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Joe Nocera describes his personal situation which also reflects the situation of the average investor in his 401(K) for retirement - inexperience in handling the boom-bust cycles in the market and loss of savings, especially in the last two decades with sharp swings in the market. The Employee Benefit Research Institute statistics on savings of the average American are striking, dismal is the right word- only 22% of workers 55 or older have more than $250,000 set aside for retirement, and 60% have less than $100,000 in a retirement account. The average savings of an American near retirement are $100,000.

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About $82 billion in investment is planned for ports modernization to improve shipping and cargo handling capacity by 2030, according to the prime minister. "Maritime India Vision 2030" gives some idea of the vision for India as it develops and modernizes. Shipping and ports infrastructure building is part of the overall vision for new infrastructure for the country.

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A infratest survey shows 91 % of Germans support taking in refugees in the current war in Eastern Europe. 53% of Germans support German government's strong response, and 27% think it doesn't go far enough. 14% say it goes too far. How much has changed since as recent as February 2022 is shown by the change- only 20% supported arms deliveries to Eastern Europe just one month back, this has risen now in March to 61%, and 45% feel that German government did not act soon enough.

A lot has changed in Germany's view of Russia, and also of China, in a few weeks in 2022. This also appears to be the prevailing sentiment in all of Western Europe and most of Eastern Europe. From the Baltics to Scandinavia, across, Italy, Spain, France, Southern Europe, Eastern Europe, there is a remarkable shift in thinking. This also appears to have affected world opinion from Latin America, South East Asia, South Asia, to Africa.

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WSJ reports from Pakistan, Lebanon, Iraq, Turkey, Indonesia and Brazil show the effects of inflation in the price of grains, oil, cereals, other essential food supplies, and oil in these countries. In Beirut the price of flour is up 1000%. In Kenya bread prices are up 40%. In Indonesia the government has put price controls on cooking oil. In Brazil Petrobras increased oil prices by 19%. In Turkey a sharp increase in the price of sunflower oil caused panic buying. In Uganda price of vegetable oil has doubled, and wheat up 25%. Russia and Ukraine supply one third of the cereal exports in the world and 52% of the sunflower oil. Higher fertilizer prices are a problem for farmers as Russia is the largest producer of fertilizer. Increase in wheat prices are an acute problem for Turkey which imports over 80% of wheat supplies and Egypt which imports 70%. Overall World Bank officials say this could be a problem as bad as the coronavirus pandemic itself. ...

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Climate change is leading to floods in Bengaluru, Chennai and in the state of Andhra Pradesh in recent months. DW.com looks at the situation there. Studies show India' climate vulnerability. Southern regions are most vulnerable according to these studies, yet about 80% of India's population live in districts highly vulnerable to drought, flooding and cyclones. Bonn based Germanwatch says a surge in extreme events is noticeable since 2005 in India, and is triggered primarily by landscape disruptions.  Indian experts say land restoration and rehabilitation is one approach. Another is letting the water flow and redoing irrigation structures to capture rain- linking rivers to ponds, lakes and ditches so that water is free to flow.  Weather experts point out that surface temperature of Arabian sea has risen from 27 degrees Celsius (80 degrees Fahrenheit) to 29 degrees causing more frequent formation of low pressure areas and resulting in heavy rains. This DW.com report looks at weather patterns and extreme events around the world including in Madagascar and Brazil, Greece and British Columbia. ...

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In a nationwide television address prime minister Modi of India calls for a Janata Curfew on Sunday March 22, for a test of people's self-discipline in fighting the coronavirus. He urged people to not go outside of their homes from 7am to 9 pm voluntarily in this curfew. The aim is to build public consciousness of the need for social distancing and staying away from crowds and people gathering, as an effective way to prevent spread of coronavirus. Only health care workers and people who provide essential services would be outside. He asked that at 5 pm on that day people ring bells to thank health workers and others who are doing what is necessary in the health crisis.

The prime minister said there should be no hoarding as the government will ensure that there are adequate supplies. He said an Economic Response Task Force has been setup under the leadership of the Finance Minister that will decide on an economic relief package.

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Egypt accepts a $8 billion IMF loan. It also free floats its currency and the Egyptian pound goes from 30 to the US dollar to 49 to the dollar. Houthi attacks from Yemen on Red Sea shipping affects Egypt as fewer ships transit through the Suez Canal and lower transit fees and revenues that affect the economy, in addition to the economic conditions of the whole region including Israel deteriorating from the Gaza war. There is also pressure on Egypt with the possibility of Gaza refugees crossing the border. Wealthy Gulf neighbors that supported Egypt's finances were reluctant to continue support leading to the IMF loan. UAE ADQ fund asked for currency to float freely if it was to invest $35 billion in northern Egypt. Inflation is at 30% and this WSJ report says even before this weeks fall of the pound the currency had already lost half its value. Interest rates increased to 27% from 21%.  This has increased poverty in Egypt and inflation is reducing standards of living. ...

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One in every 12 women or 2 million will be a victim of some form of sexual violence in England and Wales every year a police chiefs  report says. One in 20 adults or 2.3 million will be perpetrators.The alarming scale of violence against women and girls is shown in the national analysis for England and Wales of the National Police Chiefs Council. Violence against women has grown 37% over 5 years. Two million women are affected, says NPCC, from stalking, harrassment, sexual assault and domestic violence. And people involved are getting younger. Police chiefs are demanding that tech companies take down extreme material and warning about the influencers who are "radicalizing" men online. The attitude and culture towards violence in general has deteriorated in the UK and the US, and the violence against women of this magnitude shows that a lot of work will be needed to change this attitude and culture. It truly is a National Emergency in the UK and in the US. ...

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Biden tells the UN General Assembly he has seen the world since coming to the Senate in 1972 age 29. "Sweeping, aspirational, stubborn, defiant" says WSJ, 52 years later president Biden describes what was overcome- A long drawn war in Vietnam ended with America and Vietnam meeting as friends and partners this year showing there is path forward to reconciliation, to peace. Speaking out agains Apartheid in South Africa in the 1980's and seeing the racist regime fall. Peace in the Balkans and how he held Milosevic accountable for war crimes in the 1990's. And Afghanistan becoming longer than the Vietnam War, four presidents did not end it. "Four American presidents had faced that decision, but I was determined not to leave it to the fifth." How he has hope for the Middle East and Ukraine. “I have hope. It always seems impossible until it is done.”  ...

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A student of international law at Georgetown reflects on a career in the State Department and at NSA and CIA. Avril Haines head of National Intelligence Agency says the law can only take you so far, finds what she is doing in government conflicts with her own beliefs on what is right, that building a more ethical society is still an aspiration.

The adjoining story in the WSJ says Avril Haines headed the NIC during it's meeting with president Biden on Aug 24, 2021, on the origins of a plague like crisis- that resembles the Black Death in Europe which took 25 million lives and after which Brittanica says it took Europe till the 16th century to recover pre-1348 population. At that meeting says WSJ FBI WMD scientist Banaan and FBI, and the DIC scientists were excluded from sharing their views with the US president on the origins of the Covid virus that took 7 million lives and three times that number in unreported deaths.

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Protests planned in smaller towns in eastern Germany are the largest since the fall of the Berlin Wall, says this report in DW.com. Protests are against far right AfD and plans to deport immigrants from Germany. About 300,000 people turned out near the chancellery and the Bundestag parliament buildings in Berlin on Saturday Feb. 3, 2024. About 30,000 turned out in Dresden in East Germany. About 1800 organizations have called for protests in Berlin. Luisa Neubauer of the Fridays for Future Climate protests told the crowd according to DW.com- that hope does not fall from the sky, hope is damn hard work and that Germans must live democracy not just passively have democracy. This is showing Berliners and Germans in many cities and small towns in a different light, where the people themselves are taking charge. When political parties from the CDU and SPD, Greens and the Left have let the political landscape fragment with no party having more than 20% support. The future of Germany and the EU depends on these young people out on the streets. ...

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Years of frugal living and careful patient investing helped Ronald Read of Brattleboro, Vermont, achieve significant savings accumulation. He worked at a local J.C. Penneys store and at his brother's gas station. At the time he passed away in 2015 he had $8 million in his stock portfolio. He preferred dividend paying stocks and reinvested the dividends in more shares. His largest holdings were in Wells Fargo bank, and in consumer stocks P&G and Colgate Palmolive. He owned 92 stocks in his portfolio.

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Huge drop in sales for automakers in the USA for October 2008. GM posted decline in vehicle sales of 45% compared to October 2007. Ford 30% drop, Toyota 23%, Honda 25%, Nissan 33%.

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Pakistan's GDP growth is expected to be 4% in 2012, an increase from 2% in 2011. Foreign exchange reserves are up to $18 billion. Repayments in 2015 to the IMF will be a quarter of the payment in 2012, says Finance Minister Abdul Hafeez Shaikh. Tax collections are up 24% for the first 9 months of the fiscal year 2012. Remittances from Pakistanis aborad are up 21% to $9.7 billion and exports up 5.5% over the $25 billion exports for 2011. In an WSJ op-ed, April 16, 2012, Michael Boskin,who helped negotiate the North American Free Trade Agreement for the elder President Bush, says it is time for a free trade agreement between India and Pakistan. Shaikh says he expects to see trade with India up from the insignifcant levels of $2.7 billion in 2012 to $10 billion by 2015. Boskin sees the potential for trade at $50 billion based on trade models. This would help change the landscape in the South Asian region after decades of neglect, strife and conflicts and is long overdue to benefit the billion people on the subcontinent....

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Fewer meetings, busier days, fewer emails, and work that sometimes spills over into Fridays are ways in which companies are doing a 32 hour week. WSJ looks at companies doing a 32 hour week. The UAW has asked for a 32 hour week for workers at automobile companies Ford, GM and Stellantis.

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One third of UK junior doctors and trainee doctors are at high risk of burnout. After a 22% pay increase under Labour the junior doctors say more needs to be done about the stressful conditions junior doctors face. Junior doctors feel like they are doing multiple jobs, and the culture of blame can be toxic, a sense that things can deteriorate at any time.

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More reasons on the Russian side to make a negotiated settlement is the loss in value of the ruble by 25%, and the central bank raisng interest rates to over 20%. War weariness on both sides in Ukraine and Russia, Zelensky's popularity down to 16% and nothing to gain in prolonging this war for the US, NATO or Russia. 

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DJT's 32% reciprocal tariff on Taiwanese goods including chips is working. When reports under president Biden showed TSMC investing in Arizona it was still a slow process with much foot dragging including articles by TSMC executives about how difficult it was to make in US. Lyrarc commented specifically on this as TSMC founders got their education and training in the US and it sounded a bit too condescending. Now that the Trump administration has its tariffs in place this WSJ report says the factory in Arizona is advancing production by several quarters, and it has started production late in 2024 with quality comparable to TSMC plants in Taiwan. How quickly DJT's approach with tariffs to level playing field and letting Taiwan know it owes defense and its education in semiconductors to the US is working, is shown by this example like others. And the $65 billion investment is now up to $165 billion in the US that TSMC is planning. The extra $100 billion is a commitment made to DJT. TSMC revenue growth is higher now at 30% than 20% it had previously with AI and robotic demand in 2025 so that it needs to make more chips quickly. ...

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Google plans to have Samsung and Acer make laptops using its Chrome software for $349- $429. Google will make money on the monthly subscriptions for business of $28, and for educational use of $20.

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Ireland's plans to repay early 22.5 billion borrowed from the IMF that has high interest rates. Ireland's 2 year bonds which carried yields of 22% in July 2011, are yielding about zero in 2014.

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The terms of the debt restructuring deal with the bond swap in Greece become clear on March 9, 2012. In the deal with private bondholders -using collective action clauses to force remaining bondholders into the deal- about 96% of the 206 billion euros of Greece's bonds will be exchanged. Private bondholders held out throughout most of 2011, delaying the inevitable as Greece's economic situation became increasingly hopeless. This created a logjam with the German government, which insisted on serious private sector participation and bondholder haircut as the cost of poor lending decisions of the French, German and other European banks that made loans to Greece out of proportion of the ability of Greece to payback loans. Charles Dallara of the Institute of International Finance, negotiating for European banks, offered a 10% average loss on the bonds in July 2009. It was not until German Chancellor Merkel told Dallara at a late night meeting on October 27, 2011: "this is my last offer," for a 50% loss on the face value of the bonds, was agreement reached. The Greek debt swap that now takes place will give private bondholders a loss of 53.5% from the face value of 200 billion euros of bonds that they hold. The new Greek bonds issued in place of the old bonds include short-term bonds issued by the eurozone rescue fund at 15% of the face value of the old bonds, and a series of Greek bonds with maturity ranging from 11-30 years valued at 31.5% of the face value of old bonds. That even this 53.5% bondholder loss will not be adequate, as Greece's economy looks irretrievably damaged as it spirals downwards, is shown by the value of these bonds already trading in a hypothetical "gray market." The new 30 year bond is quoted at 17 cents and the 11 year bond at 22 cents. The questions remain about the stalling by the banks in taking the losses earlier- was this the wisest move considering the losses beyond Greece as the eurozone economy as a whole has suffered from the prolonged negotiations stretching through 2011, lurching from one crisis to the next? Even if the stalling was designed to give time for banks to repair their balance sheets, was this the best strategy, considering the damage inflicted on European economic growth. John Taylor of Stanford points out that the European banks delayed the unavoidable serious debt restructuring for too long, when insolvency was the real issue not illiquidity, and exaggerated the effect of contagion from the beginning- in John Taylor, WSJ, 2/22/2012, A Better Grecian Bailout. And John Cochrane of the University of Chicago, points out that French and German governments if they bailout French and German banks should do so openly and frankly rather than cover this up as bailouts of countries, because this would lead to serious questions about the poor lending decisions of the European banks and government supervision of the banks- in Cochrane, WSJ, 12/2/2010, 'Contagion' and other Euro Myths. As early as Feb. 2010, Cochrane was suggesting the forced exchange of new bonds with long debt maturities for exisiting bonds with short debt maturities, as short term debt was the major issue here. ...

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Brazil's growth is seeing a surge in the size of the middle class. Since 2003 about 32 million people have entered the middle class and 20 million haven risen above poverty, in a country of 198 million people, according to the Center for Social Policies at the Getulio Vargas Foundation, a Rio policy group. Marcelo Neri, the foundation's economst says 8.5 million jobs were created since 2003 and an active social policy has been pursued in one of South America's most unequal societies.These policies provide food assistance to the poor and low interest credit for first time buyers and small business owners.