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Atlanta Mayor Keisha Lance Bottoms gets words of praise for her short 4 minute but effective speech finding just the right words to protesters on the night of May 29. By 9.30 pm the protests became violent.  She is a first term Democrat mayor and had so much at stake in keeping the city of Martin Luther King peaceful that night. She went up to police headquarters and setup a press conference. Everything had to be done right. So she just said it the way she read the situation, her gut sense combined with self discipline and the long view- and said it directly addressing the issues head on- alway keeping the goal in mind of restoring peaceful protest in the spirit of the black leader in Atlanta of a generation ago alive for future generations.  Her directness and poise showed- "You're not going to outconcern me and outcare about where we are in America. I wear this each and every day. I pray over my children each and every day." Washington D.C Mayor, Muriel Bowser, also a first term Democratic mayor, showed poise and directness, a sense of calm amid the storm, as she talked to reporters at a press conference. Her situation being critical as this was in the nation's capital city, only blocks away from the White House. She had a plaza in the city painted yellow and named for black people facing daily struggles in their lives to live their aspirations in society, on June 4. A quiet yet lasting statement. ...

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SDP candidate Olaf Scholz is seen as the most convincing of the candidates, and ahead of the Green's Baerbock and CDU's Laschet in a poll following the 90 minute television debate on German television. Scholz maintained an unperturbed demeanor as he responded to an attack from Laschet on a money laundering investigation being conducted on the finance ministry. He said Scholz was presenting a misleading picture because it was centered on the possibly illegal activities of a single employee in Cologne. He added that he had increased the financial oversight at the ministry since he took over in 2018. Looking at the problems facing German industry, and the challenges from climate change facing Germany,  Scholz had this to say on the scale of the effort needed in renewable energy- "We have 250 years of economic and industrial history behind us, based on coal, gas, and oil. And if we are to change that now that means we have to do an awful lot, for it to really work." The SPD goes into the election at this point with a six point lead over CDU. SPD at 26% vs CDU at 20%, Greens at 15%, in the INSA poll. The election debate on television continues to give SPD and Scholz the confidence needed to stay ahead. Unlike the period facing Merkel Germany after the pandemic faces challenges in social, safety net, child care, climate change, and foreign policy that require new thinking and ability to tackle new frontiers. ...

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Tokyo has the reputation for being the city with the longest working hours. Overwork leading to death has a term for it in Japan- "karoshi." But this is changing. Recent studies show Mumbai as the city with the longest working hours per worker per year at 3315 hours. The Japanese government had a law passed this year limiting legal overtime work to 45 hours a month, with an extension in busy periods to 100 hours for a maximum of 6 months. Yet the culture is taking time to change, even though long hours often leads to low productivity. It does not mean productivity is high in Mumbai or Tokyo. Dublin, Ireland has one of the highest productivity scores, workers in Dublin worked 1856 hours a year and still created $84 in GDP every hour- compared to this in Mexico City the third hardest working city had only $18 in GDP per hour. This is calculated by dividing GDP by the hours worked. Occupational health psychologists say working longer hours can be less productive because of the drain on performance, resulting in poor concentration, memory and compromised problem solving and creativity. The lack of rest means resources are not replenished with rest, and can deteriorate physical and mental health. Singapore a fairly liveable city has the highest percentage of people working more than 48 hours per week, in a Kisi study. Suggestion for work life balance include taking holidays and short breaks, and switching off from work mentally, using mindfulness and meditation. Practicing self-compassion and prioritizing self-care is needed. ...

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Each year the amount of forestedd land that is cleared- mainly for cattle needing pasture land- releases the equivalent of greenhouse gas emissions of 600 million cars. Since 1961 methane gas emissions from cattle has increased significantly. This is one of the findings in a report published by 100 climate change experts for a UN body. Loss of peatlands in places like Indonesia is also a problem.  A half a billion people already live in desert. And land is being lost a hundred times faster than it is forming due to changes in weather patterns.  People migrate when weather fails as has happened for central American farmers migrating to the U.S. creating social and political problems in North America. A major issue in climate change is agriculture.  Increasing the productivity of land, reducing food wasted, persuading more people to eat healthy vegetables and less meat, reducing land lost to desertification, erosion and seas, are all actions that can be taken now say these 100 experts from 52 countries meeting in Geneva. The IPCC or Intergovernmental Panel for Climate Change does these reports to give people some idea of what actions to take to reduce the impact of warming that threatens livelihoods of millions especially in Africa and India, as well as other parts of Asia and Latin America. Developed countries are likely to feel the impact from migration which is dividing their societies politically and socially. As one expert from Aberdeen puts it people don't just stay where they are when drought conditions hit their areas, they migrate. ...

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Germany's kurzabeit or short work system avoids layoffs in a crisis. The Bundestag parliament in Germany quickly reintroduced it following the coronavirus. It provides subsidy to employers so that wages of upto 2500 euros can be paid to employees. The German parliament changed the requirement that makes it law fro a 30% of workers of a company being impacted by a crisis to 10%. About 2.3 million workers will benefit at a cost of 10 billion euros says this report in The Financial Times. The Federal labor office has a fund of $26 billion to which workers and employers contributed just for this purpose of safety net.  Workers get about 60% of their wages under this scheme while the crisis lasts. The last time it was used during the financial crisis of 2008-2009 1.3 million workers benefited from this scheme to prevent layoffs.  Germany with its strong vocational training system invests in worker training. The logical next step was to preserve this knowledge component of workers and avoid its loss through layoffs due to some crisis that is temporary and beyond the control of the company. Britain is adopting this idea this time with the British Treasury supporting  80% of lost wages upto 2500 pounds a month in the new economic aid package announced by the British government. Spain has a scheme under ERTE for 70% of wages to be paid as safety net. France has set aside 8.5 billion euros aid for assistance to workers in a similar scheme as safety net. ...

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AARP shows 29 million Americans working and taking care of older parents. Many work 40 hours a week and work an additional 20 hours helping elderly parents. About six out of ten people of this 29 million work full time. In 2024 a lot more people are living longer and older people prefer staying in their own homes and need help from family members. A simple fall or a cancer diagnosis can lead to long hospital stay, months of treatment, and worrying for family members. Company benefits in 2024 do not include senior or eldercare support or even accomodating employees caring for their parents. In America today federal and state laws do not protect people caring for elderly parents from discrimination in the workplace. Consider how this is affecting companies, as about one third who are caregivers say they are going to leave, and half of the employees leaving are senior manager and executives with much experience. This comes to about 5 million senior managers and executives that American industry can ill afford to lose as it competes with China, India and Europe. About half of all companies are making this a priority in 2024, according to Care.com. Citigroup added 2 weeks of paid leave to care for immediate family member. Companies allow employees to add older parents on their health insurance. These benefits are being added to maternity and paternity leave. The fact that Congress and state legislatures have failed to enact laws protecting caregivers is one more reason for the discontent and unrest in the US after the pandemic. ...

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Krugman is critical of ECB president Trichet's decision to raise interest rates in 2010, because of the way it affects Spain, Italy, and Portugal. Increase in interest rates by the ECB affect the entire eurozone and this means, he points out, that inflation in Germany would be extremely low -about 1% for the next five years- and the result being that inflation would be much lower in debtor countries like Spain. A decrease in interest rates with inflation at 3-4 % in Germany would be better for the debtor countries (Spain, Italy, Portugal, Ireland) as this would enable them to cut prices and costs relative to Germany and other creditor countries. The first step taken by the new ECB president, Mario Draghi, was a small increase in interest rates. Krugman asks if the private demand is affected negatively by the end of a debt financed boom in the debtor countries, and austerity programs reduce any growth in the public sector, then where are the new jobs supposed to come from? A policy that reduces the prices of the products of debtor countries relative to creditor countries like Germany- so that exports can generate necessary growth- is needed says Krugman. ...

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U.S. Federal Reserve chairman Bernanke, says the Fed will keep interest rates low till unemployment reaches 6.5%, as long as inflation remains at about 2%. If unemployment reaches 6.5%, and this is because more people are dropping out of the labor market, he will take this into account. If unemployment stays high the Fed indicated in its statement that it would tolerate a higher inflation of 2.5%, as long as the longer term outlook was for inflation to be at 2%. Bernanke said this doesn't mean monetary policy is on autopilot, because the Fed will watch conditions carefully and will leave room for flexibility- keeping an eye out for new asset bubbles that could develop, and monitoring labor market conditions and inflationary pressures and inflation expectations. If inflation falls well below 2%, or unemployment rate falls mainly because of people dropping out of the labor market, the Fed may continue to keep interest rates low. This policy was announced as U.S. fiscal cliff deficit negotiations continued in Dec. 2012 with one scenario being considered by both political parties being going over the Jan. 1 deadline before coming to an agreement. Bernanke pointed to this, saying "this is a major risk factor right now." The Fed's activist policy in economic policy has given financial markets and business a measure of stability not provided by government and Congress. Fed policy is to buy $40 billion of mortgage securities, and $45 billion of long term Treasury securities for each month in 2013. It will fund the purchases by adding reserves to the banking system, which is to say that it will print money to buy more bonds. This is a major decision by the Fed in that the Fed has shied away from unemployment targets in the past. Bernanke described this action as a new"automatic stabilizer" in the U.S. financial system- if unemployment rises investors know this pushes the Fed's interest rate increases further down the road and would drive interest rates down, if unemployment drops sooner than expected, investors anticipating Fed's rate increases would drive long term interest rates up, to keep stable growth....

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The figures tell the story. One area where Mexico is having success is policy decisions for technical education in the past 10 years and building up enrollment in technical and engineering colleges. This will have a lasting impact on Mexico's future and the attraction of staying in Mexico vs crosssing the border for millions of Mexicans trying to build a better future from humble beginings. BW says 451,000 students are enrolled in fulltime engineering and technical undergraduate programs vs 370,000 in the USA. With the cost being one-third or less than that in the US, the proximity to the U.S., the dedicated hardworking eager workforce and the keen willingness of local authorites to help foreign companies, the future looks bright for Mexican engineers.

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As part of the effort to become more competitive with Asian automakers, VW is using new strategies with labor to reduce costs. VW made a one-off payment of about 6,300 to each of 80,000 employees at its western German manufacturing plants. In return VW secured union agreement to change work schedules at the plants to 33 hours a week from 28.8 hours, without having to make a pay increase. This is part of concessions being made by labor as Germany tries to improve its competitiveness. VW's second largest shareholder is the German state of Lower Saxony, and VW makes many automobile parts in its German plants in addition to automobile assembly, making employment a major issue for industry, labor and government.

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NYT reporters Perlez and Sang-Hun cite Prof. Shih of Renmin University in Beijing, about China's reluctance to take action against North Korea for missile testing by reducing oil exports and imports of mineral sources from North Korea. China sees stronger sanctions against North Korea, as urged by Japan, South Korea and the U.S., as being counterproductive by reducing Chinese influence in North Korea, alienating North Korea and further increasing its isolation. As a result China is maintaining improved relations with South Korea, as it continues to use diplomacy with the North Korean government. South Korea is responding to continued missile tests by North Korea in 2015-2016 by starting discussions for the deployment of a new Thaad missile defense system.

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Krugman draws attention to the statement of the E.U. leaders put out in mid-July, 2011. This statement calls for strong deficit reductions "in all countries except those under a programme" to take place "by 2012 at the latest." He says this is a call for all of Europe to cut spending. Krugman points out that there is nothing to show that the European private sector will be ready to pick up the slack in the next 2 years. He sees a similiar situation playing out with the deep cuts proposed in the U.S. deficit reduction plans being discussed and the unwillingness of the private sector in the U.S. to invest when demand is weak and household debt is high.

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In a manner similiar to that in other European countries such as the UK and Germany, where multiculturalism is being debated, Norway is having its own debate about immigration policies and its impact on Norwegian society. The concentration of immigrants in east Oslo and other neighborhoods creates a more visible presence than actual numbers. About 11% of Norway's population of 4.9 million are immigrants. Of the 550,000 immigrants who came in between 1995 and 2010, half are white from Poland, Sweden, and other countries. But the Somalis, Eritreans, and other immigrants coming for asylum are from the poorest countries and find assimilation difficult. There is a consensus among Norwegians and in the political parties that immigration policies need to be revised.

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Bank of America has exposure of $50 billion in a lawsuit related to the Merrill Lynch acquisition in 2009. The lawsuit has credibility as a securities fraud case and is easier to prove because it involves a shareholder vote. The issue being whether the management, Mr Lewis and Mr. Price, kept the exact nature of expected losses of $15 billion at Merrill Lynch a secret both from the chief legal counsel, Mr. Mayapoulos, and shareholders. This was before a crucial shareholder vote approving the acquisition. After the vote shareholders including large pension funds in Ohio and the Netherlands suffered losses, as $50 billion of Bank of America's stock value was wiped out on subsequent days when the true extent of losses were revealed.

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Speaking to the Council of Foreign Relations in New York on Sept 26, 2012, Italy's prime minister Mario Monti showed his willingness to stay on as prime minister if the April 2013 elections lead to no clear winner, though he said he hoped there was a clear winner. Polls in Italy show established parties are being overtaken by newer parties with austerity measures and cases of corruption in Berlusconi's People of Freedom party. The result of voter dissatisfaction could be a fragmented vote between a number of parties across the political spectrum. Because the leadership of Monti in making the changes to restore Italy's competitiveness and economic growth is a necessary element of stability in the eurozone, this is considered to be very important for capital markets.

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Friedman on the opportunity for president Morsi to move the Middle East towards a peace settlement between Israel and Palestine and acceptance of Israel in the broader Muslim community. For the U.S. it also means continuing support for the democracy movement in Egypt and the Middle East. For this to happen Israelis have to take the extra step away from the current position of being insecure in their borders and morally secure to a unknown but right direction of moving towards a lasting settlement of problems. This is looking beyond the conflicts with Syria and Iran- which are likely to be resolved by the people of Syria finally asserting themselves and the Iranian people choosing economic improvement over a weapons program.

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The U.S. Border Patrol apprehended 327,577 illegal immigrants crossing the U.S.-Mexico border in fiscal year 2011, ending Sept 30. This is a steep decline from the 1.6 million apprehended crossing the border in 2000. The numbers have been dropping since the 2009 financial crisis and high unemployment in construction and other trades employing migrants. The figures for 2011 suggest a drop of about 25% from 2010. Researchers at the Pew Hispanic Center, say the balance now is about zero for people entering the U.S. across the border from Mexico and people returning to Mexico. In fact there are stories of money being sent to migrant workers without jobs in the U.S. by families in Mexico, which has affected the flow of migrant workers.

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A new study by the City University of New York of the largest retailers in New York city shows retail workers earn $9.50 an hour. Ony 40% of workers were full time, and over 50% were part-time, and the others being temporary workers. Lower work hours worsen the impact of low pay per hour, according to professor Stephanie Luce of the Murphy Institute of the City University of New York, the main author of the study. Only 3 of 10 workers receive health insurance with their jobs. The study is based on interviews of 436 nonunion employees at department stores, electronic stores, clothing stores, bookstores, and other retail stores, and includes stores ranging from Fifth Avenue to the Bronx.

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Greece's problem says Carney, is that borrowed money simply financed the incomes of the large number of government employees- with one third of the workforce in the public sector- the unemployed and those on state pensions. It was not achieved by increasing productivity or increase in production. Nominal private sector labor costs went up by 62% in Greece from 2000 to 2008, when they increased by 15% in Germany. All this was done by using borrowed money after Greece joined the EU in 2001. And all this reckless borrowing was not visible to ordinary Greeks- worse it was being covered up till 2009 by the government till the IMF's Traa pointed this out. And Greeks still cannot come to terms with what happened.

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Toyota resale prices are dropping. Analysts at Kelley Blue Book estimate the price of a new Toyota Camry will fall by $500 to $1000 and a new Prius hybrid by $1000 to $1500 from the effects of the recalls now in motion. This is already in cars being resold at dealerships. Toyota was able to get higher prices for its cars because of higher resale values, so this will cut into the profitability at Toyota. The premium for Toyota used to be $1000 to $2000 on cars priced in the $20,000 to $25,00 range and this may be beginning to disappear for the first time in decades.Cost of lost sales estimated by Toyota at 100,000 vehicles from the recalls and $2.01 billion.

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American, Alaska Airlines, and Southwest Airlines are the only 3 airlines that never filed for bankruptcy. Analysts say that this has left it with a higher cost structure, and estimate that American's costs would be $600 million lower if it has the contracts Delta and Continental have. Delta Airlines merger with Northwest in 2008, and the planned merger of Continental and United, does not affect American Airlines management. CEO Arpey sees American as more nimble and trying to build something profitable, and sees being smaller than these newly merged competitors an advantage. American is focussed on markets around 5 major cities- Dallas, Chicago, Los Angeles, Miami and New York. In international travel it has One World partnerships with British Airways and Japan Airlines.

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The controversy surounding Greece's purchase of submarines from Germany costing about 1 billion euros. This at a time when public pensions are being reduced by 5%. A vice admiral of the Greek navy resigned in protest citing this reason, and it is reported that the deals are politically motivated, with the Greek deputy prime minister saying that he feels "national shame" about the decision to buy the submarines. Reports question whether the German and French effort to rescue Greece involves efforts to continue military sales to Greece. Chancellor Merkel denies this. In a visit to Athens Turkey's Prime Minister Erdogan said that both Greece and Turkey do not need fighter planes and submarines, and need to reduce military spending to help build their economic future.

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The financial system for mortgages and the legal system are on a collision course say experts. The courts require due process, and one expert discounts reassurances from banks, because it does not go into how easily banks can prove ownership of the underlying mortgages. A legal expert at Georgetown University, sees a scenario in which the whole system comes to a halt, if instead of being lost, it is shown that mortgage documents were not properly transferred during each step of the securitization process. Much of the paperwork was rushed through in a mass production line during the recent wave of foreclosures, because the banks did not have the people and technology in place to deal with it- as pointed out in a Washington Post investigative report.

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The problems of a building a new landfill and temporarily using an old one in Tripoli, Libya. Residents around the old landfill refuse to it being used any longer because it breeds disease and a contaminated environment. Meanwhile a million tons of garbage is piling up on city streets. The new government has promised to build a new one but desperately needs to use the old one till the new one is setup. Libyans say the problem of administration is acute in Libya, because unlike in Egypt there is no effective civil service, and the country was simply run on the decisions of one man and not much moving without that. The whole structure of administration is going to have to be built from scratch.