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The Georgetwon University Center on Education and the Workforce 2015 report shows the different college majors, annual wages and lifetime earnings based on Census Bureau data. Engineering comes first, followed by computers. Advanced graduate degrees make a large difference in earnings in health sciences. A lot depends on the standing in the class with top 25% of the class in finance having much higher earnings. A lot also depends on the individual. Employment opportunities may be lacking even if annual wages are high, as in architecture.

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Britain's banks still owe the government 100 billion pounds ($158 billion) from the bailouts that followed the 2008 financial crisis. The incentivizing of risk by pay structures and bonuses was seen as a big part of the problem. LIBOR manipulation abuses by banks are still on regulators minds. The Financial Conduct Authority and the Bank of England's Prudential Regulation Authority, have set new rules to correct the problem. Earlier EU rules limited bonuses to 100% of salary. The new FCA rules require a 3 year period for traders and risk managers have to wait 5 years for performance awards in full. Top executives have a ten year wait to be certain claw back provisions do not go into effect. Andrey Bailey at the PRA says the rule is designed so "that people in positions of responsibility are rewarded for behaviour which fosters a culture of effective risk management and thus promotes the safety and soundness of individual institutions. "

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The 2016 primaries with Sanders and Trump have brought to the forefront voter dissatisfaction with the agenda of both parties, especially so for Republicans with the lack of specifics and personality driven campaign of frontrunner Trump. On a whole host of issues from poverty, wages and inequality, regulatory reform, to trade, borders, security, ISIS, both parties are facing questions from voters. Particularly the Republicans who have lacked specifics during the two terms of the Democratic Obama administration with a divided Republican Congress, and the risks for Republicans running for Congress under frontrunners Trump or Cruz who have provided few details on their agenda. The Agenda project of Ryan will have about 25 meetings and prepared specific agenda, including white papers and legislation, that would give Republicans hope to run on positive proposals that are placed before the Republican Convention in Cleveland. Chairmen of House standing committees were assigned 6 areas- health care, taxes, national security, regulatory reform, poverty, and Congress reasserting constitutional authority. Ryan told the Ethics and Public Policy Center on April 19, 2016- "A lot of people don't like conservatism as they know it. For too many people Republicans seem to be caught in a time warp. They're thinking, 'We don't control our borders. Wages are going nowhere. College and healthcare keep getting expensive. ISIS continues to spread. And what are Republicans going to do about it?' So we need to adapt our policies to meet the challenges of the 21st century."...

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Global aid to agriculture in developing countries is about $5 billion a year. Mr Obama made the decision to double U.S> aid to developing countries farmers to more than $1 billion ayear in 2010. THe NYT reports that with the G8 meeting in Italy in July, America will spend $3.5 billion dollars over 3 years for helping farmers in developing countries. This according to Michael Fromans, an Obama adminsitration official is going to be new money. As far as the other G8 countries are concerned it could include old money for the total $15 billion committed. Since the worst hit areas for agriculture are in Africa, and Africa has lost a lot of ground in development in the last 20 years, suffering neglect in aid to farmers over 20 years both form the American administrations and their own governments, it is surprising that the amount and the details for where it would go in Africa are not revealed. Mr Obama has grasped the need not just for shipping food assistance from the USA, but need to help farmers. He agrees with ANdrew Natsios former head of Agency of International Development, who says that most of the poorest people in developing countries are farmers and herders living in the countryside, the crux of any effort to improve their lives has to start with agriculture. Obama advocates using the "tried and true agricultural methodfs and technologies that are cheap and are efficient but can have huge impact" in the lives of people. Malawi, is a good example, say Prof. Sachs of Columbia University, as subsidies for fertilizer sharply increased food production. Sachs says it is possible to double or triple food production by giving small-holder farmers access to high yielding seeds, fertilizer and agricultural extension services. But more needs to be done and devloping countries themselves that have made progress like India, China and Brazil can provide their know-how and experts and should have been brought into this, which is another reason why there is no reason for a G-8 summit of countries of European origin. An enlarged organization can bring in the resources and ideas of all the major countries in the world, to especially bear in on Africa, where alot needs to be done. Just to get an idea the UN's Food and Agriculture Organization says the global economic crisis will put another 100 million people into facing hunger this year....

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Inflation in India is at 9.1% in May 2011, compared to the prior year. GDP growth for the first quarter of 2011 slowed to 7.8%, from an annual rate of 8.3% in the fourth quarter of 2010. Other figures show the same trend. Local investment growth for the second half of the fiscal year ending March 31, 2011 was at 4.1%, a decline from 14.7% at the beginning of the year. Foreign investment in the first quarter 2011 declined 32% from the prior year, down to $3.4 billon. Car sales have also declined to the lowest rate in two years.

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The Human Needs Index pioneered by 2015 Nobel Prize Winner Angus Deaton looks at consumption of services such as healthcare, housing and of food, to determine how people in each region are doing and poverty levels. Using this index Minnesota and North Carolina at about 1.15 are doing much better than Nevada and Michigan.

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Lally Weymouth of the Washington Post interviews Israeli defense minister Ehud Barak on June 20, 2012. On the negotiations of the P5+1 countries with Iran in Baghdad, Istanbul and Moscow, Barak says the Iranians are simply buying time, hoping that by being a little forthcoming they can delay giving up nuclear weapons programs capabilities and see if the situation changes with a new President in office in the U.S.. The Iranians are trying to reach a "zone of immunity," the way Pakistan and N. Korea did, and it will take a resolute determination on the part of the U.S. the Europeans, the Russians and the Chinese to prevent a nuclear Iran and nuclear proliferation. By the third meeting in Moscow it should be clear whether the Iranians are willing to give up capabilities that lead to nuclear weapons. Ayatollah Khamanei is the person in charge in Iran, but decisions are made collectively with the moderate Ayatollahs still ayatollahs, says Barak. The addition of the Khadima party to the coalition government of prime minister Netanyahu increases Israel's desire for dialogue and seeking progress on a peace with the Palestinian Authority- if not a peace arrangement then even unilateral steps towards peace by both sides. The way forward in Syria is for the U.S. to talk with the Russians about a new government. The important thing is for the removal of the Assad family, the entire Syrian state does not need to be dismantled as happened with the Baath party in Iraq. Israel continues to build a fence in the Sinai facing Egypt, as it fears infiltration during the period of civil strife in Egypt. Israel views Egypt from the standpoint of any future Egyptian government honoring its treaty committments with Israel, otherwise says Barak it is upto Egypt to decide its future government....

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The OPEC meeting in Doha in April 2016 fails to lead to an agreement to freeze oil production at Jan. 2016 levels, with Iran staying away from the meeting.

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Core consumer price index was up 1.3% in December 2013 from the prior year, according to government information. For 2013 the index was up 0.4%, the first increase in 5 years. The Bank of Japan's target is 2% inflation. The ratio of available jobs to applicants increased to 1.03 showing 103 jobs for every 100 job seekers- the first surplus of available jobs since 2007. The jobless rate declined to 3.7% in Dec. 2013, down from 4% in Nov. 2013. A planned sales tax increase to 8% from 5% to tackle the high government debt level goes into effect in April 2014, which is expected to reduce consumer spending.

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Support from U.S. Federal Reserve chairman, Ben Bernanke, and IMF head, Christine Lagarde, for Japan's Abe government's efforts to reduce the value of the yen. Bernanke says policy conducted with a view to improving the domestic economy is good policy.

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The Indonesian currency, the Rupiah, has declined by 13% in 2013- by Sept. 3. It reached a level of 11,050 rupiah for one dollar on Sept 3. Economic growth has declined to 6% for the second quarter of 2013. The depreciation of the rupiah is likely to increase inflation significantly and affect the consumer spending boom in Indonesia. Indonesia had a $2.3 billion trade deficit in July 2013 after a continuing surge in imports. This will affect car prices and prices of international brands popular in the country. Toyota set the rate at 9500 rupiah to the dollar and plans to increase prices now that the rate has passed 11,000 rupiah.

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Pearlstein says the major news stories of today all are about the same theme- of how the US was encouraged to live beyond its means by trading partners who prospered as this went on, with the tacit agreement of financial and political leadership in the US who raised no alarm about this. These stories are: the G-20 meeting in South Korea with the goal of rebalancing the world economy, the President's Deficit Commission Report recommending bold steps in changing the tax and spending policies of the US, the criticism of the Fed's decision on $600 billion of quantitative easing, and the renewed concerns about Ireland where severe cuts in public spending have failed to reverse a downward slide.These trading partners prospered by lending Americans the money to consume more than they produce. It was he says a wonderful arrangement while it lasted, because it helped bring millions out of poverty in Asia, while letting Americans enjoy a transitory period of a higher standard of living. This unsustainable arrangement converted the US from world's biggest creditor nation after World War II to the world's bigggest debtor nation. He credits Geithner for coming up with a more convincing and less confrontational way to correct the imbalances by setting limits on the deficits and surpluses of trading nations. He points out that the Chinese have barely budged on the issue of an undervalued currency, the world be damned. And the German and Chinese criticism rings hollow he says, as both countries are the main beneficiaries of the current system. The normal mechanism of correcting imbalances with a floating rate exchange system is hardly relevant, as it is incompatible with state run economy and strategy of export growth of China. Erskine Bowles and Alan Simpson have presented he says a bold deficit reduction plan that is credible, fair, economically sound. Even though it was received with the usual complacency and lack of awareness both in the media and in Congress. The simple reality after all the awfully complicated details and the painful implications is this: Americans have to consume less and produce more, and trading partners have to consume more and produce less. And this shift cannot be pushed into the future as our trading partners would like....

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WSJ's reporters Meichtry, L, Pokharel, and Soon look at the extraordinary rise of Gautam Adani through his efforts to develop reclaimed land at Mundra port in the state of Gujarat. Adani who started with a small family owned plastics maker in Ahmedabad developed Mundra port around 2001 with the help of the Modi administration. Modi saw the electricity shortages in Gujarat as an opportunity to tackle India's chronic electricity shortages. Adani's early development of a deep water port at Mundra offered both Modi and Adani the opportunity to tackle the electricity shortages by bringing coal in large ships to Mundra in the way that China was already doing by 2005 in its own efforts at industrialization. So deeply immersed was India under the Congress Raj of licenses and closed economy that India's established business failed to see what China was doing to break into the ranks of industrialized nations. India's first prime minister Nehru had build a command economy where not much happened without government licenses and approval often riddled unwittingly with corruption. Modi needed someone outside the established companies operating under the Congress Raj command economy and with a vision of an India with abundant electricity to take the risks Chinese companies were taking to build an entirely new economy. By 2005 Guangzhou was importing coal with large ships from Indonesia and Australia. State owned companies moved slowly and would take years to develop the port capacity. Using China's example Modi pushed ahead with Adani on a rapid time delivery making Mundra a Special economic Zone and helping to connect Indian Railways to the port of Mundra for coal deliveries. Adani Enterprises built the thermal power plants near Mundra and build electricity transmission lines on a rapid mission mode giving Gujarat abundant electricity supplies and giving Gujarat state in northwestern India a great leap forward in the way China was already doing right in front of everyone's eyes by 2005 with world class ports built at Guangzhou, Shanghai, Shenzen, Hong Kong and logistics connections set with the help of Maersk.  Maersk is now doing the same for modern logistics in India in collaboration with the Modi administration.  Modi and the younger generation of aspirational youth in India see a New India that can break into the ranks of the largest industrialized nations with world class infrastructure in the way China has done, and use new technologies with innovation that will speed up the process in a way that the world has never seen. A quick look at Mundra Port in Wikipedia shows the timeline, It starts in 1998 when Adani Port Ltd was setup and Mundra port work began, 2002 the port integrated with Indian Railways, 2003 when it was made a Special Economic Zone by the Modi government in Gujarat, 2007 when IPO of 40 million shares at price band of around Rs 400 was done.  The Biden administration and the Trump administration support India's efforts to build a new modern economy with a rapid shift to renewable energy. As India is building the ports and logistics with the help of Maersk and other companies in the European Union, president Biden is working with prime minister Modi to build a new supply chain that removes the overconcentration of manufacturing and supply chain logistics in China. This means new ports with the latest technologies in India to handle shipment to the US and the EU. Jake Sullivan set out the goals for president Biden to accomplish this task in meetings with his Indian counterpart Ajit Doval this week on iCERT. President Biden and Republicans, Germany and the EU, see India as a critical part of the Initiative on Critical and Emerging Technologies, and the new supply chain. For the Adani Group the IPO pause offers an opportunity to do what Nirmala Sitharman has done in the Indian Budget this week- build a stable growth path ahead for the long term in line with India's Amrit Kal the next 25 years to centenary of freedom in 2047. Nirmala Sitharaman set a goal of rapid capital spending and investment increasing capital spending in 2023 by 33% in 2023 over 2022, yet maintaining a stable fiscal path by keeping the deficit below 6%. ...

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Aaron Back cites U.S. Bureau of Labor of Statistics figures showing hourly manufacturing wages in 2011 for Japan at a level 89% higher than in South Korea. The decline in the value of the yen to 100 to the dollar is expected to improve the competitiveness of Japan's manufacturing companies in relation to competitors in S. Korea and Taiwan. The higher manufacturing costs in Japan offset some of that advantage. Much depends on Japanese companies recovering in the area of innovation, and improving competitiveness in other ways.

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Italy and Spain get Germany's chancellor Merkel to agree to direct recapitalization of eurozone banks by the European rescue fund instead of the government having to ask for rescue funds as happened for the $125 billion aid request from Spain. The condition is that a European banking regulator with wide powers to regulate eurozone banks has to be setup first. This means Spain will have to provide the initial funds to recapitalize its banks but can reduce the stress this places on its debt by letting the banks get aid directly from the European rescue fund later this year. This is one of the short term measures needed to restore market confidence. Italy pushed hard for the rescue fund to be allowed to buy Italian or Spanish bonds in the private markets to reduce the high yields on Spanish and Italian government bonds, which reached 7% for 10 year Spanish bonds in June 2012. Merkel agreed to this with fewer strings attached. These are the immediate short term measures which were very important for Spain and Italy. Through marathon 14 hour discussions described by Monti as "hard and tense," the Italian and Spanish governments stood firm on these short term measures, and at one point indicated their willingness to let the talks collapse if Germany did not agree. France's president Hollande stood by Italy and Spain in the negotiations. Other long term fixes such as a European authority for country fiscal policy review and a detailed road map were left for future meetings in October 2012....

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The New York Times reports that comments from Obama administration officials describe an alarming loss of trust and confidence between China and the USA over the last two years. David Shambaugh, director of the China Policy program at George Washington University, says the administration had hoped to work with China on major challenges like climate change, nuclear nonproliferation, and a new global economic order. China, he says, has failed to step up and play that role. He describes the Chinese as responding as an increasingly narrow-minded, self-interested truculent, hyper-nationalist, and powerful country. Jeffrey Baker, a key China policy adviser in the White House, says China's responses reflected a sense in Beijing that China was a rising power and the USA a declining power, especially after the strong rebound of the Chinese economy after the 2008 crisis. The administration is determined to counteract that impression. Other factors complicate things. China is facing a transition to a new leadership in the next year. There are differences within the Chinese Communist party leadership ranks about the direction China should take. Trade and currency issues have come to the point where American public opinion is shifting greatly, with educated professionals changing their views on trade and currency matters. See the recent WSJ/NBC September 2010 poll on world trade, reported by Murray and Belkin in WSJ, Oct 2, 2010. The Obama administration cannot ignore the deep concerns of the American people on these issues. The House overwhelmingly voted in September to threaten China with tariffs on its exports if the Chinese currency, the renminbi, is not allowed to appreciate significantly enough (experts estimate that it is overvalued by 20%). It is not clear whether the Administration's rhetoric on this issue is to assuage public opinion in a business as usual manner, or expected to achieve substantative results to rebalance world trade. The G-20 summit in S. Korea leaves this change for well into the future- China with current account surplus of 5.8% of GDP in 2009 is expected to lower this to 4% by 2015. With the high jobless rate in the US and the large and rising current account deficit, the United States may have reached a juncture where this cannot be put off well into the future years. Other issues, the different foreign policy objectives, and differing perceptions of China and the US of each other, the relationship with US allies in the region, may create additional tensions. These tensions may be navigated by governments of both countries, but the shift in American public opinion on trade, currency and jobs issues will require tangible and real change. As trade tensions will only increase in the next two years with the lack of fiscal stimulus on the jobs front, and no significant change in jobs expected from the Fed's purchase af additional Treasury debt, and a sense that the mutual benefit in the trade relationship with China has been lost to America's serious detriment. China's position may be perceived as stronger than it really is from the faster rebound from the 2008 crisis, and may in reality not be as Jeffrey Baker sees it. As David Barboza has reported in the New York Times, and experts have pointed out, the huge amount of lending encouraged by the government has accentuated weaknesses in the Chinese economy. A significant amount has gone into real estate speculation and will only increase the bad loans on the books of China's banks. This happens at the very time that growth is expected to slow down and make it harder to absorb the bad loans, as was done in the past. ...

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A WSJ interview with Jose Socrates, the prime minister of Portugal. Socrates says he supports more European integration in economic matters. The context for this is the meeting of 26 leaders of European nations in Brussels on February 4, 2011. Germany is pushing for major changes in the way the European Union works so that economic integration is coupled with the political integration process. This is now thought to be the only way to make the EU work, and both Germany and France are pushing for this. This is also the price of German financial support to countries like Ireland, Greece, Portugal and Spain. In an earlier interview with WSJ, Spain's finance minister, Elena Salgado, offered her support to the German plan. Aspects of the economic coordination Socrates supports are pushing up the standard retirement age to 65, which Portugal has done. He is less supportive of de-linking wages to inflation. There he pointed to the 5% public sector pay cut to go into effect this year. Socrates says the challenge for Portugal is "not to be more competitive with lower salaries." He also provided statistics that show that " this is a modern country." Statistics on electronic government tenders, the ratio of computers to children, the percentage of energy from renewable sources. And said people are talking who have preconceived ideas and don't know anything about Portugal. ...