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This editorial in the WSJ commends Congress for the $2 trillion U.S. aid package for households, small business and large corporations to keep workers on payroll, and aid to hospitals. It also commends the Federal Reserve for swift action to maintain liquidity in all corners of money markets. It was important to prevent a run on money market funds and municipal bond funds. The U.S. Senate bill adds $454 billion for Treasury that can support further Fed action if needed. This has also resulted in a recovery in the stock markets. The editors of WSJ caution Treasury from intervening too far up the risk curve to help companies that had overleveraged themselves with risk before coronavirus hit. It makes clear that the U.S. central bank the Fed should only offer liquidity against good collateral to companies that were healthy before the shock. As president  Trump never tires of telling listeners to his daily briefings from the Brady room in the White House- Boeing and the airlines were healthy before coronavirus hit. It was not their fault that coronavirus hit so suddenly. These companies deserve government help, says the president. By making the distinction between otherwise healthy companies and companies that overleveraged themselves on their own, the Fed, Treasury, and the U.S. government can get more bang for the buck. The WSJ editorial also says there is a bit of good news in the behaviour of politicians, media and the public in the way they are ignoring the trivial politics and self-centred behaviours, including indiscriminately being critical of the president, and focusing on the important matters that affect all our lives.  ...

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People of America reflect on what has the most promise for our future?  Critics have focused so much on delivery on one night to forget what was actually said. The president's message to Congress and the American People of last week is all there for everyone to read. It states what was said in the State of the Union in January 2024 on the floor of Congress with vigor not seen since the days of FDR in 1932. Critics could read the actual text of what Biden said in the debate, and they did nothing of that acting in ways that only the uneducated would do and manipulating information about the president's health in dishonorable ways. Polling is an uncertain business and may be all wrong depending onthe sample and what questions are asked. This was proven true in last week's results of the French election. Where are the people relying on polls who predicted RN National Rally on top when it ended up in third place. The pundits have not reflected on the meaning of the French election and the British election where parties that made cost of living action, fighting for working families, and infrastructure investment coming out on top. Who is going to fight for and take climate change action and going delinquent on climate change is that an answer the American people will make? Who has done the most for climate change action, health care and education? How does the US compete with China without investing at home a fight which president has fought with economic theory from the Reagan/Friedman era that let American industry wither while China took the lead in industry after industry?  ...

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Roy Cooper of North Carolina says Kamala Harris has visited the state 15 times and will be there next week. He says North Carolina is the fastest growing state in the country and was lost by 1.3%, that this time it can be won as it was won by Obama in 2008. Cooper,  two term governor of North Carolina says Mark Robinson the Republican candidate for Governor is the most extreme candidate for Governor in the US right now, with open disrespect for women, and it will draw voters to voting booths in large numbers. Cooper's view is that it will help Harris, that "all of the confluence of the issues makes this state a state Kamala Harris can win, and I believe will win." In 2020 Roy Cooper won by 250,000 votes or 5% of the vote margin over  Lt. Governor Dan Forest. The key to North Carolina is in the I-85 corridor, a suburban region with cities and university towns that are home to more than two-thirds of the state's population and casts almost 70% of the state's vote. The state's five largest counties-- Mecklenburg home to Charlotte) Wake (home to Raleigh), Guilford (home to Greensboro), Forsyth (home to Winston Salem) and Durham (home to Durham)--are all located in this area. Making many visits to the state, and strong grassroots effort is essential. Highly affluent and educated migrants from the Northeast, who traditionally tend to vote Democratic; as well as African Americans, Hispanics (an increasing population in the state), and college students are voting blocs that are likely to vote heavily on economic issues, abortion, student debt relief, and issues raised by extreme views of Mark Robinson and the future direction of the Nation. ...

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April 2025 WSJ forecast of recession in next 12 months is 45%. In 2022 and 2023 forecasts for recession in US were at 60% higher than the 2025 forecast of 45%, yet no recession happened.  It all depends on the USTR's Jamieson, and DJT's advisers Bessent, Luttnick, and Navarro, and Lighthizer, DJT using all their experience and carefully using Tariffs to achieve US goals. This means working out the details of the US economy, of inflation, GDP growth, cost of living, to maintain confidence of people in America, the confidence of the working people in America. Action on pharmaceuticals bringing production back home is a win as here it is a clear way to get companies to reduce prices. Permitting imports removing backward looking laws restricting pharmaceutical imports would create the competition that was missing. US automobile companies knowing the government has their back can actually cut prices in the first 12 months of 2025, with Toyota and Hyundai-Kia following suit. This would remove another source of inflation. On iphones and computers getting companies to create a new US+1 with India by 2027 would enable 60% of iphones and computers to be made in India and the US by 2027, The new strategy would be to combine the industrial base of India with the US to create plenty of good US jobs as the priority. Piece by piece the puzzle can be put together with attention to details and keeping overall goals in mind to restore US manufacturing and US industrial base, jobs, that will create its own tailwinds for decades of future growth.   ...

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At the core 66% of people in the US, UK and in Germany, 77% in France, Italy and Spain  in Pew Research in 2024 see the need for big economic changes. Inequality increase are often automatically seen as correlated with deterioration in standard of living. However in practice cost of living concerns and opportunity to do something about it can move in the opposite direction to inequality increases. Cost of living can improve based on gas and electricity prices and access to housing with lower interest rates independent of whether government is or is not intervening in the economy. Some interventions may not work as in the supply side shocks in prices from Covid lockdowns or simply exhaust people's patience without sufficient timely correction. A disquiet index can also move in a different direction from inequality increases when cost of living raises disquiet levels for people, and cultural issues such as transgender in schools create  additional disquiet. Failure to get bipartisanship may leave inequality issues unresolved as happens with one group student loan borrowers stuck in repayment.  In this sense inequality is only one goal and can be elusive if the overall goal of reducing disquiet index are left unresolved. A better quality of life can be achieved in other ways- as with the effort for "a rising tide lifts all boats." This can include the ripple effect of international politics where issues spill over into the US creating cultural disquiet on campuses as happened in 2024 with Israel Gaza conflict. The interplay of local and international starts adding complexity that adds to disquiet index for people in all levels of society.   ...

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"You don't have to vote AfD for what you want. There is a democratic alternative to the AfD." Julia Klockner Bundestag president points out that CDU like Mette Frederiksen's Social Democrats in Denmark need to take a stand so that they reflect the views of ordinary people who see Merkel's illegal migration policies hurting social cohesion in Germany. She and chancelor Merz, finance minister Klingbeil of the Social Democrats, have the task of revitalizing all of Germany east and west, after the failed Merkel years. This is important for Germany and the world because of the failure of elites to understand the people and their struggles with cost of living, crime and migration, disinvestment in infrastructure that deepened the feeling of ineffectiveness, and other social trends that have disrupted the basic structure of society by 2025. 

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In Britain, in India and in the EU, the race is between the vaccination drive and the infection case growth, as each country and region takes steps to accelerate and organize production, distribution and administering of the vaccine to all parts of the population.

The latest late stage trial for Astra Zeneca vaccine in US, Chile and Peru, offers new hope. It is shown in that trial that it is 100% effective in prevention of hospitalization and deaths, and 79% effective in prevention of symptomatic illness from the coronavirus. It is also seen as safe by experts as it goes for FDA regulatory approval in the US. It is provided at cost, and storage is in ordinary refrigerators for long periods, with production in India of large quantities of the vaccine, making it a vaccine that could reach large parts of the world's population.

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What did Queen Elizabeth think of Mohandas Gandhi. Did they meet? The Deccan Herald shows the encounters between Elizabeth and Gandhi. And Modi's tweets about the the small hand woven cloth given by Gandhi to Elizabeth shown to him by Elizabeth, as a moment he treasures. This was given in November 1947. On November 12, 1947 Gandhi went to the All India Radio studios for the first time for a broadcast so the gift must have been sent to Britain for the princess of Wales's wedding. Mountbatten as the first governor general of India suggested to Gandhi that hand women cloth was the perfect gift. On it was woven Jai Hind. Not much is known about what was said by Elizabeth about Gandhi, because the monarchy had to be so discreet, yet the warmth and enthusiasm for Gandhi is unmistakably present.

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Civil rights song of Rutha Mae Harris of Albany, Georgia. I'm going to vote like the spirit say vote I'm going to vote like the spirit say vote I'm going to vote like the spirit say vote And if the spirit say vote I'm going to vote Oh Lord, I'm going to vote when the spirit say vote. Says Miss Harris who participated in all the civil rights struggles since 1961 of Obama, "he's of a different time and place, but he knows whose shoulders he's standing on." At the time in 1961 fewer than 100 of Georgia's Dougherty County's 20,000 black residents were registered to vote. Literacy tests made a mockery of due process, one field worker remembers being asked by a registrar how many bubbles are there in a bar of soap. And bosses made it clear to black workers that registration might be incompatible with continued employment. Repeatedly civil rights workers draw connections between their work and the colorblindness of Obama's candidacy. Says 103 year old Daisy Newsome who was in the early civil rights struggles, "it ain't because he's black, because I've voted for the whites. I know he can't be no worse than what there's done been. I think he would be just as good a President as one of those whites ever made."...

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NHK Proportional representation exit polls for Japan's  2025 elections for parliament show twice the number of people in 20's 30's and 40's voted for Sanseito over voted for the LDP. The LDP is the party that has run Japan's government for mostly all of the past 75 post war years. It is losing its touch with the common man as issues of cost of living, migration, and income mobility affect the Japanese people as they have done in Europe and the US. The two opposition parties are the Sanseito and the Democratic Party of the People formed in the last ten years to fight the entrenched LDP governments, and the Constitutional Party of Japan that has acted till now as the main Opposition Party. Not just LDP, the Constitutional Party of Japan also draws most of its support from the 50's, 60's and 70's people age groups and are being trounced by Sanseito and Democratic Party of the People with younger age groups. This is a significant observation on the direction Japan is taking with resistance to too much tourism, too much migration, and not enough attention to Japan's national interests. The LDP under Ishiba is now navigating a new environment as it looks to running the government taking credit for the US Japan Trade Agreement and working with the new parties. ...

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Krugman raises questions about the way in which the government of Ireland made the decision to guarante all the debts of its banks. Debts that were incurred during a wild period of reckless speculation in real estate. This speculation ocurred with huge borrowings by Irish banks, mostly from banks in the UK and Germany. One would expect that those who lent the money should have paid attention to the risks, and should now share in the losses. But this is not what happened. He points out that before the speculative boom in real estate Ireland had little public debt. This decision put taxpayers suddenly in a situation where they were responsible for huge bank losses. He says Irelan is in a worse situation than Iceland, because it cannot devalue its currency. Iceland let foreign lenders to its runaway banks pay the price of their poor lending decisions, and he quotes the IMF which says- "private sector bankruptcies have led to a marked decline in external debt."

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Alexandra Stevenson provides this exceptional account summarizing the reasoning in the minds of Argentine negotiators and holdout bondholders over a debt dispute remaining from the 2001 Argentine debt crisis and default. Over a decade later the repercussions of Argentina's 2001 debt crisis and default are still taking new twists ant turns. Holdout bondholders won in U.S. courts and Judge Griesa ordered Argentina to make full payment demanded by holdout bondholders. Argentina responded by depositing $539 million in Bank of New York Mellon as instalment payment to exchange bondholders. Judge Griesa responded by ruling that if Bank of New York Mellon made the payment it would be in contempt of court. Griesa also called for court mediated negotiations between Argentina and the holdout bondholders to come up with an agreement. Argentina and hedge fund holdouts negotiated in July 2014 but talks faltered. Legal experts say that if Argentina makes an agreement with holdout bondholders led by NML Capital which is asking for $1.5 billion, the risk is that the exchange bondholders could also ask for better terms. After the 2001 crisis following which Argentina defaulted on its debt, agreements were reached for bondholders to be paid about 25 cents on the dollar. Not all bondholders agreed, the bondholders who agreed are called the exhange bondholders, and the ones holding out holdout bondholders. From the Argentine government's point of view the risk of reaching agreement with the holdouts suing Argentina is that the other holdout bondholders not represented in the lawsuit could also ask for the same terms, and Argentina would have to pay all the holdouts costing it $15 billion. Risks if Argentina allows it to go into default are that exchange bondholders would come together to pressure the Argentine government to make a full payment of their discounted bonds quickly. This would cost Argentina payment of as much as $28.7 billion, according to JPMorgan estimates, under the right to "accelerate" payment if Argentina is considered as having missed a July 30, 2014 payment deadline. Legal experts say Argentina has to weigh this risk, which may or may not occur depending on the exchange bondholders taking such action, against the risk of having to pay out $15 billion to all the holdouts. Paying all holdouts would be politically very unpopular in Argentina, posing political risks for the socialist Peronist Kirchner government, already facing difficulties with the trade unions and the stronger opposition from centrist parties in Buenos Aires province. Default would affect Argentine access to capital markets, which is already highly restricted. Yet because Argentina has made the payment to Bank of New York Mellon, blocked by Judge Griesa, the nature of this default would be different. A worse case scenario for Argentina's Kirchner government is reopening negotiations with exchange bondholders for higher payment on debt than the 25 cents on the dollar already agreed to. Argentina faces an acute cash shortage with international reserves of only about $29.5 billion in May 2014, and a slowing agricultural export dependent economy. This is why the prospect of a technical default is being treated with relative calm in Buenos Aires....

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Germany is adjusting its requirements for residency permits and work permits for refugees. It will let asylum applicants take temporary jobs by 3 months after applying for asylum. Current law bans migrants from working through temp agencies for the first 4 years in Germany. The government will lower hurdles for job applicants who are refugees. Government policy of Angela Merkel's coaltion is- "people who have the right to protection and stay in Germany permanently should find employment rapidly and earn their living themselves." This is critical to the large effort to absorb about 1 million refugees in 2015, as it will meet the needs of companies and not cost the government additional outlays for social payments to refugees. The initial response from companies such as SAP, Thyssen Krupp, and smaller companies has been very positive, and shows why Germany is uniquely positioned of all EU countries to be able to take on this challenge on both humanitarian and mutually beneficial basis.

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Under a plan called "premium support" Paul Ryan's U.S. budget proposal would have seniors choose a private insurance plan from a federally operated exchange. Each year the government would pay private insurers a specific amount to cover the cost of premiums with the rest borne by seniors. The total amount paid by the government would go up only at the rate of overall inflation, it would not go up at the higher rate of health care inflation. By doing this the government would take off the trillions of dollars of projected spending on health care that are largely the result of the higher inflation rate in health care costs. This higher inflation rate on health care costs is something that both parties have failed to control, and remains a major weakness in all health care proposals to date, including the Obama health care legislation. Allowed to continue growing at this rate when U.S. debt to GDP is nearing 100%, health care inflation costs pose major risks to the nation's finances.

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Compared to 2008 Hillary Clinton is now very clear that she will stand up for woman's issues openly- "it is about no ceilings, no limits, for any of us." About playing the women's card she says "deal me in." One of the paradoxes of this election season is that white women registered voters 35 to 64 years of age have shown less enthusiasm for Hillary, around 34-36 percent in polls such as the NBC-WSJ poll. Interestingly the figure climbs to 66 percent for ages 18-34, and to 56 percent for ages over 64, for all women. Experts attribute this to the fact that women over 35 are facing fewer barriers than the women over 64 who remember the hard won battles for women's rights when it was hard for women to get a credit card or run for office, or be promoted in business. Traditional career choices were being teachers or nurses. A lot has changed in the last 20 years, and this has left some women who are no longer facing such barriers turning to other issues to choose their candidate such as happened in their enthusiasm for Bernie Sanders. Overall for all women registered voters  Hillary gets 52 percent support, Trump 37 percent, according to a July 2016 NBC/WSJ poll.   ...

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The carefully prepared rules and strict implementation are good news for UEFA soccer after the closing of Stade Francais in rugby with 25 players testing positive and the playing squads and coaching staff put into isolation. Some of the rules as eight teams leave for the quarter finals in Lisbon. All 8 teams in the elite of European soccer are required to read and follow the 31 page document on the rules for health safety during the coronavirus. Players cannot leave the hotel without prior agreement and cannot meet people outside their group. The all get tested before they leave and the day before each game. In the hotels a private access route and a private dining area, food prepared by the team's own staff. Laundry, clothes and equipment only to be handled by team's own staff. VIP arrival areas are only one's used at airports. Everything has to be disinfected in advance. Very little is left to chance. It is similar to hospitals that have setup a rigorous defense. So far its working and hundreds of millions of fans have watched teams like Real Madrid, Manchester City and Liverpool on television. Only two tested positive when teams left for Lisbon showing that soccer teams are taking it seriously for the fans which is a good thing, a very good thing to give fans something to watch from home in these days of the pandemic. ...

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As shown in other articles in the NYT Gen. Kelly is bringing some discipline and coherence to the White House. This includes bringing Jared Kushner the president's son-in-law into the chain of command, having him report to Mr. Kelly. At the same time as Kushner is seen less of in meeting with Mr. Trump, he is now more focussed on his own projects. He is also shown here to be more cautious as he realizes more now than earlier that the Mueller investigation is a thorough one, that is looking into all the details. Some insiders even say Kusher and Ivanka Trump look wistfully at going back to their lives in New York without all the chaos and tumult of the White House in 2017.

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Under an obscure rule called "deminimis" any packages less than $800 coming from China or other Asian countries are not counted in official trade statistics, This could easily understate imports from China by about $50 billion as 800 million such packages enter the US annually mostly from China. When this and other corrections are made and with the surge in imports during the pandemic the US trade deficit may not bave budged much even after Mr. Trump made this Priority No.1, says this report in the WSJ. At stake are manufacturing jobs in America, factories and workplaces all across America that made it what it was and whose fracturing has led to the fracturing of America.

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This photo gallery in The Indian Express shows 32 pictures of how International Yoga Day happened in all parts of India from the capital New Delhi to Alfred School in Rajkot where Mohandas Gandhi went to school. It links past to present across India's huge diversity and many states.

PM Modi put Yoga in this way- "The whole universe starts from our own body and soul. The universe starts from us. And Yoga makes us conscious of everything within us, and builds a sense of awareness." India's development in the next decades to come will be driven by a profound sense of what Yoga is and what it is to be a Yogi.

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What will the workplace of the future look like? What has happened during the pandemic that will change the way we look at work and life? These questions are answered in this WSJ report. There will be a greater mix of people of all ages, it says, as people live and work longer. Companies competing for workers will offer travel, sabbaticals, parental care, and flexibility for remote work around the world depending on an employee's needs and preferences. Some software firms already offer 60 days of remote work overseas, as travel is seen as broadening and good for mental health. Meditation, mindfulness, mental health assistance are seen as part of services companies will give employees.

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After being immersed in the world of science the host of many BBC scientific documentaries is now confronted with emotions. Her experience with the pandemic and her own encounter with cancer has changed her conceptions of science. With advanced degrees and work in physics she calls herself intellectually promiscuous. Yet she says when asked about a simple concept of probability she says if something is with 95% probability going to happen, don't be surprised if it doesn't. Emotions matter and she does see the other side of fears when doing a BBC documentary on vaccination, and the emotional response to all the statistics shown to support vaccination efforts by people who are skeptical and have their own emotional responses and fears.

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China's president expresses the need for greater cooperation between China and Germany during Scholz's Beijing visit and says "we jointly oppose the use or threat of use of nuclear weapons." Scholz for his part said "it is right and good that I am in Beijing today," that in times of change bilateral meetings were all the more important. China's president Xi said that "in times of change and turmoil" nations of influence should work together for world peace. This is the first time after the covid lockdowns that Chinese leaders are meeting a leader from a large western nation, and this is generally welcomed in China.

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A survey of immigrants all over the world asked about their new living standards shows Mexico at the top with Taiwan, Portugal and Spain. And Kuwait at the bottom. Surprise is that New Zealand ranks next to Kuwait at the bottom. The reason is the high cost of living and jobs not paying enough, fewer opportunities, a growing rich poor divide. New Zealand ranks high in the natural environment and climate, yet the cost of living is too high in relation to salaries. New Zealand ranked below global averages in worklife- in feeling fairly paid for work, seeing purpose in work, or liking workhours. By comparison Australia ranks ninth from the top- for the economy, compensation and work hours. 

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US Trade Representative Tai and India Commerce and Industry Minister Piyush Goyal will meet in New Delhi November 22-23 on Tai's visit to New Delhi, Seoul and Tokyo to strengthen trade and investment ties for Indo-Pacific region. Following Modi's meeting with Biden in Washington DC the discussions with Tai will reconvene the India US Trade Policy Forum in 2021, and push forward with the negotiations for the Investment Incentive Agreement to increase investment in development projects in India. All aspects of investment, trade and industry will be covered as India builds a closer relationship with US in its drive for economic development that also strives to achieve goals for renewable energy.

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The U.S. Mexico, Canada trade agreement USMCA is now seen as a model for future trade agreements with China, Japan, Germany, the EU, and Britain as it leaves the EU. It is based on a pro-growth, labor protections, higher wages in America model. The USMCA provisions to raise American wages for workers, improve labor protections in developing countries, pro-growth, and level playing field, are portable and can be transferred to other trade agreements. The USMCA now has support from all parties and is expected to become law when it passes Congress next week. The USMCA when applied to countries that favor or subsidize their businesses also provides a template to level the playing field and ensure fair competition.