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Efforts by BNP Paribas to get bondholders to take a 50% loss on Greek bonds, and exchange their old bonds for new ones that mature in 50 years. BNP Paribas is working for the Greek government to get other banks and bondholders to accept this exchange so that Greece can tackle its debt load and interest payments on debt. Some arm twisting by BNP Paribas to get bondholders who have insurance through CDS to accept the exchange. This is being done on the grounds that the I.S.D.A. committe would declare the restructuring in Greece as being "voluntary" and not a default, so that bondholders who do not accept this deal would not get paid through CDS insurance.

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Ross Sorkin says the information put out in Groupon's IPO filing by the investment banks and other information raises warning signs. Groupon has $225 million in the bank, lost $102 million in the 3rd quarter 2011 on revenue of $878 million. The company has current liabilities of $681 million and only $376 million in assets. It owes vendors $392 millon as part of the current liabilities. Groupon spent $432 million in the first 6 months of 2011 on marketing. Other information shows Eric Lefkovsky, Groupon's chairman, sold a dotcom company in 1999 which went into bankruptcy a year later. And of the $950 million in a pre-IPO round in January 2011, Groupon paid out $810 million to investors and employees. Of this Mr. Lefkovsky and his wife were given $319 million. Goldman Sachs is the lead underwriter behind Groupon's IPO offering. Because of the huge fees involved investment banks and accounting firms were willing to come up with inflated valuations and a questionable metric called Adjusted Consolidated Segment Operating Income, that showed operating income excluding major marketing and acquisition related costs....

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Selling of sovereign bonds by European banks to meet new requirements for adequate capital reserves by the European Banking Authority is having a Catch 22 effect, as this raises the yields at auctions of sovereign bonds of Italy, Spain and other countries.

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The differences in the Democratic party between conservatives and liberals that make it difficult to get things done in healthcare, energy and other areas. The lack of White House leadership in a number of areas, and in anumber of instances. The lack of Senate leadership on these issues with the Senate not having done much in energy and healthcare legislation. Add to this the influence of the $133 million that lobbyists spent in the 2nd quarter 2009 alone. The failure of Republicans and Democrats in Congress to push vigorously for cost control in the health care industry adds to these problems.

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Kristof of the NYT writes about DJT Action in Venezuela January 3, 2026.  Some of the least understood aspects of the US president's language on Venezuela- The president's reference to oil resources is not for the US to benefit from the oil reserves. It is about oil in the sense that the oil industry in Venezuela is in total disrepair and broken from years and decades of nationalization followed by lack of investment, lack of western technology.  Sanctions put a huge price on the Venezuelan economy with the brunt of it borne by ordinary people- the same people that a socialist like Hugo Chavez thought he could help with his erratic ideology. As China, and now India has learned the only way to get ahead in this world for nations is to invest, invest, invest with larger and larger pools of capital, technologies and labour. By alienating the US or EU there is a loss of technologies and of investment so that one is going to bat with only one strike and you are out, so that from Day 1, China under Mao, India under Nehru had lost the race, so did all the "socialist" regimes in the world. Conversely China under Deng and successors, and India under Modi are breaking development records. How does the US change this? First it removes the sanctions on the Venezuelan economy. Second it gives Chevron the green light for increased production. Oil facilities of the Venezuelan oil company will get foreign investment and US investment from American oil companies with returns for both and the state oil revenues invested under a government that is able to invest it free of corruption or it being funneled out of the country to support other regimes in Latin America. This will rebuild the country's health system, its broken infrastructure, restore its finances, and make it in a decade one of the advanced economies in Latin America. But only if- the gangs and other private militias, the other military elements from the two decades of utter mismanagement and drug trafficking are  removed. A new way will have to be devised that the US as to work out ad hoc meaning in the process of doing, invented that meets the conditions of getting this done and the process of reconstruction of Venezuela under the Monroe doctrine of keeping the entire western hemisphere free of such elements. The US achieved this with the help of Great Britain in 1823 when it was only 50 years since it's founding in 1776. The US has the resources in 2026 to make this happen in the interests of the people of the western hemisphere, in the quality of life of people in the western hemisphere. It does not seek any country's resources, it seeks the development of the countries in the western hemisphere in the great tradition of Jefferson, Monroe, Lincoln, FDR and JFK. ...

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Simon Nixon of WSJ says even if the government took the estimated $120 billion in losses estimated by Goldman for the UK banking system. it would change public sector debt to GDP ratio for the UK from 60% to 73%, which is still better compared to other countries and does not trigger a credit downgrading. The UK has received a huge monetary stimulus and the lower value of the pound helps exports, so the situation is a mess but far from being a disaster.

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DJT's affection for the British royal family. Mark Landler of the NYT describes the DJT meeting with Prince William after the ceremony at Notre Dame cathedral reopening in Paris, France. DJT often invokes his mother Mary Ann Mcleod and how greatly his mother admired Queen Elizabeth. As prince Charles met DJT at Mar-a-Lago. Charles and DJT have different views on climate change. As King Charles will provide Britain with additional ways to maintain it's special relationship with the US, even as prime minister Starmer works to restore relations with the EU that were disturbed by Boris Johnson and Nigel Farage's Brexit, says Landler.  In the TV series "The Art of the Surge," DJT is shown displaying pictures of him and Queen Elizabeth, Prince Charles. In “The Art of the Surge” DJT loves to display a book of photographs of him with the queen and Charles, while they are standing near the honor guard at Buckingham Palace. "The Queen was fantastic by the way. Look, Charles, so beautiful. These images, I mean, who has images like these?” ...

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How the French health care system works. France comes in first and the USA 37th in aWHO health care ranking. THe difference in deaths from respiratory disease is half that in the USA, and lower rates of death from heart disease and diabetes. IT has more hospital beds and doctors per capita than the USA. 65% of French people are satisfied with their health system compared to 40% in the USA, and yet France spends 10.7% of GDP on health care and the USA spends 16% for poorer results. THe French system is more generous to its seniors. Unlike Medicare there are no deductibles, just modest co-payments that are often dismissed for chronically ill. And diabetes and critical surgeries are covered 100%. French also buy supplemental insurance like Medigap for extra expenses like dental and eyglasses. Cancer patients are treated free of charge. Avastin treatments costing $48,000 a year are provided at no charge. France's PMI or Protection Maternelle et Infantile, is rated highly. It is anetwork of thousands of healthcare facilities, that ensure that every mother and child in the country receives basic preventive care. Mothers even receive afinancial incentive for attending their pre and post natal visits. France makes this care affordable by reibursing doctors at a much lower rate. The average yearly net income for doctors is around $55,000, about athird of what doctors in the USA make. But French doctors don't have to pay back huge student loans as medical school is paid for by the state and malpractice insurance premiums are only a tiny fraction of that in the USA. And again the French government pays two thirds of the social security tax for most French physicians- which is typically 40% of income. So the $55,000, is more like $92,000 taking that into account and more like $110,000 when student loans and malpractice is taken into account at US levels. Specialists who have 4 or more years experience can charge what they want, but as one gastroenterologist says, there in an unspoken and undefined limit to what you can cahrge or what is socially acceptable. Yet even in France there is inflation in health care costs that the government deals with through price controls and more spending. The French national insurance system is running increased deficits each year and this is now $13.5 billion, and it has led to higher taxes for employers and workers. ...

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Street protests in Brazilian cities with economic growth slowing to about 1% in 2012 and inflation at about 6%. Street protests in Brazil reflect public disconten over corruption, overspending on the World Cup and Olympics, and lack of good education, health and other public services. Increase in bus fare and police response against small protests using tear gas set off the large scale protests of tens of thousands in Brazilian cities. President Rousseff's sees her popularity ratings drop 8% percentage points from the March level to 57% in June 2013, according to polling firm Datafolha. Ths includes high popularity in poor northern states. Rousseff's popularity in more industrialized southern states declined by 13%, and by 16% among college educated youth.

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Early warning about the danger of a small group of individuals deciding the future of an important technology that has dangerous potential if placed in a few hands. With the dangers ever present that the pace of development is outpacing regulatory effort, and the profit enabling a few corporations to stifle regulatory effort in America's flawed democracy. Sam Altman is seen by the board of OpenAI as "hindering the efforts of the board to carry out its responsibilities." The tension of the board with Sam Altman comes from the thinking at the board that the rapid expansion of commercial offerings was not giving time to consider the safety implications of the products rolled out. Watching Joanna Stern of WSJ interview Sam Altman and Murali Murthi gives the impression that Altman was  moving too quickly and Murthi was saying the right things but lacked the experience and capacity to tackle AI's vast responsibilities. This also stems from the fact that what young Stanford and other tech graduates in their early thirties have done in the last 2 decades ends a chapter in America's tech history. AI is an entirely different technology which requires the involvement of major parts of America's whole technological and scientific community and its society, not just a few individuals. This is also the lesson from the pandemic for virus research where not just the Cambridge, Massachusetts community needed to be involved, but vast parts of America'a health and medicine scientific community and the American public. A million lives were lost in the pandemic in the US alone, and millions all over the world. It is a lesson that should never be forgotten- that technology can get out of control. ...

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This Washington Post article by Henry Farrell explains the implications of the 2016 EU ruling on Apple asking it to pay 13 billion euros in back taxes. Other countries in the European Union are upset that Ireland is taking away business and siphoning away tax revenues from their country, and giving most of it back to Apple. Normally the European Union Commission does not have authority over taxes in the member states. However considering the social and political implications at a time of deep recession and political upheaval in the EU and the U.S., the European Union Commission under Margarethe Vestager has seen it proper to look at arrangements in which companies come up with tax arrangements that deprive member states unfairly of tax revenues- revenues that could support social welfare and basic education, healthcare services at a time of painful cuts. A tax rate of .005% in 2013 for Apple is cited by Vestager as she points out that Apple's taxable profit does not correspond to economic reality, as most operations are conducted outside Ireland. Ireland is just on paper the tax location for EU operations. Vestager has thus come up with a legal approach based on Ireland's tax arrangements being a form of illegal state subsidy, which is not allowed under EU rules, and gives the EU Commission authority to require that it be reversed by paying the back taxes of 13 billion euros. Farrell answers the question why the U.S. Treasury is saying that Apple should not have to pay these taxes, as the U.S. also hopes to get some of these taxes at some future date with Apple repatriating profits to the U.S. under a still to be set tax arrangement. ...

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Gerard Baker of the WSJ writes about not getting involved in unnecessary wars and prudent interventions where necessary. He does not bring up the nuclear issue which is the only issue this war was about- is that a prudent intervention where necessary? The other issue is what the Anglo-Saxon,Saxon world and the Europeans think and feel about the Jewish state after the experience deeply unsettling  of World War II for western civilization itself. Throughout 2026 in Britain, UK, Australia and Canada, and in the  European Union, the people have stood by the Jewish people and the Jewish state while also respecting the rights of Palestinian people. Iran's hostility towards the Jewish state, to its elimination, is the reason for the conflict. Is prudent intervention necessary for the US in this context and what is the Anglo-Saxon and European attitude to defending western civilizations thoughts and sentiment?  What does a nuclear weapons state do to the situation in the Middle East- the Arab states and Israel? This is the main reason for the US involvement even as it is committed to no unnecessary wars. A naval blockade during Iranian closure of the Straits is not an escalation, the US did not bomb Kharg Island only imposed a naval blockade. The US is able to sustain this kind of blockade for a long period as it showed in Venezuela and shows in its backyard in Latin American particularly where it is essential that the US stop all drug smuggling on the seas. The Editorial Board of the WSJ has sent warnings to the DJT administration that it would be a mistake to not address the nuclear issue now and to separate it to a subsequent stage as mediators Pakistan and Turkey have arranged for reasons that are not in the US interest- because that would leave Iran to renege on promises and go for nuclear weapons  third time and repeat the failures of the Obama administration. It can be noted that the WSJ reflects the views of the business community in the US which is thoughtful and not prone to overreach or US interventions. Baker is not part of it after resigning as Editor in Chief in 2018. Yet the members of the Board include- Henninger, McGurn, Strassel, Riley, Finley, Noonan, Taranto, O'Grady, Jenkins and many others. It is unlikely that all of these members would have a drastic and strongly interventionist attitude. ...

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DW.com shows amazing pictures of European leaders in a really informal setting Starmer, Meloni  and Macron standing keenly listening around them as Merz and Zelensky are in conversation on a sofa bench, EU's Leyen on a sofa nearby, with many other European leaders, all trying to catch the conversation. One can see this by clicking on original article. It shows the closeness that has developed over the long and weary war years of the EU leaders who have stuck together for the first time speaking with one voice on the issues facing Europe with DJT and the US.

The challenge for Europe- to come up with peacekeeping force as a security guarantee to Ukraine so that it can reach a peace agreement with Russia, bringing a final end to this war and overcoming fears that it would erupt again in another way or form. The Swiss and Austria, Hungary offer to host peace talks.

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Mayor Browser offers coordination with DJT and federal law enforcement in Washington DC September 2025. There is little doubt that Washington DC is now a safer, cleaner, better place for residents. DC as the Nation's capital is a safer, cleaner, better place, and can now fulfill it's aspirations to reach its full potential as the best of America's cities, what the National Capital deserves to be. This is no time for politics and self serving action as what matters is the people of this Nation feeling free to live and work in the Nation's Capital from the 51 states, and the people of the world engaging with the United States finding this an attractive and safe place to carry out work in the World's Capital. This benefits local residents in ways that no other American city is able to get.

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German chancellor Merz says the old order is unraveling. He says -

"We have entered an era of great power politics," Merz said. "The new world of the great powers is founded upon power, strength and when necessary, force. It is not a cozy place."    

The German chancellor says Russia's invasion on Ukraine is the beginning of a "new era, but change runs much deeper."

"China, with strategic foresight, has worked its way into the ranks of the great powers," Merz says. He said Washington is reacting to these challenges from these other "great powers" by radically reshaping its foreign and security policy."

"Europe [and its] like-minded partners must stand closer together. European countries must do more to make their economies competitive and to invest massively in our ability to defend ourselves."

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Canada's Carney gives up on USMCA renegotiated deal with US as he makes deal with China Jan 2026. No date is set for USMCA renegotiation. Carney stepped up the criticism of the US and suggested middle powers find their way by makiing deals of their own. This has drawn criticism from DJT, Luttnick and Scott Bessent, the Commerce Secretary and Treasury Secretary. Canada's economy has some fragile points in its dependence on the US and this may not be the wise course of action for Canada at this time. Germany, Italy, are meeting on February 12 and Europe may follow a different course of action of working with the US, India is close to a trade deal, so that Carney's and other remarks about going to partner with China at a gathering as isolated as Davos is from the real world may be very counterproductive.

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German response to Greenland tariff is muted- "appropriate response at appropriate time" realizing that Denmark and Nordic countries not Poland, Austria, Hungary, Russia, China, and other countries are concerned about Greenland, and after action by Denmark's government that "is going nowhere" in the words of DJT.  Denmark has misrepresented the facts and US history in relation to Greenland's exploration by US Navy and Adm. Perry in 1890's is ignored, Denmarks colonial power history is left out which is how it acquired Greenland in 1813 in Treaty of Kiel with Sweden in exchange of territory during Napoleonic Wars. Much of this can easily be researched and it is baffling that the Danish socialist party government is bringing NATO into this as it has to do with security of the eastern seaboard of the US, a concern since the early days of the founding of the Republic of the US since 1820's.

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There was a time during the Apartheid days in South Africa when diplomats and other visitors took great risks to help South Africans. Haigh is one of the Australians who did his best to help those who were fighting Apartheid and its segregation of black people. He was a junior diplomat at the Australian mission in Pretoria when he arrived in 1976 with riots in Soweto, outside Johannesburg. He helped Steve Woods, the journalist in "Cry Freedom," a British dissident flee the country.

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The Supreme Court chastises the governor's role yet leaves the decision on qualification or disqualification of 16 MLA's who crossed over to the Opposition in Maharashtra to the Speaker of the legislative assembly of Maharashtra state in India. The speaker Mr. Rahul Navrekar is expected not to disqualify the 16 MLA's. With the support of these and other MLA's Mr. Shinde had formed a new government in Maharashtra in a 2 party coalition with pm Modi's BJP party in the state.

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Fed vice chair Lael Brainard is president Biden's choice to replace Brian Deese as director National Economic Council. She would help Biden at a crucial period for the US economy with recession fears and inflation, and aggressive interest policy of the Fed's Jay Powell to slow inflation. Brainard is a daughter of a US diplomat who became interested in economics after living in Poland and Germany, and seeing how countries so close to each other divided by the Iron Curtain followed very different economic policies.

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The U.S. aid package to tackle the coronavirus includes $425 million for mental health and substance use disorders and $50 million for suicide prevention to ramp up mental health services. A telemedicine program for mental health providers is being expanded and a suicide prevention program at Veteran Affairs Department is being expanded to other Americans. Second lady Mrs Pence is supporting the suicide prevention program. 

Widespread anxiety and post traumatic stress disorder is expected by experts as a profound aftershock from the coronavirus.

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This editorial in the Times of India says China's new border law that goes into effect on Jan 1, 2022, aims to tighten control over border areas, with strengthening of border defenses and integration of border populations. It says this means border relations will not be affected by improvements in bilateral relations. China is rejecting the Indian position for border standoffs to be settled through improvements in bilateral relations in other areas. The Times Editorial says that an "aggressive, inflexible, belligerent China" is what India now faces. 

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The situation in poor neighborhoods of Jakarta, Indonesia, where workers in the informal economy need to work to make a living selling out of food stalls, and in other ways. With the lockdowns making this difficult during the surge in coronavirus in Indonesia, poverty is increasing and families struggle to survive. The covid social aid is not working as efficiently as in India where the prime minister had introduced various schemes including direct bank deposits to every one of India's vast population of households.

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Disbelief at what happened in the Sydney cricket Test with the comments of Paine to Ashwin and the activity on the crease by Smith, as Indian batsmen held on to save the day. Readers comments are interesting. One reader says Brett Lee is the Australian bowler who should be the role model for Australia. Then again Richie Benaud from the sixties and seventies going far back is what the Australians need to go back to. Other readers say this is not just Australian cricket, it is cultural in Australia.

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Baby boomers are aging and leaving the workforce. Not enough people are expected to replace them to meet the higher demand for infrastructure workers to rebuild America's roads, bridges, airports, rail, and other infrastructure. US president Biden' $1.4 trillion investment planned for renovating infrastructure will mean a large demand for workers that will be difficult to meet, says this report in NYT. Fewer students are going into community colleges, and fewer new workers are replacing older workers who retire in the construction related industries.