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Oil prices are forecast to remain above $100 a barrel in 2012 because of higher social spending in Saudi Arabia, Iran and other countries after the democracy protests, and the threat of retaliation by Iran in the Straits of Hormuz. Iranian threats of retaliation for increased sanctions has embedded a $10-$20 premium in oil prices say some experts.

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China's holdings of foreign currencies top $1 trillion and growing by about $20 billion a month.

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Electricity and fuel price increases of nearly 24% in Vietnam as inflation becomes a serious problem

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The authors of this article say 2.4 million excess houses over and above nomal working inventories remain to be sold, and it is this surplus that is a mortal enemy of housing prices. US buyers are too debt ridden and have seen their 401 K's and pensions decline. So they suggest giving permanent resident status to immigrants who will invest in US housing, buy one or more than one house. They did not have to live in them, they also could not rent them, and would have to be above a certain price, so they would be taken off the housing market. They are aware of the effect on Vancouver of letting people from Hong Kong buy into that market, just before the handover to China. About a quarter of Vancouver's population became Chinese, and billions were invested in the housing market. They quote Merrill Lynch that there are 7.1 million households in the world with $1 million in financial assets, with a total of $29 trillion. They figure that 2.4 million excess houses could be sold at a median price of $184,000, and bring in billion sof dollars. If jobs are not impacted, and wealthy people in Asia and the rest of the developing world were to put money into buying houses of above $184,000 as an asset, with a temorary residency attached to it which could be permanent in 5 years, this could be part of the overall solution to the housing excess supply. The fact that values are attractive could make this an investment for affluent foreigners who may not stay in the houses at this time and keep it as a safe haven house, an additional property to use in the USA. It would ease the hosuing price situation in certain cities by bringing in a new buyer with resources into the market. ...

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Wounded or maimed veterans get psychological closure by visiting the scenes where theywere injured. Here wounded veterans visit locations in Dyala province under Operation Proper Exit, eight wounded men- five amputees and one blinded soldier- places tey left while unconscious or in agony. This is the second such trip and the results in development, stopping night tremors for the wounded men, and psychological closure have been phenomenal. Rick Kell, head of of Troops First, who got General Ray Odierno to agree to the idea says wounded soldiers said they wanted to go back, and he kept hearing it repeatedly. Sgt. Luke Wilson, 29, from Hermiston, Oregon. He lost his left leg above the knee in agrenade attack in Baghdad in 2004. Kell arranged that they fly in Business Class for the 13 hour flight so they could lie down or take their legs off. When they walked off the helicopters they walked under their own power to be greeted by American officers and soldiers, clapped on their backs and welcomed as old friends. All in uniform and none of their injuries or prostheses visible except up close. Sgt. John Hyland, 38, from San Antonio, who lost his left leg and sufffered back injuries when an improvised explosive device hit his Humvee in 2007, and Specialist Craig Chavez, 29, from Temecula, California blinded by a2006 I.E.D. blast that destroyed his face- which was reconstructed- injuries which meant losing his left eye and most of the vision in his right. Specialist Chavez says it was apoint of special pride for him to walk around the base without any help. And Sgt. Hyland was amazed by the silence, the silence from no sounds of mortar shells going off and exploding L.E.D. devices. In the memorial hall Sgt. Hyland pauses at a picture of Specialist Jonathan Rivadeneira, 22, from Queens, who saved his life in an Humvee attack on Sept. 11, 2007, only three days later Rivadeneira was killed. Sgt. Hyland began crying quietly and lowered himself in pain onto his right knee and began to pray. Outside he was still shaken by the experience and the other wounded soldiers gathered around him till he recovered ....

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Some companies have raised prices by 5% on footwear and clothing. Out of the total tariffs of about $50 billion in the first half, the Census department numbers show that about $22 billion is from machinery and electronic, about $12 billion from automobiles and about $12 billion from items such as clothing, footwear.  The major manufacturers in Japan, South Korea and Europe of automobiles and electronics, machinery, make up $34 billion out of the $50 billion in tariffs. To maintain US market access  these large companies are absorbing most of the tariffs. It is only in clothing and footwear making up $12 billion that some of the tariff related price increases will be seen.  Overall this impact could be 5% of $12 billion or $600 million. The DJT administration will find ways to offset this for American buyers in 2025-2026 similar to the deduction of auto lease interest costs in the One Big Act 2025 to cut automobile expenses, using the new $100 billion Customs revenue.  ...

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As long as Vietnam could be used as a back door for Chinese products to be shipped to the US, US manufacturing efforts to make in the US or India were not going to work. WSJ looks at how the US 40% tariff on this kind of surreptitious shipment through a third country makes the goal of manufacturing in the US and in India possible. This is intended to address China's policy to continue to overproduce with huge overcapacity in most manufactured goods which it's domestic market cannot absorb. This hurts industries in the US and EU and is happening in 2025 after 20 years of such practices have destroyed much of the manufacturing base in the US and EU, that has severely impacted communities all over these countries. It also affects India's ability to build a manufacturing base that can serve the world and reduce concentration in one country, opening up options to make in a different way to serve the interests of the people of the US and European Union. ...

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The surprise is the DJT Senate bill cuts to about 75% of the solar and wind subsidies in the Biden 2022 IRA Act for $843 billion in investments that were going to Republican districts. New rules in the Senate version of 3B Tax Cuts Bill require US renewable solar to disentangle supply chain from China by 2027 or face an excise import tax. All renewable subsidies will also be phased out earlier by 2027 instead of 2032 set by the Biden administration in the Inflation Reduction Act. The Inflation Reduction Act passed in 2022 with subsidies, tax credits for renewables solar and wind led to $843 billion in planned solar and wind investments. Suddenly much of this is placed in doubt. Instead of 2032 phase out the date is moved up to end of 2027 for 30% subsidies and to end of 2028. The result is confusion in the renewables industry and opposition to the excise tax for not disentangling from China supply chain by end of 2027 spreading to the US Chamber of Commerce. ...

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From the National Archives of America here is the letter Mohandas Gandhi wrote to president Franklin Roosevelt calling for American help on July 1, 1942, one month before the launch of the Quit India Movement. With Roosevelt's reply to Gandhi on August 1, 1942, offering his fullest support as stated in his foreign minister Cordell Hull's bold vision of a community of free nations such as India and the idea of the United Nations in Hull's speech made on July 23, 1942. Hull responds to Gandhi' call with the full support of Roosevelt.  Mohandas Gandhi writes to Roosevelt that- "I hold that the full acceptance of my proposal and that alone can put the allied case on an unassailable basis. I venture to think that the Allied declaration that the Allies are fighting to make the world safe for freedom of the individual and for democracy sounds hollow as long as India, and for that matter Africa, are exploited by Great Britain, and America has the negro problem in her own home. In order to make my proposal fool proof I have suggested that if the Allies think it necessary, they may keep their troops, at their own expense, in India, not for keeping internal order but for preventing Japanese aggression and defending China. As fas as India is concerned we must become free even as America and Great Britain are. The Allied troops will remain in India during the war under treaty with the Free India government that may be formed by the people of India without any outside interference, direct or indirect." Gandhi wrote with his proposal to Roosevelt - "It is on behalf of this proposal that I write this to enlist your active sympathy." Roosevelt wrote in his letter that-  "I am sure you will agree that the United States has consistently striven for an supported policies of fair dealing, of fair play, and of all related principles looking towards the creation of harmonious relations between nations... I am enclosing a copy of an address of July 23 by the Secretary of State, made with my complete approval, which illustrates the attitude of this government." Cordell Hull stated in his speech "What we are Fighting For, July 23, 1942, that- "In this vast struggle we, Americans, stand united with those, who like ourselves, are fighting for the preservation of their freedom, with those who are fighting to regain the freedom of which they have been brutally deprived, with those who are fighting for the opportunity to achieve freedom. We have always believed, and we believe today, that all peoples, without distinction of race, color, or religion, who are prepared and willing to accept the responsibilities of liberty, are entitled to its enjoyment. We have always sought and we seek today, to encourage and aid all who aspire to freedom to establish their right to it by preparing to assume its obligations. We have striven to meet squarely our own responsibility in this respect-in Cuba, in the Philippines, and wherever else it has devolved upon us. It has been our purpose in the past, and will remain our purpose in the future- to use the full measure of our influence to support attainment of freedom by all peoples, who by their acts, show themselves worthy of it and ready for it."   ...

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Satya Nadella, a 22 year employee of Microsoft is seen as the most likely choice for CEO.

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Problems of finding a job in Spain, Portugal, Greece and Italy for younger people. A sense of a lost generation, as more people are fighting for fewer job opportunities. The situation is worsened by austerity measures and the deepening economic crisis in these countries. Many young people have moved in with their parents, and others are emigrating to northern European countries. A former Italian prime minister, Giuliano Amato, tells the Italian newspaper Corriere della Serra, that youth protests against university reform in Italy are also about the general lack of opportunities- "against the general situation in which the older generations have eaten the future of the younger ones." Here the NYT tells the story of Francesca Esposito, 29, the daughter of a fireman and a school teacher, the first generation of her family to attend college. She has an Italian law degree and a master's from Germany, and has fluency in five languages. She worked for some time as an unpaid trainee at Italy's social security adminsitration, till she quit. She has found it extremely difficult to find a paying job. Coral Gomez, 33, of Madrid, who has a PhD. in humanities lives with her parents because no steady jobs can be found. Coral earns 600 euros as a children's drama teacher. She says she will be going to Costa Rica to teach at a university....

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The NYT editorial says the summit came up short on both the Stimulus that Europe was asked by the US to commit to, and the global regulation that the Europeans asked the US to agree to. The regulatory reform is not what it needs to be to address the many issues raised by this crisis says the NYT. And Germany it says needs to see that deteriorating conditions will require a strong stimulus. By committing to $1 trillion in funds to backup international trade and to help emerging countries fight the crisis, the summit did achieve its other goal of helping the vast majority of people in the world in the emerging countries deal with this crisis, including countries in the EU.

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This election is seen as a turning point for Britain. The Liberal-Conservative coalition has come up with a radical plan to cut spending and decentralize services in the areas of education, policing and health care. The plan is to cut the deficit quickly from 11% of GDP in 2009-10, to 2.1% in 2014-15. By comparison the outgoing Labor government's plan was to balance the budget by 2016-17. And the fiscal impact of Labor's budgets would have been 4% by 2014-15, compared to the Cameron government's looking at 6.3%, with larger and accelerated cuts in spending. It is something of a gamble by the Tory-Liberal government. If the severity of the cuts in spending stifle growth, then Plan B will be needed. The size of the cuts are not seen as feasible. With growing interest payments with the large borrowing by the government, and no real cuts in healthcare spending, departments delivering public services in Britain face cuts of 25% by 2014-15. With defense and schools limited to cuts of 10%- other departments would face cuts of 33%. According to the Institute of Fiscal Studies one way to reduce the severity of these cuts in department budgets, would be to find additional savings in the welfare budget. In June, Mr Osborne, the Chancellor of the Exchequer, announced 11 billion pounds in savings in this area (with half coming from using a different measure for inflation in calculating benefits). Additional savings of 14 billion pounds in welfare budgets, can reduce the size of the cuts needed in departmental budgets to 20%. One example cited is means-testing payments that go to the affluent as well as to poor people, such as child benefits, and cutting winter-fuel payments. Tories and Liberals agree on the need to decentralize government and services in the areas of schools, policing and the NHS. In schooling the idea is to give more choices to parents and children. Current schools can apply for academy status and new "free schools" will be run be non-profits, charities, churches, and parents. These schools will have freedom to set pay, select curriculum, and still receive state funding. In policing, the idea is to have directly elected police and crime commissioners for every constabulary in England and Wales. The elected commissioners would appoint constables and determine budgets and priorities. For the National Health Service the move is to give groups of general practitioners a significant role in the delivery of health care. ...

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Investors are showing concern about Samsung's earning momentum. The mobile division generates 50% of profit and competition in intensifying in this field. Samsung shares declined by 4.6% on Jan 2, 2013. Overall operating profit is expected to increase in the 4th quarter 2013 by 9.2% from prior year, compared to 26% in the 3rd quarter 2013. The operating profit for the mobile division is expected to be up 14% over prior year for 4th quarter 2013, declining 8% from the third quarter. The less premium smartphones make up a greater proportion of the portfolio reducing margins. Prices are being lowered by competitors. Motorola Mobility is cutting the price of its Moto X smartphone to $399 from $550, much cheaper than the Samsung Galaxy S4 smartphone costing $600 without a contract in the U.S. market. Declining TV prices with competition from Vizio and other Chinese competitors is likely to squeeze margins in this segment.

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Some figures on Ford Motor-$15 billion in secured loans, $8 billion five year credit line from banks, and a $7 billion loan held by instituional investors and hedge funds. Add another $3 billion in unsecured financing, notes convertible to common stock. Thats another $18 billion on top of the $23.6 billion in cash on hand, for $41.6 billion in funds available to finance the recovery. Against this is the $7 billion loss this year. Lets say Ford need 3 years for a fresh product line and the bleed costs another $ 7 billion for 3 years or $21 billion at the worst including extra interest expenses for the loans, then there is still $20 billion available for 3 years to come up with a brand new product line across the board. This is positive development for Ford. see also: Sarah Webster, A Chat with Ford's New CEO, Upbeat but Realistic, Mulally says automaker can succeed, but it must face the facts, Saturday, Nov 11, 2006. See also Susan Tompor on the same Business pages' Ford boss is a convincing car guy. In the same Sat, Nov 11 issue of Detroit News see Daniel Howes - Thursdays with Alan, New Ford Boss demands accountability, results- every week. Sunday Nov 26, 2006 - Sarah Webster, Ford's Go-To Guy. Kuzak's Mission: Developing vehicles customers will want. see also on the same Business pages- Executive says global system lets Ford get vehicles to market faster. Sarah Webster could clarify contents of her interview shown on the pages of the Free Press- what is the target time from concept drawing board to cars rolling off the production line to dealer showrooms, is it the 12-14 months by end of 2008? See also in Nov 28, 2006, Detroit News, Bryce Hoffman, Ford Bets the House, a bit pessimistic in tone and angle of vision and selection of quote expert....

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Under a new law going into effect on Oct. 1, 2017 and supported by Angela Merkel's government, all social networks will be required to delete within 24 hours "all illegal content." This is an effort to take immediate action against hate speech, libel and other illegal content. Companies could be fined upto $57 million. Germany's Justice Minister Heiko Maas said "we cannot accept that social networks ignore our laws." Mr. Maas says the voluntary effort setup earlier had not worked as the social media companies were too slow. The law now means the networks will devote more resources, with Facebook increasing the staff for this purpose doubling it almost from 4500 to 7500, showing that the problem had not been addressed the way it needed to be. The new law details 22 sections of the criminal code that social networks need to enforce. Including laws banning libel, character defamation, hate speech, insults against religions, offensive statements and privacy violations. Britain's May and France's Macron have also called the efforts of the networks insufficient. A similar law in the U.S. before the 2016 election could have saved the country from many of the problems arising from illegal content being posted, including damage to the image of the U.S., inciting deep divisions, racial tensions, hate rhetoric and defamation leading to coarsening of public dialogue and debate.  During 2016 many European leaders were exposed to hate speech including Angela Merkel. The social networks were slow to respond and did not take their civic duty as seriously as they should have considering the grave damage to the social and political fabric of the U.S. and the European Union countries. The governments also took time to act, studying the problem carefully before taking action leading to further damage, one reason the current legislation was passed quickly and decisively. Experts say other countries will act following the German example to preserve civil dialogue and strengthen democracy. ...

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The worst fears of Brexit of young people, three quarters of whom in 18-24 year age group voted against Brexit, are being realized. There is less travel to Europe and it is harder to have cross border interaction between Britain and the European Union with additional documentation required. A cross party report by the House of Lords shows the impact on mobility for young people. The restrictions are seen in the report as "an unmitigated disaster" citing experts. The pathway to temporary professional employment was once a way to broaden experience and contacts in the early years of working life. This is now far more difficult to access says this report in The Guardian. The same is true for school trips- in 2022 the number of pupils on such trips from EU to UK dropped 83%. Conservatives have shown a complete indifference to this. 

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The 7 Priorities listed in India's Budget for April 2023 to March 2024 provide a roadmap for the next 25 years to 2047 when India marks 100 years as an independent nation. These are-Inclusive Development Reaching the last mile, Infrastructure and investment, Unleashing the potential Green growth, Youth power, Financial sector

Reaching the last mile- Gandhi's idea- "Ask yourself if the step you contemplate is of any use to him or her (the poorest and weakest man or woman you have seen), will he or she gain anything by it? Will it restore to him (or her) control of their life and destiny."

A fund will be setup for Agri-startups. A National Digital Library will be set up for children and adolescents and States will be encouraged to setup physical libraries at panchayat and ward levels.

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Raphael Varane of France announces his retirement from soccer at 29 years of age, saying that- "right now we have overloaded schedules, and I feel that I am suffocating, that the player is gobbling up the man." Real Madrid's Courtois, and other players from Manchester City, Manchester United, feel the same way. FIFPRO world players' union general secretary, Baer Hoffman, says the volume of games today is putting too much pressure on the physical and mental well being of players. No one is thinking of us players says one player. Australian coaching mentor Royle, says it is the dehumanization of human endeavor. Players and coaches are stepping away and Jonathan Harding in the DW.com asks if the price they are asked to pay is too high. Is it time for the football league managers to listen.

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Hundreds of thousands of American children are missing after the pandemic. Many are not accounted even when increase in home schooling and private schooling is considered. The Associated Press, Stanford University Big Local News Project and Prof. Dee of Stanford show in their study that 240,000 students in 21 states absence from school could not be explained. In 2023 missing students have become more of a budgeting problem to secure federal and state funds. The actual number of missing students is much higher as this study found that public school enrollment inthe US has fallen in the 2 school years 2019-2020, 2021-2022 by 710,000. Much remains to be done to locate these students so that they are not forgotten. Voice of America ran this story on its Learning English site. The WSJ has an editorial on these missing children today.

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A 7 year redevelopment project is taken up for the Dharavi slum part of Mumbai between the Dharavi Redevelopment Authority and the Indian Railways. The Deputy CM of Maharashtra Devendra Fadnavis and Union Minister of Railways Ashwini Vaishnaw signed the agreement for handing over by Indian Railways of 47.5 acres of land in Dadar for the Redevelopment. Dharavi is Asia's largest slum cluster home to 58,000 families and 12,000 commercial businesses. Cost of project keeps going up from 4000 crore in 2004, to 28,000 crore in 2022. The State government is looking at a joint venture where the lead bidder for the projects- with Maharashtra government inviting global tenders- will take 80% of the stake and 20% will go to the state government. The bidding ends October 31, 2022, and the Adani Group is one of 8 bidders.

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The Mission LIFE launched by pm Modi in Gujarat in 2021 has achieved significant results-

"Under Mission Life our efforts are spread across many domains such as: Making local bodies environment-friendly, saving water, saving energy, reducing waste, and e-waste, adopting healthy lifestyles, adoption of natural farming, promotion of millets." 

"These efforts will save over 22 billion units of energy, save nine trillion litres of water, reduce waste by 375 million tons, recycle almost one million tons of e-waste, and generate around 170 million dollars of additional cost saving by 2030," he said.

"Further, it will help us reduce the wastage of 15 billion tons of food," Mr. Modi said, noting that the global primary crop production in 2020, according to the Food and Agriculture Organization, was about nine billion tons.

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Russia is expected to earn nearly $321 billion from energy exports in 2022, up more than a third from 2021. This more than anything else is supporting the currency. It also means Europe will continue to buy Russian oil and gas through 2022. The rest of the reason experts say for the resilience of the rouble is  that Russia has put in place capital controls and raised interest rates to 20%. This they say is an artificial boost and the rouble is likely to weaken in the long term. 

The steps take to keep the value of the rouble and also the damage to the trading and economic relationship Russia had with the world after invasion will reduce growth in Russia. Growth of 2.8% in 2022 will turn into 10-15% contraction in the economy in 2022.