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Mark Frazier, a professor at the New School, is the author of the book "Socialist Insecurity: Pensions and Politics of Uneven Development in China." Here he describes the situation in China for the elderly and pensions. There is no Social Security Administration in China like the one in the U.S. Pensions are the responsibility of local authorites. Urban pensions were established in 1951. Pensions for rural areas and farmers came only in 2009. The situation in China for pensions is much like that in the U.S. before FDR's New Deal, being run by a patchwork of local programs- about 2500 county and city governments running pension funds. The problems of pension programs being run for the benefit of well connected groups and making risky investments exists in such local programs. Local governments taking on large levels of debt is a serious problem. The pension program in Shanghai came under scrutiny because of risky investments. A report in Dec 2012 cited by Frazer cites empty accounts at 2.2 trillion yuan or $353 billion. The National Social Security Fund has only $140 billion. Overall pensions account for about 3% of GDP in China compared to 4.9% in the U.S....

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In another sign of how the capital allocation system is failing America and how capital markets are malfunctioning, this report in WSJ shows how capital of $346 billion in 2021, much of it needed for vital investments in renovating crumbling US infrastructure, in chips and science, in education, is being wasted. Vital needs are being ignored in America in education when only one thirds of eight graders are passing NAEP test reading comprehension in the US. No one talks about it yet it is a fact that cannot be ignored. Yet underinvestment in education, health, infrastructure and public services happens as wasteful investment takes place as hundreds of billions of capital is diverted into ventures that have little meaning. Shown here is a robotic pizza maker that is going out of business. The Internal Rate of Return for venture firms was negative 7% in the third quarter of 2022. As president Biden said in The State of the Union this year "free markets without competition is not capitalism it is extortion." There is no competition in the planned misallocation of this type that fails common sense,  American families and children,  as well as financial rates of return. ...

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Emmanuel Macron graduated from Sciences Po University in 2004 with a degree in public affairs. He joins the Finance Ministry as an inspector and then buys himself out of government service contract by 2008 to join a private bank. He arranges an acquisition from Nestle and other business deals during this period. In 2012 he is appointed as deputy secretary general for the president's office after Francois Hollande a socialist is elected to the presidency. In 2014 he is offered the position of Minister of Industry and Digital Affairs in the second Manuel Valls government. He makes some changes to French government but opposes the wealth tax or tax on business, and is generally pro-business, though he acts as a member of the Socialist party.  He uses this period to build momentum for his own run for the presidency as support for Hollande falters having lost support from his working class base with Macron and Valls inspired changes.  Macron finally announces he will run for the presidency forming his own En Marche movement which he finances with his own fund raising. Throughout this period right up to the election in 2017 Macron has not run for public office. When he wins the presidency in that year he lacks the experience needed as the youngest president in French history at the age of 39. Like another young president Obama he handles his public image with the media for his En Marche movement promising to unblock France. This public image and his lack of experience makes him impervious to the social changes going on in France that lead to the yellow vest protests in 2018. This is a period when there are changes in the midwest as workers in Michigan and other midwestern states turn away from Hillary Clinton and Obama.  French workers are in the position of workers in the US with the decline of manufacturing, much of it shifted with the supply chain to China and Japan, and the gap opening between rural and urban tech educated areas. Macron follows Obama's quick rise from Senator to run for president yet lacks experience, and lacks sufficient grasp of the social changes with loss of manufacturing, the wide gaps between rural and urban tech educated people, conditions in the rural and farming areas. Macron survives this period, is reelected in 2022 with the help of socialist Melenchon voters. He says he will govern differently, less distant from average Frenchmen, but his instincts are to push for pension reform. At a time of cost of living crisis, and when the French budget office says the change in pension from 62 to 64 was not critical at the present time when inflation was hitting the public after the pandemic. Macron does this by Article 49 in the way he has done under the Manuel Valls government, by executive action alone. This time he faces a no confidence motion in parliament in March 2023 following some of the largest protests France has seen in years, with two thirds of the French according to FR24 opposing the change in pension law. Women see this as coming at a time when age discrimination hurts their chances of earning a living after 50 years of age.  Age discrimination is widespread in France, in a way it is not in Germany, say reports in the NYT. And with the cost of living crisis acts as a major hurdle for the average French person, if pensions are delayed without addressing these cultural issues in France. The result is that the protests have substance and Macron is seen as not sensitive to this at a time when he lacks a majority in parliament. ...

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Robert Frank, an economist at Cornell and visiting Professor at the Stern School of Business at NYU, says this deficit increasing our debt burden is entirely different from the way in which the Bush administration increased the national debt. During the last 8 years the Bush deficits increased the national debt by almost $5 trillion. But people went for larger mansions, and consumers went on aconsumption binge, and the Bush tax cuts were skewed to help the wealthy. Now to address the economic crisis a similiar amount of about $5 trillion will be needed but it will be spent quite differently. Money spent on ropads and building infrastructure that is needed is money well spent on any dimension. Especiallyfor America's crumbling roads and bridges and highways. If postponed these would cost more or twice as much to fix. Frank's point is that alot depends on what you do with the money. At recent interest rates servicing $10 trillion in debt costs about $400 billion annually. He says thats quite manageable. Just by instituting agasoline tax of $2 agallon as the Europeans do and are not alot poorer dfor this, the US could generate $100 billion ayear. When Americans are using mass transit in the largest numbers in 50 years, it also makes sense to build better faster transportation systems between major cities, like the high speed trains in Europe....

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China's sharp slowdown in growth to below 4% is likely to reduce inflation in the US, Europe and the rest of the world. This means less demand for oil and gas, other commodities, that China absorbed for the higher growth, in a degree that was disproportionate when compared to the needs of the rest of Asia, Latin America, Africa, the US and Europe. The inflation in other parts of the world with inflation now exceeding 10% in Britain, is driven by the war in Ukraine cutting off supplies of Russian oil, and by supply chain issues. Lower demand for fossil fuels in China could compensate for the loss of Russian oil supplies by adding that much oil and gas to oil markets. Supply chain issues are being resolved though this may take some time. And a new supply chain is being built that replaces the old one that was too stretched out all over the world without emphasis on making at home in the US and Europe, India and other countries. US shale oil companies have not invested in increasing production and this could change adding to oil and gas supplies. Moderating inflation and a winding down of the war in Ukraine could help the economies of the US, Europe, India and other countries. ...

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The Chicago Sun Times files for bankruptcy. It owes the IRS $510 million in back taxes for 1996-2003 when Hollinger International, which controls the Sun Times, was owned by Conrad Black, who was convicted of fraud. It had an operating loss of $344 million in 2008. Its newspaper the Sun Times has a circulation of 313,000. The Sun Times had expected advertising revenue to drop 30% this year. The Tribune Company, which owns the CHicago tribune and the Los Angeles Times filed for bankruptcy in 2007 Dec. Other papers that filed for bankruptcy include the Philadelphia Newspapers and the Star Tribune Holdings of Minneapolis. Sun Times stock which was at $6 in early 2007 was at 2 cents in April 2008!

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As the push for biodiversity increases the idea of passive rewilding or letting nature and its chaotic way take its course is getting increased acceptance. It allows natural processes to restore themselves and do the work. A certain amount of chaos is accepted as forests reclaim territory, different species come back and fires, floods return. This is seen in the Peneda-Geres National Park in the northern mountains of Portugal. Here Mr. Pereira at the University of Leipzig Center for Biodiversity Research says it is about letting wildlife return, letting fires, floods return and most importantly letting plants and animals move around.

The issues of biodiversity and restoring landscapes to the ways of nature are the topic of discussion at the UN COP 15 summit this week in Kunming, China. Pereira's idea is that if you love something, just set it free, for a biodiversity setting to take shape.

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India is now the largest market for Rail Europe after the US, and India surpasses both China and Japan in 2024. Indian travelers are shown here in this report by DW.com as very keen on traveling to Europe and using rail to see different countries. Rail Europe CEO Bjorn Bender expects 40 million travelers coming to Europe from India in coming years. This flow of travelers from India has increased Rail Europe's global revenue by 60% by 2023.

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European Union countries rush to build their own supplies of lithium inside Europe for renewable energy and batteries. 

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Some ideas on how to reopen the economy in Britain in phases starting with release of some activities in May, followed by mid-June, and early July. Medical precautions and new protocol for being out on the streets, in public transport and in offices would have to be observed.

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The Biden administration plans to have booster shots for most Americans 8 months after the original second dose. It will start with health care workers and older Americans as early as mid-September. This is designed to control the spread of Delta and other variants and protect people.

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Spain's former king and father of King Felipe, who at one time was respected for his work bringing democracy to Spain after the Franco period, is now involved in issues related to Swiss bank accounts that are affecting the reputation of the royal family in Spain.

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Intel is expecting 8-10% growth in its forecast for unit PC shipments for 2011. For the second quarter 2011 revenue of the Intel PC unit increased by 11% from the prior year. Two factors are enabling this growth. PC shipments in emerging markets are growing fast, with increases of 70% in Turkey and Indonesia in the second quarter. Profit margin is at 60.6%. Third quarter revenue growth was given by CEO Otellini at $14 billion, and the total revenue for 2011 is expected to show growth at the mid-20% range.

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Food shortages around the world and the World Bank and Britain's lead in pushing for solutions.

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Year over year inflation in Dec. 2013 was 9.9% in India. RBI Governor Raghuram Rajan plans to focus on headline inflation which focusses on food and fuel which are about 60% of the consumer basket in India. Earlier RBI efforts used a number of indicators- inflation, growth, financial stability and exchange rates which created confusion in the minds of investors about the serious control of rising prices. Inflation for the last 5 years has been over 8%, and is persistent even as growth slows. The policy rate is now about 2 percentage points below inflation. Inflation targeting under Rajan could take the shape of 8% target in the first year, dropping to 6% and then a range between 2-6%.

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Britain's chancellor Rishi Sunak announces that the government will pay two thirds of wages of employees for businesses forced to shut down in the second wave of the pandemic. Most of northern England is now in lockdown in October 2020 as it tackles the second wave of the pandemic.

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The WSJ editorial says Gen McChrystal may bring the qualities of flexibility and imagination, and intellect, the way General Petraeus did to the war in Iraq. It says Defense Secretary Gates did well with President Obama to bring achange of leadership to the American effort to bring security to the Afghan people from the Taliban militants. It was the leisurely way the NATO effort proceeded under Gen. McKiernan in building the Afghan army- the only remaining institution that commands confidence in the country - that WSJ faults for having gone on too long. The other institutions like the corrupt police, and the failing government of Hamid Karzai, along with the spread of opium farming in the south have led to further deterioration in security.

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A UN Security Council ceasefire resolution passes with the US abstaining. It passed 14-0 including Algeria the only Arab country in the Security Council vote. It calls for immediate ceasefire and immediate release of all hostages. The other countries in the non permanent 10 members included Japan, South Korea, Switzerland, Slovenia, Guyana, Mozambique. This resolution supports the US efforts through working with Qatar and Egypt to reach a solution with a ceasefire and humanitarian assistance to the civilian population.

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This FR24 video shows Chile's Atacama desert as a dumping ground for fast fashion clothing, boots and other consumer products.

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Grim warning from chief scientific and medical advisors to the British government that we are not through this yet, there is more ahead. Without strong action there could be 200 deaths a day and 50,000 cases a day, says Sir Patrick Valance, chief scientific adviser. Tens of thousands of deaths could happen in the winter and there is little prospect that restrictions can be lifted for the next 6 months. The chief medical officer to the government says if we do too little the virus is going to take off. Sir Patrick Valance said at a joint appearance with Whitty in Downing Street that if the virus doubles in 7 days, then if we have 5000 cases a day, it would be 10,000 the next week, 20,000 the next week and 40,000 a day the week after. In a month we could be near 50,000 a day. The vaccine the advisors said may be available to small groups by the end of 2020, only in the first half of 2021 will it be a likely scenario of it being available in widespread way. On protection they say most of us are not protected only about 6-8% may be protected in the hope that immunity is gained by having been infected and developing antibodies. We have to deal with it collectively for the next 6 months as it is now growing across the whole country, not just in some places or environments. Doing too little is dangerous and could let it take off speedily and affect hospitals again, doing too much so that unemployment is affected and poverty social deprivation happens is also to be kept in mind. ...

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Rate of diabetes is rapidly going up in India. In addition scientists have shown that Indians are more prone to diabetes if they are obese to the same extent as someone from Canada or the U.S. This is called thin-fat diabetes- a higher impaired glucose intolerance- and comes from centuries of body changes following famine in parts of the country from failure of monsoon rains. The obesity rate is going up dramatically and with it diabetes is up significantly.  From 6.4% obese or overweight in 1990, by 2017 18.8% are obese or overweight, according to Health Metrics and Evaluation Institute of the University of Washington. The International Diabetes Federation now predicts 123 million with diabetes in India by 2040. By 2017 diabetes rates went up from 1990- from 5.5% to 7.7% or 63 million people. The major problem in South Asian countries and in China is the growing use of packaged and processed foods, fast food and carbonated drinks. Efforts to prevent the sale of junk foods is a battle being fought between private citizens and the large processed foods companies such as Coca Cola, Pepsi and Nestle. This is the subject of this article with Mr. Verma taking the case to the Delhi High Court facing large opposition. Mr. Verma left his job as a marketing executive as he took care of his sick child. He filed a case in the Delhi High Court in 2010, and faces the opposition of the India Food Processors Association- so far there is little progress.   ...

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In a new WSJ/NBC New poll, conducted July 24-27, 2009, 42% called the Obama health plan a bad idea, and 36% called it a good idea. In mid June the poll showed Americans evenly divided on this question. It reflects rising anxiety over the costs of the health plan and what it will do to the deficit, and also shows public anxiety about the ways in which Obama and Congress are reaching compromises to pay for it and to control costs. Added to this are the anxieties raised about government involvement in healthcare and medical decisions about care. Noteworthy are two differing pieces of evidence. In the WSJ/NBC News poll, only two in ten people thought the quality of their own care would improve, only 15% of those with private insurance thought that it would improve the quality of their care. And 4 in ten people thought quality of care would get worse, and 45% of those with private insurance thought quality of care would get worse. By focussing on the cost of health care, the administration seems to have ignored or missed the concerns of people about the quality of care if government focussed on cutting costs. These concerns are real as a vast majority of the public, or about 85% of the people, as Martin Feldstein points out in a recent Washington Post column, are insured. The question is what cost would they be willing to pay for the admittedly worthy cause of insuring the uninsured? And even with the unisured, it seems likely with the current Obama reform plan that immigrants and other people may still remain uninsured, at least for some time. Would a huge burden of $1 trillion make this worthwhile, and is there some better way to do this without the prospect of higher taxes further down the road to pay for this. These are points Feldstein makes. The other piece of evidence is that at the same time that there are reservations about what is coming out of Congress today, there is general support for making constructive changes to healthcare. The WSJ poll showed 56% of respondents favoring the basic ideas in the reforms being considered in Congress, with 38% opposing it....