Sunak misrepresented issues such as immigration in their advertising for Brexit. It is the story of how a small minority were able to misrepresent issues for staying in power regardless of the consequences. Today most Britons support rejoining the European Union. ...

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The US Senate races in 2024. See if you can connect the names to the state in US where the contest is being decided November 5. Bob Casey Jon Tester Tammy Baldwin Angela Alsobrooks Jacky Rosen Ruben Gallego Colin Allred Which is the big upset race? Who are the Independent Senators who retired? Answers- Casey- Pennsylvania, Tester- Montana, Baldwin- Wisconsin, Alsobrooks-Maryland,  Rosen- Nevada, Gallego- Arizona Colin Allred- Texas The big upset US Senate race in Texas, Colin Allred to unseat Republican Ted Cruz. Independent Senators retiring Joe Manchin- West Virginia, Krysten Sinema-Arizona. With their support Biden passed the Inflation Reduction Act, other major legislation to invest in the renewal of America's infrastructure, American manufacturing,  CHIPS and Science.   ...

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Bill Clinton campaigns for Kamala Harris in small towns in rural America. Jonathan Martin of Politico talks to the former president  during his campaigning in Rocky Mount, eastern North Carolina. Bill Clinton says- “I think that what she ought to do is to pick the things that she cares the most about and she believes and go beyond what’s been done." “I still don’t think most people know the Democrats favored the immigration bill. I think if they did know it would make a difference.” Bill Clinton says work together, be inclusive, work across party lines, and with an open hand- "I think that for her, her message is she wants to be inclusive and open a new era of working together. I think it’s really important because I think people are basically sick of all this paralyzing bad-mouthing.” ...

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RFK Jr's views on reducing the overuse of pesticides and agricuture that harms human health are positives. Will the RFK noimnation for Secretary of Health and Human Services make America's health and well being worse? WSJ and business thinks it will if it makes people skeptical of all vaccines. Covid vaccine being made compulsory brought RFK Jr. to public attention as some states closed too soon for too long prolonging the economic effects and not leaving an option for some groups to not get vaccinated. WSJ points out that RFK skepticism for all vaccinations is dangerous. It points to polio vaccine, and to the local areas where measles has increased where vaccination was turned down. Other risks are in betting so much on organic food that the benefits of the green revolution of adequate food supplies from the use of fertilizer for output increases per acre are lost. Sri Lanka is an example of a nation unable to feed itself as it bet everything on organic overnight. ...

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General Patrick Sanders former chief of the British armed forces tells graduates at Sandhurst Military Academy in the UK- "We have always fought with our backs to the wall. This is who we are.” “So if you fight, and my experience has been that you will, sooner or later, it will likely be as the British Army always has: isolated, overmatched in numbers, equipment and technology, with tenuous supply lines and before the country has mobilised,” he added. Reading US General Pershing's "My Experiences in the World War" one finds the same message about what he had learned from his experience leading the US Expeditionary forces that put one million Americans into France in 1917. US slow to mobilize in the face of unfolding German threat in Europe. Acting earlier the US Pershing believes would have had a decisive voice in settlement and not accepted the armistice that led to another world war. Every leader in that war trained under Pershing- Marshall, Eisenhower, MacArthur. ...

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A young CEO, Andriy Kobolev, only 35 years of age, takes on the leadership role at Ukraine's gas company Naftogaz in March 2014.

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The Labor Department's rate of labor underutilization is 14.8% of thepotential workforce, much higher than the 8.1% unemployment rate. Which means that a lot of workers are not able to make the fullest use of their skills. If unemployment stays high for a very long period some workers lose their skills and become less employable. THat could leave the floor for unemployment at amuch higher level. Something like this is happening now and stay with us as the unemployment rate grows and the underutilization of labor rate with it. Physiscists call it "hysteresis"., a kind of laggard impact of some sustained force. An example is if you squeeze a nerf ball for so long that it doesn't bounce back when you release it. Higher underutilization of labor which could hit 20% by 2010 at the rate at which job losses are ocurring of half a million a month, would mean pressure on wages and fears of deflation, lower tax revenues and fears of persistent deficits, less cash to invest and companies having less capital to invest leading to lower earnings. And falling behind the curve is what Krugman fears could be happening now, even with the large stimulus and budget of the new President, because of a series of problems ocurring at the same time and reinforcing each other. And the efforts of the government still not large or effective to meet the scale of the challenge. See the link to this. ...

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Pfizer and Moderna's plans to make mRNA vaccines in Africa, Asia or Latin America may take much longer than 2022. The solution to producing an mRNA vaccine in Asia that could be mass manufactured and distributed throughout Africa, Asia and Latin America is now at hand. Gennova based in India, is partnering with Seattle startup HDT Bio to attack the problem of temperature and scalability in manufacturing for a mRNA vaccine that acts as a global solution using India's manufacturing capabilities. Dr Singh who founded Gennova, says- "We wanted to solve the problem of the scalability issue, and the temperature issue. If we can solve these problems, we are building a solution not just for India, but also a global solution." Gennova received seed funding from the Indian government. Other companies in Brazil and South Africa lack the manufacturing capabilities or financing needed that exist in India. The Indian government has achieved an initial goal of one billion vaccinated in just 6 months. The next step for India in its health infrastructure buildup is a mRNA vaccine that is an improvement over Pfizer and Moderna vaccines that can be stored easily, adapted for variants, and manufactured in large quantity as a global solution. ...

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Britain and Britain's parliament now faces some tough choices as the economic costs of Brexit are spelled out by government and Bank of England forecasts. Already GDP per person is below what it would have been without the Brexit vote by some 2%, according to the Centre for European Reform think tank. The main problem is the expected drop in trade with the European Union of as much as 40%. Ending free movement also curbs European immigration, and add to this a drop in foreign investment. The government says the cost of the deal with the EU made by prime minister Theresa May could cost 2.7% in loss for GDP per head. Estimates range from 1.7% to 3%. A loss of 3% comes to an average annual loss at 2016 prices of 1090 British pounds per head. Worse a no deal Brexit could see this jump to 8.1%, according to the government. The Bank of England agrees and says the pound would go down by a quarter. Offsets from Britain making free trade deals are pathetically small of only only 0.2% if at all, and o.1% from likely deregulation. Not a picture that makes Brexit anything but a chaotic option for Britain. ...

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Sharing insights into customer relationships from Varian Systems which makes ultra sound scanners that help in detecion and treatment of cancer. The first insight, you exist to solve a customer problem, it does not mean that something is broken. Second insight if you solve the problem even if the customer has been righteously angry with you, you likely have a lifelong relationship. For breakdown of scanner machines in hospital settings, he has another insight- my rule has always been first to fix the machine as quickly as possible and worry about the money later. This must build trust, and likely builds a strong relationship just from the memory of what you have done and the trouble you have taken.

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It shows that Brexit promised cutting migrant flow but its action did just the opposite by removing cooperation with France on fighting migrant trafficking. Could doing away with EU bureaucracy and getting a special degree of autonomy have been accomplished in other ways than Brexit. Was this also the fault of French and German governments under Hollande/Macron and Merkel. The failures to accomplish Brexit goal to cut migrants of Conservatives and now continued failure in 2025 under a Labour government shows the need for European nations to work together. This is what president Macron and prime minister Starmer agreed to on Macron's visit to England on the invitation of King Charles, a pilot program that aims at breaking the migrant boats trafficking model. It will return boat migrants crossing the English Channel from France back to France.  Starmer says- "This is groundbreaking, because this is a scheme intended to break the model, and to make it clear that if you cross in a small boat, then you'll end up where you started. In exchange for every return, a different individual will be allowed to come here safely." The scheme will start in coming weeks.    ...

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Jannik Sinner grew up in South Tyrol in northern Italy near Austrian Alps. His first love was skiing and he was skiing since the age of 4 years. By 12 he had won an Italian championship. He shifted to tennis because he says in skkiing you make one mistake and you are gone, everything happens very quickly in a minute and a half a race is won. Tennis appealed to Sinner because it gave him more time, you did not have to be the best all the time, and mental fitness counted a lot over a longer period. He says giving it his all through good days and bad days is important in practice and this is true also in winning a game. Sinner says- "I always go on a practice court with a purpose, and I believe that the mindset you start to build in practice sessions, when you struggle, when you have pain, when you at times don’t want to practice, but you still go and you still do everything possible to make it a good day." “If you cannot do it in practice sessions, then you cannot do it in the real matches. So, I think this is one of the biggest parts.” ...

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A year after Butler, Pennsylvania attempt on the president's life DJT reflects on it in this interview he granted to Gary O'Donoghue of the BBC. DJT said- "I don't like dwelling on it because if I did, it would be, you know, might be life-changing, I don't want it to have to be that." DJT says he liked "the power of positive thinking, or the power of positive non-thinking". On Russian president Putin and the continuing war in Ukraine- "I thought we had a deal done four times and then you go home, and you see, just attacked a nursing home or something in Kyiv. I said: 'What the hell was that all about?'" "I'm not done with Putin. I'm disappointed in him." On Prince Charles, now King Charles- "a great gentleman." And on Britain's prime minister Starmer hear this- "I really like the prime minister a whole lot, even though he's a liberal."   ...

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Kristof of the NYT writes about DJT Action in Venezuela January 3, 2026.  Some of the least understood aspects of the US president's language on Venezuela- The president's reference to oil resources is not for the US to benefit from the oil reserves. It is about oil in the sense that the oil industry in Venezuela is in total disrepair and broken from years and decades of nationalization followed by lack of investment, lack of western technology.  Sanctions put a huge price on the Venezuelan economy with the brunt of it borne by ordinary people- the same people that a socialist like Hugo Chavez thought he could help with his erratic ideology. As China, and now India has learned the only way to get ahead in this world for nations is to invest, invest, invest with larger and larger pools of capital, technologies and labour. By alienating the US or EU there is a loss of technologies and of investment so that one is going to bat with only one strike and you are out, so that from Day 1, China under Mao, India under Nehru had lost the race, so did all the "socialist" regimes in the world. Conversely China under Deng and successors, and India under Modi are breaking development records. How does the US change this? First it removes the sanctions on the Venezuelan economy. Second it gives Chevron the green light for increased production. Oil facilities of the Venezuelan oil company will get foreign investment and US investment from American oil companies with returns for both and the state oil revenues invested under a government that is able to invest it free of corruption or it being funneled out of the country to support other regimes in Latin America. This will rebuild the country's health system, its broken infrastructure, restore its finances, and make it in a decade one of the advanced economies in Latin America. But only if- the gangs and other private militias, the other military elements from the two decades of utter mismanagement and drug trafficking are  removed. A new way will have to be devised that the US as to work out ad hoc meaning in the process of doing, invented that meets the conditions of getting this done and the process of reconstruction of Venezuela under the Monroe doctrine of keeping the entire western hemisphere free of such elements. The US achieved this with the help of Great Britain in 1823 when it was only 50 years since it's founding in 1776. The US has the resources in 2026 to make this happen in the interests of the people of the western hemisphere, in the quality of life of people in the western hemisphere. It does not seek any country's resources, it seeks the development of the countries in the western hemisphere in the great tradition of Jefferson, Monroe, Lincoln, FDR and JFK. ...

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Analysts estimate a small impact of Japan's earthquake on the world economy. According to one estimate global growth would decline by only 0.1% to 4.2%, if the growth in Japan is flat, instead of 1.5%.

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A new California law Assembly Bill 5 is designed to provide legal protections to workers at independent contractors, including Lyft and Uber ride sharing companies. California Gov. Gavin Newsom says "the hollowing out of our middle class has been 40 years in the making and the need to create lasting economic security for our workforce demands action." This could lead to gig workers being classified as employees, or if renegotiated would enable gig workers to organize as unions to negotiate with the companies. Lyft and Uber have proposed as an alternative to raise the minimum wage to $21 an hour, and a fund to pay for sick leave.

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German chancellor Anglea Merkel selected her chief economic advisor, Jens Weidmann to head the Bundesbank, the German central bank. Weidmann replaces Axel Weber. Merkel prefers the quieter demeanor of Weidmann to the outspoken behaviour of Weber. Weber was Weidmann's tutor at the university, and at 42 is the youngest Bundesbank president. He headed the monetary analysis department at the Bundesbank and did a stint at the IMF, before joining Merkel's circle of close advisors. Weidman has a sense for markets and politics, and a close understanding of Merkel's policies. This would help Merkel as Germany sets the eurozone on a new path of reforms to build a firm foundation for the euro.

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The fragility of the financial system is cited as one of the risks for China by Standard & Poors, and by the IMF in 2014. After 2008 total debt including government, corporate and household jumped by 100% to reach 250% by 2014, according to the Economist. The complacency, poor statistics showing bad debt at low levels, the tendency for local governments to continue old practices, dependence on the state to pick up the tab when companies run into losses, or for bad debt at banks, papering over bad loans with new loans, and corruption with close connections between state owned companies and the state, create a situation in which this problem continues to grow.

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According to an investigation by a congressional subcommittee70% of all trading in West Texas Intermediate crude on the New York Mercantile Exchange is by speculative traders compared to 37% in 2000. The subcommitte findings are based on data obtained from federal commodity futures regulators. So are the Saudis right that speculators in futures trading ar playing a big part in the oil price increases or is the administration position correct that this is not a factor at all? This provides backing to the Saudi position, the IMF position and the position of McCain and Obama, the 2 presidential candidates. And there are calls to close a loophole that prevents oversight by the government over this kind of trading.

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Prime minister Renzi of Italy resigns after defeat in a referendum to change the constitution. Renzi had said he would resign if there was a "no" vote on constitutional changes to make it possible to pass further reforms. The results show the "yes" vote with about 41% of the vote, and 59% saying "no." About 65% of 47 million registered voters voted. The referendum called for cutting the size of the upper house Senate eliminating some constitutional bodies, and increasing powers at the federal level. Renzi may have made the mistake of making the vote for or against constitutional change a vote for his democratic left party, and not understanding the depth of public skepticism of established parties. Parties such as 5 Star M5S  have appealed to a public skeptical of how economic reforms would help bring more prosperity to the middle class, and a desire to try out new options. Virginia Raggi of M5S was elected mayor of Rome recently and Renzi's referendum move similar to the way prime minister Cameron moved for a referendum on an old issue of euroskeptisim, may have failed to grasp grassroots changes. The irony is that in 2014 elections to the European parliament Renzi's democratic left party won 40% of the vote and was seen at the time as a success, and the same size vote in the referendum is seen as a failure. In a referendum all other parties votes are added together from right to left parties and new parties. In the Brexit vote the Labor party "no" vote including Labor voters who never voted added to the votes of Brexit supporters and the newer UKIP party giving Brexit the slight edge needed. The singular feature of the trend is that working class voters are combining with right leaning voters to upset established parties, in the midwestern U.S., in the north of England, and in the north of France. In the medium to long run this means the left parties are likely to move to realign themselves with their base of support. ...