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Tibet's history with the invasion ordered by British India's Viceroy Lord Curzon in 1904. China's version of the events is of imperialist invasion of Tibet. After the British withdrew from Lhasa, the Chinese Manchu rulers of Qing dynasty sent 2000 Chinese soldiers to occupy Lhasa. This ended in 1913 with the fall of the Qing dynasty. In 1951 Chinese Communists occupied Lhasa a second time. China's former president Hu Jintao spent time in Tibet during the Cultural Revolution. China has movies and books which show the imperialist occupation of Tibet and events of 1904 in that light. The significance of Tibet is also in the context of being a factor in the worsening of relations between India and China leading to the border conflict of 1962 and border tensions since.

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The European Banking Authority has worked on an exam for European banks since October 2011- separate from earlier stress tests- to determine the capital shortfall at banks arising from potential losses on bank holdings of sovereign debt. The EBA says banks in the eurozone will have to come up with 114.7 billion euros in new capital by June 2012, to meet reserve capital requirements for core Tier 1 ratio of 9%. The EBA looked at bank holdings of European government bonds as of Sept. 30, 2011. Loss rates for government bonds were applied at current market prices for the debt, and banks that fell short of the Tier 1 capital ratio of 9% were identified. This is different from the stress tests in that the stress tests were designed for banks to withstand deteriorating economic conditions, where a range of losses were applied to test for resilience. Spain and Italy have capital shortfalls of 26.2 billion euros and 15.4 billion euros respectively. Germany has a capital shortfall of 13.1 billion euros, France 7.3 billion euros, Portugal 6.9 billion euros, Belgium 6.3 billion euros. Banks have till January 2012 to show how they will come up with new capital. EBA officials will ask banks to do this without restricting lending. Germany's Commerzbank has a 5.3 billion euros capital shortfall, and may need government funds. Italy's UniCredit SpA plans to make a 7.5 billion euro share offering to its existing investors which will address most of its 8 billion euro shortfall. Spain's Banco Santander is divesting assets in Brazil, Colombia and Chile to meet a 15.3 billion euros shortfall. France's BNP Paribas and Societe Generale have shortfalls of 1.5 billion euros and 2.1 billion euros, which they plan to meet by selling billions of euros of assets....

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George Osborne, Britain's Chancellor of the Exchequer, says he supports giving regulators powers to take action to split banks that do not ring fence their risky operations and separate deposit taking from risk taking activities. He says this as parliament considers legislation on banking regulation after the LIBOR investigations and problems in British banking following the 2008 financial crisis. Osborne said: "Irresponsible behavior was rewarded, failure was bailed out, and the innocent- people who have nothing to do whatsoever with the banks- suffered." Referring to the larger role of the financial industry in the British economy, Osborne stated: "Our country has paid a higher price than any other major economy for what went so badly wrong in our banking system." This comes as Britain feels the impact of a decline in growth in 2013.

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One needs to look at India -US relations over the long span 1900-2025  looking only at the long haul. In taking a look at the relationship in this way Gandhi's letter to FDR during the Quit India Movement from Wardha July 1 1941, and FDR's reply (with Churchill and FDR fighting Japan in 1941) ranks as memorable and long lasting, far likely to prevail as an idea that holds the imagination of it's peoples than the pulls and shifts of different administrations. Even in the  depth of the war against the Nazis in Europe, and the Imperial Japanese Army rampaging through China, Gandhi felt comfortable looking to America as a friend. Churchill was the antagonist at the time unwilling to let the British Empire fade, and FDR was a friend through the Second World War. Gandhi opens his letter to FDR saying "Dear Friend. I twice missed coming to your great country... I have profited greatly from the writings of Thoreau and Emerson..." And FDR writing back "I shall hope that our common interest in democracy and righteousness will enable your countrymen and mine to make common cause..." For India the powerful words of Cordell Hull his Secretary of State, were offered by FDR with unmistakable goals of freedom and democratic process for India. Eisenhower and Dulles support for Pakistan in the 1950's into 1970's, a period of China and India in the 1970's and 1990's shifting away from old economic arrangements, till India US under Biden 2020 where India as with FDR  was "the closest in the world" to the US, following China's shift to Communist rule and now competition with the US. Taking this long perspective India and the relationship with America will be determined by the 1.8 billion people of the two countries (with Indonesia 2.1 billion people), and the potential for this is vast and only growing by the year. There is a natural affinity and feeling that is only now coming into its own because of a shared responsibility, and a shared understanding, as parts of the former British Empire, separated in 1783 and 1947. And the mutual desire to build the modern world on the terms left by advances of science and technology combined with the ancient civilization of the Bible, Buddhism and the Upanishads. In this sense modern India is made with America and does not exist separate from America, and modern America forward is made with India and does not exist separate from India. ...

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Elvira Nabiullina, head of Russia's central bank, is a think tank economist who was Economy minister before becoming chief economic advisor to Russian president Putin in 2012. She is one of the liberal economists in Russia who see the years of economic growth following ruble devaluation in 1998 as an example of how devaluation can actually help the economy. The devaluation lowers costs for manufacturing and agriculture, and is seen by some economists as having done more than oil price increases to help the Russian economy grow during president Putin's first term from 1999 to 2004. Nabiullina's position to support a free float after the sharp decline in the value of the ruble following the plunge in oil prices, is based on the need she sees to use the crisis to reduce Russian overdependence on imports. This policy had other advantages by reducing the need to tap Russia's foreign currency reserves to defend the ruble. Russia's gold and foreign currency reserves are at $385 billion. In Jan 2015 the central bank cut interest rates. A policy of increasing rates would trigger a sharper recesssion. Russia faces a unique situation in that the oil price decline and the decline in the value of the ruble occurred at about the same time of about 50%, so that the budget continues to be balanced. The number of rubles coming in from oil exports remains the same after the crisis. Nabiullina told Russia 24 television- "We have to live in a different zone, Russians should orient ourselves more toward our own sources of financing projects, and to give a chance to import substitution."...

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J.P. Morgan Chase announces $2 billion in trading losses in May 2012. The Chief Investment Office unit made a bet with a trading strategy that CEO Jamie Dimon said had grown very complex. These losses could grow or shrink during the rest of the year.

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The Washington Post's veteran Middle East correspondent, Jim Hoagland, says there are some important lessons to take from the experience in Libya. The Arab rulers who entrenched themselves for decades wasted the bulk of their oil wealth. It was right for Palestinians to disassociate themselves from these regimes. The French took the brunt of the fight in helping Libya free itself from the Gaddafi regime. This is an understatement as without Sarkozy's initative and Cameron's unflagging support, without France and Britain's early support, Gaddafi's forces would have overrun Benghazi and ended the struggle for democracy in this part of the Arab world. U.S. President Obama and Defense Secretary Gates did little in the early days when there was dire need. Germany's chancellor Angela Merkel continuously resisted supporting France and Britain in Libya. The U.S. Obama administration and Turkey gave their support only after the perilous period- when the fate of the rebels fighting for freedom hung on a thread- was past. Hoagland calls Gates view of "feckless Europeans" shortsighted. Hoagland sees this as an opportunity for Europe to take a larger more active role. ...

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German chancellor, Angela Merkel, speaking to the German parliament, the Bundestag, in Berlin, on December 2, 2011. She talked about the need for early agreement on changes in treaties that would place strict controls on budgets. Merkel said she sees the process of resolving the debt crisis as a long one, saying "this process will take years." At the same time she continued to emphasize the future of Germany in the European Union- "The future of the euro is inseparable from European unity. The journey before us is long and will be anything but easy. But I am convinced it is the right path. It is the right path to take to reach our common goal: a strong Germany in a strong European Union that will benefit the people in Germany, in Europe." Merkel compared the process to a marathon run, with efforts being particularly difficult at the 35 kilometre mark, making it helpful to know this at the beginning of the race. She ruled out common eurozone bonds as "unthinkable." Instead of agreements, Merkel expressed the need for "legally binding regulations," saying this was the time to "fix the mistakes of construction" by founders of the eurozone....

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Portugal's economy is shrinking. Austerity measures taken in exchange for 78 billion euros from the IMF and the EU under a May, 2011 agreement have reduced the prospects of growth. The ratio of debt to GDP was 107% in May 2011. It is expected to reach 118% in 2013 because the economy is shrinking- even though Portugal will have achieved its targets for reducing the budget deficit. Portugal's finance minister, Vitor Gaspar, a former ECB research director, has reduced the budget deficit by one third by cutting spending, pensions, wages and increasing taxes. GDP fell by 1.5% in 2011 and is expected to decline by 3% in 2012. Even the IMF says in its recent economic review that if growth is lacking the debt of Portugal "would not be sustainable." David Bencek, analyst at the Kiel Institute for the World Economy, says that the Portuguese economy lacks the structure needed to grow, and therefore has debt that is unsustainable. Portugal lacks a manufacturing base and exports, and was just emerging from decades of neglect by military rulers of education and other essential parts of a modern economy when it joined the EU....

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The ruble has stabilized by April 1, 2014 following Russian intervention in the Crimea and western sanctions. It reached record lows of 37 to the dollar from a range of 29-33 rubles to the dollar since 2011. To stabilize the ruble the Bank of Russia says it spent about $24 billion in March 2014. The Russian Finance Ministry held its first auction of Treasury bonds on April 2, 2014 with yields increasing to 9% from 8% in February. Finance Minister Anton Siluanov says the ministry will resume daily purchases of foreign currencies of about $100 million- stopped since March 4, 2014- to replenish its sovereign wealth fund. Bank of Russia head, Ms. Nabiullina, says consumer inflation will exceed the target of 5% and economic growth is likely to fall below 1%. The crisis come at a bad time for Russia as it has slowed economic growth when growth had already fallen sharply in 2013. Russia plans to introduce its own payments system to reduce dependence on Visa Inc., and introduce its own credit ratings system as S&P, Moody's lowered its credit ratings....

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As Prime Minister Aso's ratings in the polls drop to 20%, it looks increasingly likely that the Liberal Democrats will lose the election that has to be held before September 2009. Yoshimi Watanabe, who was minister for administrative reform in two previous administrations and the most visible face for reform of the bureaucracy at the current time, quit the Liberal Democratic party recently. Aso's plan to stimulate the economy with a $130 cash payment to all people in Japan is meeting with skepticism and disapproval, as it is considered doubtful it will jumpstart the economy. Polls indicate 70% of voters oppose it. Aso came in as PM in September 2008, before the full brunt of the global economic crisis hit in November 2008. Voters see him as another old face of the Liberal Democratic party, older politicians who do not have the popular appeal especially with the shift to the younger Obama type politicians in the USA. The Liberal Democratic party has ruled for all but 11 months since the Second World War. Polls also show voters trust the opposition leader of the Democratic Party, Ichiro Ozawa, more than Taro Aso....

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How ethanol plants create opportunities for the local economy but also problems as production of ethanol requires scarce water resources in states like nebrask the No. 3 state after Iowa and Illinois in corn production. A 50 million gallon ethanol plant could use up 150 million gallons of water to make fuel, thats 3 gallons of water for 1 gallon of ethanol fuel. In the Lower Republican river Natural Resources District of Nebraska farmers which is a dry drought prone area dependent on underground water formations for irrigation, farmers pumped out 62.6 billion gallons of water from underground. Now that a court ruled that Kansas should get its fair share of water from the Republican River which is sees its levels affected by the underground pumping near the river, this water district is having to put irrigation meters that are checked after each harvest to limit use to 11 inches on average over 5 years. This article shows how scarce resources like water can be used up in the production of ethanol, and how that can complicate life for farmers even though the extra income from ethanol plants can boost incomes in depressed farm communities....

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Foreign direct investment in Indonesia surged 30% to 51.5 trillion rupiah ($5.6 billion) for the first quarter of 2012. Indonesia's Investment Board says the mining sector gained $1.1 billion of FDI, telecom $800 million and plantations $500 millon. Singapore invested $1.2 billion, Japan $600 million, and S. Korea $500 million. Meanwhile S&P retained the BB+ credit rating for Indonesia because of concern about the government's decision not to raise subsidized fuel prices by 33% to cut a fuel subsidy bill of $15 billion, and other "policy slippages."

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This article in The Economist magazine looks at the internal debate in Germany after the July crisis in Greece following a "no" referendum and the position taken by Germany on turning down any ideas on debt renegotiation to reduce the debt burden. Centre right parties say this is simply enforcing the rules. The left parties say this is moving Germany to post post-nationalist. German chancellor Kohl and post war Germany took the position that Germany was a "post-national society." Thomas Mann, a well known German writer, said Germany needed to come out " not for a German Europe, but for a European Germany." And Hans Dietrich Genscher, a foreign minister stated that Germany's only interest was that of the EU. This was a recognition of the situation of the idea presented since reunification in 1871 that the new country was too large for a balance of power in Europe, yet too small to impose its will on Europe. This was shown in the July negotiations when chancellor Merkel accepted the position put forward by Valls and Hollande of France that a Greek exit from the eurozone was not an option. Germany did not seek to impose its will, say centre right parties. In fact chancellor Merkel sees Britain as a serious partner and cannot understand why some in her party can see no problem with a British exit from the EU. In fact many people in Germany will be relieved when this phase of the crisis is over, when the diminishing of moral hazard makes it possible to consider debt reduction for Greece and the austerity programs have introduced discipline to national budgets, so that the next phase of tighter and closer union for the European Union can take place- restoring Germany's aspirations for a "post-nationalist society." ...