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Russia ships nuclear fuel, the uranium fuel rods for the Bushehr nuclear plant in Iran, two weeks after the new US intelligence estimate on Iran, after stalling for some time. The Bushehr plant will be under the inspection supervision and control of the Atomic Energy Agency, and Russia has obtained guarantees that the AEA will be allowed to ensure that the fuel will only be used for the power plant. Note that the U.S. was informed two weeks ago about this, and the U.S. quietly supported the idea now with the idea that it encourages Iran to use nuclear energy for peaceful purposes. What it does is to change the whole picture about Iran as a threat to peace in the Middle East. See the article about Khatami, former President's comments at the University of Tehran, recent link, and the Democrats asking for diplomatic solutions to the differences between Iran and the U.S. The Bush administration tacitly following this path after a lot of rhetoric. Oil prices escalated in late 2007 because there was uncertainty about where this might lead. This situation is now reversed. ...

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This Canadian opinion in the WSJ by Philip Cross of Statistics Canada, says Canada's opportunity to diversify its exports to places other than the US, especially for auto exports is essentially nil, and for oil exports because of a lack of pipelines will lead to losses of tens of billions of dollars.  He then goes on to say that Canada should wait for American buyers to suffer as car prices increase by $12,000. No such increase is likely. As pointed out by the UAW's Fain Shawn and others capacity utilization at US auto plants is low with only 60 to 65% capacity utlilization. Ford with 60% capacity utilization, has 568,000 cars in inventory 8% higher than 2024, and make 80% of its cars entirely in the US. Ford is actually cutting prices of its cars as of April 2025 under it's "From America For America Program." Ford and GM could replace German and other cars as Americans shift to buying American. Hyundai and Kia are already shifting production to the US. South Korean and Japanese leaders will support the US as it is the right thing to do. This Canadian opinion does not acknowledge that the US is simply creating a level playing field, a point USTR Jamieson and DJT repeatedly make, and the Japanese, South Koreans, and even the Chinese understand. These countries were given the benefit they received for three decades through the absolute generous attitude of the American people.   ...

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Vice President Biden talks with Charlie Rose and tells hime he thinks BP has done the best they could . Apart from being slow in giving the correct figures about how much oil is coming out of the pipe, Biden says BP as responded to every request of the Obama administration. Charlie Rose specifically asks Biden, hasn't his administration lost its story and isn't it looking more and more like the Carter Administration during the Iranian Crisis. Biden's response is that the President has acted swiftly. Rose asks about the talk of a new norm for unemployment as unemployment remains sticky on the way down, and hiring has not picked up though layoffs have slowed down. Biden's response is that he and Obama don't buy into a new norm and are out to build anew economy. It appears there is a misconnect somewhere between the questions about genuine concerns and the responses.

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In the last 3 years foreign exchange reserves from Iraqi oil revenues have tripled to $22 billion, and there are an additional $8 billon in bank accounts in New York from unused funds from oil exports. Yet Americans are shouldering most of the burden for reconstruction of Iraq with $47 billion spent so far and both Senators Warner and Levin are raising questions about why Iraqi oil revenue cannot bear some of thses costs. These questions will grow louder as the US faces its own economic crisis from financial markets in turmoil. Meantime only 22% of Iraq's $6 billion capital budget for infrastructure expenditures has been spent so far. The infrastructure budget itself seems to be very small. After the war and years of decline under economic sanctions of the previous regime one would expect the needs to be huge, yet only $2 billion spent so far is very strange. Even the account here of bureaucratic bungling and loads of signatures required to prevent corruption, and the lack of a computerized banking system requiring the physical handling and moving of truckloads of cash seem strange considering the extraordinary amount of investment and huma effort the US has put into this war and reconstruction. Even this article fails to account for this bizarre situation of dire needs for infrastructure and for basic services of sewage, health and basic food supplies and housing going unmet while oil revenues and US funds go unused. Has this something to do with the militias, lack of security, insurgent fighting, and ethnic cleansing, and lack of agreement and decision power in the administration, that has created a bizarre situation in which nothing much happens. The oil revenues also complicate matters in that in any defacto partition and separate administrations of Sunni and Shiite areas and Kurdish areas the oil revenues need to be fairly divided so that it supports neigborly coexistence of the communities. This delays creation of separate administrations and accountability which could lead to dramatic improvement in services and rebuilding as accountability is missing today with every bureaucrat and politicain waiting to see what happens and what the future will look like....

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Consumer buying habits at Walmart in the last 6 months since the sharp downturn in the economy hit in October 2008. Executives in merchandising at Walmart, Target and other stores discuss trends with the WSJ. There is adisciplined shopper with less browsing on the aisles. FOod is up on the list. Private label groceries at lower cost are selling well. At Walmart sales are up for refrigerated pizza,lower grades of meat. Ground beef and chicken sell way better than steak and beef. And carbohydrates are doing better than protein foods, so that pasta is doing well. Staying at home and entertaining at home is the trend says Fleming of Walmart, from the take and bake pizza at $5 to the movie and popcorn. Which is why the luggage section and trvel is slow, and flat screen tv's are selling well. Vitamins, herbs and plants for vegetable gardens are up as customers try to plant their own vegetable gardens. Car maintenance and repair is big, sales of motor oil, filters and tires. are some of Walmarts big sellers. Whatever makes the car last longer is considered attractive by customers. And home repair items are selling well at Home Depot....

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Three BP managers are indicted, two on manslughter charges, in the U.S. Justice Department $4.5 billion settlement with BP on the Gulf Oil Spill. Attorney General Eric Holder called their conduct "reckless and wanton," and described this as a clear message to people who engage in this kind of behaviour.

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Repairing his sail near New Zealand gave Charlie Daniel the right mood to sail again. He wrote on the bulkhead on the cockpit- "Sail like yourself and enjoy it." Underlining yourself. From the coast of Brittany to the world sailing on the Vendee Globe race, solo, nonstop and unassisted, is one of the great achievements. Charlie Daniel made the trip to the Cape of Good Hope, to the coastline on the coast of South America, up to the Equator, and back up the French coast in 64 days. Here he is interviewed in Le Monde about key moments on that trip. Competing with fellow sailor Yoann Richhomme who he has known and sailed with for 20 years, Charlie Daniel was aware that mistakes could be costly. He stayed vigilant, analyzed every weather file until the very end, to take the best rout and not make errors. At times he felt Richhomme was overcanvassed and pushing too hard, in the Southern Ocean, Daniel doing 600 miles in 24 hours told his team that it was too intense that it was wearing down the boat with a long way to travel and he proved right. A crack in the hull was on the inner side which he fixed in New Zealand. At the time he had a negative mood that did not last. ...

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Stephen Harper's Conservative party won 167 of the 308 seats in Canada's House of Commons, the NDP won 102 seats, the Liberals 34 seats and the Bloc Quebecois 2 seats. Harper gave indications of how he would govern by saying that he would stay on the same path the Conservatives followed when they were a minority party. He said there would be no changes to Canada's public health care system. He told a news conference in Calgary, Alberta: "Even as a majority you have to, on an ongoing basis, keep the trust of the population." The Conservatives won only 40% of the popular vote, and this may be a reason for the caution in making major changes. The Conservatives maintained their base in western Canada, and gained seats in Ontario. The gains in and around Toronto, came because the left-of-center vote was split between the Liberals and the NDP. Experts say Harper will shut down a disputed registry for rifles, end direct government subsidies of political parties, and maintain scheduled corporate tax cuts. The Conservative government is also expected not take any significant steps to cut greenhouse gas emissions that are opposed by the oil and gas industries in western Canada. ...

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Mexico's Nobel Laureate novelist, Carlos Fuentes's first novel, "Where the Air is Clear," was published in 1958, when he was 29. He helped popularize other writers like the Columbian novelist Gabriel Garcia Marquez, as part of the renaissance in letters in Latin America called the "Boom." This includes another Mexican Nobel Laureate, the poet Octavio Paz. Paz published "Piedra del Sol" (Sunstone) in 1957. Like Paz Fuentes worked for the Mexican Foreign Ministry as a diplomat and could see things from the outside- the Mexican experience of indigenous and Spanish culture, the ideals of change and the dashed hopes in the last two hundred years as Mexico gained independence and struggled to establish democracy and social progress. Paz published the magazine Plural, which was a supplement to the newspaper Excelsior, and later after 1976, the magazine Vuelta. Both writers, were social critics.

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India and China subsidize the cost of fuel to their people. In India kerosene is the urban poor's cooking fuel. It sell around Delhi at Rs 9 a litre compared to a market rate of about Rs. 25. Inida subsidizes kerosene and liqueefied petroleum gas directly and subsidizes diesel and gasoline indirectly by preventing the state oil companies from increasing prices, instead issuing bonds that help compensate the oil companies for their increased costs of crude. In October the Government announced it would issue bonds worth 235 billion rupees this fiscal year to compensate the oil companies for 43% of their losses, according to Lombard Street Research, a British firm. The fuel subsidies amount to a total of $17.5 billion or about 2% of GDP. The government which is a shaky coalition facing elections in the near fuure is unlikely to hurt election prospects by increasing oil prices, in addition to the facts that the country's poor depend on these subsidies to carry on their daily lives.

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 China exports to the US $438 billion vs $143 billion the US sends to China - the US deficit with China 2024 equals $295 billion. This is the fact that the media continues to ignore. Behind this is the gutting of the industrial base of the US shipped offshore to China since 2000 by American companies. 5 million jobs lost and tens of thousands of factories destroying the backbone of the economy, America's middle class.  Much of the US exports are oil and gas which can be shipped to Europe, India and other places. The soyabeans and grain from America's farmers is the other part of exports of $13 billion. The US can find other markets for the farm products including India under a trade agreement, and farmers can be supported with agricultural subsidies. It only makes sense to rebuild America's industrial base and pull back from an unfair trade arrangement that can only be the result of serious neglect of their responsibilities of previous administrations before DJT in 2016. The piecemeal efforts 2016-2024 have not worked to rebuild America's middle class,  recover jobs and factories, as a result a new bolder approach is needed in 2025 to rewrite the rules for world trade for an even playing field where everyone is treated with fairness. ...

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Does housing and rising oil prices combine to affect growth and by how much. Note the comments about oil prices. That cost of producing a barrel is only $25 a barrel, thats the average cost according to John Herold Inc. a research company for finding oil, developing the field,pumping it, and delivering it to storage. Oil Analytics president Fingerman thinks prices at $85 are not supported by fundamentals and prices should be $30 to $40 lower. Fadel Gheit of Oppenheimer also thinks industry fundamentals do not support prices above $60. What will this do in the long run? Will China's growth slow after the Olympics? Are alternative fuels and more fuel efficient cars, and a shift to smaller cars, and even electric cars, going to have an impact down the road in gasoline consumption. Geopolitical instability from Nigeria, Iran and most recently Kurish Iraq and Turkey has been part of the runup in oil prices, also insufficient inventory buildup for the winter season, and the generally low rates of replenishment of oil that is being consumed with new exploration. How many of these factors may reverse in the coming years? ...