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Contrary to what was expected Bioden's vaccine mandate in the US is reaching about 12 million people. Most of the US except for northeast and the western states is not affected as vaccine mandates are only partial or blocked in most states in the US.

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Ski resorts in the northern French Alps in the Savoie region and the southern French Alps near Grenoble are easy to access with flights from the US and cost a fraction of what the ski resorts cost in the US in places like Colorado. About 4000 mountain ski resorts are owned by families or a municipality and have kept costs low. By contrast corporate consolidation has led to much higher prices in Colorado and other mountain ski locations in the US. 

During the summer and fall seasons these locations are attractive for hikers and cyclists and cost much less. 

Shown here are-

La Clusaz an hour's drive from Geneva, Switzerland with five sprawling mountains.

Obergurgl-Hochgurgl in Ausstrian Alps near Italy, the Tirolean region and culture.

Tignes, France about 2 and half hours drive from Lyon or Geneva.

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Unbelievable as it may sound David Sanger and Katie Rogers show in this report in the NYT that US China relations are being put on a stable level by Biden and Xi Jinping. The visit to San Francisco is being carefully planned to the last detail to make certain that Xi sees the right things about America and the trip goes well. The slowing economy in China, the rising youth unemployment, have changed th dynamic to the point where Xi will be meeting American industry leaders to attract and retain American investment. WSJ reports $110 billion withdrawn from bond markets in China. EU and AMerican companies withdrawing capital from China and putting some of it into investment in the US called reshoring that Biden supports.

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The graph tell the story, in early 2007 there were close to 4 million homes under water, in early 2008 closer to 8 million homes and in early 2009 closer to 16 million homes under water, close to doubling the number of homes under water. This is why more of the morgage securities become bad assets with each passing year, as their underlying assets the mortgages become high risk for default. During the third quarter the number of homeowners under water, or owing more than their homes were worth, were 11.8 million, and by the end of 2008, 13.6 million, according to Moody's Economy.com They are growing at close to 1.8 million every quarter, or at the rate of over 7 million a year. Which at this rate would reach 21 million homes under water by early 2010, if one assumed that government help only worked to offset the impact of further deterioration of housing prices, by lowering payments for some homeowners. A new housing rescue plan was announced March 4, 2009. This will supplement the $75 billion announced earlier. This plan announced March 4, 2009, is expected by the Obama administration to cover 9 million homeowners. Borrowers who face severe financial hardship that may cause them to lose their homes, are required under this plan to sign affidavits attesting to this. They will in then see their loans modified, payment periods lengthened, and interest rates dropped to as low as 2%, to bring the monthly payment down to 31% of income, the number that experts say is appropriate for sustainable payments. Only first lien mortgages, and homeowners who live in these homes and not homeowners who use them as investments, will qualify. The outstanding principal balance cannot be over $729,750. As incentives loan-servicing companies will get upto $3500 from the government, and the government will also match a portion of the ender's costs dollar for dollar. Homeowners get $5000 in government money to reduce their outstanding balances, as an incentive to them to stay current on these modified mortgages. The administration plans to announce plans to those holding second mortgages on their homes, who have difficulty modifying them. The other component of the plan is for Fannie Mae and Freddie Mac to refinance loans for borrowers who are under water, owing more than their homes are worth, even if they are wealthy enough to afford current payments. There is no income ceiling for this part of the plan. And these mortgages have to be held or guaranteed by Fannie Mae or Freddie Mac, with homeowners not owing more than 105% of the current value of their homes. ...

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The US economy is showing a stronger services sector in 2023 as demand for goods slows, manufacturing slows, and there is more spending on travel, leisure and in hospitality sectors. This is shown by recent S&P Global Surveys.

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The European Union is about to ban social media platforms from accessing children under age 13. This is how Ursula Van Leyen puts it - it is not about children accessing social media, it is about social media platforms accessing our children, says Leyen. She will announce this in her address to the European Union in September. A new report by a psychologist Fegert and an epidemiologist Melchior comes to the conclusion that social media is harmful for children, not just under 13 years, restrictions should be placed on 13 to 18 year olds also to prevent infinite scrolling and other addictive features. Australia has announced a ban setting the age at 16 years. Britain is tightening its ban. France is planning to ban setting the age at 16. The following countries are about to do this- Denmark, France, Germany, Spain, India, Indonesia and Malaysia. When the EU announces a ban it will apply to all of Europe. In the US Florida passed a ban setting age at 14 years. Across Europe children spend 4 to 6 hours on social media a day and for 60% of children it is having harmful effects on emotional health and creating psychosocial problems for children. It also affects the education, the reading comprehension of children as less books are read, and a whole new generation of children is growing up in a way that was never before seen in the Modern period where books and reading were a key aspect of modern society for the last 200 years. ...

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The sense of conflict in China and US relations may not have developed in the shaping of Xi Jinping's thinking till the emergence of Mr. Trump. Jinping comes into the China shaped by Deng and Zemin after the collapse of the purely Communist experiment with modernization without access to western technologies and capital, and the experiment with American help. It is only after the realization that the Communist party had lost its sense of purpose in these years leading to the Bo Xilai episode, and the rhetoric of Mr. Trump against China, that the idea of first friction and then conflict emerged. The initial idea for Jinping before Trump was that this has worked for China- the experiment with the cooperation of the US in modernizing China. Trump's rhetoric and the Republican party's rhetoric about China stealing American jobs and technology after 2015 may have been targeted to win the election but it had an unintended effect after the tariffs of shaping Jinping's thinking about the future for China. Between the Bo Xi Lai episode in 2012 when it appeared he would be attempting to manipulate the Communist party's direction in unknown and unpredictable ways, Bo's trial in 2013 and the anticorruption campaign and the 2015 election campaign of Mr. Trump in the US, there must have been much soul searching in the party that shaped Jinping's thinking about the future for China after all the tumult of the 20th century starting with the Boxer rebellion in 1901. Stability is highly prized in China particularly for modernization. This perspective is important to grasp for world peace to be preserved with different coexisting perspectives about the world based on national as well as shared interests in issues such as climate change. US after its own disastrous experiment with capitalism that led to widening inequality of the kind not seen since Lincoln in the 1850's, the 2009 crisis, and the shift of jobs to China under a purely capitalist idea of how economies should function, had its own national interests in jobs, local manufacturing and Made in the USA. Once this process was underway after 2016 and grasped by president Biden after 2020, and supply chain reconstruction made the goal after covid, the US and China were on divergent economic and political paths.   That rethinking by Xi Jinping is not over as it may still be going on. The war in Ukraine may even convince Jinping and China's No. 2 leader Li Keqiang who studied the US constitution and American urbanization under mentors when he was in college, that Russia's prolongation of the war in Ukraine does not serve the interests of China. That risking relations with the European Union as Russia prolongs the war and finds itself in the complex problems of  a war it started, is not in China's interests in setting its own course for the future. ...

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Sanofi will use its manufacturing plant in Ridgefield, New Jersey, in the US to fill vials and finish packaging of 200 million doses of Moderna vaccine, under a new agreement. This will supply the US under Moderna's US supply of vaccine agreements that run through April 2022. This is part of industry collaboration to expand supply of global vaccines, that includes Merck and Novartis.

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The Lawrence Livermore National Laboratory May 2020 study cited here in the WSJ, was conducted to find how the coronavirus originated. This US government lab based in California has considerable experience on biological issues and looked at the genetic makeup of the coronavirus. It concluded that a lab accident was plausible, says this report in the WSJ. 

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The U.S. Justice Department filed an antitrust lawsuit alleging price collusion by Apple and five publishers of books. The collusion was an effort by Apple and publishers to move to a higher price point of $12.99 or $14.99 from the Amazon set price point of $9.99.

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Van Dam says its not that great being a worker in the U.S. because it is hard for the unemployed resulting from competing with workers in other countries with lower wages, and for those who are unemployed harder because worker collective bargaining is weakened over 3 decades. He cites a 296 page OECD report showing very little government support for unemployed and at risk American workers. It says this has contributed to higher income inequality and larger share of lower income people than almost any other advanced a nation. Only Spain and Greece are shown as having more households earning less than half the median income- showing large numbers of people are poor or close to being poor. In the U.S. an average of 1 in 5 lose their jobs each year, and 23% of workers 15 to 64 are in their job less than a year in 2016. The job churn hurts workers because of firing and layoffs being frequent, more than is healthy for a economy. The U.S. and Mexico are the only two countries not requiring advance notice before firings. And fewer than half of workers find a job within a year in the U.S. Two in three families with a displaced worker fall in poverty for some time. Unemployed workers with typically 26 weeks support get less support than any other country in the study. Only 12% of workers in U.S. are covered by collective bargaining. ...

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Oil prices dropped below zero for West Texas Intermediate WTI to be delivered in May ended on Monday at negative $37.63. For oil delivered in June it comes back to positive at $21, and at $32 in November.

What this reflects is that though oil supplies are being cut- including large cuts from market supply and demand forces in the U.S. -this is not reflected in the price today. Producers in Texas and Canada are not able to close wells fast enough so that suppliers are "hitting tank tops" and can't find places to store the oil. As a result the average day rate for VLCC, Very Large Crude Carriers ships which can store 2 millon barrels are up from $29,000 a day to $100,000. This is threefold and spot charter rates are six fold.

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The best US cities for jobs is changing rapidly in 2021 after the spread of coronavirus. Los Angeles, San Francisco, Chicago, Boston lost jobs. Jobs shifted to hubs in the interior of the country as remote work changed the workplace. Salt Lake City in Utah, Austin in Texas, and Denver became new hubs with environments that included mountains, healthier living, quieter lifestyle, lower costs and efforts to attract employers. Tourist spots suffered with Orlando in Florida moving to 47th place in terms of jobs. The US lost 9 million jobs in 2020 changing how the jobs market in cities looks. The WSJ looks at the changes in this report. Tech hubs such as Raleigh in North Carolina, and San Francisco suffered decline as remote work created new opportunities for cities in the interior of the country. By contrast Salt Lake City was growing twice as fast from 2000 to 2017, and has increased in popularity with surrounding areas of Provo and Ogden in Utah. It is now known as Silicon Slopes as it becomes a new tech hub city. The WSJ looks at Salt Lake City in some detail.  ...

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The US has not yet approved the Astra Zeneca vaccine. Yet the US sits on large supplies of the Astra Zeneca vaccine. Europe badly needs the vaccine with its failure to procure enough vaccine doses. This is one of the paradoxes of the situation today. Italy faces a lockdown by Easter. 70% of cases in France are now variants, says the Health Minister Olivier Veran, and ICU's are 80% full. In Germany there are fears of a third wave. Yet vaccine supplies remain low and vaccination drives in Europe are slow, creating much frustration for the people.

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Economists are calling this a "wage-less" recovery in the U.S. With unemployment at 8.8%, wage pressures are weak. Average hourly earnings were flat in March 2011. The annualized growth of average hourly earnings for the last 5 months is 1%, according to Gluskin Sheff chief economist Rosenberg. After accounting for higher inflation, real wages are actually falling.

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(Article on TSM from NYT, February 22, 2023.) When Morris Chang setup his factories for chip production in Taiwan in the 1980's America was the leader in chip production. He tapped into American technology at MIT and other American research universities. Over decades of support from government subsidies and easy transfers of American technology Morris Chang built up what is TSMC today. Chang now sees the building of a plant in Arizona as a challenging task. Originally from Ninbo, Zhejiang province, China, and having survived the Sino Japanese war and civil war in China he went to Hong Kong in 1949. Without the bachelors and masters degree in mechanical engineering from MIT in 1953-54 and the first jobs at Sylvania Semiconductor in 1955, Texas Instruments in 1958-83, both pioneers in semiconductor production, Chang would not have been able to found TSMC. Mistaken laissez faire economic theory destroyed America's own semiconductor industry. Texas Instruments invested in Chang for him to get his PhD. degree from Stanford in electrical engineering in 1964 and enabled him to run its worldwide semiconductor business. Without this start enabled by companies at the cutting edge of US technological innovation and institutions such as MIT and Stanford, TSMC would not exist today.  Chang's approach was to price ahead of the cost curve which essentially means taking smaller profits in the short term to gain advantage over the long term. In this way he built TSMC with the help of support from Taiwan's government. About the Arizona plant Chang says it was similar to putting up a plant in Washington State, which he postponed after people, cost and cultural problems. A dream fulfilled became a nightmare fulfilled, he says and postponed that plant. This lack of enthusiasm shows a lack of memory an awareness of the difficulties that Chang himself must have experienced in 25 years of work at Texas Instruments- with cultural, cost and people problems, and the efforts at American pioneer manufacturing companies to assist Chang. Chang is reported to have said on a Brrokings Institution podcast that building a wafer plant in America will be "a very expensive exercize in futility," forgetting that he got his own start in America, with American engineers, American science and technology, and American manufacturing, and American workers. ...

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Heat mapped sidewalk heat is shown in color images in the NYT for 3 US cities Phoenix, Sacramento and Portland. Phoenix one can understand but Sacramento and Portland are hard to grasp- such is the acceleration of climate change effects across the Us and in other parts of the world. Does one then sees anywhere in the NYT, WSJ, W. Post, the Guardian, on the television news channels any coverage of what each candidate for the next 4 years running the US government is going to do for climate change effects? Inaction on climate change would produce severe costs for the US economy which will drain its resources 2-4 years from now as the effects of climate actually accelerate when nothing is done. This could cost as much as a trillion dollars in 2028 if nothing is done for climate change under the former president.

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In a bold decision that shows courage and foresight president Biden lifts IP protection for Covid 19 vaccine patents of American companies such as Pfizer, Moderna, J&J and Novavax. This has huge implications for vaccination supplies for countries such as India, Indonesia, Brazil, Mexico, that are hard hit by the pandemic as well as the rest of the world. It will open up manufacturing additional vaccine supplies in countries as diverse as France and India, that can ramp up quickly because of already established pharmaceutical bases.

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1.4 million green cards issued in the last year of the Biden administration 2024 as green cards issuance was at the highest level in a decade. Green cards to be issued only in the home country starting in 2026. The reasoning behind this decision is given by the US Immigration Agency-

"This policy allows our immigration system to function as the law intended instead of incentivizing loopholes. When aliens apply from their home country, it reduces the need to find and remove those who decide to slip into the shadows and remain in the U.S. illegally after being denied residency.”  

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Big Tech's hiring of US inventors in large numbers can be a problem because once hired they are less productive, says this report in the WSJ. Big companies can discourage innovation because of the number of approvals needed, the corporate bureaucracy, and the need for promotions, more incentives for being cautious than being bold and taking risks.