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This NYT article looks at another side of Biden in the meeting with Putin, Biden's optimism. Biden says of his style- "the important thing is to put an optimistic front, an optimistic face." By doing this he achieved more with Putin than was thought possible after years of deteriorating relations. In a way it could be said that Biden brought the optimism that Russia, Germany, France, India, and other nations, the rest of the world also need, especially now during the pandemic. He prepared carefully for his meeting, more than most presidents, much more than Reagan, Trump or Obama. He met with German and French  leaders, prepared with Blinken and Sullivan, coordinated with G-7 allies at Cornwall in the UK, in a way that was rarely done before.  After the meeting Biden could tell reporters "The country has put a different face on where we've been and where we're going- and I feel good about it." It is also a measure of Biden's leadership style that he took a constructive approach in the face of difficult issues.  Biden based it on a sound footing. The way Biden says "is to know what your adversary's interests are." In Russia's case Biden and his team see this as "legitimacy, standing in the world stage." And for Russia "desperately wanting to be relevant." For the most part Putin and Russia responded positively to this effort by Biden to change the tone, texture of voice, and manner in the conversation. ...

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The title is misplaced- it is Vivekananda as Modi's mentor and hero that is central to the ideas he has put forth for Swacch Bharat, Jal Jeevan, to bring education, water and electricity to the common man. Vivekananda was also the inspiration for AatmaNirbhar Bharat. Mohandas Gandhi said that he had read Vivekananda thoroughly and through that reading he had come to be in touch with the common man in India a thousand fold. Modi has also read Vivekananda thoroughly and felt the same way. Vivekananda has said- "Loko ke shiksit karo ke ve atmannirbhar hona sikhe."  If the common man could not get to education, education had to be delivered to the common man. Vivekananda's vision was for an exchange with America and Europe in which he would bring Vedanta and Yoga to these countries in exchange for technology and capital. This is not Modi's project, it is Vivekananda's project, simply brought forward by Modi as service to the nation and the world. It also comes at a time 125 years after Vivekananda expressed these ideas when US and European Union are looking for fresh ideas to restructure their supply chain, and taking a new look at the potential of India and Indians. It is a different America that India faces, not that of the past, after this pandemic and the social plus economic ills that have affected the country. Biden is different, America is different. So is the European Union as it takes on new leadership after the German and French elections, just as America has done. Both look to the future for a partnership with India and Indians to realize India's potential.   ...

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The Irish prime minister Varadkar says it is time to move on. When he assumed office he was the first from an ethnic minority background to lead Ireland, the son of an Irish mother and an Indian immigrant father. He took Ireland through the crises of coronavirus pandemic, Brexit, and improved unemployment and budget shortfalls. Recently he accepted defeat on a referendum intended to remove language in the Irish Constitution on a clause about "a woman's life within the home." Disagreements over the language of the referendum led to its not getting approved on International Women's Day by about 70% of the vote with 44% of people voting. It suggest there was no enthusiasm and its relevance at this time was not understood. It is not clear why there was a need for this referendum in the first place to remove one text of the constitution that respects the role of family and mother's contributions in the home. During the pandemic for instance women played a major role, and sometimes took on a greater share of the burden. Efforts to have women's participation as shown in Japan and India does not require constitutional wording to be changed. Japan has done remarkably well and India is about to do this. And removing the wording about women's role at home, instead of encouraging or adding wording about women actively participating in the workforce and actions to make that possible, accomplishes little. Coupling this with a wording that includes gay families in the definition of family while removing the role of women in the family language seemed to be making changes that had little to do with each other. ...

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Kevin McCarthy, (Republican from California) is likely to win in the election of minority leader of the U.S. House of Representatives. He has the support of former Speaker Paul Ryan who resigned in April. House Democrats winning control of the House of Representatives in the 2018 election made it easier for McCarthy to win the election. In election of minority leader he needed only a majority of votes in a closed ballot election.

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China's Nobel prize winner Mo Yan says he hopes democarcy activist and dissident Liu Xiaobo is released soon.

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The story of the Vanguard 500 Index Fund's founding in 1976, and the inspiration from Nobel Laureate economist Paul Samuelson, is told by founder John Bogle. On August 31, 1976, the first index mutual fund, First Index Investment Trust was born. It was launched by Bogle at Vanguard. The idea he put forth was that passive index management could outperform active management with its fees, load, commission and other costs. The IPO target was $150 million, but the underwiritng resulted only in $11.3 million. The underwriters suggested cancelling the deal, saying that this was not enough to own all 500 stocks in the S&P 500 Index. Bogle's response was just the opposite- he now had the world's first index mutual fund. Here Bogle talks about the early inspiration. His senior thesis at Priceton University in 1951, in which Bogle broached the idea that mutual funds could not say they were superior to market averages, received support from Samuelson. This was followed by the article 23 years later by Samuelson in "Challenge to Judgement," an article in the Journal of Portfolio Management in summer 1974, that stated: "that some large foundation set up an in-house portfolio that tracks the S&P 500 Index." Bogle took up the challenge and offered well diversified funds at minimal costs, with a focus on the long term investment. Writing in Newsweek in August 1976, Samuelson said that his prayer had been answered. Bogle describes how his inital encounter working with Samuelson's "Economics: An Introductory Analysis," was difficult. He barely made a C-. In 1993 Samuelson offered to write the foreword on Bogle's first book- "Bogle on Mutual Funds." The relationship lasted 61 years!...

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Russia's spokesman Dmitry Peskov told British channel Sky News "the casualties in Ukraine were a huge tragedy for us." He said Russia "suffered significant losses of troops" in the Ukraine invasion. He said he hoped Russia would achieve its goals in the coming days. The US Senate has voted unanimously to remove Russia's most favored nation status in trade. This opens the door to new tariffs and import controls on platinum, chemicals, iron and steel. Speaking to parliament the Russian prime minister Mikhail Mishustin said the cumulative impact of the sanctions means Russia is facing the worst economic outlook in decades. Mishustin said " No doubt, the current situation could be called the most difficult in three decades for Russia. Such sanctions were not used in the darkest times of the Cold War."  A new wave of sanctions is taking place from the US and Germany after Russia was removed from the UN Human Rights Council in a vote of the General Assembly with 93 votes out of 193 in favor of expulsion. This follows reports of atrocities in the war near Kviv. ...

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Tom Steyer, founder of NextGen America points out the dangers of the Republican tax plan. He calls it a sham, in the WSJ. As evidence he cites a meeting of the WSJ CEO Council, where few hands went up when asked it they would increase investment if the tax bill passed. By saddling future generations with more debt the bill would hurt investment in infrastructure, health and education that are badly needed. This is not the time for another Reaganomics plan, says Steyer, as the middle class and working class have shrivelled under both presidents Bush and Obama, with the export of jobs overseas and the deep recession years. As proof that it does little for the middle and working class, he cites the Tax Policy Center's review of the bill showing 62% of the Senate's version of the tax bill benefits go to the top 1% of the earners. And that nearly half of American families will see their taxes rise under the bill eventually. This means nothing less than taking money from the middle and working class to fund the cuts, and gutting investments in health, education and infrastructure.  ...

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Jeroen Dijsselbloem, was finance minister of the Netherlands for 3 months when he was appointed to the position of Eurogroup president in Jan 2013, succeeding Luxembourg's prime minister, Jean-Claude Juncker. He is a 46 year old agricultural economist and a member of parliament for the Labor party, considered by many to be inexperienced for the job. He is outspoken compared to his predecessor. His comments about bank rescues being made by having bondholders and shareholders take up the cost, followed by depositors, has roiled financial markets. Shareholders and junior bondholders were wiped out as part of the nationalization of Dutch bank SNS Reaal NN in Feb. 2013, but depositors were safe. The reference to depositors has created anxiety for depositors at eurozone banks. Dijsselbloem's remarks about the Cyprus bailout and depositors taking losses as a model for future bank bailouts in the eurozone were criticized by many EU officials, including Benoit Coeure, a member of the ECB's executive board. Coeure told French radio station Europe 1: "The situation in Cyprus is very particular, and there aren't the same banking problems in other eurozone countries." Later Dijsselbloem referred to Cyprus as "an exceptional case." Similiar criticism was voiced by the opposition in the Netherlands parliament....

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Toyota makes a sharp rebound after the recall and the tsunami in Japan. Still Takahiko Ijichi, senior managing officer, strikes a note of caution. He says "the latest numbers are not necessarily reflective of our true strength." Toyota has to contend with the slowdown in China, the problems in Europe, and the strong yen in coming months.

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Fiat-Chrysler's Sergio Marchionne tells an automotive conference that the new fuel efficiency targets proposed by the Obama administration will be "an incredible stimulus for the American auto industry." He is confident that the new 2025 standards can be achieved. He said the industry had a bad habit of crying wolf and emphasized the need to get there so that the U.S. auto industry could be at the forefront of the changes taking place. He also cautioned the industry to not get comfortable with China's role as an emerging market that helped increase global sales. That growth is slowing and it presents another potential risk for the automakers- the potential for China to export 10% of what it makes to overseas markets including the U.S. and Europe. All of which increases the urgency of building the industrial base and competitiveness of the automotive industry in the U.S.

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A law professor at George Washington University, who also comes from an Sicilian Italian American family, writes about his encounters with Scalia showing passionate opinion and steadfastness. Scalia was educated at Xavier Jesuit high school, and Georgetown University. He remained true to his conservative beliefs about the the law over three decades since his appointment by president Reagan in 1986, and an originalist interpretation of the U.S. Constitution as the framers in the eighteenth century had intended. He is the first Italian American Supreme Court Justice, a fact that enabled him to win approval in the Senate 98-0.

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Bill Keller reflects on Mandela's contacts with and one time participation in the Communist party. At the time the communists were the only organization with whites supporting the ANC, as the ANC was completely black. The result in shaping Mandela's thinking were positive in his views for a multiracial South Africa. Communist type liberation ideology has also hadicapped African countries including the ANC party in that it has failed to bring in new thinking and different views. Keller brings special insights into this behaviour as he covered both the Soviet Union 1986-1991, and South Africa 1992-1995, for the NYT.

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Inflation is receding as an issue in the 2024 elections as the CPI index dropped below 3% in July as reported by the Labor Department. It was 2.9% lowest since 2021. Greg Ip says when Trump is saying bacon costs 5 times more now he needs to find another supermarket. That is the joke as Trump is really getting ripped off. Ip says bacon prices are up 18% since 2020 when Biden took office. Trump says at rallies grocery prices are up 70%, Ip says fact correction -up 21% since January 2021 not 70%. Trump says gas prices are $5.00 a gallon. Fact correction- gas prices are $3.75 a gallon and falling, says Ip. Trump wildly exaggerates. Trump says he will cut energy and electricity prices by 50% in 12-18 months. His answer "Drill Baby Drill." Experts cited by Greg Ip say even if new offshore and onshore leases are given, increase in supply is marginal and years away. Gas prices are determined by the world price determined by OPEC and Russia, says Ip.  Trump will increase inflation says this report because of tariffs he plans of 60% on imports from China and 10% from other places. That would increase inflation by 1.4 to 1.7% say analysts. Greg Ip of WSJ offers more clues. Inflation linked bonds see inflation dropping to 2.2% in 2025 instead of 2.6% predicted earlier. Jerome Powell at the US central bank the Fed and president Biden hav done their job well and are not letting up, continue to work on it diligently every day. ...

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ECB president Draghi reiterated the ECB's committment for 2015 to support the eurozone economy to bring inflation to the 2.0% level. For the eurozone annualized inflation declined to 0.4% in Oct. 2014, and growth in GDP declined to 0.6% annualized rate in the 3rd quarter 2014. Financial markets responded favorably to Draghi's comments before the European parliament: "We need to remain alert to possible downside risks to our outlook on inflation, in particular against the backdrop of a weakening growth momentum and continued subdued monetary and credit dynamics." He added: " If necessary to further address risks of too prolonged a period of low inflation, the governing council is unanimous in its committment to using additional unconventional instruments within its mandate." To skeptics citing the low growth issues, Draghi said the monetary policy of the ECB has been "extraordinarily successful," pointing to the low bond yields for Spain, Italy and France. He emphasized "we need time for this monetary stimulus to go and carve its way through the economy."...

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Mark Landler's interview with Hussain Haqqani in Oct. 2013 provides insights into the misperceptions on both sides of the U.S.-Pakistan relationship since 1947. Particularly the way Pakistan cannot shake free from seeing everything through the prism of India. He points out that Ambassador Holbrooke had a forward looking approach to the South Asian region, but failed to get the support of president Obama and the weak leadership of president Zardari, resulting in a squandered opportunity for the region to look beyond the twentieth century's conflicts towards a brighter future.

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The American Treasury Secretary who handled the 2008 financial crisis, Henry Paulson, gives the new US financial reform legislation an incomplete grade. His main concern is that the too-big-to fail risk in the US banking system continues, and without clear rules a lot depends on the regulators. He does not see higher capital requirements doing much to ease that problem, and sees another crisis in a few years as inevitable. Former SEC chief, Harvey Pitt, gives it an F for failure or an I for Incomplete. He sees it as a boon for lawyers, because it is not clearly written and leaves so many loopholes, to a degree that is simply astounding. He says it does nothing in the way of preventing another crisis. Does nothing for transparency, nothing for monitoring and action by regulators, all factors that led to the crisis of 2008. Nouriel Roubini gives it a C+, because it does little to fix the reasons why securitization failed and caused the crisis, and in this way will keep credit creation and expansion in a weak state. He sees this financial reform bill as a failed effort that is laying the ground for the next crisis, with little action in the "too-big-to-fail" area, a huge dilution of what former Fed Chairman paul Volcker had advocated in the Volcker rule, and no real impact on the risky trading of derivatives. Bill Gross of PIMCO gives his frank assessment in no uncertain terms. A D+ for this bill. It shows how lobbyists for the banks still control Congress he says. It would have been better to let Paul Volcker take charge completely, than to have the lobbyists dilute the critical reform proposals. Simon Johnson gives it the lowest passing grade at MIT, a B. The only large change he says, is the Kanjorski Amendment, which give federal regulators the authority to breakup the large banks. But he cautions that it may require another crisis for the regulators and Congress to "get it," and do what they should be doing....

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Krugman describes the President as coming across as bland and timid, and asks what happened to the guy with the inspiring message. Oliphant in a Washington Post cartoon shows the "pragmatic" Obama in 2011 debating the "inspiring message" Obama of 2008. Krugman says he thinks the country is looking for someone to lead, who believes in something- outside of re-election.

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This In Depth view in The Times of the 2021 Conservative party conference in Manchester, says Boris Johnson was his old ebullient self in his conference speech rallying Tories. He is seen as not having a full grasp of the situation as schools reopen without covid precautions in place, overconfident about controlling the pandemic. He is also viewed as ignoring the impact this winter of higher gas prices, lack of enough labor for essential services, inflation and shortages of essential goods, on the British public. The general mood of the Tory conference appeared to be celebrating the Tory performance without preparing for unanticipated obstacles ahead for the British economy and for all sections of British society hit hard by the pandemic.

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The Japanese Consulate in Lithuania is about to close in 1940. Jewish people from Poland have moved to Lithuania. As the Germans move across Europe the vice consul in Kaunas, Lithuania says he has to do something to help Jewish people to get to safety. Ministry of Foreign Affairs in Japan had authorized issue of visas to applicants. He uses this authority to issue 2100 visas, one visa sufficient for each family. 

It will be an extraordinary journey. From Lithuania to Vladivostock, Russia., and from there by boat to Japan. In Kobe the Jewish community there gets the 10 day transit visa extended so that a final destination can be planned. The journey then begins to to other parts of the world.

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Since the ouster of Mr. Licht amid falling ratings at CNN and protests by staff, the network is run by Amy Entelis, Virginia Moseley, Eric Shearling and David Leavy reporting to Mr. Zaslav head of Warner Brothers Discovery. CNN will now be run by Mark Thompson who ran BBC and New York Times. It comes at an important time for the country as 2024 is an election year. Mr. Licht was a late show producer, Mr. Thompson brings rare and extensive experience running large organizations that cover news for many decades since joining BBC in 1979. He joined as a BBC trainee and over 24 years by 2004 he headed the  vast BBC British network. 

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Former CIA chief Brennan tells Congress that he warned the head of Russian security services that Americans would not accept interference in the election, that this would lead to a backlash and damage relations. Some of this is already happening as the investigations into Russian interference are filling the media coverage in May 2017 following the firing of FBI Director Comey. The FBI investigation also had since July 2016 included a small team that included the CIA and other intelligence agencies. Brennan was part of this team. Brennan said he told Bortnikov, the head of Russia's Federal Security Service- "I said American voters would be outraged by any Russian attempt to interfere in the election."

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Benny Gantz, a former Israeli army chief of staff, failed to take advantage of the situation Mr. Netanyahu finds himself in with corruption charges from the Attorney General and a sense that it was time for Israel to move on beyond the Netanyahu years. In a close election contest Mr. Gantz needs to put forward his own message which he is only now beginning to do. He says Mr. Netanyahu's office leaked news of a hack of his mobile phone by Iran which went on the Israeli television network. Mr. Gantz's view of the election is that a clean campaign would resonate with voters after the rough and tumble politics of the Netanyahu years.

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In dealing with a case judges of the Supreme Court look at the law, precedents and facts of a case. They also look at the human aspect says Chief Justice Ramana of the Indian Supreme Court. He says a judge has to keep sight of the human suffering and toll in understanding a case. Judges have to see the repercussions and what happens as it echoes over time, as the new decision becomes the law of the land.

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Consumer spending went up by 1.1% in June with the rebound in spending. Fed chairman Powell had this in mind when he said the second half could be stronger than the first for the US economy.