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Eurozone GDP growth is 0.4% in 2nd quarter 2025 after 2.3% growth in 1st quarter. The eurozone economy is expected to do better in the second half after the uncertainty in trade is removed with the new US-EU Trade Agreement. Unemployment is at 6.3% in May 2025 historic low in eurozone, and inflation is at 2% in June 2025. Lower inflation has increased the buying power of consumers. Future growth could come from consumer spending and from the huge investments the German government plans to make in infrastructure and transport, digital, other fields to revitalize it's economy.

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Does a 10% reduction in tariffs on China with the October 30 2025 agreement- made in Busan South Korea at APEC meetings- make a difference for companies relocating from China? It only does for smaller companies who are stuck with Chinese sources. Larger American companies prefer to diversify their supply chain and continue to relocate part of their factories to Vietnam, India and other countries knowing that the tariffs game will end up with allies EU, Japan and India in the 10-15% tariff range as a concession to US for putting up with trade disadvantages and job losses 2000-2025. China's will still be at 47% in comparison and the fentanyl issue causing serious questions to be asked by the American people which have not been grasped in China or even in the US by companies and politicians.   Does it affect the urgency and general shift out of China? The fentanyl issue is unlikely to change and it is likely to do lasting damage to China's credibility to a degree that it not clearly understood in China, and even not fully grasped even in the US today because of the sheer size of the number dead- more young Americans dead from fentanyl than in the Korean, Vietnam and First World Wars combined. Other issues are technology that has been transferred without a proper assessment of the importance to national security, the need to shift the manufacturing base back home that US industries have inadvertently and carelessly shifted to China in the disastrous Bush and Obama years 2000-2016, and for the jobs, the wages, and cost of living concerns when supply chains are outside one's control. This article asks the question about tariffs on India and Brazil as being contradictory and showing a lack of consistency in tariffs. India is compared to China with India facing a 50% tariff because of Russian oil purchases, and Brazil a 100% tariff related to treatment of former president Bolsonaro even though US has a trade surplus with Brazil. One expects that at some point India and the US will come to an agreement that lowers the tariffs in a way that was done with the European Union to bring it closer to 10%. China's tariff to be sure is still around 47% dropping from 57% a concession for rare earths and for the upcoming elections and economic concerns not because of policy intent which has not changed on  strong action for fentanyl which is also part of the Appeal to the People in the DJT base.   ...

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From north east Indiana and Indiana University SVB CEO Becker works his way up to a bank in Detroit with offices in California, and joins SVB in his twenties. He opened SVB's office in Boulder in 1996 and became president in 2008. Two things made SVB different. It seemed like the 2008 crisis had never happened. The management at the company Becker, Beck, and another executive Descheneaux hired from Bancwest, acted more like tech entrepreneurs and much less like bankers. They seemed to have mastered the way of optimistic talk to tech entrepreneurs, the language the culture, and did not share the same grasp of the economic environment of others who had weathered the 2008 crisis. For most of 2021 the company did not have a risk officer, according to the WSJ. And did not see the aspects of duration risk in having assets invested in long term Treasury's when interest rates were increased by the Fed rapidly to fight inflation decreasing the value of bonds. Startups and SVB management in their optimism both ignored the risk of not having the backing of FDIC insurance as insurance is limited to $250,000 in deposits, and most of the SVB's deposits were much larger. The US government wary of criticism of a bailout insists the FDIC backing provided to prevent systemic risk will not cost the taxpayers as it will come from a special assessment on banks. Nothing better explains the collapse than a look at the graphs of SVB's deposits in this WSJ report, in 2019 deposits and financial assets increase at about 50%, at about 100% doubling in 2020. Stock performance mirrored this.  By 2020 the supply chain disruptions were real and inflation was taking off, the Fed under Jay Powell was taking up the fight against inflation with sharp rise in interest rates. SVB did not grasp the seriousness of the situation. Venture capital gleaned the risks as they mounted and a bank run with withdrawals of as much of $42 billion led to the collapse.   ...

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About 14 million people are in poverty or slipping below the poverty line according to Paritatische Wohlfahrtsverband, umbrella organization for welfare organizations. German per capita wealth is about 52,000 euros but there is growing inequality in wealth and incomes.  A household with 2 parents and 2 children is at the poverty line at 2410 euros a month or about 29000 euros a year. Social safety net under Hartz IV does little to help because it is set at 449 euros a month with 285 to 376 euros for each child. This is expected to go up to 503 euros a month per person in 2023. Even though experts say at least 650 euros are needed per month to live  with dignity. Under this system only 5 euros per day is set by Hartz IV for food, says DW.com, which is shocking. It means food of lesser quality or less food goes to the less well off. About 2 million people use food banks. Prices are up 12% in 2022 for basics such as bread, vegetables, milk and cheese. One study shows old age poverty is likely to affect 20% of Germans by 2036. The situation is bad for elderly, students and women. Women have worked part time reducing their income.  A student with federal funding gets 934 euros a month which is well below the poverty line. A new program for 200 billion euros is planned by German government to protect against inflation for households. Minimum wage is 12 euros per hour so that someone who works 40 hours a week makes 1480 per month in net income. After inflation this is close to the poverty line. Such is the situation for Germans today even after decades of growth and being seen as an export powerhouse. Compare this to the situation in India where the food program of the Modi administration continues to support food supplies that are adequate for feeding a family right through the pandemic for 800 million people and one sees that the idea of what is a rich or poor country is turned on its head. It is simply the will of the culture of a people and a country and its leadership that makes its limited or larger national wealth available to all its citizens, for the basics to fulfill the idea that "all men are created equal and they are endowed by their Creator with some inalienable rights to life, liberty and the pursuit of happiness," enshrined in the minds of Asia borrowed from America. ...

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The January 6 panel of the US Congress issues its report on the events of January 6 2020, and the effort to overturn the results of the US presidential election in November 2019 that elected Joe Biden.

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A one page resolution takes the place of the Republican party platform for 2020 in the U.S. It says "the party has and will continue to enthusiastically support the president's America-first agenda."

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Former Republican Senate Majority Leader Mitch McConnell on what it means to spend $17 billion less on defense when defense budgets for 2024 are continued for 2025 year without defense appropriations. To meet the additional 10% pay increase for junior defense personnel and payroll for 2 million members of the defense service members it means using some of the money allocated for defense equipment upgrades says McConnell. 

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Democratic states face a sobering reality- can California, Minnesota, Illinois afford it? It turns out that they cannot and are diverting important funds away from the Nation's priorities in transportation, housing, education, rural healthcare. Here is what happened-- When California Gov. Newsom used state's Medicaid budget for poor citizens and disabled for illegal migrants to give free coverage, Medi-Cal went $6.2 billion over budget in 2025. In Illinois the program for Medicaid coverge to illegal migrants estimated at $112 million annually now costs $800 million and parts of it are now suspended. California had not thought this thing through, with free medical coverage not available to even citizens of the US, why would unrestricted borders not overwhelm a border state's Medicaid system signed into law by a Texan president Lyndon Johnson for the people of this Nation. Democratic States are running into a logical fallacy that the European Union and Germany are already experiencing, stretching straining public services, which has nothing to do with one's sentiments. Gov. Newsom now wants to give this benefit for $100 monthly premiums in 2027. ...

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US president Biden has asked Democrats to first reach an agreement on a social and climate policy package and only then vote on an infrastructure bill. Republicans have supported investments in infrastructure, but not supported the social and climate policy package. Democrats progressive wing supports infrastructure but only after the social and climate policy package is approved. To pull together the different groups in the Democratic party and win support among some Republicans requires a skillful balancing act bringing in support from all sides in the national interest. The Biden plan for $3.5 trillion for Build Back Better has a$1 billion infrastructure plan, and a plan for workers and families on social issues confronting the country including child care, education, income related to reduce disparities, and healthcare. It also includes investments in green energy so reduce emissions to tackle climate change. Because Democrats have a thin majority in the Senate and the House of Representatives this balancing act will also require Democrats to reduce the size of the package to less than $3.5 trillion bringing in the most essential components for investment in 2021-2022 and making additional investments in the following years. ...

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Scientists say 6out of 9 global climate resilience boundaries have been crossed. It is based on 2000 studies and published in the journal Science Advances. Broken boundaries means the systems have been driven far from the safe and stable state that existed, from the end of the last ice age 10,000 years ago, to the start of the Industrial Revolution, says Damian Carrington in The Guardian. We are outside of safe operating space say scientists. Prof. Johan Rockstrom, is head of the Stockholm Resilience Center, who developed the boundaries framework. He says more worrisome than all the extreme climate events we are seeing is the dwindling planetary resilience. For fresh water in lakes and rivers and soil it was crossed earlier in the 20th century. Synthetic pollution from plastic waste in 2022. Nitrogen and phosporous, according to FAO 3 times safe levels added every year. For air pollution it was crossed in South Asia and China. Planetary boundaries is combined with social justice issues in a May assessment so that pro development policies to help the poor can be combined with major investment in climate change action. ...

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WSJ's Greg Ip points out the realities on the ground for housing inflation- Austin 11% higher prices for housing 2020-2024, for NYC 20%, supply up 17% in Austin NYC only 3%. Austin avoided rent control route in elections even when prices were up 23% in 1 year, rent control freeze is not allowed in Texas. Prices eventually dropped as supply increased. This is a warning sign for NYC primary winner Mamdani's rent freeze and rent control in NYC. This is not to say that landlords have to get their act together and fix homes, and moderate pricing. It is to say that the supply of housing matters and adding supply to housing as the British Labor government is doing in Britain under a socialist/private enterprise oriented government matters. For this to happen a comprehensive policy is needed cutting time to build reducing permit times, and incentivising builders, as well as cutting costs, and building affordable housing. It is a reflection of the degree of desperation that New Yorkers- created by the same educated and the professional workers among them, the rich and the elites- that the vast number of young college educated people are now pushing free buses, rent freeze, and city run grocery stores. And so little discussion is taking place on the comprehensive plan to increase supply of housing and building the new infrastructure in a city where roads and pavements, whole neighborhood infrastructures are crumbling as in Brooklyn. So little discussion on creating a rising tide that lifts all boats. ...

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WSJ looks at how the relationship between Joe Biden and Kamala Harris evolved. From the faltering start when Harris was contesting for the presidential nomination and made sharp debate comments on segregationist senators and Biden, to her entry into the White House as Vice President dissolving her political action committees and not bringing her election people to the White House. The first assignment was on immigration and the White House asking Harris to tell Central Americans not to come to the US border did not exactly work out. Guatemala was in the middle of a drought affecting its agriculture and sending more people from the affected regions to the US Border. That message did not work and Harris came under criticism. There was less contact with Biden during the years 2020 and 2021 because of the pandemic.   Gradually though the president came to listen to Harris and set up a weekly lunch meeting. When Supreme Court nominations were to be made Biden relied on Harris's advice. Ketanji Jackson nomination to the Supreme Court came out of these talks with Harris. Then came Roe and Wade and the president who was not outspoken on this issue realized that Harris was better at communicating a common vision of what America stood for and the importance of reproductive freedoms. When Hamas attacked Israel, the response of Netanyahu was leading to an humanitarian disaster. President Biden listened to Harris describe the need for a Palestinian state and it building peace with Israel as the only real solution to the crisis. Biden sent Harris three times to the Munich Security Conference, and each year she met Mr. Zelensky and discussed the Ukraine issues with European leaders. Then came the debate performance and Democrats questioning Biden's health. Harris remained steadfast in her support till the end and on July 23 after announcing his withdrawal the previous day Biden told Kamala as he addressed Wilmington headquarters staff- "I'm watching you kid. I love ya." And Harris said "I love you." ...

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The resilience of 4 young Ukrainian women in their 30's is shown in this Guardian report by Charlotte Higgins in the Guardian's Ukraine in Depth series in 2025. Charlotte Higgins report shows the lives of 4 Ukrainian women, wives, mothers, fighters, in their 30's from Kviv who keep that war torn nation going in 2025. Women have options to leave the country compared to men in Ukraine. These women decided to live in Ukraine in the middle of wars and rocket missile attacks where their children were not safe and where their offices were bombed and they had to move to other offices and locations. Some had served in the army as medics. See the companion in depth stories of Nova Poshta the resilience of people in the postal service that keeps Ukraine going delivering millions of parcels each day across the country in next day service, even in war zones under missile attacks.

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Pokhara airport Nepal cost about $200 million but it does not get international flights from India which make it unsustainable. On the 10th anniversary of China's Belt and Road which has invested $1 trillion in development projects in poor countries of Asia and Africa, NYT's Wakabayashi, Sharma and Fu look at the China project that built a new international airport at Pokhara. CMAC initially submitted a bid for $305 million about twice what it would otherwise cost says this report, which was lowered to $216 million. Nepal signed a 20 year agreement with China. Only Chinese firms would be used in construction. A quarter of the loans at no interest. The rest a loan at 2% interest with repayment starting in 2026 from the Export Import Bank of China. 

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Kenyan president Ruto says after the tax hikes that led to protests were cancelled- this would increase the borrowing needs. The funding gap in Kenya's finances was 600 billion shillings or $2.7 billion, now he will add another 346 billion shillings to this borrowing.

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Iraq's population is estimated to be 44-46 million, double that of 1997 the last time a census was done in the country. A census is taking place across Iraq to get a better idea of the population. With one Mp for 100,000 people seats in parliament will increase to 450 from 329. Shias share power with Sunnis and Kurds under an arrangement set by the US in 2003.

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After a Giancarlo hit into the ballpark the Yankees were ahead in the first 6 innings. A base hit by Ohtani brought one run in before the walkoff grand slam by Freeman with bases loaded put the LA Dodgers ahead in the final innings with all but one out.

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Germany's leading candidate for chancellor Merz gets an exemption for Germany to EU Common European Asylum System (CEAS) asylum laws for National Security reasons. The goal is to tight Schengen border controls to keep out illegal migrants.  EU president Von der Leyen calls Merz action on CEAS  asylum laws "innovative solutions." Germany takes U turn on asylum law as public opinion shifts with a series of crimes committed by illegal migrants allowed to stay in Germany including car rampages through crowds on streets, most recently in Munich. A sense of fatigue in EU with illegal migrants and a desire for normalcy, the old way of life, and secure neighborhoods and urban spaces. It is now seen in CDU as Merkel's policy errors and failure of judgement in letting in a flood of illegal migration.