LyrArc Article Gist
This WSJ editorial says president Trump can exit because president Obama never really built support for the Iran Nuclear Agreement of 2015. Stephens in the NYT cites a Pew poll at that time showing only 21% supported it with 49% not supporting it.  This editorial says the deal made by Obama gave Iran $100 billion of sanctions relief and a chance to revive its nuclear weapons program after a 15 year waiting period. It says this increased conflicts and wars in the Middle East. President Trump said in his announcement on May 8, 2018 that the deal never led to "peace, or calm and never will." Another issue of winning popular support is mentioned, as WSJ says president Obama did not submit it as a treaty to the Senate for approval. The Trump administration has its own work now to build support with Europe in fixing the nuclear deal's weaknesses, and winning support from Democrats as well as Republicans for sanctions and new negotiations that help bring a better more peaceful Middle East, so that Iran can focus on lifting living standards and improving the economy, setting a new course. ...

LyrArc Article Gist
President Obama's program for education includes promoting charter schools, closing failed schools, making teacher pay reflect the quality of education they can provide, and providing financing to support better education and better classrooms. Here he outlined his plans in a major speech on education to an Hispanic group.

LyrArc Article Gist
Negotiations between Japan and China before the APEC summit in Beijing, Nov. 2014, lead to an agreement that does not explicitly state Japan's sovereignty over the Senkaku islands, but acknowledges the current position in which the islands have remained in Japanese control since 1880. It lets both sides agree to disagree so that trade and diplomatic ties can be improved. China's economy has taken a hit from a 50% decline in Japanese foreign investment in 2014, just as the economy is slowing for other reasons. Both leaders can show the international community they have moderated their positions. Prime minister Abe also can show his foreign and domestic policies are working as his high poll ratings have declined in recent months.

LyrArc Article Gist
There are similarities in the Republican and Democratic party platforms in 2016. One area of agreement is in the reinstatement of Glass Steagall Act. That legislation made in the Depression period to separate commercial banking from investment banking was changed  when president Clinton made changes in a deal with Senators Phil Gramm and Jim Leach in 1999. The too big to fail problems of banks and the problems of investment banks during the 2008 financial crisis are attributed to the lack of Glass Steagall protections for financial stability and safety. The result is that in the post 2016 environment banks can expect a tougher regulatory environment. Another are is in trade where both parties are expected to take tougher positions to protect U.S. interests. The Republican platform calls for "better negotiated trade agreemets that put America first."

LyrArc Article Gist
A whole range of issues can be seen in the debt crises in developing countries. The margin for error shrinks with poor governance, lack of honest assessment and transparency for finances, wars and conflicts within or outside the countries, living beyond their means, lack of focus on development, infrastructure that is unproductive or unaffordable including some Belt and Road Initiative infrastructure at higher interest rates. Countries that are dependent on overseas remittances, tourism, that were hit hard by the pandemic have seen their finances further weakened reducing the margin for error even more to the point that the smallest tipping point can lead to huge crises. Once the finances are weak all it takes is an external tipping point that creates serious crisis. The war in Ukraine with shortages of wheat, fertilizer and skyrocketing oil prices acted as that tipping point. Because this was a major blow the crises have a level of magnitude that is more than a payments crisis. One sees this in South Asia in Sri Lanka and Pakistan, and in the Middle East for countries such as Egypt and Tunisia shown in this WSJ report. It is now not simply a crisis but a crisis of great magnitude because in the case of Sri Lanka and Pakistan this WSJ report says that both countries foreign exchange reserves have dwindled to the point where they can pay for only one or two months of imports according to central bank data, analysts and IMF. This crisis has affected countries that were seeing steady foreign investment such as Turkey for decades, then a sharp falloff in foreign investment with a change in the climate for foreign investment. The crisis has taken the form of high inflation, significant depreciation of currency that makes imports costlier so that shrinking revenues from loss of remittances, tourism, or other sources will now have less value in supporting import needs. Lack of a credible path can delay setting a path out of the crisis. The $1.5 billion fuel and electricity subsidy made by the prime minister of Pakistan in late February was done without IMF approval leading to the IMF program having to be renegotiated. Lack of national political and cultural consensus on a solution simply makes it that much more difficult to find the way through it. In this regard South Korea was able to tackle the 1997 financial payments crisis effectively because of a national consensus. The situation in Egypt- Egypt has borrowed $20 billion from the IMF since 2016., placing it second to Argentina in aid from IMF since 1980's.  In 2020 and 2021 Egypt' government spent more than 40% of its revenue servicing its debt, and is forecast to do the same in 2022. The situation in Tunisia- A shortage of sugar, flour, and other critical supplies, and government delaying wage payments to civil servants. The government got $400 million in financing last month from the World Bank and hopes to secure a lifeline from the IMF. Compared to the period between the 2 World Wars the two bright spots are China and India where lessons of the past of civil wars, religious or political conflict, and poor governance, lack of knowledge of how the western countries industrialized and modernized, was replaced with the conviction that drives patient effort, courage in the face of adversity, honesty, and humility to learn including from western countries that have forged their own path through the same difficult road. The most difficult experiences have offered lessons which were learned- for South Korea the Korean War and invasion from the north, China the civil war and Japanese invasion, for India the partition of India and million of refugees. Stagnation from stumbled efforts also taught lessons, the Great Leap Forward in China, the License Raj with corruption in India.       ...

LyrArc Article Gist
People in China with 800 yuan or $114 can now invest in low cost mutual funds. They can invest in 5700 domestic mutual funds offered by Vanguard's partner in China Ant Financial Services Group. Vanguard offers investment advice in assembling mutual funds. The investment advice will depend on algorithms not people to provide investment advice.  Ant owns 51% Vanguard 49%. Chinese investors are known for speculative approach to investing and making risky investments. By contrast Vanguard's approach in the U.S. is more careful and makes a serious effort to reduce risk with its index based mutual funds which it pioneered. China is making an effort to bring American companies into its financial  markets as part of the opening up sought by the U.S. Vanguard CEO Tim Buckley says his goal is "to fundamentally change for the better how individuals in China invest." Vanguard says it has taken the long view having worked for a long time on getting regulatory approval and its own approach for investing to introduce in China. It studied the market since 2018 talking to industry peers, regulators and clients. It says Chinese regulators appreciate Vanguard taking the long view. Today Vanguard's office in China has only 20 employees, and it has stayed away from setting up private investment funds for wealthy individuals and institutions which is permitted for western firms in China such as Fidelity International.  Vanguard's Mr.Bogle pioneered low cost index mutual funds that follow and index as opposed to having mutual fund managers determine investments. This takes the guesswork and individual bias out of the equation as experience has proven that over the long run this approach works best. Vanguard now has $6 trillion in funds under management, and is by far the largest mutual funds company in the world. It now has the potential to tackle a huge market of 900 million individuals in China. ...

LyrArc Article Gist
Jeremy Hunt, head of the Health Select Committee and Health Secretary 2012-2018, says Britain needs to take up mass contact tracing as its next national mission. Britain he says has passed 20,000 tests a day for coronavirus. America has passed 150,000 tests a day. Both more than South Korea. What is missing when compared to South Korea and Taiwan is mass contact tracing.  The app TraceTogether is not enough, as it was used by only 20% of Singapore's population. Only South Korea and Taiwan are able to open up the economy, have workplaces and life function close to normal through extensive testing and mass contact tracing, with feet on the ground. This is the only path that has worked with South Korea successfully out of the lockdown. This means "feet on the street." Making these calls requires skills, getting information, getting cooperation, offering guidance, and ensuring people isolate themselves after contact with an infected person. Sometimes it is by phone and sometimes in person wearing full PPE. They need to be sensitive enough in talking to someone feeling ill and to see how home isolation can be achieved, who else the coronavirus infected person or someone in the chain of contacts has been in contact with. Mr. Hunt says no effort should be spared in doing this as the millions of jobs in Britain, of people without work, the economy, and the need for light at the end of the tunnel of lockdowns, requires a way out. A huge task but a lot of impossible tasks are being tackled in the health services. The resources of Britain, every spare civil servant, every administrator not working, every one who can do this, needs to be enlisted to do this. The same task needs to be tackled in America, and in other countries as a national mission. ...

LyrArc Article Gist
How do you setup a vaccine business. Consider Mr. Adar Poonavalla in the city of Pune in India. His company Serum Institute of India, remains family owned. Founded in 1966 by Cyrus Poonavalla, it produces billions of doses of vaccines for measles, polio and other diseases. It is expected to be one of the key sources of vaccines because of its expertise and the stocks of vials and other supplies that it has in stock for the next 2 years of vaccine production. It is working on a separate facility for coronavirus production that could turn out 800 million doses of vaccine at a price of about $13 a dose over 2 years. Serum Institute is working with 3 companies that are doing the research on the vaccine for coronavirus in the U.S. and Europe, and will play a key role in the manufacturing of vaccines. To respond to the question how do you setup a company to produce vaccines for the people of the world. This is what Mr. Poonavalla says- he will only work with ethical long term funds and sovereign funds because he does not want to be in the situation where he has to charge high prices to give them returns. Unlike most countries in the world, India is unique in making certain that most of the basic pharmaceutical drugs are available to over a billion people at a low cost. Serum's goal is low cost quality vaccine production so that over a billion people in Asia can be "protected from the birth onwards." As the U.S. and Europe and large parts of Asia, Africa and Latin America, face the second vaccine phase of the coronavirus response following difficulties in PPE, Ventilators, and Masks in the first phase, they can have confidence because of companies such as Serum and the research centers in U.S. and Europe like the one at Oxford University. ...

LyrArc Article Gist
Daniela Hernandez shows in this WSJ video how smaller pieces of plastic, microscopic or micro size fragments of plastic broken up by wind and rubbing against other surfaces, and through degradation, are found in the world's oceans. These microscopic pieces smaller than a strand of hair are hard to pull out compared to plastic bottles. This kind of contamination from the 10 million metric tons estimated to end up in the oceans is harder to detect and harder to remove.  The Great Pacific Garbage Patch is a section of the ocean near Hawaii in the Pacific ocean that is 1.6 million square kilometers large, twice the size of Texas or three times size of France,  and has a concentrated level of plastic. There are patches like this all over the world's oceans. This is also where the microscopic plastic pieces are widely spread out invisible to the human eye but gradually disintegrating into smaller and smaller particles that are consumed by fish and marine life. Over time it has poses serious risks to our environment closer to our beaches and maritime coastline, ending up on rivers and contaminating groundwater. As this is not being monitored the risks of this kind of contamination from the widespread use of plastics is unknown but yet significant. One of the easiest ways to tackle this also helps clean up our ocean beaches and river banks and makes them more attractive- this is to pick up all the plastic we can ourselves through volunteering our time in clean up efforts. Hundreds of thousands of such volunteer efforts can really make a difference in cleaning up our beaches and rivers. Clean up efforts should be supplemented with efforts at monitoring these fragile areas in the ecosystem for illegal handling of plastic and littering of these areas.   ...

LyrArc Article Gist
South Korea has tested about 300,000 people for coronavirus. About 20,000 can be tested daily for coronavirus through 40 drive thru locations. South Korea invented this method of testing. Another feature of the South Korean method is the tracking down of people who have come into contact with those testing positive for coronavirus. The South Korean government is able to do this because it can access the credit card and cell phone information of people in the country. This is possible through laws that were passed after the failures during a previous epidemic of MERs. The government then tracks down and isolates the people who came into contact with infected persons. This includes people who show no symptoms, an important aspect of the South Korean program which needs to be adopted in other countries once the production of test kits and testing is ramped up. The reason is that about 30% of people who tested positive in South Korea were not showing any symptoms but acted as silent carriers. This is similar to the figures for people in the Wuhan region of China. This testing capability is one of South Korea's key strengths, though Germany's Robert Koch Institute says it has a similar capability to test 160,000 people a week. The U.S. has tested about 30,000 people by comparison. The U.S. government is procuring 60,000 test kits under the Defense Production Act. South Korea also enforces social distancing though a $2500 fine and a 1 year prison sentence. Germany now has a 2500 euros fine in some states for curfew violations.  By comparison the fine in Britain is insignificant.  Another difference between China and South Korea with Germany and the rest of Europe, the U.S., is that in China and South Korea self-isolation is monitored, tightening the control over coronavirus spread at every turn.   ...

LyrArc Article Gist
China and India as rooted today in the original scientific mind of the Buddha and the Rishis are capable modern science based societies that can not only coexist with Christian Europe and Americas but also inspire other societies. About 33% or one third of the 1.2 billion Chinese people believe in Buddhism or a Bodhisattva, and 18% believe in Taoist deities. 47% believe in feng-shui arranging objects in space for environment and harmony. This is shown in a Pew Research survey. Buddhism is a religion that is not practiced officially with hierarchy and churches as in Catholicism. As a result faith and prayer happens in visits to small shrines in the home or in the neighborhood. Only 4% of people will say that they identify with a religion as religious beliefs are seen as close to superstition and backwardness that held China back from adopting science and modern technology from 1400 to 1900. This makes surveys difficult to trust in a Communist society.   A close observation from a Buddhist perspective in Asia would show that the vast majority of Chinese have a faith in Buddha or Taoism. Buddha's writings show a modern mind asking scientific questions about the mind and about life which can be consistent with science and technology and being modern. As in the original Upanishads and Vedic writings of Rishis what is called Hinduism in western language also ask questions with a scientific mind which were obscured by myth and superstition over 1000-1900. Both the original Vedic and Buddhist writings are not only not going to hold India and China back, when correctly presented they are capable of becoming a new force for advancing science and technology in society while retaining the roots of civilization in Four Forms of Mindfulness of the Buddha that give societies hope for the future. This offers hope for the future of China and India as a modern, scientific civilization with roots in the writings of the Buddha. ...

LyrArc Article Gist
Law Schools in the USA operate as a business like any other business. A class of 25 students at a mediocre school with $43,000 in fees can bring in a million dollars for the law school. Jobs are scarce for new graduates, but law schools try to fudge the numbers to present a rosy future when it is just the opposite. Young students without jobs can have loans upwards of $250,000.

LyrArc Article Gist
Many African countries have high growth rates but this can be misleading. Much of the wealth is generated from drilling or mining for resources. There is no transparency about the wealth generated and its use, with much of the wealth siphoned off to go to the ruling elites. Even the thriving private sectors can give the false impression of progress, when they are cartels of firms run for the benefit of the ruling party and its cronies. Independent media is purchased by the ruling elites and the information is one sided, concealing the imbalanced development and widening gaps between the wealthy and the vast majority of poor. When investments are made they show a stark reality of years of neglect of education and healthcare. Angola has built 24 new hospitals with oil revenues, but has only 1500 doctors for a population of 18 million. Much of Nigeria's electricity supply comes from small generators as the government electricity system has seen underinvestment for years. State owned firms are "privatised" in Nigeria by giving them to cronies of the government in power. These countries lack a honest civil service, an ethic of responsibility in the educated and ruling classes, institutions of democracy with checks and balances, and independent media. The anti colonialist movements in African countries have failed to deliver on education, democratic institutions, and building a prosperous middle class in most of Africa with a few exceptions. Both military and civilian leaders have failed to relinquish power once in control, with the rare exceptions....

LyrArc Article Gist
How does the National Rural Employment guarantee Scheme compare with what Brazil has done under President Lula with the Bolsas Familias program to help rural people with income below the poverty rate? India its reported is looking at the Brazilian program. There the focus is on cash payments with cards like debit cards issued on each individual's name that only that person can use so that the funds cannot be stolen by corrupt intermediaries with the person receiving it having to make sure that his children are in school and vaccinated. The focus there is on nutrition, education and health care especially of the family unit and in this way it has been a success according to the World bank and other experts.

LyrArc Article Gist
After over two decades of focus on GDP growth targets, China under prime minister Li Keqiang is giving more emphasis to job growth and problems of air pollution, education, and quality of life indicators. Premier Keqiang tells a news conference in Beijing in March 2014 that China needs to create 10 million new jobs each year. More bond defaults can be expected as the financial system is being changed with new rules. Li says China will no longer be "preoccupied" with GDP growth targets. Li made the new priorities clear-"The GDP growth we want is one that brings real benefits to our people, helps raise the quality and efficiency of economic development and contributes to energy conservation and environmental protection."

LyrArc Article Gist
Thomas Hoenig was Governor of the Kansas City Federal Reserve Bank for 20 years. Here he talks about the dangers of "too big to fail" with Gretchen Morgenson of the New York Times. He is due to retire at the age of 65 in 2011. Hoeinig has stood for conservative safe financial practices for U.S. financial institutions throughout his 20 year old career, and cautioned against extending the government safety net for banks that engage in risky financial activities including derivatives trading. And essential element of safe financial practice and part of necessary market discipline, he has pointed consistently, is the fear that taking on risky activities or acting recklessly has a price- creditors can take out their funds if they see a banks as unsafe, and the financial institution may have to be broken up or closed. He joins Alan Meltzer in his criticism of Federal Reserve policies under first Greenspan and then Bernanke that take on the job of stimulating the economy and creating jobs through a very loose monetary policy after the collapse of a bubble. Hoenig sees the role of the Fed in such situations as a neutral player. The reason say Meltzer and Hoenig is that the Fed has not given enough thought and attention to the long term consequences of its policies. What were the consequences of the low rate policies in 2003 asks Hoenig? It promoted another bubble and the mortgage meltdown of 2008. What were the consequences of QE II asks Meltzer in an op-ed piece in the Wall Street Journal on August 11, 2011, "The Folly of Economic Short-Termism?" It has failed to revive the economy or reduce unemployment. Hoenig also points to questions of fairness and equity that arise when banks are treated differently and farmers, seniors and other groups are asked to make sacrifices....

LyrArc Article Gist
An intense debate is taking place as Spain's agricultural regions face prolonged drought. The Valencian Community and Alcoy depend on rain and in drought conditions can lose 100% of crops. Murcia, Alicante and Almeria in the south east get water from local rivers, desalinated water and from the river Tagus. About 40% of water comes from desalinated water and diversion of water from the River Tagus hundreds of kilometres further north. Irrigation helps farmers plant organic lemons in what was once a dry arid region, and drip dry irrigation conserves water. The Spanish government is planning to limit the drop in the levels of the Tagus river to conserve water in the river which would reduce water to the south east around Murcia and Almeria. This region is considered to be the vegetable garden of Europe.

LyrArc Article Gist
AP News describes Biden's long association with Irish poets W.B. Yeats and Seamus Haney. In an earlier presidential run in 2008 he said- "I believe with every fibre of my being that we have a chance to make hope and history rhyme." In the 2020 campaign this happened and Biden believes today that this is reflected in the hearts and sentiments of the vast majority of the American people. 

Haney's poem uses these words in a translation of the Greek playwright Sophocles. From Haney's The Cure at Troy:

"History says don't hope On this side of the Grave

But then the longed for tidal wave of justice can rise up. And hope and history rhyme." 

LyrArc Article Gist
The Oxford vaccine is to be combined with a dose of Russia's Sputnik vaccine in a study to determine if this will provide improved results. The idea is to test whether two doses combined of Oxford and Sputnik vaccine can provide better protection than two doses of the same vaccine. Trials will begin by the end of 2020. This is being done under the concept of heterologous prime boost which has been adopted in  vaccination programmes against other diseases.

,Both the Russian and the Oxford vaccine use a modified version of adenovirus, a common cold virus. This is stripped of disease causing genes and given genetic instructions that make the coronavirus cause a spike in the protein when it passes it to the human cells. This then triggers an immune response.

LyrArc Article Gist
A second survey by the Indian Council of Medical Research shows an increase in the number of people estimated to be affected. The survey sampled people from 70 districts in 21 States in India. Overall prevalence using this method is high at about 21.5%. India has confirmed 10 million cases. Children and young are also affected.

Dr. Balaram Bhargava, Director General of ICMR, says "The message is that large proportion of the population remains vulnerable, Vaccines are necessary, and there can be no complacency with regards masks, social distancing and hand hygiene." India has so far not seen the kind of second wave happening in Europe and the US, yet the risks remain, showing the need for rapid implementation of the vaccine program for 300 million in the first part of the vaccination drive.

LyrArc Article Gist
Electric vehicles (EV's) get a tax credit under the Biden Climate Bill also called the Inflation Reduction Act of 2022. To qualify for the tax credit of upto $7500 buyers of EV's have to meet income and other requirements. Only cars with final assembly in the US qualify for the tax credit which should help boost American EV manufacturing capabilities and technology. This removes the problem of automobile job losses for factories shipped overseas.  EV's must not be priced above $25,000 for 2 year used cars, and $55,000 for new cars. SUV's can go upto $80,000. Income limits (as AGI) are $300,000 for joint filers, 150,000 for single filers for new cars. For old cars it is $150,000 for joint filers and $75,000 for single filers.

LyrArc Article Gist
Nancy Faeser, says "this is a strong commitment to a modern Germany." Germany's Interior Minister is pointing to the new dual citizenship law that will enable Americans as well as the many Polish and Turkish people in the country to have dual citizenship. Germany now joins Sweden, Ireland, France and other countries where dual citizenship is allowed. There are economic reasons for this as Germany needs to attract highly skilled immigrants for its labor force. Faeser says Germany will attract the most qualified people in the world only if it can ensure they enjoy full democratic rights in the foreseeable future. The CDU and Merkel for years opposed any changes to the immigration laws. It is the SPD, the Greens and the Free Democrats that are making these changes as Germany looks to the future.

LyrArc Article Gist
When it comes to climate change China is the largest emitter of greenhouse gases in the world- more than North America, Europe, South America and Africa combined. It emits about one third of greenhouse gas emissions in the world. When it comes to climate change action China is meeting its 2030 targets 6 years earlier, and it is meeting all the increased use of energy through renewables. Yet there is another side and this is that China is building coal fired plants at a rapid pace to meet its energy needs. Xie Zenhua meets John Kerry at Sunnylands estate in southern California to discuss how China and the US can cooperate on climate change action. No two nations are so critical to meet the challenges posed by climate change from fires to floods and drought.

LyrArc Article Gist
President Biden is moving forward a plan to setup a maritime corridor from Cyprus to Gaza and a pier where commercial ships can drop off humnitarian aid and food. The trip would take 28 hours from Cyprus and would be able to get in 200 trucks of aid supplies each day. The Qataris and UAE will also help with this plan and Israelis will cooperate. On the diplomatic front both the European nations, Britain and the US are working together to get Israeli cooperation. British Foreign Secretary Cameron met Benny Gantz. Earlier Gantz met with Kamala Harris in Washington D.C. Gantz is part of the wartime cabinet in Israel. The US and EU, Britain all now have serious differences with Mr. Netanyahu on putting the humanitarian situation first and foremost considering the situation in Gaza.

LyrArc Article Gist
It is a dismal situation when 4 out of 5 persons in France do not know what work the European parliament does and what bills it has passed in recent years. Even though the $700 billion aid package for pandemic support was done in the EU parliament and the Green energy deal was also done there in Strasbourg, France most Europeans cannot name this or are unaware of it. About 46% or half of French think that European parliament elections on June 6-9 are for the European Commission. Social media and Google, Apple have done a dismal job of educating people- this is the reality today as Lyrarc engages in this role of educating and informing people so that they can affect and shape the decisions that determine the quality of their lives.