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The NYT's Scott Shane talks to residents of Baltimore and the neighborhoods where a community center and CVS store were set ablaze. Baltimore has suffered from economic decline as the city's major employer Bethlehem Steel closed its plant, and fewer industry jobs remained to sustain poorer neighborhoods. Incarceration, drug use, crime, all have taken a toll as more residents left the city for the suburbs. Unlike Detroit which has the auto industry, and dilapidated buildings are gradually being replaced with newer structures, Baltimore has only one large employer, John Hopkins University and its medical complex. Economist Basu says the loss is felt more deeply because efforts were being made to give new life to poorer neighborhoods, and because the rest of the country will now have a different impression of the city reducing outside investment.

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The GM restructuring plan of the Obama administration, as GM enters bankruptcy, was designed so that the UAW plays a constructive role in building the new GM. There is a wage freeze, and a no-strike clause until 2015. The union gets a 17.5% ownership of GM, which helps to align the union's interests in improving the share price. At the same time the unions health fund's shares are novoting, so that the union does not make decisions for the company. At Chrysler even though the union has 55% ownership shares, it has only one person on the Board. In the same way the union has a limited role in running GM. The idea is to get the union out of the us vs. they habits of the last 50 years.

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If you bought a Hyundai you had peace of mind that if youwere laid off Hyundai would buy the car back, and it would not affect your credit rating. Hyunda has bought back less than 100 cars under its Asssurance program which started in January 2009 according to a Hyundai spokesman. Yet it has done wonders for Hyundai's image in uncertain times. It put Hyundai in afavorable way on people's minds. Hyundai market share went up from 3.1% in November 2008 to 4.3% today according to Autodata Corp. And so Hyundai is the only car company that increased sales in 2008. Only two years back Hyundai was struggling to get respect in the American market. See "Hyundai gets No Respect," by David Kiley in Business Week in 2007.

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Mervyn King of the Bank of England and Ben Bernanke both were academics at MIT, and both share the approach they are taking for quantitative easing or credit easing. They are buying up assets like government bonds in the case of Bank of England to reduce the yields, and commerical paper, mortgage backed securities, and consumer debt in the case of the Fed, also to reduce yields and drive up prices. The idea is to act more decisively than the Bank of Japan did during Japan's banking crisis, and flood the system with cash so that there is real impact. There is less danger of inflation in this downturn, which is one of the calculations that the Fed and the Bank of England are both making as they do this.

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The economic crisis is global because with a few exceptions like Germany the housing prices have seen a bubble around the world, worse than in the US in places like Ireland and the UK, and similiar to Florida and California in Spain, and also in places like China and India whwere a stock market bubble helped sustain housing price increases. In China and India the crisis comes in the shape of higher inflation, food prices, and huge stock market declines, along with the housing declines, and lower economic growth as China shifts from an export model to domestic consumption letting a third of the low cost factories in Guangdong province close down. Look for serious effects and global economic slowdown from a series of intertwined crisis housing credit and in Asia stock markets.

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Priorities from voting by 100 CEO's at the CEO Council the week of 17 November, 2008. Swiftly passing an internationally coordinated stimulus in excess of $300 billion was voted a priority of 7.1 on scale of 1 to 9 with nine the highest. Bolstering education for a competitive workforce came in second at an average of 6.9. Speedily stating a clear economic vision, appointing advisers, and sending a strong message about priorities and direction of economic policy, came in third with an average of 6.8. Making a comprehensive energy and environmental policy a top priority, creating incentives for consumers to become more energy efficient, came in fourth with a 6.6 average. A long term tax policy that encourages employment and job creation and enhancing global competitiveness came in fifth with an average of 6.0.

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The pandemic and ensuing lockdowns, unemployment in the US separated workers from their jobs just long enough to give them a chance to rethink how bad their jobs, incomes, and working conditions were before 2020, says this expert in the NYT. The aid to unemployed workers through long term unemployment benefits, moratorium of rent payments, direct money to households, gave workers enough financial room to make the choice not to go back to poor paying jobs with huge contact risks from coronavirus in the restaurant, fast food franchise, travel and entertainment industries, related industries.  With the Biden administration investing in child care, maternity leave, care for elderly leave, new opportunities for relocating and looking for work were opening for women, and for men who had stuck to old jobs and put up with lousy conditions because of a lack of alternatives. Biden administration's Families and Workers Plans, the effects of the pandemic, helped to shape a new culture of what was possible for workers- a sense that dignity in the workplace was part of culture in America. Restored by FDR/Truman and now again by Biden after two tech booms in the 1920's and the 1990's. A similar situation of a change in culture respecting the dignity of workers and of work is taking place in European Union as stated by SPD leader Olaf Scholz in his election campaign in Germany. Scholz is now incoming Chancellor replacing Merkel. European Union countries have better laws and rules in place for worker retention, and also better worker protections so that the great resignation that happened in America took place in a milder version. ...

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Angela Merkel of Germany and other EU leaders decided to back "global supply chains" and declined to support the EU Commission in Brussels at a virtual summit attended by 27 leaders of the EU states. It was also attended briefly by Joe Biden. Ursula von Leyen said 21 million doses of vaccine had been shipped from EU to Britain, of which 1 million were from Astra Zeneca and the rest from Pfizer and other makers of vaccines. A total of 77 million doses made in the EU wer shipped to 33 countries since 1 December 2020. Governments of Netherlands, Ireland, Belgium and Sweden were not in favor of blocking shipments from the UK because of the effect on supply chains. Pfizer is strongly opposed to the move to block shipments. Merkel emphasized the need to respect the global supply chains while making efforts to ensure EU countries get a fair share of vaccine supplies. The problems of UK vs Britain on vaccine supplies comes from the yield problems at a Belgium plant of Astra Zeneca and the company's refusal to divert supplies from the UK. Of the 120 million promised only 30 million could be delivered to EU. The UK's contract with Astra Zeneca states that supplies from its plants in Oxford and Staffordshire must be delivered to Britain first. The UK is facing an acute shortage of second doses even though it has given 31 million jabs. At this time 45 out of 100 people in the UK have jabs, compared with 13 out of 100 in the EU.   ...

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Liverpool has lost its World Heritage Site status but this may not be a bad thing, says Christoph Brumann, research leader at the Max Planck Research Institute for Ethnological Research in Halle, Germany. Fewer tourists, he says in this report in DW.com, but now the city can do what it wants to modernize the docks area, and not have to worry about the World Heritage Committee or the British government interfering in its plans. The World Heritage Committee is now subject to diplomatic lobbying of many countries, and the label has lost some of its value as more countries push sites in their country. Liverpool was asked by the World Heritage Committee to stop construction on the waterfront that was helping to bring new life to the city and revitalize the docks area to keep its World Heritage status. In the end the committee that met in China with China as the chair and lobbying by other countries, deteriorating China-UK relations, and and the UK sending only a representative from the Culture Ministry not the Foreign Ministry, played a part in the vote at the World Heritage Committee, says this report. Since 1972 Europe has gained a larger share of the World Heritage Sites. After 2010 meeting in Brazil this has shifted to other countries. There is no clear idea of what a World Heritage site is- cultural, or natural. Cultural is at this point 80% of the sites. This DW report shows some of the contenders in 2021, and only a few of them can be considered to be worthy of visiting. The committee that decides this has removed Dresden for building a new bridge across the Elbe river site, a decision made in 2007, so that it is becoming more controversial. ...

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With fewer and fewer good startup companies and massive amounts of capital wasted on startups that did not produce either jobs or lasting value questions are being raised about the startup culture and role of startups in a growing economy. The coronavirus has speeded up the process- already underway was a lack of quality in startup companies, now these companies that were wasting capital are facing a completely different environment. Reasons given for their situation are the lack of job creation over last two decades from startups. The startup founders being many just out of college or with a few years of experience, lack of accumulated experience in industry of founders, the glamour that had nothing behind it except the search for quick results. Primarily though the reason is that it takes time to build good companies that also create good jobs and add to the country's GDP, and this means additions to technology, bringing experience and building up of experience of founders, that patience and persistence is lacking in today's startup culture and startup companies. There is a bigger problem and this is a problem for all of society and the whole nation in every country. This is the misallocation of capital, the erratic shift away from infrastructure, public services, health services and education, and employment in the national interest, that form the backbone of the economy of any country. It is in this sense that the shift in capital allocation, away from misallocation on a massive scale, has to be made in the national interest, interest of society, interest of the people.  ...

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The Irish prime minister Varadkar says it is time to move on. When he assumed office he was the first from an ethnic minority background to lead Ireland, the son of an Irish mother and an Indian immigrant father. He took Ireland through the crises of coronavirus pandemic, Brexit, and improved unemployment and budget shortfalls. Recently he accepted defeat on a referendum intended to remove language in the Irish Constitution on a clause about "a woman's life within the home." Disagreements over the language of the referendum led to its not getting approved on International Women's Day by about 70% of the vote with 44% of people voting. It suggest there was no enthusiasm and its relevance at this time was not understood. It is not clear why there was a need for this referendum in the first place to remove one text of the constitution that respects the role of family and mother's contributions in the home. During the pandemic for instance women played a major role, and sometimes took on a greater share of the burden. Efforts to have women's participation as shown in Japan and India does not require constitutional wording to be changed. Japan has done remarkably well and India is about to do this. And removing the wording about women's role at home, instead of encouraging or adding wording about women actively participating in the workforce and actions to make that possible, accomplishes little. Coupling this with a wording that includes gay families in the definition of family while removing the role of women in the family language seemed to be making changes that had little to do with each other. ...

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With the change in U.S. position on climate change, carbon emissions, and the move to raise tariffs on China's exports to the U.S. China faces a new dimension in its global relationships. Against this background China is shifting to a long term view of its relationship with India. China's new foreign policy leaders after the recent party Congress, vice president Wang Qishan and Foreign Minister Wang Yi, now see the need for new partners in a multipolar global world for the long term as China and India countries with large populations and a need for stable world trade share common interests. Wang steers the Central Foreign Affairs Commission with Yang Jiechi as director. China now sees " a lot of shared interests, concerns and positions," in the words of China's Representative Lu, in the long term issues of globalisation, urbanization, pollution, and concern for achieving stable development with high growth rates.  China now takes the long view looking back at the unprecedented change of the last 100 years, as it maps out its plans for the future. The U.S. has challenged the ideas in the blueprint for development of "Made in China 2025," particularly as it relates to western transfer of technology to China. This has created a new situation for which China is still looking for answers, and ways to come up with new strategies for development without the nearly unrestricted access to western technology of the last 2 decades.  Shared positions on world trade with India and India's close relations with the U.S. add credibility in China's  negotiating positions with the U.S.                  ...

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Greg Ip points out that the stronger dollar in 2018 is creating serious problems for Argentina, and will have an effect on Turkey, Indonesia and other developing countries. Dollarization hurts because it increases debt as debt servicing becomes costlier with dollar denominated debt and imports denominated in dollars become costlier. The dollar has increased in importance in the global economy. This is why the economic growth has suffered in developing countries in 2018. It is also why president Trump believes he can cut off Iran from the U.S. banking system to increase chance of new negotiations to fix flaws in the Iran nuclear deal, says Ip.   Argentina has seen internal problems compounded by the rising dollar causing the peso to drop by 17% so far in 2018. 88% of Argentina's imports are denominated in dollars. A rising dollar means it costs more in pesos for imports. Argentina's different levels of government have $98 billion in dollar denominated debt, and private sector has an additional $68 billion, the total being a third of its GDP. A decline in the peso means this is harder to pay off. About 40% of world trade, according to Harvard economist Gita Gopinath, is invoiced in U.S. dollars, four times U.S. share of world trade, and developing countries together owe $2 trillion in dollar denominated debt according to BIS. This makes it harder for developing countries such as Indonesia, Turkey, India, Argentina, Brazil, as they now face rising oil prices in combination with a rising dollar. In Argentina a poor crop for soyabeans and other agricultural exports in 2018 creates additional woes.   ...

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Spain's Socialist Party emerged as the largest party in parliament with 123 seats in the Spain's 2019 general election. The Socialists increased their share of the vote from 23% in the 2016 elections to 29%. With the help of the centre left Podemos Party led by Pablo Iglesias it has 165 seats in the 350 member parliament, 11 short of a majority. Its leader Pedro Sanchez who called the snap election after a no confidence vote in 2018 brought the Socialist Party to power, said after the win that he would work to reduce inequality, promote co-existence and women's rights. Spain's Popular Party (Partido Popular) which has alternately governed Spain with the Socialist Party since the shift from the Franco era, and which governed Spain till March 2018, won just 66 seats down from 137 in the last parliament.  It lost support to the far right nationalist Vox Party which opposes secessionist sentiment in Catalonia. Vox won 10% of the vote and won 24 seats in parliament. The right parties in Spain are now fragmented with the Ciudadanois party a centre right party winning 57 seats.  A coalition with Ciudadanos is unlikely, and the Socialist party with its ally Podemos party looks for support from other parties. It will try to stay away from secessionist parties from Catalonia because of the general sentiment in Spain opposing the separation of Catalonia from Spain. Turnout was 76% up by 9% from the last election. The Secesionist ERC party in Catalonia has 15 seats.  The right wing parties Popular Party, Ciudadanos and Vox Party fought the campaign saying the Socialist Party supported Catalan separatism. ...

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The European Union Commission says Ireland must recover 13 billion euros in back taxes for giving tax preferences to Apple that are against EU rules. The EU Commission says Ireland allowed Apple to pay a corporate tax rate of 1% on its European profits in 2003, and .005% in 2014. The EU Commissioner says the use of Ireland as the place where Apple pays taxes on operations in Europe has no base in reality, as most profits are earned in other countries outside Ireland. Taxable profits of Apple "did not correspond to economic reality," according to Ms. Vestager, the EU Commissioner.  In the current environment where political upheaval is unsettling the democratic process in the U.S., Britain, Spain, France and Italy, as well as in Brazil and other countries in the developing world- because of deep recessions, and efforts to cut the deficits with deep cuts in state spending including in education and healthcare, basic services- the moves by companies to reduce taxes to these absurdly low levels such as .005% when other companies in the EU are paying 12.5%, is becoming increasingly unpopular. As pointed out in this BBC News article this sounds like the way Carnegie, Rockefeller and Vanderbilt operated during the late 19th century, and were seen as operating in a manner that was above the law. Janet Yellen pointed out at a Boston Fed Conference on inequality in Oct 2014 that the bottom half of the distribution or 62 million households in the U.S. in 2013, had a net worth of about $10,000, One quarter of these households had a net worth of zero dollars. The working class and blue collar workers in the U.S. provide much of the support at Trump rallies. Younger college educated people support Sanders, because of the situation of the working and middle class in the U.S., and a similar situation exists in Europe. It is for the sake of the democratic process and delivering services in education, healthcare, and other basic areas to all, that companies small and large need to pay their fair share of taxes, regardless of size, influence, or technological advantages. Today this is is seen by most leaders who draw public support as the right way forward for the U.S., Latin America, Europe and Asian countries, including proper allocation of resources to best serve the needs of working people. For example the 13 billion euros is equal to all of Ireland's healthcare budget, and 66% of its social welfare budget.    ...

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Only 61% of shareholders present at the annual general meeting voted in approval of the management at Deutsche Bank in May 2015. Legal settlements and lack of trust in strategies of management have hurt credibility. A large part of the lack of credibility comes from the culture at Deutsche Bank which is seen as slow to change. Co-CEO Jain was head of the investment bank when traders engaged in activities that are causing large legal settlements for wrongdoing. Strong criticism came at the annual meeting from shareholders. Han-Martin Buhlmann of the shareholder association VIP raised the question: "Mr. Jain, are you the solution to the problem or part of it?" Alison Esse, managing director of change consultancy, The Storytellers, says shareholders had voted no-confidence against senior management because they lack the credibility to restore the reputation of the bank.

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Paul Mozur of NYT visits the Big Tech conference in Wuzhen, China, attended by large American companies such as Apple, Google. What he finds is very disconcerting, much of the technology can be used to track citizens of any country. Facial recognition technology, artificial intelligence, and other technologies are openly displayed and vendors including Unicom, show how this can be applied to track citizens. He sees the open discussion of how this data can be employed in this way as a sign of how much things have changed- showing how big tech surveillance is now an accepted way of doing things in China.

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All the hurdles in sale of GMAC are recounted here, ratings change after sale, untangling GM and GMAC relationship, and fears of bankruptcy and legal challenges.

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The crisis of late 2008 and early 2009 in the global economy saw huge stimulus programs, resposible economic management, and rapid recovery by the end of 2009 in developing countries. China put in place a large stimulus program, and in most developing countries, India, Vietnam, Brazil and other countries efforts were made to strengthen the safety net for the poor and to introduce stimulus for creating jobs. India and Indonesis saw the return of ruling party governments and in Brazil Lula da Silva had favorability ratings above 60%. So contrary to earlier fears in late 2008 their was both asense of political stability and asense of confidence in the developing countries. Capital is flowing into these countries and the IIF says that net private capital inflows to developing countries will double in 2010 to $672 billion. Russia which saw capital outflows of $50 billion in the first 9 months saw $20 billon of capital inflows in the fourth quarter of 2009. Half of the 140 million laborers working in Chinese cities returned home in early 2009, a fifth stayed there and another fifth counld not find work when they returned to the cities. But as the stimulus in China kicked in, and infrastructure development surged, (see link to the rail infrastructure spending) by the middle of 2009 jobless ness among rural migrant workers went down to less than 3%. This shows in the Pew Global Attitudes Project wth more than 40% of respondents in India, China and Indonesia saying that they were satisfied with their lives, in China this was 87%. In France, Japan and Britain the share is below 30%. In America 49% of those in the Pew pollingfelt that America should mind its own business internationally, 30 points higher than in 1964. When asked "Are you better off in free markets?" the respondents share fell in 2009 in Germany by 4 points, in Spain by 10 points. Shares rose in India and China, and stayed flat in Brazil and Turkey, so there is no backlash against free markets in developing countries....

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Rich calls Obama's speech for all its apparent thoughfulness and logic, a failure in its mission of coming up with a way to tackle Afghanistan and Pakistan. It did not grapple with the real issue and complexity of these places. He says the rigorous analysis failed and what Obama is ending up with is a too clever by half holding action which lacks credibility becuase the Karzai regime lacks credibility, and the American people have serious doubts of the wisdom of increased involvement. Worse it lacks acredible exit strategy for all the emphasis on early withdrawal. Making some calculations with Petraeus's field manual Rich comes up with a force of 586,000 that would be needed for a proper counterinsurgency in Afghnistan for its population of 28.4 million. But America still would have only less than one fourth of this number in the vast mountainous terrain of Afghnistan, especially when the government it is backing has seriously alienated its own people. So isn't it just as possible that McChrystal and Gates have made a serious error, that the surge that worked in Iraq was based on apeculiar topography that is absent here, which means even more troops not awithdrawal is likely a year from now? He points out that, as Fred Kaplan had pointed out in Slate, that the idea that the coaltiion partners are increasing their share of the burden is an illusion, as America's new share of allied troops with the surge will be 70% compared to 50% when the Bush administration left office. But what he finds most disingenuous is the idea that there will be no sacrifices in economic terms for America, that life can just go on like before, even as the cost of the war will shortchange urgent economic priorities at home and even gut alot of the domestic needs. This was missing in the Obama presentation....

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Roosevelt say experts was a great crisis manager but not great when it comes to policies to create jobs. His achievements were stabilizing the banking system with deposit insurance, government investment in banks, and restrictions on banking practices, creation of the SEC, and fireside chats that steadied the national mood. Unemployment when he took office in 1933 was 25% from 3% in 1929, and industrial production had dropped 40% since 1929. So FDR took office when a lot of the damage had already been done, compared to that Obama takes office earlier in this downturn. And Roosevelt did not fully grasp John Maynard Keynes's advice when he visited the White House in 1934. Keynes complained to Labor Secretary Ms. Perkins that he had thought the President was more literate economically speaking, while the President felt Keynes had a rigmarole of figures he did not understand. Roosevelt said of Keynes: "He must be a mathematician rather than a political economist." It took some time for government spending to take hold. Throughout the 1930's government spending remained around 20% as a share of the economy. Today its 35%. And the average unemployment stayed at stubborn 17% on average for the decade of the 1930's. It was not till the 1940's that things changed. Total government spending as a share of the economy reached 52% in 1942 with the onset of the war, and peaked at 70% in 1944 when the unemployment rate dropped to 1%. One lesson experts say is that its easier to stem unemployment and job losses by action earlier in the downward spiral through vigorous action by government. In retrospect because industrial production fell by 40% during the 1930's experts say Roosevelt was actually timid in his response. U.S. Fed chairman Bernanke is a student of this period and draws a similiar lesson from that period for vigorous action early in the crisis....

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Its going to be very difficult to adopt the bad bank option in current circumstances, where the banks find their situation continually and rapidly deteriorating with renewed loss of public confidence and collapsing share prices. The efforts with the first TARP under Treasury Secretary Paulson to isolate the toxic assets of banks did not take off and had to be diverted to capital injections for precisely this reason. Banks in November and December 2008 went through a continually escalating problem situation, with losses, collapsing share prices and so on, and the government had no breathing room to develop the bad bank solution. In some cases decisions had to be made in a few days to prevent the collapse of some banking institution like Merrill Lynch, Morgan Stanley or Citicorp. At the same time its very clear that there can be no restoration of confidence in lending, and no recovery, without lending by banks, without a bad bank to separate these toxic assets from the banking system in the USA. The Swedish and American example in the 1990's of a bad bank, was possible because the banks were either gone bust, or under government ownership. With the banks in private hands, it is somewhere between difficult to impossible to value these toxic assets without serious problems. So nationalizing these banks becomes the only serious option, which would become more acceptable as the crisis unfolds in 2010, and it becomes clear that one way or another the government is guaranteeing these assets. Banks are in reality entirely dependent on the US government for capital and support, and it would not be wise to pretend otherwise. The safest and most direct option would be to mitigate the risks of nationalization, with prudent safeguards, and develop the bad bank option with the government in ownership of banks, in which case the bad bank option can proceed quickly. ...

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A report of the Transportation Department shows that over the past 8 months Americans have reduced their driving by more than 40 billion miles. Higer gasoline prices led to Americans driving less. In April 2008 Americans drove 1.8% less miles than the year earlier April, and in May this increased to 3.7% fewer miles than a year earlier. And this trend is not going to change or go back as as happened previously. So its a permanent feature of the new landscape according to experts. Everythng the kinds of cars people drive (smaller and fuel efficient), where people live (closer to work, and in closer proximity), the way they drive (less and use bicycles and small Smart vehicles also), and the way they use alternative transport ( frequent use of mass transit and better quality of mass transit with new investment), all tis is about to change permanently. The way the USA funds road and bridge repair and maintenance and new road and bridge construction is through gasoline taxes at the federal level (18.4 cents a gallon) and state taxes. With reduced driving there is less money available to fund these road projects. But this happens at a bad time because existing road and bridge infrastructure is crumbling. About 25% of the country's bridges are in bad shape or obsolete or structurally deficient and one in seven miles of roads are in bad shape according to the National Surface Transportation Policy and Revenue Study Commission, and most people can see this when they drive around intheir cities. And big increases in the cost of asphalt and other construction materials are only compounding the problem. The Commission says it will cost $225 billion a year to tackle national transportation infrastructure needs. Worse still only 40% of this is getting funded. So a huge gap in funding looms and Congress is being pushed to come up with funding solutions as states struggle to deal with the problem....

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Inozemtsev of the Institute of Post-Industrial Studies in Moscow, asks the question wht if the Russian economy shows no growth in 2017, and 2015-2016 become the beginning of a serious downturn. If oil prices remain low for an extended period as now looks likely with factors such as shale oil technologies, Iranian oil, and Saudi policy, playing an increasingly long term role, Russia could face some of the problems former finance minister, Alexei Kudrin, other business leaders including head of Sberbank, warned about. A major problem that Inozemtsev points to is the change in the business climate for foreign investment in 2012-2016 as the Russian economy looks more inward, and the departure of many foreign companies. During the period 2000-2008, a major boost to the economy came from foreign investment which brought with it management and technological improvements. No emerging market country, including China, can have a bright future without access to new technologies and investments from foreign investment. The current period starting in 2009 stands in sharp contrast to the earlier period with the Russian economy lacking the boost from foreign investment, facing capital outflows, and international conflicts creating a long term effect on oil prices. Russia needed time to move its economy away from commodity dependence through technological improvements and investment, yet this does not appear to be happening, raising serious questions....

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Saudis unilaterally cut prices of crude oil without consultation with other members of OPEC at the beginning of Oct. 2014. Saudi oil minister Ali al-Naimi says there is not much point in talking to other members of OPEC as everyone does as they please. The old cooperation between Gulf states Qatar, U.A.E., Kuwait and Saudi Arabia is breaking down with each country backing different rebel factions against the Assad regime in Syria-Iraq. Ali al-Naimi who normally comes in ahead of the OPEC meetings in Vienna, which meet twice a year, arrived this time at the last minute. He said meetings should be conducted only once a year and consulting can be done remotely. The old style when he guided discussion at OPEC meetings is gone. OPEC now produces about a third of the world's oil, has large spare capacity of 3.8 million barrels a day in 2014 or 4% of global oil supply in a crisis, according to IEA. Yet it faces pressures from the increasing shale production in North America and the decline in demand from Asia. Brent crude is at about $92 in October 2014. OPEC production in August 2014 was split as follows- Saudis 9.6, Iraq 3.0, Iran 3.0, U.A.E. 2.9. Kuwait 2.9, Venezuela 2.3, Qatar 0.7, Libya 0.5, Algeria 1.2, Nigeria 1.8, Angola 1.7 (millions of barrels a day, source: OPEC)...