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Belafonte is a rare activist from the civil rights era who brought much attention to civil rights and humanitarian issues. Entertainer and civil rights activist Harry Belafonte worked with Martin Luther King in the civil rights marches of the 1960's. He helped organize the March on Washington in 1963. Shown in WSJ is a rare black and white photo of Belafonte with the Rev. Martin Luther King and civil rights marchers in Montgomery Alabama in 1965. Belafonte enlisted in the US Navy and after discharge lived in New York City. He attended the Dramatic Workshop of The New School of Social Research where he discovered his passion for the theater. He won all four awards, Tony, Emmy, Grammy and Oscar and covered music, theatre, film with his versatility and skills. He helped popularize Caribbean style music in the US with the album Calypso in the 1950's with over a million copies sold, including Day-O (the Banana Boat Song). He was equally passionate in film about the emerging consciousness of black people in the Caribbean and Africa as countries became independent in the 50's and 60's. He was portrayed in that role in Island in the Sun in the changing politics of the colonial era in the Caribbean. ...

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Michael Barr was appointed in July 2022 to the Federal Reserve Board of Governors by president Biden, and made the vice chair of financial supervision. As a legal scholar at the University of Michigan with a number of books published on the plight of black Americans after the financial crisis of 2008, he is familiar with the problems created by banks from a laissez fairre approach to regulation.  Barr helped write the rules for the legislation on supervision of banks after the financial crisis of 2008 that hurt worker and families, and minorities particularly in places like Detroit. He is now responsible for correcting the problems created by the Trump legislation that exempted banks under $250 billion from this regulation. Barr will bring this down to $100 billion, the original 2008 legislation has a threshold of $50 billion for banks to be subject to oversight by the central bank and stress testing. In 2018 Barr said about Trump's legislation to limit regulatory oversight in an op-ed in American Banker- "The rules (after 2008) were not meant to apply only to the largest handful of systemically important firms. It is the very antithesis of macro-prudential supervision to focus only on the largest handful of financial firms and to ignore risks elsewhere in the system." ...

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As the FT notes in a separate story the problem is that there are too few businessmen with the capacity for execution, managing debt capital effectively, and vision for areas in which there is huge unfulfilled demand in India such as electricity (thermal power plants) and renewables  (solar), logistics (ports modernization). To achieve the 450 GW goal for India in renewables Modi still needs execution and speed, to bring electricity to every home thermal power based on coal. The speed with which this Indian company managed the shift is also rare. Another company accomplished similar goals in connecting India in 4G- Jio.  This FT report looks at how this Indian company was able to navigate the seas and rocky shores as it built up debt of $30 billion. During the pandemic this venture spirit continues with the help of companies such as Total of France which acquired a 20% stake in Adani renewables. With such investments the French have a stake in renewables, defense an other areas of the Indian economy, as India pursues global finance to fund its development, a commitment to India's resilient development renewed by Mr. Macron of France this week and to be renewed by Mr. Biden in his meeting with the Quad 4 countries on September 25. ...

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Pakistan has always suffered from tax collection that is some of the poorest in the world. This leaves little money for badly needed infrastructure and roads. At a time when countries such as Indonesia and India are rapidly building roads and infrastructure, Pakistan depends on projects and financing almost entirely from China.  This means dependence on foreign debt financing such as that of the $2 billion Orange Line, Pakistan's first Metro line in Lahore. This is one of the first projects one of $16 billion in projects started from a planned $62 billion under China's Belt and Road Initiative. The problem is that taking on so much debt leaves Pakistan dependent on Chinese financing, with increased debt payments leading to a debt crisis. External debt will double to over $100 billion from a little over $50 billion in 2013, according to the IMF, reaching 30% of GDP. External financing needs have doubled from 4% of GDP or about $10 billion in 2013-2015 period doubling to over $20 billion and 8% of GDP. A steep increase in debt in a space of only 3 years. Pakistan faces problems similar to that faced by other countries including Ceylon, Burma. Pakistan has fallen behind on debt payments for electricity projects, because of problems getting Pakistanis to pay electric bills. Other problems are that the projects use Chinese workers and Chinese contractors so that they do not generate jobs the way projects would normally generate domestic jobs and growth including pushing domestic firms up the experience and knowledge curve in construction and technology. The opaqueness of the deals lead to a lack of required transparency. The projects also lack the almost zero interest financing from Japan of projects such as the first bullet train in India on Mumbai-Ahmedabad corridor because of the lack of negotiating leverage and other problems.  By early fall 2018 Pakistan is expected to seek IMF financing, which would lead to conditions set by the IMF on how much it can borrow and spend under the Belt and Road Initiative, known as the China-Pakistan Economic Corridor or CPEC. This means effectively that the Wst will bail out a country after investments under the Belt and Road Initiative. ...

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The heat wave in India is hurting agricultural production in India. Production losses for wheat could range from 6% to 10 or 15%. The mango crop is hit hard with losses of about 70% and quadrupling of mango prices. Mangoes are part of the identity of India and mango farmers get a new high from a bumper crop. This year has been bad for farmers in the north in India's mango belt including Uttar Pradesh and Gujarat.

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US shale oil companies are returning more cash to investors than investing in increasing oil production in 2022. As oil demand increases with an embargo on Russian oil in Europe, production by US shale oil companies in 2022 has increased only slightly. WSJ reports that 9 out of the largest 10 oil companies in the US returned $9.4 billion to shareholders through dividends and share repurchases in the first quarter of 2022, 54% more than they invested in new oil development.

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The head of the hospital group that represents 39 public hospitals in the Paris region APHP, Mr. Hirsch, says that by October 24 about 800 to 1000 coronavirus cases in intensive care ICU are expected taking up 70 to 90 percent of capacity in the Paris region.This has placed added urgency to the actions of the French government and tougher measures are expected following the Macron announcement of a curfew in Paris region and eight metropolitan regions in France.

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Since 2003 China has poured more concrete every 2 years than America has done over the whole 20th century. China uses 50% of the world's concrete. Roads, rail, bridges, dams account for one third of the growth of the Chinese economy in 2017.

A huge project of president Jinping is the new airport with plans for 4 runways and handling 200 million passengers a year. The current airport handles 96 million passengers a year.

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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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The need for relief in student loans and the 50% of the $1.6 trillion in student loans in forbearance as young people facing high cost of living and accumulated loan interest struggle to make a living. Student loan relief is one of the cost of living actions taken by president Biden. It is one of a series of cost of living actions taken by president Biden including helping ordinary workers and families meet the rising cost of living.

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Tim Lee has predicted the collapse of the Turkish currency Lira for 7 years in his investment newsletter. Like other economists who saw warning signs in Turkey's overdependence on foreign capital to finance credit and growth, Lee found himself ignored and lost clients as the Turkey boom that benefited Mr. Erdogan party continued.  The doubling of tariffs on Turkey's steel has finally focused investors minds on the situation in Turkey. These figures are sobering- about 70% of Turkey's economy is dependent on foreign loans denominated in U.S. dollars, according to the IIF, the Institute of International Finance. The loss of the currency Lira's value by 70% in 2018 means that the dollar denominated loans made by Turkish banks to businesses in Turkey will be harder to pay with revenue made in Lira. Another startling statistic is that American investors own 25% of outstanding Turkey's bonds, and about 50% of publicly traded Turkey stocks. The deterioration of relations with the U.S. is more likely to lead to investors focusing on this aspect of the Turkish situation and pulling back.     ...

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How much of the rise in price of oil is from speculators? About 20%. How much money is chasing oil? About $85 billion or thereabouts. What is causing the volatility, price shock atmosphere? Losses in production in Venezuela after a strike, Nigerian production in a backward region (issues of redistribution of wealth and periodic violence), and Iraq (Sunni insurgency). And now the Iran standoff with the USA over nuclear proliferation. According to Cambridge Energy Research Associates, an energy consulting firm owned by IHS, Iraq is 900,000 barrels a day below its prewar output; Nigeria has shut 530,000 barrels a day; Venezuela is still 400,000 barrels below its prestrike production; and the Gulf of Mexico remains down by 330,000 barrels a day. In all, this amounts to more than two million barrels of disrupted oil, Cambridge Energy estimates. The impasse with Iran on nuclear proliferation is the latest factor in oil prices. One analyst says the hedge funds have come into this commodities market in a big way and are willing to take risks. Energy funds make up 5 percent of the global hedge fund business, with about $60 billion in assets, according to Peter C. Fusaro, principal at the Energy Hedge Fund Center, an online research community. The gains on the oil market have attracted a fresh class of investors: pension funds and mutual funds seeking to diversify their holdings. Their investments have been mostly channeled through a handful of commodity indexes, which have ballooned to $85 billion in a few years, according to Goldman Sachs. Goldman's index holds more than $55 billion, three times the amount in 2002....

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In the third fiscal quarter ending June 28, 2014, Apple sold 35.2 million iPhones, up 13% from the year ago quarter. Profit reported was $7.75 billion for the quarter, up from $6.9 billion in the prior year quarter. Revenue increased to $37.43 billion from $35.32 billion the prior year quarter. Apple is not experiencing the weakness in smartphone sales that Samsung is seeing. The strong sales comes with increasing sales in China following the distribution deal with China Mobile. iPad sales slowed with sales declining to 13.3 million iPads in the quarter, down 9% from the prior year quarter. While Samsung has difficulty in preventing lower cost competitors such as Xiaomi and Huawei from eroding sales in China Apple sales are increasing. Apple's revenue in China increased by 28% for the quarter. China is a western brand conscious market as seen in sales of U.S. and German made automobiles. Another trend Apple is capitalizing on is the sale of larger screen iPhones. Screens larger than 5 inches make up 20% of iPhones shipped in China, according to IDC, which are estimated to go up to 50% by 2017....

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Ruchir Sharma, head of emerging markets at Morgan Stanley Investment Management, provides insights into the economc problems facing Brazil in 2016. He points out that 41% of Brazil's GDP goes into public spending by local, regional and national government, crowding out private investment. The tax burden is high at 35% of GDP. And under the Rousseff administration budget discipline has been lacking. Compared to the Lula government running consistent surplus Ms. Rousseff ran a deficit of 10% of GDP. With a large welfare state, the budget has rigidities, says Sharma, with public pensions increasing since 2000 from 3% to 7% of GDP, and heavy state spending tending to push interest rates up and increase borrowing costs. Retirement age is 54 and 52 for men and women respectively, and pensioners get 90% of salary, compared to 60% in advanced countries. The decline in commodity prices has hit Brazil hard because 67% of exports are from commodities such as soyabeans in 2016 compared to 46% in 2000. Manufacturing accounts for only 11% of the economy. As long as high commodity prices supported the lavish welfare and public spending Rousseff's popularity remained high at 60% as recently as 2013. The collapse of commodity prices has hurt the economy leading to growth of negative 3.5% in GDP. Rousseff's popularity hit a low of 11% as public protests over poor public services, were followed by a series of corruption scandals. Even if impeachment led to new leadership the problems are deep rooted, with neglect of education, healthcare, public services, and manufacturing industries, and heavy public spending no longer supported by high commodity prices. Some of the problems existed in the boom years of the Lula administration, only covered up by the commodities boom cycle, and becoming evident in the down cycle of the Rousseff years. ...

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A major shift in public opinion happened between 1990 in the public's perception and tolerance of gay people and gay marraige. Support for gay marraige in Journal/NBC News polling shows young people, especially people 18-34 year old, were leading the way. In this group support for gay marraigne increased from 47% in 2009 to 57% in 2012, going up to 74% in March 2015. The increase is also shown in suburban residents, political independents, Midwesterners and Hispanics. A key factor in the change is that many people now know of one person in their work or personal lives who is gay. Technology, television and internet media also helped changed attitudes. In 1990 7 of 8 Americans said sexual relations between the same sex were wrong. In 2004 only 3 of ten Americans supported same sex marraige. A vote in Maine shows the dramatic shift- in 2009 same sex marraige was rejected by 53%, in 2012 53% approved it. The change in attitudes is faster than happened for miscegenation, which took 30 years after the Supreme Court ruled against anti-miscegenation laws to reach a point where a majority of Americans approved marraiges between black and white people. The Supreme Court's 5-4 decision on June 25, 2015, now makes gay marraige legal in all 50 states, and strikes down bans in Michigan, Ohio, Kentucky, and Tennessee. Yet there are a significant number of Americans who do not favor same sex marraige especially in southern states such as Texas, Kentucky, South Carolina, Tennessee, Alabama. A Pew Research Center poll shows 73% of white evangelical Protestants do not approve of same sex marraige. Other groups who do not favor same sex marraige in the Pew polling are conservatives and persons born before the post World War baby boom. ...

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US policy is to end war as soon as nuclear threat is over- DJT on Iran war on March 31 2026. When the US feels Iran 'won't be able to come up with a nuclear weapon, then we'll leave,' says DJT. US is self sufficient and exports oil to Europe. It doesn't need Iranian oil. DJT makes that clear to allies in Europe who have not taken a stand in the war and limited access to their airbases, saying as Starmer did yesterday that Britain did not want to expand the war. Really, the US does not want to expand the war. DJT's MAGA base does not want this war, and Biden's base does not want this war. US does not need Straits of Hormuz- it is Britain, Italy and EU countries, mainly China, Japan, South Korea that need the Straits of Hormuz. Speaking for the US DJT tells these countries in Europe to get the oil themselves in the Straits. He also tells China to get the oil from the Straits- if they need it and are so complacent as to get 90% of their imports from Hormuz after 40 years of disruptions and wars, as China does. DJT said- "If France or some other country wants to get oil or gas, they'll go up through the Hormuz Strait, they'll go right up there, and they'll be able to fend for themselves. What happens with the strait we're not going to have anything to do with, because these countries, China, China will go up and they'll fuel up their beautiful ships... and they'll take care of themselves. There's no reason for us to do it." "The USA won't be there to help you anymore, just like you weren't there for us. Iran has been, essentially, decimated. The hard part is done. Go get your own oil!" ...

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Iraq as two states in one now dragged into Iran War by Iran sponsored Popular Mobilization Forces that are part of the two state government. It points to a never ending conflict in this region, even after Afghanistan, Syria and Iraq. Finding alternative sources of oil and accelerating renewable energy are ways to stay away from the Middle East, easier to accomplish through innovation and rapid progress than sourcing oil from the region.  Irreconciliable differences between religious sects complicated further by the artificial countries created of Syria and Iraq created by the British and French Empires from the ruins of the Ottoman Empire by 1921 are enough reason to stay out of the Middle East conflicts for the US, Russia, India, China, the European Union.  The British and French colonial powers that drew up the map of Iraq and Syria created states with different populations that made no difference to them in 1921, but which create unmanageable and impossible to run states today. This is learning from the bitter experience of 50 years of conflict and wars that led through war distraction to deindustrialization of the US and European Union, and consequently to the tariff wars with China, a process that is still unwinding today. The US is better off developing new oil supplies as it considers another push in renewable energy, the EU, China and India have the resources to make a new push for renewable energy and efficient use of energy similar to Germany and Japan, using additional supplies from the US as a transition point. Imagine combining the energy technological innovation that is a bigger motivation combining the scientific minds and resources of China, Japan, India, the US and Europe, than the dislocation and internal strife inside these countries that is generated from the Middle East -that is itself the legacy of irrational decisions made by colonial powers of the 1920's,  1930's and 1940's that remain a hundred years later- impossible to resolve except by working with new solutions for energy outside of the region. ...

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Iran peace talks in Islamabad on April 12 and Iranian refusal on nuclear weapons development and ballistic missiles leading to collapse in 21 hours of talks. Vance leaves talks and US plans to impose a naval blockade of Iran. This report by the Guardian shows that media coverage has created a sense of delusion that the world including the poorest countries in the world in Asia, in Latin America and even in Europe, and the industrialized countries will somehow allow the free navigation for oil and other raw materials to be interrupted by any nation. There are protests all over the world about increase in fuel prices, some of this affects LPG supplies for cooking in countries with a population of 1.4 billion people (India) many times that of the entire Middle East. Tens of millions of migrant workers head back to their homes in poorest states in India as LPG cylinder prices quadruple and are in short supply April 13, 2026.It also affects China and Japan which are dependent on Hormuz,  not the US which exports oil and does not seek to gain from oil prices. Posturing by the media and European governments on this issue has created this delusion that this is about US actions, when the US is only acting in the interests of all nations to keep the planet safer from dangerous nuclear proliferation in the region most torn by repeated wars in the last 50 years. Some of the language used about attacks on power plants has become a reason to justify such reporting to present aggressive ballistic missile development and nuclear weapons development in Iran in a benign way, becoming oblivious of how it affects the lives of billions of people around the world, as the Middle Eastern region a small fraction of the world's population (less than 7%) and a small fraction of the planet's surface (less than 6%) continues to operate in a way that is destructive for the lives of people around the world.   ...

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With coronavirus spread out over wide parts of each country and with so many people infected it is very difficult to do the contact tracing and isolation that was tried during the first wave. In Germany during the first wave efforts for contact tracing and isolation worked reasonably well. During the second wave in November things have changed. In Germany authorites do not know in November where 75% of the people testing positive for coronavirus got it. In Spain this figure is 93% for the last week of October. In France and Italy it is at 80%. In New York it is over 50%. Other problems are the increasing number of cases where the coronavirus is spread in an home setting, the lack of restaurant data collected on who visits, and the delay in getting test results. In Germany frequently people say they cannot remember where they were. Researchers from the German version of the FBI, the Pasteur Institute in France and the Koch Institute in Germany are getting involved in November to understand in what settings the virus spreads most. ...

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South Korea with 2069 hours year has the longest working hours of any developed country, according to the OECD,  and only Mexico exceeds this of all countries. In an effort to increase productivity and boost a dropping birthrate the National Assembly in South Korea reduced the maximum number of working hours from 68 hours a week to 52 hours- starting July 2018 and  initially for large companies. In Japan there is actually a word for working to death called "karoshi." The period of rapid industrialization in the fifties and sixties was a period of long working hours for most Japanese men. Today the working hours have dropped to average of 1713 a year. Africa shows the greatest number of countries in which one third of the labor force works more than 48 hours per week. Asia is the region with the longest working hours with 30% of the countries with thresholds of 60 hours or more.The U.S. is one of the countries where there is no limit- most other developed countries in Europe consider work-life balance important and have maximum limits without sacrificing productivity. ...

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This report cites experts in California that mask use was less than 50% in the state beaches and parks after it reopened. The medical officer of Orange County an affluent community near Los Angeles even resigned after mandating the use of masks in public after protests. On one day June 20, the day after bars reopened in Los Angeles County a WSJ report shows 500,000 people went to bars in the county. As of July 17 the state has 365,000 cases and about 10,000 a day. At one time it was much lower than Michigan at less than 50,000, adding to the complacency in California and a false sense that California had somehow come up with a new way around the virus. Michigan today is at about 70,000 cases, showing that careful attention to the process is important more than anything else, not some new strategy or approach that someone comes up with to beat the virus that does not meet the essentials and common sense. Even adversity can be overcome with sound attention to the basics, where complacency and a lack of fellow feeling can lead to disaster. ...