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The ECB's effort to attract talent from national central banks to fulfill its role as supervisor of 7000 banks in the eurozone countries by the second half of 2014. Supervisors who are hired will be located at the ECB's headquarters in Frankfurt. The ECB positions offer attractive perks for young workers with families and children.

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Indian prime minister Modi calls on nations at the G20 meeting to focus their attention on issues that they agree on even though their are issues on which they disagree. These issues include food insecurity, climate change, and the burdens of debt and debt servicing in developing countries. US foreign minister Blinken says this is the right approach and calls on all nations to take action in that direction.

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How the engineered takeover of VW by Wolfgang Porsche and Wiedeking of Porsche failed. The economic crisis made credit tight and Porsche failed to get the support of its banks to get the money to finance the takeover. By December 2009 Porsche had already taken over more than 50% of VW shares, and after the German government amended alaw that prevented any outside holder of shares to control more than 20% of voting rights no matter how many shares they owned, Porsche appeared to be in aposition to control VW and have access to the 10 billion euros in cash reserves of VW. But the law that gave the state of Lower Saxony veto over decisions at VW, and the banks turning down Porsche for loans to finance the takeover led to the unraveling of this scheme. VW chairman Piech won the support of the premier of Lower Saxony, and the works council of VW, as this blantant attampt to control VW's cash reserve was seen as the work of a plunderer.

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Rivals Netanyahu and Gantz try to form a government in Israel as another election fails to provide a conclusive result.

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PG&E, the giant California electricity company says it will file for bankruptcy as it faces $30 billion in liabilities arising from wildfires in California, more than all its assets. This will be a distraction for the new Governor of California, Mr. Newsom, who brings a new agenda to tackle problems in the state to increase opportunity and provide better health care.

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Jeannie Rice, originally from Seoul, South Korea, is a 71 year old marathon runner who runs the marathon in 3 hours 27 minutes and 50 seconds. She holds the world record for her age, after 3 failed attempts. Average pace is 7:25 per mile for 13.1 miles, which is something people aspire for at 30 years age. She runs 4 to 6 marathons a year. Her routine is to run 10 miles a day on average for 7 days a week with long runs on the weekend. She lives in Ohio and runs in the winter in Florida. The way she does it- take a day off before the race, keep several pairs of sneakers and change them every 3 months. She doesn't crosstrain much, preferring golf. She eats a lot of carbs, rice even white rice, pasta. She starts with a pre-run snack of a small banana and half tablespoon of natural peanut butter, coffee. Post run it is a bagel with avocado. Lunch is green salad with avocado. Dinner may be rice with shrimp and vegetables. Experts say training programs are highly individualistic. A fit person takes about 3 months to be ready for marathon running. Long runs are crucial. A 12-18 hour rest period after a marathon is suggested to allow tissue healing. Proper footwear and several pairs of sneakers are critical to avoid injury. ...

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A survey published in the Journal of the American Medical Association shows mental health related ER visits from 2011 to 2020 rose from 4.8 million to 7.5 million. The proportion of ER visits for mental health issues rose from 7.7 percent to 13.1 percent. Insufficient treatment options and availability of preventative care is leading families to seek help in emergency rooms. The JAMA paper's conclusion: "A dedicated national commitment will be needed to address the gaps."

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Dr. Andrew Pollard and the invention of Covishield vaccine at Oxford University in Britain in 12 months, that has saved the world, with 2.6 billion doses given. It is in its final act says this report in The Guardian with 3 billion doses to go for the 3 billion people in the world that have not received a dose. Billions of people in India, other Asian countries, Latin America and Africa depend on this vaccine during this pandemic.

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DJT administration 25% tariffs on Canada Mexico for not stopping fentanyl flows as domestic policy go ahead on March 4, 2025. This lays the ground to tackle aproblem that has led to 490,000 American deaths and devastated communities across the US - the flow of fentanyl into the US from Mexico, Canad and China. Separately an additional 10% tariff is going to effect on China on top of earlier tariffs on China.  The media keeps talking about this tariff as a economic action, not as action to stop all fentanyl flows as is repeatedly stated by DJT and the Administration. Most of the media has failed to talk about the fentanyl deaths over 12 years referring as one of the prominent media states as the "death of thousands" not giving the staggering number and the scale of the devastation of communities in America after the damage from the 2009 financial crisis caused by banks, the deindustrialization of America that was allowed to happen under Bush Republicans and Obama Democrats, and the covid pandemic crisis.  ...

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The French now want to see EU subsidies to farmers to be based on production and not fam acreage. $75 billion is spent on annual farm subsidies by the EU each year. The 2003 agreement on farm subsidies included a review in 2008 which is getting a lot of attention as farm prices have jumped- for staple like pasta and bread by as much as 87% in 2008.

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The situation in Ireland for the tax paying public is similiar to the situation in the US, as Peter Coy points out. Ireland has guaranteed the debts of its banks, but in doing so it has assumed a huge burden. The costs relative to Ireland's small economy for a single bank, the Anglo Irish Bank, would amount to $3 trillion if this was done on a comparable basis in the US, says Coy. In the US 1 in 5 homeowners are under water, and the Bush and Obama plans have done little to make principal reductions; the most they have achieved say experts is reduce the interest. The Foreclosure Prevention Working Group, an organization of states' attorneys general, says the large majority of mortgage modifications raised and not reduced the amount owed by homeowners. As Carmen Reinhart points out, if the government assumes private debt, it should do so at a realistic price, and this means haircuts. So far this has not happened. In the case of AIG, the government assumed all the debts, fully insuring AIG bondholders from losses. If the government is going to take up the problem of the homeowners under water, private debt holders are going to have to take haircuts. Bad lending would be encouraged if creditors know that they will be protected in the future. Policymakers may have waited too long because its equally irresponsible to gurantee payment of debts 100% as it is to do what has happened so far, which was to say the principal reductions would encourage borrowers to borrow recklessly. ...

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The New Popular Front in France is a group of socialist partties that include the Socialist Party of former president Mitterand, the France Unbowed of Jean Melenchon, other left parties, and the Greens. NFP has put out its economic plan for France, RN National Rally has not. NFP puts out the details that can make it possible to raise the minimum wage in France to euros 1600 a month. And to invest in France's aging infrastructure the way Biden is doing in the US. About $100-$150 billion needed for the economic plan would come from contributions and taxes of the wealthiest similar to Biden's plan in the US. It also rejects the so called neo liberal thinking and culture that has become entrenched in France, in Europe and in the US where infrastructure is failing, public services are failing yet the wealthiest are not paying their fair share in taxes so that the countries of Europe and America can be rebuilt and renewed, to provide a better life for all.

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Global infrastructure needs are expected to go up by 20% to 2.1 trillion dollars annually for the next 10 years compared to the previous ten years, according to the Samsung Economic Research Institute. India's investment in infrastructure will double to 1 trillion dollars in 2012-2017. compared to the prior five year period. Toshiba hopes to increase sales by 20% to $38 billion for nuclear power generation and distribution equipment and railway equipment, by the year ending March 2013. This is 38% of total revenue for Toshiba. Hitachi has set a goal of a 46% increase in sales to $29 billion, or 20% of total revenue for Jan 2011- March 2016. The Japanese Government and a consortium of Japanese companies are working together on deals such as the deal signed with Vietnam in October 2010 for nuclear power. The International Nuclear Energy Development of Japan entity, includes 12 companies and the Japanese government. The consortium was critical to negotiating the Vietnam deal.

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This is an interview with Columbia University economic historian Adam Tooze about the international trade and economic issues brought about by globalization. The rapid emergence of China in manufacturing and overcapacity in steel has led to action on steel tariffs by president Trump. Tooze is typical of opinion that sees action by Trump not as limited action to level the playing field  as proposed by Trade Representative for the U.S., Robert Lighthizer, but as reckless move on trade.  Lyrarc.com shows articles from the WSJ and NYT showing how opinion got to this point in the U.S., on Robert Lighthizer's views that the U.S. was not facing a level playing field, and  on how trade has hurt communities across the U.S. a long distance away from Silicon Valley. President Trump's views reflect a different perspective that says the U.S. has to balance the favorable situation obtained by China and the European Union through moves of its own to protect U.S. interests. Political commentary that the U.S. was starting a trade war is not supported by the facts showing China's response as muted and a willingness by China to negotiate a balanced trading relationship as its trade surplus with the U.S. continues to grow. The trade surplus is so large that the Trump moves do not tell the real story. They are likely to be overshadowed by the increasing value of the U.S. dollar leading to a continued favorable situation for Chinese exports and a larger trade surplus in 2018, regardless of Mr. Trump's action.  Trump's moves are more significant in other areas- limiting China's access to advanced technologies, with the European Union also taking the same action. This is now the new field of competition for the major world economies. ...

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It is not such a far fetched idea after all- this town in Finland pays for people in their sixties to get fitness lessons because this will save on social care costs in the future. More cities can do this or provide more fitness facilities and park areas which help create better environments for living as well as reduce the cost of social care and medicine. Stockholm is doing this.

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An intimate biographical account of new Chinese leader Xi Jinping and his connections with Muscatine Iowa, where he visited as a head of a Chinese farm delegation in 1985. Xi Jinping remembers the trip vivdly and plans to spend time with friends from that visit during a visit to the U.S. in 2012. He spent two nights during that visit in the bedroom of two college age boys of the Dvorchak family. This revealing account of Jinping's life shows that the actual story of his life is quite different from the title of "princelings" or privileged sons of former communist leaders that is suggested by this reference in the media. Because of the volatile nature of Chinese politics, his father Xi Zhongxun, who led communist partisans in the struggle of the pre World War II years, was rehabilitated twice after falling out of favor. The first period was in 1962 and it was not till 1979 when he was fully rehabilitated. During this period which coincides with the growing up period of Xi from 9-26 years of age, Xi experienced many hardships. During the years of the Cultural revoultion Xi was sent at age 15 to Shanxi province where his father had led partisans. He lived there for 7 years in a traditional cave dwelling in the village of Liangjahe doing farm work. He was denied admission to Tsinghua University twice before being accepted in 1974. There he graduated with a degree in organic chemistry. This was followed by three years working as an assistant to Geng Biao, defense minister and a partisan who was a colleague of his father. The next job was deputy Communist party chief of Zhengding county in Hebei province. Iowa Governor Branstad visited Hebei in 1984, and Branstad played host to a animal-feed delegation led by Jinping in 1985- the visit to Muscatine was part of this trip and which Jinping has told others he enjoyed more than his visits to Oregon or California that year. The second time Xinping's father went out of favor was after his criticism of the crackdown of protests at Tienanmen Square. These experiences have given Xinping a confidence and experience in different situations that other Chinese leaders including the current leaders lacked. If Jinping has inherited some characteristics from his father he may also have the courage to take China in a new direction, and make the kind of changes China needs as it shifts away from an export based economy. At the same time rule in China is by consensus of leaders on the communist party's standing committee. His father helped initiate the special economic zone in Guangdong province in 1978, and Xi Xinping held senior posts in the provinces of Fujian and Zhejiang and in Shanghai, giving him close ties with industry and local government in areas that led the export based economy. Prime Minister Lee Kuan Yew of Singapore puts Jinping in the" class of Nelson Mandela type leaders, who has great emotional stability to not let his personal misfortunes and sufferings cloud his personal judgement." Of political positions Jinping has a certain wariness. He once responded to mention of him as the potential leader with the words: "Are you trying to give me a fright."...

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Con Agra is having to cut prices on its Pam cooking sprays, Wesson cooking oils, Egg Beaters and other produts to compete with growing sales of private labels . In its consumer foods segment the amount of food sold declined by 4% in its fiscal third quarter ended Feb. 22. Kraft Foods saw a loss of 2.5% of sales volume in the fourth quarter 2008 because people bought less Kraft products. And Kraft has lowered prices on some nuts,cheeses and coffee.Heinz saw sales volume decline by 6% in its most recent quarter. In 2008 food producrers pushed through price increases of as high as 10%. The situation now is that consumers are shifting to austerity spending and this will increase price competitive private lable products even more. And Nielsen data from the Private Label Manufacturers Association show private label sales of food and grocery products in the USA grew 10.3% in th 12 months ending Nov 2008 to $82.9 billion.

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The auto industry has only itself to blame for shaping and sustaining the retrograde world it finds itself in, says Politico magazine. GM supported the Trump administration's efforts to push back the fuel efficiency rules setup earlier. With Chrysler and Ford it went a step further in getting out of cars altogether and having a line of SUV's and other vehicles. This step is seen as retrograde and a result of several possible lines of thought among the car executives in Detroit. One is that the SUV higher profits would provide a cushion as this cycle in the industry's revival comes to a close. Another is that in a situation where GM's shares are depressed while Tesla with no profits is seeing a higher valuation, this could increase its share price. This has not happened and President Trump is as critical of the layoffs of 15% and closure of plants in GM's announcement, as Democratic senator Bernie Sanders is. Still another is that GM needs to prepare for all the tech changes happening in driverless cars, new tech advances, that a move like this would better prepare itself for the new world of transportation. This remains nebulous however and GM has failed to take account of the fact that only a short time ago about half of all car buyers were still not buying SUV's. Gas prices are volatile and will continue to be so that strategy cannot be based on cheap gas prices and SUV profits.    ...

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Sharp and Samsung compete to make LCD panels for the new third generation iPad in 2012.

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Three homes built in Boston to show the potential of passive home construction that are designed with solar panels, heat pumps, wood construction, and modern technology design that minimizes loss of heat in winter and reduces temperature increases in the summer. The cost of the electricity bill for each of these three homes is nearly zero. Passive home construction cost is about 15% more or in this case $1.4 million for homes that would otherwise cost $1.2 million in the Boston area. The design and technological aspects can be incorporated in lower cost affordable housing and 40% of passive construction is planned in that field.

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France showed zero GDP growth in the second quarter of 2012 compared to the first quarter, according to the national statistics office Insee. French president Hollande will have to raise 33 billion euros in spending cuts or higher taxes to reach the target for the budget deficit of 3% of GDPin 2013, according to a July report of Cour des Comptes, a body that audits public institutions. This will be harder now that the slowdown globally is leading to expectations of slower growth than the 1% growth forecast used in the audit. French president Hollande has so far received good marks from analysts and financial markets. French borrowing costs have reached new lows especially in short term maturity bonds where bondholders are lending money at zero interest rates, partly because of the flight to safety from Italian and Spanish bonds.