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What oil prices are doing to the redistribution of wealth across the globe. How rich and poor countries are coping. Money going to gasoline is still only 4% of disposable income of U.S. households and the USA hasn't lost its addiction to large vehicles, though there has been a moderate shift to smaller cars and SUV's. Chinese demand keeps growing. Fuel Economy standards are only now being changed and few alternatives are emerging quickly enough to make a difference in the short run. Though a worldwide recessionary climate could change things, no major change is expected. Airlines and the auto industry will be the most affected industries. Global warming and CO2 emissions will be a factor in evaluating how well these alternative are working. With oil and gas prices high, unfortunately coal use is increasing both in China and elsewhere. And ethanol hasn't won popularity because it uses up scarce resources of land, water and energy. A big change is the shift to most of the action going to government oil companies of developing countries, which are much larger now and have the resources to handle what the oil majors did before. Western oil service companies are working with government oil companies bringing access to technology....

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Daiichi Sankyo Company of Japan announced plans to take a majority stake in Ranbaxy Labs for $3.4 billion to $4.6 billion. A patent settlement with Pfizer for Ranbaxy to market a generic version of Lipitor after November 2011 may be part of the effort to give more clarity to Daiichi Sankyo for it to go ahead with the deal. Both Pfizer and Ranbaxy have extensive litigation on this issue. Pfizer could otherwise have seen Ranbaxy bring a generic version of Lipitor in March 2010. About 25% of Pfizer's $48 billion in revenues come from Lipitor and its stock price is at its lowest in a decade because of the uncertainty over Lipitor. Under the agreement Ranbaxy gets to be the only company to market a generic version of Lipitor for 180 days after Pfizer's patent expires. Ranbaxy also gets to market a generic version of Caduet, a pill that combines Lipitor and blood pressure medication Norvasc, in 2011 before the patent for Caduet expires in 2018. The FDA can question the terms of this agreement as it favors introduction of generics competition, and the Caduet portion of this deal may be seen as a payoff to Ranbaxy for settling with Pfizer....

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JP Morgan Chase CEO Jamie Dimon's confidence in Ina Drew was based on her hands on abilities, especially demonstrated during the 2008 financial crisis. Current and former bankers in this account by the Times Silver-Greenberg and Schwartz, say things changed in the years that followed. In 2010 Ina Drew was ill with Lyme's disease. The conflicts between the risk taking propensities of traders at the London trading desk under Mr. Macris, and the more risk conscious New York trading desk under Ms. Duersten, had already led to shouting matches under Ina Drew. After her illness and her absence from the office for long periods this spilled out into the open. In early 2011 Ms. Duersten left Chase after 16 years. Her replacement who would be new to Chase could not restrain the risk taking propensities of Mr. Macris and the London trading desk, the way Duersten and Ina Drew had done earlier. Macris and a trader reporting to him, Mr Iksil (referred to as the "London Whale" for his massive trading positions and bets), were free to operate without any restraint in this environment. Ina Drew returned in 2011, but she was not the same hands on person after the illness. She moved to the corporate offices on the 48th floor, instead of being on the floor above the New York trading desk. In 2008 she had held daily meetings with traders required to defend their trading positions. This did not happen in 2011. Jamie Dimon learned about the London Whale in the Wall Street Journal, April 6, 2012. Dimon's efforts in pushing back against stricter regulation, stress tests, and other issues were to lead to the CEO of the 2008 crisis becoming a much more distracted person in 2011. He was taken unawares by the breakdown in the relationship between the London and New York offices of the Chief Investment Office, the changed situation of Ms. Drew, and that risk management controls at the bank were not in place. Risk management overly depended on one person and the trust of the CEO in that person, and was not institutionalized. At the same time it should be noted that Jamie Dimon became CEO of Chase after the acquisition of Bank One in 2005, and Ina Drew was hired in that year, only three years before the crisis of 2008. The merger of other banks into JP Morgan Chase created a bank with $360 billion investment portfolio- even Ina Drew had never previously handled a portfolio of this size and the complex risks brought in with the Washington Mutual portfolio....

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The complex landscape Bernanke faces both in the global picture and in productivity growth so he has to weigh his options and their likely consequences as he sees them from the best available information, very carefully. The Asian economy and the European economy are on a stronger footing and Bernanke has to keep interest rate here not too far apart from rates elsewhere in the global economy for its impact on the dollar and inflation. And productivity growth could be slowing.

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Airbus and Boeing learned a lot from the cost overruns, manufacturing delays, outsourcing issues and other problems in the development and manufacturing of the Dreamliner and the Airbus 350. This is changing the way the two companies approach manufacturing processes for newer complex models of planes.

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This WSJ report shows how the debt ceiling negotiation were conducted and the process that made it possible to reach an agreement since the State of the Union address by president Biden on February 7, 2023. It started with Biden getting unanimity right on the floor of Congress during his speech about protecting Medicare and Social Security. The Republican strategy was to pass the legislation on spending that did not specify where cuts were to be made yet used 2022 spending levels with a 1% increase. The deal was to be for three years and passed the spending bill with an increase inthe debt ceiling. Till that time the Democrats decided to not enter negotiations.  Biden and McCarthy then had to choose who would represent their side in the long negotiation process that lay ahead till June 5. Progressive Democrats called for invoking the 14th Amendment that allows the government to continue functioning and pay its bills. Biden chose not to take that route. Respect for the other side, a prepared script are an important point in negotiations. To get results something even more important is essential flexibility and a plan, Plan B. Trust began to develop between McCarthy and Biden. Biden and McCarthy did not any time engage in acrimonious description of the other side. At one point when Biden was in Hiroshima for the G7 meetings Ricchetti on the Biden side and Graves on the Republican side began to feel the frustration. Biden decided to fly home early from Hiroshima. He was constantly in touch with his negotiators Steve Ricchetti, a trusted aide, and a cabinet official the Budget Director Shalanda Young. Graves a long time trusted adviser of McCarthy headed the negotiations for McCarthy.  Shalanda Young and Garrett Graves are both from Louisiana and Graves says he used to work out with Young's dad in the same area. This had a positive effect. It also reduced the tensions in the negotiations so that it could be said this was the calmest negotiation from either side that has been seen in the US  for a long time and bodes well for America's future and for its people, far beyond any concessions made by either party.  Biden made clear at the outset what he could accept without leaving it hidden- he would agree to some work requirements, he would not agree to work requirements for Medicaid. Others in the Democratic party conveyed how distraught they were with efforts to impose stringent requirements for federal food aid during a cost of living crisis when the Republican positions ruled out any new taxes on the wealthiest Americans. In the end Republicans agreed to keep spending limits for 2023 for two more years into 2025 when they would be increased by 1%. Democrats offered to cut (Income Tax) Internal Revenue Service (IRS) spending to increase IRS staffing from $80 billion to $70 billion. Biden said "nobody got everything they wanted." It would have to be passed in Congress with the support of moderate Democrats and moderate Republicans, with members holding extreme positions among Republicans and Democrats opposing. The two parties coming together after a long time to meet the real challenges ahead for the American people. ...

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Who is Nandalal Weerasinghe? This report in The Daily News gives some idea about the man chosen to help Sri Lanka negotiate a deal with the IMF.  Dr. Nandalal Weerasinghe was an alternate executive director at the International Monetary Fund before being appointed deputy governor of the Ceylon Central Bank in 2012. Before this he managed several macroeconomic departments at the central bank and was assistant governor of the central bank from 2007 to 2009, He has spent the large part of his career in economic positions at the Central Bank of Ceylon after getting his PhD in economics from the Australian National University. Weerasinghe is the leading expert in macroeconomics from Sri Lanka who has IMF experience. He says "things will get worse before they get better." He retired early from the central bank with a change in government in 2019. He was reappointed as Sri Lanka faced a debt crisis in March 2022 following the two year long pandemic, and the Ukraine war in 2022 that was bad for emerging market economies. Weerasinghe says about the crisis facing Sri Lanka- Recent decisons followed Modern Monetary Theory. This has dire consequences. In recent times the savings brought about by the low tax and interest rate regime passed savings on to the corporate sector and took away spending power from savers and pensioners. Surging inflation made things even worse for the lower income middle class and older parts of society. Years of accumulated debt have brought Ceylon to this point. In Ceylon one is seeing the effects of savings being passed on to the corporate sector in an economy dependent on tourism and remittances from overseas workers, both hit by the two year long pandemic. This is part of  a trend that has hurt emerging market economies from Argentina and Pakistan which also turned to the IMF to Turkey.  In other countries in the European Union savings also passed on to the corporate sector with low tax and low interest rate regime. With high inflation resulting in the cost of living crisis seen today in France and Germany. This type of policy that Weerasinghe calls 'Modern Monetary Theory' is not healthy for the European Union and the US, as these policies led to the neglect of much needed and vital investments in infrastructure, health and education. Only now are these effects being corrected by new administrations of Biden in the US and Scholz in Germany, with Biden's 2 trillion plan for workers and families, and a similar plan from chancellor Scholz. With this come needed investments to tackle climate change, all of which was neglected before. India has taken a different approach. By following good governance, managing vaccination effectively during the pandemic, social emphasis for food, water, electricity, cooking gas, medicine for the vast population of 1.2 billion, and a Master plan for building Made in India manufacturing,  India has avoided such crises and maintained strong economic growth. In this sense it is a model for South Asian, South East Asian, African, and Latin American emerging market economies that face a difficult situation today. Good governance is critical.   ...

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This self portrait by Vladimir Putin about his growing up years in Leningrad and the life of his father and mother during the siege of Leningrad by Germans may offer a better sense of the mind and thinking of the Russian president than the Dresden years when he was a junior Russian official in Communist East Germany (the GDR). It is an interview of the Russian president in 2000 by Nataliya Gevorkyan, Natalya Timakova, and Andrei Kolesnikov over twenty years back. Putin's father suffered severe injuries during the war in the fighting around Leningrad, twice being given up for dead and being dragged wounded across the frozen Neva river to a hospital by a neighbor. His mother was half dead from starvation and his father passed on his food given to him at the hospital. Having gone through the memories of this period affected Vladimir Putin's view of the world and no amount of US or German assurance about NATO's intentions may have erased these memories from childhood. The long period in power and the Covid isolation may have led to  perceptions that were less likely to change so that Putin did his own research and wrote a long paper on Ukraine in 2021 that reflected Russia and Ukraine's long history but did not reflect the changing national aspirations of Ukraine's people in 2022. This may have led to the miscalculation and the errors by both Putin and the leaders Merkel-Bush-Obama that the detailed WSJ report of 20 years of events show to have happened. The WSJ report of April 1, 2022, was titled "Vladimir Putin's 20 Year March to War in Ukraine and How the West Mishandled It." The Social Democrats in Germany under Schroeder and Steinmeier mishandled it by deepening economic integration with Russia as a way to make up for what had happened in the German invasion of Russia, and the Christian Democrats under Merkel with business interests never really grasped the different thinking of the Russian president relying solely on deep economic integration of the EU and Germany with Russia as well as China as an answer. Mr. Bush and Mr. Obama from a distance even less so.  This has led to the miscalculation by Russia under Putin leading to invasion of Ukraine, and the US and Germany being unprepared about taking action to prevent it.  Beyond the key participants and the war damage, there is the enormous damage that is taking place in the mental health around the world after Covid with constant barrage of images of war and refugees streaming into Poland. There is the problem of food imports, of food scarcity in the Middle East, and inflation in food prices for Africa and the Middle East. As Brendan Simms, a Cambridge historian has shown in his book "Europe The Struggle of Supremacy 1453 to the Present," which is now being read by German chancellor Scholz, this has happened before with the UK, Netherlands, Spain, Germany, Sweden, Denmark and Russia engaging in these conflicts that led to prolonged wars and eventually to only small shifts in power. Yet with huge effects for ordinary people caught in the wars such as today's refugees and people struggling to feed their families in Africa and Asia after the effects of Covid on income. Food prices have gone up by 50% to almost double in these countries.   ...

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Russia invades Ukraine on multiple fronts, across Belarus, across its western border with Ukraine, on the pre dawn hours of February 24, 2022. Russian foreign minister Lavrov says "tense and detailed discussions" with US and NATO are still taking place. In talks with the US, president Putin of Russia had demanded that Ukraine commit to not joining NATO. The US insisted that this was upto Ukraine and that the territorial integrity of Ukraine had to be respected. Interventions by Macron of France and other leaders failed to bring the two sides closer. The US and Europe with a reluctant Germany looked at sanctions as a deterrent. This proved to be wrong. Mr. Putin has a passionate view of Ukraine and Kviv's historical role in the formation of the Russian state, evident in his televised address only 48 hours before the actual invasion. Ukraine has shifted between Poland and the Baltic states, Germany on one side and Russia on the other in its thousand year old history. The shift away from Bolsheviks and Communists under the Soviet Union after 1990 changed the relationship of Ukraine with its neighbors once again as Ukraine became closer to Poland and the Baltics, and Germany. Germany remains reluctant to revert to the relationship with Russia that led to 2 World Wars. During the leadership of Willy Brandt and successive German SPD leaders, as well as with Konrad Adenauer and CDU leaders, the goal was to build a good relationship with Russia. Merkel of the CDU went as far as accepting dependence on Russia for 40% of its gas supplies, after shifted out of nuclear energy and supporting a new Nordstream undersea pipeline for gas supplies.  The early reaction on DW.com and German television was one of shock as no one really expected that this would lead to a full scale invasion. Scholz of the SPD the new chancellor in 2022 was not active in forging anew consensus allowing NATO's Stoltenberg who is a former Norwegian prime minister 2005-2013 to frame the response of Europe. Norway's role in European security was marginal for most of the twentieth century. Other events had detracted from bringing active German and American participation in coming up with a framework of dialogue to address concerns of both sides and still build a common ground for peace- Afghanistan, the pandemic in its third year, China's deteriorating one sided trade relationship with America that hurt American workers and manufacturing. As a result China and Germany were essentially absent in building the framework for peace. Afghanistan hasty withdrawal made it harder for president Biden to come up with new approaches to build a common framework. President Macron made some faltering efforts on the fringes even as president Putin focused on the US response and its intentions with NATO on European soil, and declared that it was directly US Russia negotiations that needed to work. With this the whole framework of relations since the presidency of Reagan and the relations with Russia and China come to a close. And a new framework needs to be constructed that draws in India already or soon to be the most populous nation in the world, in an effort to build an enduring new framework. The voices of Eastern Europe need to be heard, yet balanced with the voices from India, China, Germany, Russia, and other countries in Asia, Latin America and Africa that are affected by world events. ...

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The Blinken Wang Yi meeting at the G-2- in Indonesia is the first high level meeting between US and China since March when the Ukraine war started. In the press briefing after the meeting Blinken said "more than four months into this brutal invasion the PRC stands by Russia." He pointed to Beijing support of Russia at the United Nations, dissemination of Russian talking points through Chinese state media and joint military exercizes with Moscow. One aspect of the relations that is beyond the control or good intentions of the two countries top diplomats is the tit for tat response that began with the presidency of Donald Trump. Trump may have seen this as a way to talk to the voter base fed up with two decades of one sided trade with China with manufacturing shipped out to China and local communities of families and workers in regions across the US losing jobs and in decline. Much of this shift was done by US companies during the Clinton, Bush and Obama administrations over two decades. The strident tone adopted by Trump was met by tit for tat responses in Chinese media till the pandemic when it assumed a new aspect of Chinese origins of the coronavirus. The result is that Sinophobia in the US is met by a response in Chinese media and in the thinking of the Chinese leadership under Jinping that now sees the relationship as having already shifted during the pandemic. The paradox in this is that the US in its effort to get other countries on its side is only beginning to make an effort of get America's own companies and large business investors on its side. Most American companies are still continuing trade and business with China as before.  The same situation exists with the shift of manufacturing from Japan and the European Union to China, with the loss of jobs and decline of local communities that depended on manufacturing. Japanese and European companies are acting in ways that are similar to American companies. Having managed the shift of manufacturing from European Union and Japan to China these companies have done little to change this business situation in 2022 carrying on as before. This is the paradox of the current situation that business both in the US and EU, and Japan is not on the side of their governments, even as their governments attitude to China, particularly now after the pandemic and the Ukraine war has shifted drastically. Alongside this is the popular opinion that has shifted gradually over the last 10 years in the US and EU, first in these very local communities that lost manufacturing to China, and then across broader sections of the public, and now across whole regions of America, Britain, the EU and Japan. This shift in popular opinion has little interest in the way business conducts business overseas or governments conduct diplomacy in nuanced statements. As a result neither the governments of the US, EU and Japan or the business of the US, EU and Japan are in control of this shifting situation that has its momentum and pace operating quite independently of governments and business. And public opinion across America, Europe, Japan, and also in India is moving in an entirely new direction.     ...

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The Yucatan Rail Project being moved forward by Lopez Obrador in Mexico is shown here in the WSJ. It moved forward during the pandemic years 2020 and 2021 and connects the Yucatan cities by rail. Yucatan cities  including Campeche and Merida bring about 8% of the country's exports and 10% of the country's GDP. Modern rail at 99 mph would connect the cities in the Yucatan to increase industry and tourism to develop the south east of the country. This is similar to the projects on the Brahmaputra river in the northeastern parts of India that are being opened up by new infrastructure rail and bridges for industry and tourism. Both the Yucatan and India's northeast are parts of the country that have much potential and have investment needs that were not realized in the past by previous administrations. The environmental impact in the northeast part of India and for the bullet train in the western region from Mumbai to Ahmedabad were held up by environmental concerns. A similar situation has happened for the Yucatan Rail Project. Even when enough trees were to be planted to help Mumbai residents for its Metro construction also shown in WSJ, he project was held up for political reasons. The bullet train project after its delay for political reasons will now cost nearly double that it would have cost before. It is supported by Japanese aid at very favourable financial terms that pay for the project, including direct government aid and Japan's rail technology. It is now moving ahead in 2022.  Infrastructure plays a key role in developing economies such as India and Mexico, yet it requires resolute conviction and perseverance as much of the political setup as shown in Mexico leads to leakage of funds meant for infrastructure and very little being done at great cost to the ease of living of ordinary people. In Mumbai and other cities in India. The same is true for Mexico which at this time of the pandemic needs to bolster its spirits and move ahead with much needed development work to help people in all parts of the country. With the Yucatan Rail Project Mexico can move to the next phase with wind farms on the Yucatan out to sea, and solar energy projects that could with new technology be transmitted to other parts of Mexico and to the US. It is important to keep trying and persevere on these new projects and look to a brighter future. For Mexico US relations better living conditions in Mexico also relieves the burden of illegal immigration and problems related to it in neighborly relations. Mexican officials should increase contacts with Indian officials working on the projects in the Assam region and  along the Brahmaputra river, in Indian states in the northeast, to exchange ideas and notes to gain from each other's experiences in integrating regions that were previously not integrated into the Indian and Mexican economies. This is a topic to be added to the G-20 topics to be discussed at the next meeting in Bali, Indonesia, on November 15-16, 2022. For Mexico it is an opportunity to also widen its infrastructure work to learn from what India is doing in solar and wind energy and build collaborative efforts. ...

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Chinese views on the India war of 1962 are shown at the Beijing Military Museum in a display effort "One Hundred Questions on the China-India Border Self-Defense Counterattack."  China's PLA on its 95th anniversary looks at the 33 day war and calls it a "counterattack." It also says China withdrew because its goals were accomplished of getting back the territory it lost since August 1959 to India, that on the Indian side "the decision making was in the hands of civilian officials who did not understand the military at all," and called it "chaotic." It also brings up the international situation that Russia supported both China and India in the conflict and India had the US on its side. It says PLA withdrew because of the difficulty of supplying the military in the Arunachal region at a great distance from China particularly after the famine that resulted from the Great Leap Forward. Today there is a clear chain of command and joint work by the Indian Air force and the Army, infrastructure to support mountain operations being built at rapid speed, and building of modern defense manufacturing capabilities for the airforce and army as shown at the Defense Expo in Gandhinagar, Gujarat, this week.  One of the first aspects of the border that one sees in the region is how close it is to large population cities and towns in India and how remote it is from large population towns and cities in China. In this sense China after the experience with Russian conflict before 1900, later a large Japanese invasion in 1931and 1937 appears to have responded to its period of semi-colonialism with an aggressive policy of extending its frontiers to regions that were throughout history acting as large buffers between India and China- such being the case of Tibet which was occupied in the 1950's leading to the war with India and a border dispute that had never existed before in history. Other aspects today are that in 1962 the PLA had fought the war against the Japanese and the war agains the Americans in Korea all within a 20 year period. In 2022 China has focused for 50 years on modernizing its economy. The supply chain in the Ukraine war showed shortcomings in the Russian army, and the difficulties of supplying forces at great distances. There is also the question of morale when it is about  miles of icy terrain at heights over 10,000 feet, thousands of miles away from major population cities and towns in China- for reasons of Russian and Japanese semicolonialism behaviour not to be found in regions that had never seen large armies in history such as Tibet or Arunachal or the Himalayan border regions. The distances tell much of the story- the distance from Shanghai, Shenzen or Beijing, to Tibet is over 4000 kilometers and the border region with India additional thousands of kilometers over some of the most rugged terrain on earth with only remote mountain communities existing in the most difficult environments.       ...

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Seen in a larger context, the Biden tax pledge seen from the southern and midwestern and less well off states is not about taxes, it is about federal revenues that build the infrastructure and services in these states that increase the standard of living. This happened in the 1930's and 1940's under FDR and Truman, in the 1950's under Eisenhower, in the 1960's under Kennedy/LBJ. And is happening again under Biden today. Lets not forget that president John F. Kennedy says in his speeches that these regions in America in the 1860's under Lincoln were in development close to what prevailed in the 1960's in India, Ceylon, Chile, Turkey or China. The Biden pledge not to increase taxes on anyone making less than $400,000 is significant because it grasps the situation in America where extraordinary gains in wealth since 1980 have gone only some of it to the top 1-2% in midwestern states and southern states, and most of it to the top 3-5% in coastal states population in the east and west, New York and California, where the finance and tech industry are based. In Michigan and Wisconsin only 2% of households make more than $400,000, in Pennsylvania, Nevada, Arizona and Florida 3%. WSJ shows a map of the US showing this for individual states. The core southern states have 2% of households with incomes over $400,000- including Arkansas, Tennessee, South Carolina, Alabama, Louisiana, Oklahoma, with Mississippi less than 1%. It is only segregation in the late 1960's and culture issues such as abortion that have turned them from Democratic states to Republican states as they were the largest beneficiaries of taxes diverted into investment in these places since FDR/Truman and John Kennedy/LBJ. It was JFK who came up with the phrase "a rising tide lifts all boats" when he opened federally funded projects in Arkansas. Seen objectively the large investments made under Lincoln, FDR/Truman, Kennedy/LBJ from tax revenues are what changed this region from conditions that prevailed in less developed countries that John Kennedy points out in his speeches, true for the midwest, parts of the west, and the southern states alike.  President Kennedy said on Feb. 25, 1963 to the American Bankers Association Symposium on Economic Growth: "Today, many Americans tend to think of developing underdeveloped countries in terms only of faraway nations. But in 1863, even measured by 1963 dollars, our own per capita income--and this should be a source of encouragement to many who are laboring with the problem of underdevelopment in far-off countries--our own per capita income was less than $1 a day, approximately the same as Chile's. Nearly 60 percent of our labor force was engaged in agriculture, the same percentage as is today engaged in the Philippines. An estimated 20 percent of our population was illiterate, the same percentage of the population of Ceylon. Only one-fifth of our 34 million people lived in towns or cities of over 5,000 in population, as is roughly true now of Turkey. In 1863, this Nation had fewer railroad tracks laid than India has today, and its children had a shorter life expectancy than a child born this year in Thailand or Zanzibar."   ...

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U.S. senior Republican Senators Lindsay Graham of South Carolina and John McCain of Arizona, are getting ready to launch a wide ranging probe of Russian interference in the U.S. 2016 presidential election through cyber attacks. The probe is not limited to DNC hacking and the concern is not just that any one candidate was targeted but for the integrity of the American election process. Even though it is not mentioned in this report in the Washington Post by Demirjian, Senators and Congressmen from the Republican Party in charge of key committees of oversight on foreign policy and defense now see it as their responsibility to prevent an enlargement of cyberattacks as Germany and France face elections. Mr. Trump has said in an interview with Time magazine that Russia was not responsible for cyber attacks, that it "could have been China, it could have been some guy in New Jersey." Senator McCain is readying a probe into cyber attacks into U.S. weapons systems, and U.S. military, as the issue widens in its scope and significance for the West and for the U.S. and its allies in Europe and Asia. Senate Select Intelligence Committee Chairman Richard Burr (N.C.) will be working closely with McCain, Senate Armed Services Committee Chairman, on this particular issue and Senator Mitch McConnell has been apprised of the discussions, according to this report in WP. Senator Graham said- "They'll keep doing more here until they pay a price." Graham will hold a series of investigative hearings in 2017 about Russian meddling and "misadventures throughout the world."  This will include new legislation.  Graham told CNN on Dec. 7, 2016 in strong language- "I am going after Russia in every way you can go after Russia. I think they are one of the most destabilizing influences on the world stage. I think they did interfere with our election, and I want Putin personally to pay the price." During the debates Governor Pence of Indiana, the Vice President elect took a strong position on Russia, and the Vice President's positions on foreign policy and defense are similar to that of the Republican leaders in Congress.  It is hard to remember a time in the post war period when there was such a distinct difference in foreign policy and defense as it relates to Russia between a Republican president and both a Republican Congress and almost all Republican governors. Senator Corker from Tennessee, who heads the Senate Foreign Relations Committee, is on the short list to be Secretary of State. A related story in the WSJ shows the selection of military leaders for key intelligence, defense and homeland security, and Gen. Petraeus considered for foreign policy, as diverging from historical practice of keeping civilian oversight preeminent in the U.S.. Rep. Peter King, an early supporter of Trump, who is on committees for intelligence and counterterrorism told MSNBC, that he is confident that Trump will not be "taken in by Putin." The U.S. Republican dominated Congress has taken a strong position on Russian interference in Syria and Ukraine. In the House of Representatives Republican Rep. Devin Nunes from California and Rep. Mac Thornberry from Texas are leading efforts on cyber and intelligence as heads of their committees. ...

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 Harris's role for the Border was limited to telling Central American migrants to stay home. Much of the migration was a result of wars started in the Reagan years in Central American states of Nicaragua and San Salvador. This destabilized the region and led to gangs taking over parts of the country in San Salvador and entrenching Castro style regime in Nicaragua, leading to outward migration of young people. As this report points out Harris was supposed to take on decades of such misguided policies in Central America in a few months. A drought hit agricultural coffee regions of Guatemala increasing migration. Her role instead was to ensure several wins. Win No.1 to generate stability setting up the peaceful transfer of power in Guatemala, singling out corrupt regimes. Win No. 2 to generate jobs. US AID and IFDC loans were increased, foreign investment attracted to generate 250,000 jobs. Win No. 3 the increased stability led to gradually declining migration from Central America. What replaced it was Venezuela. And that is a repeat story of Reagan style wars in Central America. Under the Trump Administration the US did not take up the Monroe Doctrine and act directly to support a stable fairly elected government in Venezuela, an obvious solution. Instead going half way- destabilizing the government but then left it on its own. The result about a third of the population leaving the country in these years to Colombia and other parts of Latin America in a immense humanitarian tragedy.  In 2023 Venezuelans not Guatemalans entered at the US Border in large numbers, most of them middle class families that left Venezuela after hyperinflation and mismanagement of the economy. Realizing the danger by January 2024 Biden negotiated with Senate Minority Leader McConnell and his Republican representative Senator Lankford to pass legislation in the Senate closing the Border. All that was needed was the House to act and 30 years of Border problem would be solved.This was blocked in the House by new Speaker Mike Johnson on advice from former president Trump who chose to use the issue in the 2024 election. Biden then used his executive powers to close the Border leading to lower numbers of migrants under Biden by July 2024 than under Trump. Migration Border Czar was never a term used by Democrats in the Obama and Biden years. Biden who also served in a role given migration as one of the issues to handle under Obama, had this as only one of his assignments. Biden played more important roles in foreign policy with his experience as chairman of the Senate Foreign Relations Committee for decades. Border policy was made by president Obama and his advisers. The same is true of Harris, Border policy being done by president Biden and his advisers. Similar to Biden's role as VP Harris was given assignment to cover foreign policy and was the US representative at 3 Munich Security Conferences in 2021-2024 following the Russian invasion of Ukraine. Chancellor Scholz of Germany said of Harris last week that he had full confidence in Harris as both competent and experienced. ...

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"No amount of misrepresentation or statistical contortion can conceal or blur or smear that record. Neither the attacks of unscrupulous enemies nor the exaggerations of over-zealous friends will serve to mislead the American people." FDR said this  on October 31, 1936, it could also be president Biden.The current Media and Hollywood efforts to choose presidential candidates of their choice runs contrary to "We the People," contrary to views of ordinary Americans, of voters, workers and families. President Kennedy was told he should not take the nomination because he was too young. Kennedys' response was that it was he not Humphrey that went to state after state and won the votes in the primaries, no one else made the effort to run in the primaries in each state. President Biden has the support of 14 million in the primaries. George Chidi from Atlanta reports that undecided voters number about 1 million in the swing states and most are much older than the average. Most may feel insulted by talk about age when they are in the same category.  A 102 years old Lockheed engineer in Atlanta suburbs says he is a Republican but will not vote for Trump. There is also the women's vote in Georgia and Atlanta suburbs with abortion ban as the issue as it was in Kentucky and Kansas. How many vote will also be a factor, making energizing the base a key factor. The idea that one party is doing better than the other is refuted clearly by some of the people in Georgia shown here, and the age factor does not get the prominence the Media have given it, as long as the government is functioning well. Media has failed to look at the policy details of each candidate in a colossal failure that calls for alternatives. Older voters who are the major part of the 1 million or so voters in swing states that are undecided also say that the fact is that with both the candidates- as it is with administrations that are led by young presidents seen as too young to lead (JFK) the opposite of today- many of the decisions are made with an experienced group of advisers around the president. Many if not all also realize that the vast experience of an older president is also an asset. Much of Biden's legislation for chips science, infrastructure, the Inflation Reduction Act have not happened in Germany, France or the UK, and would not have happened in the US without the ability of president Biden to get the bipartisan support from being the one with the most experience in Congress in a long time. The result is the hundreds of thousands of jobs created each month and a growing economy, inflation down from 9 to 3% as the first step to further cost of living action to support ordinary workers and families. Only LBJ comes close and he signed landmark legislation for Medicare and Medicaid, and for civil rights into law 60 years back. By removing America from the wars that Reagan and Bush started and Obama and Trump failed to end president Biden has given the US an opportunity to inspire and lead the free world in a way that has not happened in many decades and build a growing economy, a bright future for the Nation. ...

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  A new German party called BSW,  Bundnis (Association) Sarah Wagenknecht, means Germany nationally could see a smaller Social Democrats party in parliament making way for the socialists who want to keep out migrants. Across East Germany a new party is challenging the AfD from the socialist side getting the protest vote against pro-migrant policies.The socialist BSW party is taking votes from the SPD and DIe Linke Left, from Free Democrats and Greens in the state parliamentary elections in East German states of Thuringia, Saxony, Brandenburg. Nationally SPD may be 15-20%, BSW 10%, and CDU 30%, AfD 10-15%, FDP 10%, Greens 10% in a new shape for German parliamentary representation. The AfD and far right in Germany is challenged by the BSW with both parties opposing policies that led to large scale migrant flows into Germany of Angela Merkel.  BSW is the socialist party of Sarah Wagenknecht which is opposed to migrants entering the country as it distracts from tackling the problems of the working class in Germany and burdens public services when needs are greater among the local communities.  It sees the ruling Christian Democrats, Social Democrat and Free Demcorats, Greens, as out of touch with the problems of working class Germans struggling to make a living. BSW also opposes the wars in Ukraine and Gaza for the same reasons as it takes away resources that are better used to tackle problems at home. The AfD party also opposes migrants but is seen as feeding on the grievances of people of old east German communist state who feel left behind by the reunification of Germany. As a socialist party BSW is for addressing problems of inequality and poverty, childcare, cost of living action, housing, and many of the problems of the working class. Mette Frederiksen Danish prime minister has combined socialist ideas with anti-migrant position in Denmark. A similar position is being taken in the US by the Biden Harris administration in the US by closing the Border with Mexico.  Who is Sahra Wagenknecht and the BSW? Bundnis Sarah Wagenknecht or Association of Sarah Wagenknecht is a socialist party that grew out of Sarah Wagenknecht's own experience growing up in the socialist state of the German Democratic Republic during her formative years in East Berlin.  Born to a Iranian father who disappeared in Iran, and a German mother she was raised by her grandparents. She was active in the socialist parties Die Linke group in parliament since 2000. She received her bachelors degree in philosophy and New German Literature at East Berlin Humboldt University. Followed by MA at Groningen University in philosophy of Marx-Hegel and a doctoral degree from TU Chemnitz in Economics. She was member of parliament in the Bundestag and leader of the Die Linke group. The twin 2009 financial crisis by banks pursuing excessive leverage profits and unethical dealings, the euro crisis that followed of state actors misrepresenting their finances, the rent seeking attitudes of finance, pharma, tech monopolies and other industries has led her along with Italian economist Mazzucato to question the existing system. ...

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Oxfam agency does a study to show the extent of damage done by colonialism in Asia-taking one of three examples India, China and Indonesia with population today of about 3 billion people. British colonial rule in India-from the 1750's to 1950,  estimate is about $34 trillion. It is important because Gandhi's Hind Swaraj (1910) is the result of work done by Dadabhai Naoroji in Poverty and Un-British Rule in India (1901) in coming up with an estimate in the $trillions that showed Gandhi "the extent of the poverty of India." Gandhi's famous letter to the Viceroy in 1923 comes from looking at the British budget for India where little is invested in Indian development much of it going to policing India. An average of $650- $750 per capita income in1600 for both Britain, Netherlands and India, China and Indonesia diverges to $100 in India, China and Indonesia and $10,000 in Britain in 1947. The Dutch and Britain had financed their industrial Revolution that generated most of this prosperity using funds squeezed from taxation, seizure of provincial treasuries,  and unfair trade in India by the British and Dutch East India Companies from 1750 to 1940.  What made this possible is the advance of science and technology that gives the British Navy and the smaller Dutch Navy the edge beginning in the 1600's and maintained for two hundred years to 1800's to defeat the French Navy. And with a leap forward in the Industrial Revolution propelled by science and technology to maintain this edge against all newcomers till 1920's when the US and Japanese Navies contended for superiority. In 1588 the British Navy under Queen Elizabeth had more 400 ton ships and bigger ship guns than the Spanish Empire's Navy under Phillip the Second that dominated Spain, Italy and Germany, and Latin America. This was the turning point the year 1588, when the Spanish Armada was destroyed by the English Navy and by storms in the English Channel. A new book "Armada" by English historians Martin and Parker (2023) shows this as a turning point from which the British and the Dutch started after defeating Spain. There are questions about what led to attitudes towards science and technology moving forward in Northern Europe and stagnating in not just India and China but also in Spain in 1600-1900. One could arguably say and ask how is it that Spain became as poor as India and China by 1900-1950?  Adam Smith (Wealth of Nations) says it is the insulated agricultural valleys of the Ganges and the Yangste river civilizations of India and China that are at fault. Yet one could say this for the Rhine, Danube or the other river based civilizations of Europe. It is primarily the advance of the Renaissance philosophy that opened up thinking in Europe and not in Asia, to ask questions about the world around us, to venture out, to test and experiment then invest capital where Asia and Europe moved apart.      ...

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  “And 5 million manufacturing jobs were lost while racking up trade deficits of $19 trillion." The Washington Post does not deny this as false, and this is the crux of the point DJT has made what everyone with eyes to see has seen for 40 years. DJT sometimes exaggerates to make his point. False should mean the meaning is false not that a particular number 70% vs 50% for India's tariff on Harley Davidson motorcycles. It should also consider PM Modi's stand for India- to support the US position when it comes to American factories closing by the thousands and destroying not just it's manufacturing but also it's middle class, just as Gandhi would have done. That close is India's sentiment for the American people and the Republic, and the defense of its recovery as a manufacturing nation for its workers and families. DJT did not say that it is a poor country as the Washington Post says is "Trump's telling." As Greg Ip of the WSJ pointed out in 2024, it is that the US simply cannot sustain the blows to its workers and its manufacturing base from a $1 trillion deficit year after year with China. Before bringing economist's into the picture one has facts of what the devastation to American workers has done to communities across America. DJT said and most workers will stand by his words- "For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, both friend and foe alike. American steelworkers, auto workers, farmers, and skilled craftsmen. They really suffered gravely. They watched in anguish as foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once beautiful American dream." Not a single report in the US and foreign media reports of Liberation Day Rose Garden speech by DJT on April 2, 2025, says that DJT said he would trust what he sees with his own eyes and experience for 40 years, and not economists who have turned their backs on American workers, turned to a UAW worker from Detroit and asked him to tell what he saw for 40 years.  "Brian, I’d like to have you come up here for a second. Okay? I just see him sitting. He’s been a fan of ours, and he understands this business a lot better than the economists, a lot better than anybody. Brian, say a few words, please. Would you?" And this what Brian a retired autoworker from Macomb Conty, Michigan saw for 40 years that economists refused to see in their economic theories- "I have watched my entire life, I have watched plant after plant after plant in Detroit and in the Metro Detroit area close. There are now plants sitting idle. There are now plants that are underutilized, and Donald Trump’s policies are going to bring product back into those underutilized plants. There’s going to be new investment. There’s going to be new plants built."     ...

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Friedman of the NYT says it all boils down to this: what kind of apartner do we have in Karzai? This thing, he says, and I get the stakes, is not going to work with Karzai as running a kind of Mafia family, and us backing up. If the government is fouled up then the whole mission is doomed says Friedman.

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The ECB and the Bank of England cut interest rates to near zero.