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Special Counsel Miller who conducted the long investigation into the president's conduct during the election campaign protests that the 4 page report of Attorney General Barr does not reflect the findings of the investigation. Mueller wrote to Barr in a letter that "The summary letter the Department and released to the public in the afternoon of March 24 did not fully capture the context, nature and substance of this Office's work and conclusions." Because Barr's summary in 4 pages was meant to preclude Congress from arriving at its own conclusions Mr. Mueller's comments are significant. The House of Representatives is questioning the conduct of Mr.Barr. Mr. Mueller says in his letter that "There is now public confusion about critical aspects of the results of our investigation. This threatens to undermine a central purpose for which the Department appointed the Special Counsel: to assure full public confidence in the outcome of the investigations." Mr. Barr calls the letter "snitty." Congress plans to subpoena Mr. Barr as he has turned down appearing before the House of Representatives, leading to a subpoena and a showdown with Congress.     ...

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China's rapid construction in the Doklam plateau of Bhutan is covered in this report in WSJ. This is a small corridor of territory that connects parts of India to its northeast. PM Modi recently visited Bhutan and India has a security treaty with Bhutan which adjoins populated regions of India in the northern Ganges region. History is being repeated with China intervening in the northernmost regions of Indian Himalayas in 1950- 2024 at great distance from China's population centers in mainland China in the way Japan intervened in the far northern regions of China in the 1870-1945 period. Modern road and aircraft connections have made this possible for China- yet today India is building its own road and aircraft capabilities rapidly so that in the long run not much is to be gained for China in the Himalayan region where it has not had a presence since the early Buddhist period of Bodhidharma that brought Buddhism to China from India in the 5th century. It is a reminder that both suffered from colonialism and are struggling to find a path that benefits their peoples, that eventually rejects the path Japan had found to lead nowhere. ...

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This is the story of Jackie Robinson who ended segregation in American baseball in 1947. This was a turning point for the US during the Truman administration as the first moves to end segregation were beginning that would be heard during the Kennedy administration. Jerry Brewer describes the Robinson of the 1950's as he became a baseball icon and gave new hope to a new generation of Americans in the post war period. His son David says baseball was Jackie Robinson's way of creating opportunity in America and he did this in a relaxed way, holding back emotions, and keeping his smile against adversity. His wife Rachel 104 years is interviewed in this story and shows the same resilient spirit throughout her life. Brewer writes that Jackie Robinson's is a struggle that goes on, that nostalgia makes understanding difficult obscuring the struggles that got us to this point, and creating an idea that the bad stuff was handled long ago and is no longer there, that problems are exaggerated and society has advanced. Progress he writes is neither adequate or permanent, every generation has to learn and educate itself and share this with fellow citizens in its midst. ...

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Senior Republicans Wicker and McConnell both push for the putting pieces of the defense puzzle in place so that American can offer leadership to the world in the 21st century. Biden has put pieces of the puzzle on the economic front, these are the pieces in defense and security. On D-Day 80 senior Republican leader Mitch McConnell cautions against the lethargy of so called left parties and the isolationist tendencies of so called right parties. He says America should put preparedness first, that the better part of valor is to build credible defenses before they are necessary so that American leadership is not doubted further as it has been before. He commends the plan put forward by Roger Wicker in the US Congress Senate Armed Services Committee. The plan calls for raising defense spending to about 5% from 2.9% now over 5-7 years, with $55 billion more in 2025. Wicker says the military has a backlog of $180 billion just for maintenance. For the Navy 357 new ships by 2035, for the Air Force 340 additional fighters. This in light of China's additions and in light of the Russian economy being put into a position for a long term conflict with NATO over Ukraine.  ...

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Fed's Powell sees only a temporary slight effect of DJT tariffs on inflation to 2.7% in 2025 that he says can be "looked through without action by us." Fed will wait for clarity in coming days and weeks. Powell says in March 2025 “It can be the case that it’s appropriate sometimes to look through inflation if it’s going to go away quickly without action by us. And that can be the case in the case of tariff inflation.” Tariffs are intended as they were in the first term of DJT and retained by Democrats led by Biden to create a level playing field after hidden subsidies by China, and to rebuild American manufacturing. New investments in manufacturing and in infrastructure supported by both DJT and Biden have brought new hope and vigor to comunnities and towns across America. For far too long as Powell understands textbook economic theory at Ivy League universities that had no connection to reality was used by American business to turn its back on communities and towns across the 51 states and the Nation. ...

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NYT says DJT would use tariffs "as a economic sledgehammer to nations that refuse to meet his demands" and claims not to know what they are. Saying further that DJT has been far less clear about what those demands were. NYT has clearly not followed what DJT has said time and again. It is OK to use economic power when Canada and Mexico, and China have not taken the action they could have taken a long time back that they are now taking, and will take, after years of acting as if they could not see the fentanyl flows across its borders destroying America. These countries two land neighbors of the US and the last a country which from the open door policy against European colonial Empires and through the Joe Stillwell years in the War against Japanese colonialism in China, and in the years of China's building its economy in the 1990-2010 period, offered a helping hand. It makes the victim -and one that had reversed TR's advice about carrying big stick and speaking softly to its bitter regret- the bully, in the words of the NYT.   ...

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China reduces US share of exports to 15% from 18% -yet with Vietnam made Chinese goods added in it is 21%. 15.8 million job loss for China from US fentanyl tariffs 2025 from one estimate. Chinese businesses are already feeling this, says WSJ. Exports represent 13% of China's GDP and China had redoubled its export effort after the property bubble burst. There are 2 drags on growth property crash and exports tariffs. China has less room for stimulus in 2025 and the government is focusing on bottom line thinking to prepare for hard times. Already companies are cutting shifts and laying off 10-30% of workers in garment, toys and other basic industries. President Xi is preparing for a long struggle reminiscent of how Mao led China to fight the US forces under Gen. McArthur in the 1950's Korean War, says the WSJ. In the past the state subsidy system worked to take huge share of new industries such as semiconductors, smartphones, solar, electric cars. This will be harder now with less money available to invest and drive out competition, and with the US and EU making their own products boosting their industrial and manufacturing base. ...

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"In the spring of 1971, I met a girl," with that beginning Bill Clinton gave one of the most memorable speeches at a Democratic Convention in history, to introduce the very human, Hillary- sometimes frail, but always looking for new mountains to climb, new barriers to break, new injustices to be righted. Of the long courtship at Yale and the years at Arkansas, buying that house in Little Rock Hillary liked before proposing marraige,  the time when they cried while leaving their daughter Chelsea at college dorm in Stanford; and all the private moments of a political couple one gregarious and outward looking, the other serious and inward looking. An introduction to someone you have heard too much about but you never knew. Never saw too close because of her intense longing for privacy- possibly coming from her own mother- Methodist upbringing that you were never the one to focus on, and family experience. Bill had seen this Methodist up close, and shared his experience with his countrymen who had not known her so well as he had.  ...

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The conflicting set of priorities sometimes unrealistic are leading to a lack of clear direction for the BBC. Internationally BBC and BBC News are viewed as a key information provider with a long history. This role conflicts with the idea of the BBC as a competitor of Netflix and Amazon for serials and other shows such as "The Crown" done by Netflix.  The Boris Johnson government supports BBC's international role. The role of competing with private firms like Netflix is unrealistic because the revenue stream is different. There is also the concern about the BBC News failing to properly reflect Leave voters. Boris Johnson has himself found the local BBC News presenting a very different picture. In the end the new head of the BBC was chosen from Tory circles and with the idea of not doing much. The priorities of tackling post Brexit Britain  the pandemic, the economy, the northeast of England lagging behind, infrastructure building, remain much larger for Boris Johnson. BBC will have to wait for now. ...

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Labour party shadow chancellor McDonnell takes charge of party affairs as Britain prepares for a general election with uncertainty on how long the minority government of Boris Johnson can remain in office. Misssteps by leader Jeremy Corbyn at the annual Conference- the failed effort to abolish the post of deputy leader held by Tom Watson, and the resignation of Andrew Fisher, a senior Corbyn aide.This led to a backlash against Karie Murphy Corbyn's chief of staff for her brash aggressive style.  Karie Murphy was informed by a former head of the civil service advising Labour that she and Corbyn's political director will now work at party headquarters on election campaign shifting from the leader's office. McDonnell wants to see more female members in senior positions, and his casual style in promoting Labour's agenda as a kind of normalcy after the austerity years and divided Britain under Cameron, May and Johnson, is critical to winning support for Labour's programs. ...

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Central banks for the European Union, US and Britain show slight divergence in their approach to inflation. The Bank of England's Bailey increases interest rates in UK to 0.25% from 0.1% a slight increase to signal its direction more than a serious interest rate increase. In the US Fed chairman Powell indicates an intention to make 2-3 rate increases  in 2022 if the conditions require action. In the European Union Ms. Lagarde of the ECB will taper purchases to 20 billion euros a month later in 2022, and keep interest rates at minus -0.5%. The British pound and the euro gained slightly as a result. 

Supply chain issues and energy prices are a big part of the current inflation increases which were described as transitory by Mr. Powell. The persistence of this inflation led to recent moves by the central bank. At some point these pressures would ease leading to a long term policy approach that pushes for a robust economic recovery.

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The firing of Tata CEO Cyrus Mistry by Ratan Tata, former chairman of the Tata Group, leads to a prolonged crisis at the companies of the Tata Group. A vote is needed at Tata Motors and Tata Steel for Mistry to be ousted from these companies following a vote to oust him at TCS. The parent company's board of directors have voted to oust Mistry. The expert view is that the crisis will not last much longer as all Tata companies need the Tata name and will eventually fall in line with the wishes of Ratan Tata. Ratan Tata followed J.R.D. Tata, and Jamsetji Tata, both legendary leaders of the company. Though Mr. Mistry's family owns 18% of the company, much of the reputation of the company lies in the Tata name and the work of JRD and Jamsetji, so that the 660,000 employees of India's largest company are likely to see this as a temporary setback in the long term.

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This report in the Times looks at president Macron in a holiday setting at the presidential place Bregancon near the military port of Toulon in the south of France. Macron worked hard on the European Recovery Fund and getting a $390 billion non repayable aid fund for southern Europe with chancellor Merkel of Germany through tough long negotiations with the Dutch and the Danes. His work with two provincial mayors as prime ministers, the last current prime minister Castex, in fighting the coronavirus is giving him much needed boost in popularity. Throughout his willingness to learn and to try new approaches without worrying about the risks, and his frank manner with perseverance has helped Macron as he navigated unknown waters. After a drop in the polls to about 30% he is now up to 50%, 18 months before the presidential election. This is good for France as strong leadership is needed after the pandemic both for France, French speaking regions, and in solidarity with former French Africa. ...

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The remarkable story of how a CEO of a $4 billion food company is running the business from a children's bedroom. The founder of the plant based alternative meat maker is a biochemist who lives in Northern California Bay area. His employees are based in Redwood City, California. Mr. Brown, 65, communicates with his employees from here. He is also a marathon runner and a believer in fitness. He sets a 90 minute no meting time for employees when they can take a breather, get some fresh air, and walk around.

He has given employees, including hourly and temporary workers, paid leave so they can stay and work from home. The plant is closed with a third party in Chicago meeting commitments for its products manufacturing.He will reconsider restarting the plant April 7 if demand is higher than the supply. He views this as the right action and right thinking, as by stickling with his employees he believes they will stick with him in the long run.

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Singer songwriter Paul Simon performed in concert recently. He releases his new album "So Beautiful or So What" on April 12. Simon, now 69, seems a generation away to younger audiences. His lyrics are great, but his music reflects the point of view Simon held at the time he wrote the lines. He has explored gospel, reggae, Mexican folk, South African mbaqanga, and Afro-Brazilian music over the years. The reach to younger audiences is not the same as Dylan's. But the range and depth of his talent as a composer is amazing- with 17 studio albums. He was the first recipient of the Library of Congress's Gershwin Prize for Popular Song. He has little time for image, believing it best to lead with his lyrics to get across a profoundly felt view of things. And sometimes the reading of a song like "Peace Like a River," leaves a lasting impression on the mind.

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Ashraf Ghani and Abdullah Abdullah sign a powersharing agreement brokered by the U.S Secretary of State Kerry and president Karzai after Afghanistan elections in 2014. The question is whether the two can set aside their differences and make it work, and can they negotiate some form of peace agreement with the Taliban to give Afghanistan and the region years of peace after so much conflict. Pakistan and India's elites and military need to step up to the plate to set aside differences by looking to the long term future of the region and the aspirations of the people for better infrastructure, services, education and healthcare, so long denied to the region. The Kashmir floods, and the floods in Pakistan before that, recent elections in India and Pakistan showing the clear aspirations for development of the people, are a reminder of so much that remains to be done and so much that was never done.

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Buried in the Pew Trust study in 2017 showing that only 9% of French, 24% of British, 36% of Germans and 37% of Americans feel their children would be better off financially, is the divide between college educated and those with a high school diploma. Only one third of Americans are college graduates, and 69% of them are satisfied with the economy's condition. Of the high school diploma holders or the rest of the population, only 55% think so. This is likely to take a long time to correct, particularly with the loss of good manufacturing jobs and drop in wages in manufacturing of the last two decades,  the need for more technology and skills in the jobs environment, failing schools and families in the social environment.

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Merck shingles vaccine Zostavax as a long term revenue generating opportunity of $1 billion. Problems in manufacturing and marketing the vaccine.

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Italy's Eni raises production by 7% year over year for the fourth quarter of 2005, one of the better records in the oil industry for exploration. Paolo Scaroni, Eni's CEO's plan to build a long term supply relationship with Gazprom, considering the supply shortage facing Europe which relies increasingly on gas for electricity generation.

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Mercedes is encountering the problem facing Ford and GM, once consumers are turned off by defects or quality slipups its takes along time to get them back. The defects get fixed quickly but customersremember this for a long time. Here Mercedes launches a barrage of 60 to 90 print ads to set things right.

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The 50 day Shanghai Composite index fell below the 200 day Shanghai Composite index in June 2011. This results in what is called a "death cross," or a long term bearish pattern. The last time this occurred in March 2010, the index went up slightly for a month before going on a 25% drop .

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Yellen tells graduates at NYU that curiosity, grit and perseverance to work hard on long range goals matters a lot. She describes the importance of persevering through setbacks on the path. She tells the story of Eric Kandel of NYU and the path to a Nobel Prize through research on the chemistry of memory.

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Brian Wesbury puts together some math as to the estimated cost of the subprime mess. Agrees on what the Bernanke Fed has done. Sees need not for liquidity in the system but concedes need for it to prevent seizure in credit markets, and sees need for more certainty and confidence in the long run.