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50 years after the invention of indexed funds at Vanguard, the author Burton Malkiel talks about the 50th anniversary edition of his book A Random Walk Down Wall Street. This led to the prominence of indexed funds in investing, that provides less volatility to financial markets worldwide. Malkiel says to this day passive investing with indexed funds that reflect the broader economy beats active investing most of the time.

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New Zealand prime minister Jacinda Arden came to know she was pregnant only a few weeks before she became prime minister. She was chosen as the new leader of the Labor party in this country of five million people only five weeks before becoming prime minister at the age of 37. 
 

Most people in New Zealand think it will not affect her performing her duties as prime minister. She will be the first western leader in modern times to have a baby while serving as prime minister.

Her duties are being performed during her leave of absence by her deputy, Winston Peters, who conducts cabinet meetings and is the acting prime minister. Arden is informed about key issues and cabinet meeting discussion during her absence.

 

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U.S. federal government efforts through changes in programs for loan repayment to reduce the burden of $1 trillion in student debt. A weakness of the programs is that no effort is made to put some form of cap on what colleges charge for tution, which is moving ever upwards. As a result students will continue to be burdened by high debt. The loan forgiveness after 20-25 years is not an adequate solution as the writer suggests, because extending loan payments of 15% of income for such an extended period of time leaves less for buying a house, for mortgage payments, education of children, and limits what a family can spend for two decades, a poor option for any family especially when both husband and wife are paying off student debt. As long as young people with student debt defer purchases for a new home and other purchases consumer spending will be weak.

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Dipti Deshpande writes in the Economic Times that how India's economy recovers depends a lot on how well the government tackles the problems of vaccine supplies, vaccination staff and incentives for vaccination to the public, vaccination logistics, and vaccination skepticism. Vaccination plays a large role in the reduction of fear and permits resumption of normal activity as seen in the US, UK and France. Government education of the public on vaccine safety should be conducted on an organized basis across the country starting now for the gaol of vaccinating the entire population by December 2021. In the 200 days remaining in 2021 the government would have to administer over 1000 million doses or at the rate of 5 million doses a day just for the single dose population, with the second dose meaning additional supplies and logistical effort, organized health staffing, all to be organized.  The thrust of this article is that the economy and especially laggard sectors such as services would gain a fully powered recovery if the problems of vaccine supplies and vaccination drives are resolved early with preparation, lessons learned, and proactive action all taking place immediately. The period after the decline in cases to below 50,000 a day which is fast approaching for India is one that needs to be used to take deep yogic breaths, and prepare the Indian mind for the next challenge for government and nation.   ...

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The Japan Automobile Dealer's Association says Toyota's Prius hybrid was No. 1 in sales in Japan in 2009 with 209,000 sales, three times the sales in 2008. This shows the high popularity of green cars in Japan and a sign of future trends. Hybrid sales made up 10% of new vehicle sales in Japan in 2009. By comparison hybrid sales in the U.S. were 2.8%. Second in car sales in Japan was the Honda Fit, third the Toyota Vitz, both small fuel efficient cars. About 1.6 million Prius cars were sold worldwide from 1997 to 2009, according to Toyota. Toyota has kept the price of the Prius affordable by pricing it at around $22,000.

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Its time for trains says Stuart Braun in DW.com, with all the flight cancellations and hardships of plane travel these days. Don't forget he says that trains make up only a tiny 0.4% of the total transport carbon emissions in European Union- planes produce 10 times that- and provide a better alternative to flying. 

Right now only 7% of passenger transport is by train. A lot needs to be done including making travel seamless across Europe. Banning short haul flights is one way. High speed trains connecting all European cities is another. The 150 busiest flight routes across Europe can be done by trains. Studies show 81 million passengers could shift to trains with high speed rail connections making the time comparable to flying including airport travel and waiting time. Train companies and infrastructure is too nationalistic to meet the challenge of climate change and action is needed immediately.

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Micky Hammon sponsored Alabama's HB 56, Alabama Taxpayer and Citizenship Protection Act, which passed in the legislature in 2011. The illegal immigrants it was said would follow "self-deportation" as the law would require frequent checks by police, and make renting a house or giving a job to an illegal immigrant a crime. The policy would be followed in schools also. At the time Donald Trump is cited by the Washington Post's David Weigel as telling reporter Kessler that the policy was "crazy," and "maniacal."

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Ignatius of the Washington Post presents the Egyptian protests from the lens of Obama's personal encounter with authoritarian regimes in his boyhood experiences in Indonesia and Kenya. This is covered in Obama's first book, "Dreams from My Father." Ignatius points to the movements in Indonesia and the Philippines that ousted dictators Marcos and Suharto as evidence that positive models exist for transition to democratic government after long spells of authoritarian rule. This is a view different from the pessimism expressed by Charles Krauthammer in the Washington Post on the same day- February 4, 2011- as the largest pro-democracy demonstrations were underway in Egypt. Krauthammer cites the situation in Gaza and Iran. The Wall Street Journal editorial on the same day says that Gaza is a bad example, because Hamas was allowed to contest the election without the necessary groundwork being laid; as an exception by US Secretary of State Rice. The WSJ editorial stands by the liberal democratic openings to democracy established by Bush, and earlier supported by Reagan at the Berlin Wall. The situation in Iran is actually that the elections were stolen by the Ahmadinejhad government, just as they have been stolen in Belarus, so it also may not be a good example. Ignatius points to Obama's experience as post-colonial but at the same time his administration's handling of the crisis so far has been generally described in the US media as of being caught by surprise by events and not being able to take a clear stand. ...

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By June 7 US stocks were up 11.5% in the first half of 2026, showing a resilient stock market whatever economists say about tariffs and other policies. There is a lot of misinformation on the changes in trade policy. Sure the deficits over $1 trillion had become so excessive to be a burden for the US ( this is not even to address the 20:5:2  the 20 trillion transfer in US wealth to foreign countries, 5 million jobs lost and the 2% low growth since 2000 that USTR Lighthizer and Jamieson point out in Foreign Affairs magazine in 2026).  Greg Ip comments on this in today's WSJ that betting against DJT trade and economic policy is not working. Here we have another flashback to Brexit and why a similar situation of misinformation had the opposite result. The value of the pound dropped from $1.55 to $1.35 to the US dollar in June 2016 the day Brexit referendum was won by Reform UK and the Conservatives. Today it is $1.33 in June 2026. Here is some history of Britain's tussle with the European Union. When did it start? In 1961 Britain applied to join. The French never too eager to have the British inside rejected in 1967 under nationalist De Gaulle. It took 12 years  not till 1973 did Britain get in with Denmark and both kept their currencies. As soon as Britishers complained about the bureaucracy in European Union Brussels headquarters conservatives like Boris Johnson drove this to a high pitch. He even said only way it would affect Britain was in the price of a Mars chocolate bar. Well in 2026 it is much more than that. Labour's Wes Streeting calls it a disastrous step for the UK economy to isolate it from Europe.  As usual the French don't care and the Germans showed little interest, so Britain was left to its own devices not being careful would mean bearing the costs. Manchester's mayor Burnham in Labour says he grasps this but there are other priorities that are pressing and shelves this for another time. It took 12 years to get UK into the European Union- it took just a few years under shortsighted Cameron, May and Johnson to get out when after austerity policies imposed by Cameron a lot of anger had shifted to Labourites and Blair's policies like the shortsighted policies of Bush and Obama, for the 20 trillion US lost to foreigners in their watch. Will it take another 12 years again for UK to get it right and get France and Germany to enthusiastically support Britain in the EU? ...

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Discussion in China's inner Communist party leadership circles about the way forward for democratic reforms, including free speech, and monitoring of government policy through criticism. This follows an unusually frank sppech in Shenzen in August, by premier Wen. A number of party elders call for further action in democratic reforms for better governance, and to curb corruption. The sense that China is reaching an impasse, and further development beyond what has been achieved in three decades requires democratic freedoms for the people of China. This has the potential to be a signifcant development, because it comes as economic policies of the past will have a harder time working now because of western resistance to high level of Chinese exports. The search for a new economic model may involve soul searching, and new thought on the political models that are needed now.

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Germany's investment in defense and infrastructure will see major increases under Merz/Kingsbiel CDU/SPD coalition government, borrowing in 2029 are 4 time levels in 2024 to finance a massive wave of investment. These investments were held off under Merkels government of the CDU from 2005 to 2021 and under the four year term of SPD's Scholz. A lot of damage is done by such disinvestment in the German economy from childcare and housing to transportation and internet infrastructure, to defense. It was part of the program of the Greens and Social Democrats under Scholz's government 2021-2024 but was stalled by finance minister Christian Lindner of the Free Democrats who was not fired until 2024 and who lost his seat and the FDP's presence in parliament in the 2025 elections for his role. Lindner's support of the constitutional debt brake set up by Merkel is seen as depriving Germany of the modernization of its infrastructure and the economy.  Germany's defense budget is set to more than double by 2029, increasing to €152.8 billion ($177 billion). Net borrowing will  significantly increase in the draft budget.  €81.8 billion in 2025, up from €33.3 billion in 2024. €89.3 billion in 2026, €87.5 billion in 2027, €115.7 billion in 2028 and €126.1 billion in 2029 or 4 times the level of 2024. The principal achievement in 2025 by Merz was to remove the constitutional debt brake of Merkel/Lindner and make modernization of infrastructure and defense a top priority of the Merz/Kingbeil CDU/SPD government. ...

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US naval blockade of Iran in Arabian Sea starts April 13 2026. US destroyed Iran's larger ships 158 of them, yet Iran also has a fleet of smaller attack boats which it plans to use in Hormuz. These are harder to detect and can be hidden in coves along the Iranian coast and used against ships. The US with its naval blockade is now prepared to do what it has done also in Venezuela, stop and interdict fast drug boats on the Venezuelan side in the Atlantic ocean. By blockading Venezuela in the ocean US is using its strengths, and stopping drug boats its ability to pinpoint traffic on the ocean. Similar capabilities are well suited to Arabian Sea and Red Sea on the open oceans and away from narrow Hormuz playing to US strengths and capabilities. Aircraft carriers and destroyers and the US Air Force is in a position to do what it does best control open seas like the British did in their heyday of the Royal Navy for most of 1750-1920. This avoids options of Hormuz itself with its narrow 15 mile gap of water between Oman and Iran too close to mountainous terrain on either side, and of the Kharg Island option which would require special forces to be backed up with more ground forces. This is the most viable option and the interlude of couple of weeks has given the president an opportunity to make a better choice for positioning the US forces where the US has its strongest points. What is lacking is the individual powers of Britain and France whose leaders Starmer and Macron have popularity below 20%. Yet the US is better off making good choices and not having these nations alongside. The posturing by European nations is limited to France and UK, as Germany and Italy are in sync with the US position. Much of the media operates as if the goal of preventing the spread of nuclear weapons to the Middle East is not important for long term peace for nations such as China and India with about 3 billion people and the billions of people of Asia, Latin America and Africa. For the first time in 400 years since 1600 as Asian civilizations began a long decline China and India have emerged in 2000-2030 into the kind of modern economies and societies that exist in Europe and the US. The last thing they need is the risk of destroying the Modern World with nuclear proliferation when it took centuries to get to the right opportunity after 1950 to modernize China and India. Xi's and Modi's generation are the first to experience modernization in Asia after Japan's experience. ...

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The migrants moving north from Central American countries is a result of gangs taking control of neighborhoods with extortion rackets and little control from the authorites. In one country San Salvador gangs control most of the nation's municipalities. Unlike the drug gangs these gangs a residual of the guerilla wars in these countries and other gangs, operate in their own neighborhoods. As  this report points out the gangs employ about three times as many people as the largest 2 employers in San Salvador Hanes Brands and Fruit of the Loom. The cost of this is about $4 billion or 16% of GDP according to the country's central bank with a major loss being human, losing the best people and lost investment.

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Finland makes the decision to join NATO on May 12, 2022. NATO's land. border will increase from 1215 kilometres or 745 miles to 2600 kilometres. Sweden is expected to join NATO in a paradigm shift as it has been neutral for 200 years. Once Finland joins Sweden would be alone in the Baltic if it did not join NATO. Both Finland and Sweden have integrated their defenses and built up defenses at a time when other European states had not invested in the military. NATO Secretary General Stoltenberg has welcomed FInland and Sweden joining NATO.

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Asia's longest bidirectional tunnel is between Ganderbal district in Kashmir and Kargil district of Ladakh in India's Himalayan region at a height of 11,500 feet for 14.2 kilometres. Indian Express shows pictures of work on the tunnel which will cut time across the mountains from 3 hours to 20 minutes and connects Leh in Ladakh with Srinagar in J&K providing all weather connectivity. It will be completed months ahead of completion date of 2026. As part of the project 19 tunnels are being constructed at a cost of $3.5 billion.

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Putin's visit to India is intended to continue India Russia dialogue. One of the topics is trade. New trade deals are planned to take pre-pandemic trade from $11 billion to $30 billion by 2025. Trade would go beyond energy to include education, cybersecurity, agriculture, pharmaceuticals, railways, clean energy. By comparison US India trade for the same time period is $146 billion.

Afghanistan is a source of concern for both Russia and India and this will be part of the talks. Russia also participates in several forums with India including BRICS. 

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This Guardian report gives a discussion with Austin based Dr. Attia of Early Medical and ways to ensure healthspan- adopting healthy patterns of living including food and exercize, sleep, that start at an early age. The approach is that prevention should be the best way to tackle health issues that can develop later in life and the time for that is early, right now. Most of it is well established based on exercizing well, and weight exercize routine for strengthening muscle. It could just as easily include yoga or pilates, and sports. Nutrition plays an equally important part.

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Masks will be mandatory in more public spaces in Britain starting August 8. Prime minister Boris Johnson says it is time "to squeeze the brake pedal" as cases jump to 4200 a day July 30, as provided by ONS. Northern England has more cases and new restrictions. Face coverings will be mandatory in more indoor spaces such as cinemas. Standing next to Mr. Johnson at a briefing, Prof. Chris Whitty, England chief medical officer said the "idea that we can open everything and keep the virus under control is wrong."

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For the first time we hear of "period poverty" in advanced European countries. Scotland charities say there is "period poverty" in Britain as the pandemic hurts incomes across Scotland. Women and girls not having money to buy sanitary products needed during menstruation. The Scottish parliament passes a Period Products Bill to ensure all women have free sanitary products, the legislation costing about 10 million pounds.

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Global oil demand is expected to shrink in first quarter 2020, for the first time in 10 years, according to the International Energy Agency. China made up three fourths of growth in oil demand in 2019. The border closures, flight cancellations, and factory closures, are affecting Chinese oil consumption as a result of the coronavirus. China's growth in first quarter is expected to be 3-4% than a year earlier.

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Under PM Trudeau of the Liberals Party Canada opened its door to immigration and meeting labor shortages. This put a strain on housing and social services when in 2022 1 million people were added to the population, now 41.6 million. Canada under Mark Carney of the Liberals party sets new temporary residents target from 670000 in 2025 to 385000 in 2026 and 370000 in 2027 and 2028. 

"We needed to bring our immigration level to a more sustainable level," says Canada's finance minister, Francois-Philippe Champagne. For the first time there is a drop in population of British Columbia and Ontario. Only Alberta increased population. There are 2.8 million non permanent residents mostly international students and temporary foreign workers or 6.5% of the population in 2025.

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In response to bellicose speeches by Republican presidential candidates Mitt Romney and Rick Santorum at the American Israel Public Affairs Committee conference on March 6, 2012, President Obama stated at a press conference: "This is not a game..The one thing we have not done is we have not launched a war.. If some of these folks think we should launch a war, let them say so, and explain to the American people." The U.S. president, advisors and intelligence officials believe that Iran has yet to acquire a nuclear weapon, that there is time for sanctions to work and make the Iranian government give up any weapons programs it is working on. Their view as stated by the U.S. President is that this time cannot be measured in two days or two months. Recent elections in Iran show divisions in the government between the Ayatollah Khamanei and premier Ahmadinejad, with the elections favoring candidates supporting Khamanei. There is also the dynamic of changing relations in the Middle East- between Iran and other countries such as Iraq, Turkey, Saudi Arabia, India- which have strong ties to the U.S., and Iran's relations with China and other countries which have close economic ties to the U.S. In addition in a country with a demographic skewed heavily towards younger people and a third of the people under 15, the democracy protests in 2011 about a flawed election in 2009 are supported largely by university and college students. That election may actually have been stolen by Ahmadinejad from Mr. Moussavi, who in an election eve television debate accused Ahmadinejad of "adventurism, illusionism, exhibitionism, extremism, and superficiality," (Nazila Fathi, NYT 6/4/2009). These factors are likely to be behind the Obama administration's sense of a "window of opportunity," to use Mr. Obama's words. Recent polls by the University of Maryland's Prof. Telhami show only 19% of Israelis favored a military strike without U.S. backing in Feb. 2012, and Israeli public opinion experts see Obama's position as reflecting a sound judgement. Research by Citigroup shows that at a price for Brent crude of $120 with an escalation in Iran, it would take 9% of the world's GDP to support the higher energy costs, hitting Europe especially hard (Liam Denning, WSJ 1/6/2012)....

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Larry Fink thinks there has been for retirement "an historical shift from certainty to uncertainty," from security in the earlypost war years of Truman, Eisenhower, Kennedy and LBJ to precarious living in the post Reagan era of "free to choose." It is mind boggling to grasp the idea that 4 in 10 Americans lack $400 in emergency funds for a health emergency. It has been hard to wrap my mind around such a fact. Are you in the same boat? Larry Fink CEO of Black Rock financial firm with half of its $10 trillion of funds in investment assigned to retirement has joined us. Fink says- "America needs an organized high level effort to ensure that future generations can live out their lives in dignity." He wants some hard conversations. And here are his initial thoughts- Create predictable income streams like pensions for all workers including lower paid or part-time workers.  Follow 20 states in setting up retirement systems to cover all workers, including gig and part time workers in lower paid income jobs. This covers a huge number of workers counted by the millions who perform the work that makes the country and the economy run. From workers in restaurants to hospitality workers, and in lower paid health care jobs, in help for the elderly, help for children in child care. Encourage employers to offer matching funds. ...