LyrArc Article Gist
The European Union has adapted well to a cutoff of supplies of Russian gas. Alternative sources were quickly pulled together in a matter of months after the invasion and cutoff to tackle the winter of 2022-2023. Conservation was moved into high gear, renewable energy investment expanded, and alternative sources for gas established. Germany sought supplies of LNG from the US and Qatar and built gas terminal at Wilhelmshaven in record time of less than 6 months. Norway increased gas supplies to Europe and now provides one third of Europe's gas needs. German industry changed the way they used gas supplies to reduce usage and make it efficient.

LyrArc Article Gist
Efforts by two term President of Niger to continue in office for a third term, by changing the constitution with a referendum. Democracy is just taking hold in Niger. In two successful Presidential elections defeated candidates went home without causing any trouble. Niger has an outspoken opposition and an alert press. Trade unions, the judiciary, the press and news outlets, and ordinary people have protested the action.

LyrArc Article Gist
An oil spill off the city of Dalian on China's northern coastline. An explosion breaks a pipe linking a PetroChina oil tanker to an onshore storage facility. The Dalian government used a volunteer cleanup effort with $44 for each barrel of oil recovered. Little planning went into the recovery from the oil spill and the government and PetroChina estimates of the spill were very understated.

LyrArc Article Gist
France's president Hollande and Italy's prime minister Monti support the issuing of some form of Eurobonds, and Germany does not rule this out, after the G-8 summit in Camp David. Germany wants to see tighter budget coordination and other steps before such a step. Italian premier Monti says a path that could lead to euro bonds may be mapped out in future meetings.

LyrArc Article Gist
Enrique Krause makes a passionate and reasoned argument that Mexico is not a failed state. And that the US bears responsibility for waht is happening, by being a source of the weapons and also the huge narcotics market that sustains Mexican drug cartels and their violence. The US can do things to help Mexico as it tries to cleanup Mexico from the influence of drug gangs.

LyrArc Article Gist
French-American, Sarkozy-Obama relations, get off to a good start with the town hall meeting in Strasbourg, France. Obama is received with much enthusiasm and tells the crowd- "We're not looking to be the patrons of Europe, we're looking to be the partners with Europe." And Sarkozy -"it feels really good to work with a U.S. president who wants to change the world."

LyrArc Article Gist
Stiglitz wants to put money in places where it will be spent immediately, unemployment compensation, in state and local governments hands to build critical infrastructure, state education budgets and environment spending for benefits in the long run, only limited help in the mortgage mess to the deserving and to reduce foreclosures, and no money to upperclass Americans who won't be spending much of it anyway.

LyrArc Article Gist
More than 50% of Americans believe the government should do more to solve problems. According to a recent Wall Street Journal/NBC News poll by a margin of 53% to 42% Americans want government to "do more to solve problems". But there is lack of confidence in Congress and in companies. According to the National Opinion Research Center only a little more than 10% of the people have a great deal of confidence in Congress and only a little less than 20% have a great deal of confidence in major companies. So the regulation it is felt is better setup through expert packed commissions.

LyrArc Article Gist
weeks before the trump Kim Jong-Un summit talks in Hanoi, Vietnam, it was evident to the team of U.S. diplomats, sanctions specialists, nuclear experts, that there was a major stumbling block. North Korea wanted much more relief from sanctions than the U.S. was prepared to give in return for a limited denuclearization in North Korea. Still the talks went ahead on the basis of the personal chemistry between Trump and Kim Jong-Un. But former U.S. officials say that in this situation the differences were too big to be solved on the basis of personal rapport alone. For some time ahad of the summit talks in Hnoi the U.S. had already eased its position reports the WSJ, so that the U.S. was no longer insisting that North Korea largely denuclearize during Mr. Trump's current term in office. a full accounting of North Korea's nuclear programs was not required at the start of negotiations. North Koreans also came up with options to close the Yongbyon nuclesr complex. The sticking point was that major sanctions relief was expected without other nuclear facilities being listed for inspection and denuclearization. ...

LyrArc Article Gist
This report cites experts in California that mask use was less than 50% in the state beaches and parks after it reopened. The medical officer of Orange County an affluent community near Los Angeles even resigned after mandating the use of masks in public after protests. On one day June 20, the day after bars reopened in Los Angeles County a WSJ report shows 500,000 people went to bars in the county. As of July 17 the state has 365,000 cases and about 10,000 a day. At one time it was much lower than Michigan at less than 50,000, adding to the complacency in California and a false sense that California had somehow come up with a new way around the virus. Michigan today is at about 70,000 cases, showing that careful attention to the process is important more than anything else, not some new strategy or approach that someone comes up with to beat the virus that does not meet the essentials and common sense. Even adversity can be overcome with sound attention to the basics, where complacency and a lack of fellow feeling can lead to disaster. ...

LyrArc Article Gist
The decision to let the soccer game go on between Atalanta and Valencia ion the Champions League in San Siro Stadium, Milan, accelerated the spread of coronavirus says this report in terh WSJ. Practically the whole town of Bergamo moved to Milan to watch the game for a home team. Italian dfoctors say there was a surge in coronavirus cases two weeks after the game on February 19. The virus then hit both Spain and Italy.  New York also went ahead with games with Madison Square Garden putting 100,000 people through its doors, having not received government guidance to stop. It was not till March 12 that game locations and stadiums were shut down. Doctors in infectious diseases say this was a distinctive amplifier, mass gatherings of people spread the virus quickly, especially one as contagious as this one. This report says in early January the coronavirus arrived from Munich, and in mid-February was still based on rumors about its spread in Lombardy, Italy, so that authorites were lax about it, not understanding the threat being faced.  ...

LyrArc Article Gist
A humorous story on how Lady Hale delivered the unanimous decision of the UK Supreme Court against the prorogation of parliament by prime minister Boris Johnson, with a pun on the word pro-rogue-ation. And some ideas on how this was received by all sides. The decision was not popular in Britain and was seen by the royals and people around Queen Elizabeth as bad advice given to the Queen by the prime minister. Much of the behaviour of Boris Johnson and adviser Dominic Cummings is based on polls showing them winning over Labour seats in northern England that voted for Brexit in a general election to give the Conservatives a majority. Labour leader McDonnell has said that they have miscalculated. Labour party continues to emphasize that the real issue before the country is failing infrastructure, inequalities, lack of opportunity, jobs and the economy, not leaving the European Union. Labour's strategy is to wait out the general election for a couple of months so that voters can judge from the actions the competence of the Boris Johnson government to run the country for 5 years. ...

LyrArc Article Gist
The WSJ's Troianovski and Benoit's interview with German foreign minister Frank-Walter Steinmeier. Steinmeier served as foreign minister eight years ago in a prior four year term. Steinmeier says he does not know whether he would have taken such an active role 8 years ago in diplomacy and talks with other countries, given the German public's reluctance to take an active role in world affairs. He and chancellor Merkel are much more active and the chancellor has been vocal about Germany's position in a way that Germans are not accustomed to. This has led to criticism inside Germany about Germany's role. A poll by TNS Infratest Policy Research in spring 2014 shows that only 37% of Germans say they want to see Germany more engaged in international crises. The same poll conducted recently showed the results were still the same, little change in how Germans see their post World War II role. Steinmeier says this is the difficulty he faces, to do what is needed as crises happen and call for a German role, presenting no real alternatives. He has on his desk at the foreign ministry a color lithograph of Social Democratic Chancellor, and Mayor of Berlin during the Cold War, Willy Brandt, with Brandt's words from 1969- "We want to be and to become a nation of good neighbors, internally and outwardly." Steinmeier expresses disappointment with the recurring crises in Ukraine, and says he can only guess Russian intentions, that Russia is looking for international respect and recognition. German business critics point to lower exports to Russia. And most Germans prefer that Germany maintain a peaceful role without foreign engagements. Sanctions that hurt the Russian economy are not seen as part of the German role, but Steinmeier who headed the chancellery during Gerhard Schroeder's term as chancellor from 1998-2005, says in the long term Germany has to support a world with rules. It should be mentioned that Willy Brandt as Mayor of Berlin 1957-1966 during the Eisenhower and Kennedy administrations was internationally engaged in a way that goes even beyond Steinmeier's engagement today....

LyrArc Article Gist
Italy's Five Star Movement is gaining in popularity before national elections in March 2018, because voters are fed up with the old political parties and the old political system. A Five Star Movement member Virginia Raggi is Mayor of Rome. Even though this has not led to improvements in tackling Rome's problems such as urban decay, garbage collection, and weak transportation, this is acceptable with angry voters who want to send a message to the traditional political parties that ran the government for 50 years. About a third of these voters who support the Five Star Movement are from the right, a third from the left and a third young people who never voted before, according to Italian pollster Pregliasco of You Trend. Recent polls show the Five Star support at 28% and the leading party. The anti-politician message really resonates in Italy with its lack of growth, and a sense that things will not change under politicians of the old system, right or left. As in France with the En Marche movement bringing in younger and new faces in parliament and in government, Five Star Movement is bringing younger faces to the forefront. As young as 31 years for the party's candidate for prime minister, Mr. Di Maio. As a result older politicians in their fifties from the established parties are running against younger people in their twenties and thirties, a situation seen in France in recent elections that brought new faces to parliament and new ways of governing.   ...

LyrArc Article Gist
Dagmar Breitenbach of DW.com  discusses today's youth in an interview with Albert Wunsch, author of the book "The Pampering Trap." Wunsch is a psychologist and education expert, who says today's youth lack the perseverance of their parent's generation. When confronted with difficult situations today's young people in Germany are seen as lacking maturity, persistence, and patience. Part of the problem is that parents have shielded their children from life's realities, says Wunsch. Parents want to be their kid's friends, and not act like an authority figure. In Germany authority figures still have the taint of looking bad, and parent shy away from that perception. The avoidance of conflict, including constructive conflict leaves children and youth at a disadvantage, because they go through life not having had to experience difficulties and learn from these experiences. Lacking this sensible kind of conflict in which parents have to ask themselves what is of value that they can transfer, the transfer of what one generation has learned is not being transferred to the next. Another problem is that young people prefer to hedge, not make commitments, says Wunsch. Financial literacy on how to manage money is also at a lower level. Some of these problems are mentioned for young people in America in the best selling book by Ben Sasse- "The Vanishing American Adult." Developments in Germany are also evident in other places. The dropout rate in Germany is also high. Studies cited here show this to be about 25% to 33% of college students dropping out.   ...

LyrArc Article Gist
There is overwhelming evidence of atrend to lower cost value oriented purchansing habits, and emphasis on essential purchases, that companies should pay attention to. Out of 46 economists surveyed by WSJ 43 agree that a fundamental change is underway, that will last for years, into the next decade and beyond, in the way consumers in the USA save and spend. And a couple of fundamental facts which won't just go away, are shaping things this way. American households doubled their outstanding debt between 2000 and 2007, to $13.8 trillion. In 2008 total debt went down for the first time since World War II. $13 trillion in wealth has been lost since the recession began. And this number will grow as the economy goes deeper into this downturn. The confidence in the capitalist system has been shaken. People want to get debt free. AlixPartners, found in asurvey, that Americans plan to save 14% of total earnings once this downturn ends. Two thirds of those surveyed say they plan to buy less in the future, and more than halfplan to buy less expensive things. There is a fundamental mood change from those who have been interviewed like Mr Bailey here in Boise, Idaho, a small business owner stuck with a lot of debt and no income. His goal: to get rid of debt and concentrate on making just enough money to enjoy myself and my family, and not trying to get rich anymore. So he goes out and sells his SUV to eliminate a $800 monthly payment and replaces it with a used minivan paid for in cash, he sells off a vacation home he built, sells another home to renters, cuts his staff to a handful. Many like Mr Bailey remember how their parents lived and heard the stories passed down from parents who lived through frugal times in the 40's and 50's, when America was still largely rural and peopled by families with modest incomes especially in most of the south and west. Its this change and shift in attitude and mindset from wanting to be rich to just wanting to be happy for themselves and their families, valuing the really important things, not piling up material acquisitions that the latest advertising is getting them to buy, in taking pride like their fathers and mothers before them in thrifty behaviours and saving, that may lead to a very different economy than seen before. Something like this is happening in Germany and Japan where consumers tend to save. ...

LyrArc Article Gist
Should Arthur Levinson and some of the team he has assembled at Genentech leave it will be a big loss for Roche, as it was his team that helped bring a series of new drugs to the market such as Avastin, Herceptin, and Rituxan to bring Genentech sales from $1 billion in 1999 to $9 billion in 2007. As drug companies buy biotechs in large numbers, with $70 billion in deals this year almost twice the toal for 2007, the question remains whether the drug companies have succeeded in retaining talent as consolidation yields cost savings but does not improve drug discovery. Drug companies are struggling with this, and a couple of models have emerged for keeping minds engaged in scientific discovery satisfied that they have the freedom to operate as they always have and work with the teams they have assembled, similiar to the work style and in the similiar culture as before. Almost like walking into the offices they use as if its like before. J&J has come up with a hub and spoke model to acquire companies and then leave them alone- preserving their management teams, unique cultures and brands. Centocor was bought in 1999 by J&J and 10 of the top executives stayed on and developed Remicade, a drug for inflammatory disease that has sales of $3.3 billion. Glaxo has developed a new structure under new CEO Andrew Witty, which breaks up the primary research labs into "discovery performance units" or DPUs, which also include new biotech startups. In April Glaxo acquired Sitris, a Cambridge, Massachusetts startup. The company had come up with a new science for tackling heart disease, diabetes and other diseases associated with aging. Harvard trained scientist and CEO, Christoph Westphal, went with Glaxo turning down other companies because the independence of the DPU appealed to him. Each DPU has a 3 year budget and this also appealed to Westphal. He could walk into the labs, says Westphal as if nothing had changed. Is Roche making a mistake in acquiring Genentech when it could have left it alone. Are the consolidation savings worth it if some of the discovery team at Genentech leaves and there is the feeling that the culture will change, and if Levinson feels that he was not consulted about Roche's move. These are questions that remain even when Roche's CEO, Severin, says he does not want to change things at Genentech because Roche's actions will speak louder than its words. ...

LyrArc Article Gist
Efforts to secure greater autonomy under a decentralized framework for the central government in Libya. The eastern region which contains most of Libya's oil was left out in the sharing of resources when the Gaddafi regime centralized power in Tripoli. Because of this the sentiment is strong in the area around Benghazi for a decentralized government. Benghazi also led the fight against Gaddafi's forces. Under the Ottoman Empire the country known of Libya today was governed as three provinces. It was only after Italy invaded Libya in 1934 and put the three provinces under its control that Libya wa created. The federal monarcy created in 1951 by the UN also provided for relatively independent provinces under a national government. The transitional leaders in Tripoli are gradually accepting the older framework of decentralized government as the right approach for the future Libyan government.

LyrArc Article Gist
U.S. added 245,000 jobs in November. Unemployment rate drops from 6.9% to 6.7% as some Americans give up looking for work. The concern now is not the rate of job creation which is healthy but the drop outs from the workforce.  Concern arises from the long drawn out effects of the 2009 financial crisis and its effects which were seen over a decade. This report in NYT says the share of prime age Americans who were employed returned to the January 2008 level in 2019. And then the pandemic hits putting everything back again. This time if the lesson is learned about the long term damage to working families it is that this be tackled as a priority for the central bank, the U.S. Federal Reserve, an the Treasury, and Council of Economic Advisors, under the leadership of president Biden. Fortunately both Yellen and the new proposed head of the Council are students of labor markets and have stated this is one of the lessons they have learned and will act on. As this report says the opiate crisis, the risks of addiction increased, and there were links to the long period people were without jobs. The longer a person is without a job the more likely he will become permanently unemployed. The hope now is that the vaccination effort could bring people back to work quickly as business and life resumes in 2021, with workers being hired back. The share of prime age Americans working in November is 76.5% compared to 80.5% in February, which means this has to go up by about 4 percentage points. The people who are not in the labor force today but still want a job are 2.2 million. It is this that needs to be the focus of the new administration, central bank, and Congress. ...

LyrArc Article Gist
DW.com has this exceptional story on the elections in France through the pictures drawn by cartoonists in French newspapers. As polls show Macron with over 60% of the vote, cartoonists reflected on the situation of a new president with little experience and his "en marche" movement only one year old, looking at it with skepticism. Cartoonist Antoine Chereau shows a common person reflecting on the situation, with the title Macron leads in the first round, the person says that after being deceived by the right and the left, the French are now choosing to try out deception from the centrist. Loic Secheress shows Macron at the steering wheel of a car, with the title the second round Uberized, two passengers in the back saying they do not want to go right or left, and Macron saying- then alright we are going straight into the wall. On the Socialists splitting the vote between Hamon with 6% and Melenchon with about 20%, instead of putting up one candidate and heading into the runoff,  cartoonist Plantu shows Hamon and Melenchon riding one bike in opposite directions, with the title - the losing machine. Cartoonist Soulcie drawing for Le Monde shows a tour guide in front of the Louvre museum pointing to the pyramid architecture in front of the museum and saying- here are the last remains of the socialist civilization. Allan Barte's drawing looks at the elections as another disappointing experience for voters. He shows two voters in front of posters of Marine Le Pen and Macron, one saying I hadn't realized what the expression really meant until now, and the girl next to him says "election piege a cons," meaning "elections are a trap for idiots" used in the May 1968 street protests in France. ...

LyrArc Article Gist
A former solicitor general questions the 4 page summary of Attorney General Barr as a misrepresentation of the findings of the Mueller investigation following the protest by Mr. Mueller himself that the findings were distorted in the summary. It defeated the very purpose of appointing the Special Counsel. It was upto Congress to come up with its conclusions according to how the U.S. constitutional process was intended to work on questions of national importance, and not the Attorney General appointed by the president. Neal Katyal helped draft the regulations about the way a special counsel is supposed to operate. He can show the findings on each matter whether the president is cleared or not cleared, bu it is Congress that has to make up its mind and come up to its own conclusions. That is Congress's role and not the Attorney General's role. By taking on Congress's role and drafting a 4 page report that exonerates the president Mr. Barr has violated the letter and the spirit of the regulations set for the Special Counsel's office. Mr. Katyal concludes this article saying -"There is no more sacred duty for Congress than gettting to the bottom of whether our president has taken care that the laws of this country have been faithfully executed." He says in drafting the special counsel office regulations he and others had thought of the possibility of there being "a nefarious Attorney General" though "we didn't predict this amount of duplicity."  The U.S. Congress now faces the challenge of getting to the bottom of the matter and drawing its own conclusions. Katyal questions polls showing that the public does not want further inquiry because he says the Attorney General has created confusion, misrepresented Mr. Mueller and delayed the release of the Mueller Report to the public.     ...

LyrArc Article Gist
As 22 million Americans go on unemployment benefits some Americans protest in states such as Michigan and North Carolina, Virginia. Even though Michigan was hard hit the western part of the state is quite different from the south east and Detroit which were hit hard. As the situation is different in each state and also by county president Trump has made it clear that it is the governors of the states who will decide and also the reopening could be varied by county. President Trump is also looking at other countries which are reopening in phases such as Germany where April 20, May 4, are dates for phases of reopening starting April 20 with small shops less than 800 square meters in space. European Union is similar to the U.S. in size. Germany went in front, but France like New York is coming in the back of this. France hit hard, has extended the lockdown till May 11.

LyrArc Article Gist
President Trump plans to introduce  tariffs of 25 percent on steel and 10 percent on aluminium. It is not clear whether this will be targeted at Countries flooding the U.S. market with cheap metals, or generally for all countries. Executives from the steel industry and aluminium industries met with Trump at the White House. This would fulfill one of the president's campaign promises.

There is a vigorous debate in the White House between advisors who advocate limiting the measures such as Gen Mattis at Defense, Gary Cohn at the Economic Council, on one side, and the Trade Representative Robert Lighthizer, Peter Navarro, on the other. 

Mr. Lighthizer has convinced the president of the need for strong action, yet he has hesitated in the past. Now president Trump says he wants "free, fair and smart trade," and will not let "American companies and workers be taken advantage of any longer."

LyrArc Article Gist
Spending a minimum of 250,000 euros on a house in Greece gets an investor a five year renewable visa. Chinese investors seeking a European base are buying or constructing homes in Athens, and the islands of Santorini and Corfu. This is reviving the residential building market in Greece after years of bailouts by the European Central Bank. Chinese middle class investors see the presence of Chinese companies such as Cosco which owns part of the port of Piraeus as a sign it is safe to invest in Greece. Property prices dropped 40% in 2010. In 2018 prices went up by 2% and building permits by 10%, according to the Bank of Greece. Real estate investment was up 20% in 2018 with Chinese investment companies buying into whole apartment blocks in Athens to draw investors.

Greece had a record 33 million tourists in 2018. A 320 billion euros bailout ended in 2018. 

LyrArc Article Gist
The mortgage interest deduction mostly benefits wealthier people with larger mortgages who need it least, and who are likely to buy homes regardless of the deduction, say experts. Both the Brookings Institution and other experts such as Moody's chief economist, Mark Zandi, see the deduction as part of the negotiations for deficit reduction. The Brooking Institution's Ted Gayer, says the deduction subsidizes acitvity such as borrowing large amounts of money to buy larger homes which the U.S. should not want to subsidize in the current state of the country's finances. The Simpson-Bowles plan and the Feldstein-Romney plan sought to put unnecessary tax expenditures and deductions on the table for negotiation. The deduction was not part of the last tax reform in 1986 under president Reagan. Zandi says any changes should be phased in over a number of years so that housing sales ar not affected in the current recovery. David Stephens, CEO of the Mortgage Bankers Association says any changes should be implemented gradually. ...