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Clint Eastwood talks about stuff in politics, real people, in a way that is humorous, and is asked about his various roles in movies he has made that show relations between countries and races. He recalls the time playing golf with the president and another real estate billionaire, when both told him within earshot of the other that all the real estate deals that the other was making would go bad. This he says was funny. In all this he was always the lone guy, as in the movies. This guy is 89 and he has still got stuff for some interesting movies, and he has ideas about the country and what it needs.  Mr Eastwood was mayor of a little town in coastal California in 1986 for 2 years. And yes he did not like all the regulation in the state. He tells about his removing one in the city that banned the public sale of ice cream, besides drinking a lot of tea and chatting with everyday folks. Most have forgotten and others simply from a new generation. The 2008 movie Gran Torino is one in which a Korean War veteran faces up to immigrants from Laos in an inner Detroit suburb. And what happens? Eastwood says people liked this one that grossed $270 million because it showed how someone with views at one extreme could learn more and shift to the other extreme just from seeing and talking to different people who you have not encountered before. Eastwood portrayed the American male when it was a kind of manliness unabashed. The thing about Eastwood is  that he he is sensitive to all that this meant in an intelligent thoughtful way that takes us by surprise. Some of these characters he played did not have the niceties, abrupt he calls it or that gruffness of masculineness, even a bit dumb. Talking about relations between countries and of race Eastwood had some ideas to make the Japanese language "Letters from Iwo Jima" - to give the view of what it was like for a Japanese soldier sent out from the islands to Iwo Jima. The famous battle was one he did from the American point of view in "Flags of Our Fathers." About that Japanese soldier he is sent out and told that he wasn't ever coming back. It won Japan's equivalent of an Academy Award. The interview in the WSJ with Varadarajan closes with Eastwood feeling  for the genteel ways, not calling names out loud, of an older time, without the masculinity that he himself portrayed, or only appeared to be that way when in reality he was intelligent and sensitive to other people and their ways. Perhaps that former mayor of New York, says Eastwood, offering his own idea of a switch back to older genteel ways for the country.   ...

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Two German Patriot air defense systems are to be transferred to Ukraine and replaced by the US. The decision by Germany's Merz comes as Kyiv suffers a cruise missile attack that destroys an apartment block leading to 31 dead and 159 wounded on July 31, 2025. Five of 8 cruise missiles used evaded air defense systems.  The war brings ancient history important to Russia in the founding of the Russian state in European history before 1450 and complicated history after the Communist Bolshevik Russian revolution in the Ukraine region, the Cold War and Russia returning to its historic role of a Northern European Power. Russian commentary on Russian nationalism today suggests Russia seeks acceptance as a major European power without Wall Street's evaluation based on GDP of nations leaving Russia middling status. Wall Street gives disproportionate importance to China relative to India, Russia and Brazil three large nations on 3 continents for example. Witkoff is on the way as DJT emissary to Russia to seek some solution, but the war drags on as Russia sees itself making slow yet steady progress and seeks to end the war on terms favorable to it following huge loss of life estimated at hundreds of thousands. In August both sides including DJT are losing patience. DJT offers more sanctions but says at the same time that this may not deter Russia. Following SPD's Scholz frustrated yet restrained approach to the war, Chancellor Merz is investing in a rebuilding of Germany's defense forces and it's infrastructure. ...

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Most people are not aware that EU had 10% tariff on US car imports into the European Union over many decades. US tariff was only 2.5%. The US tariff of 15% on EU car imports into the US in 2025 comes after EU recalcitrance for decades in lowering its tariffs on US car imports.  German carmakers have prepared for the higher tariff and EU car stocks were up as this is a lower tariff than the initial tariff of 25%. German car makers export luxury cars with higher margins which offers some offset as well as increasing efficiency in car making so that only a small part of this will be passed on to the US car buyer. An offset to the US car buyer is in the One Big Beautiful Act of 2025 which lets car buyers deduct the interest costs of leasing a car. The result is that US car industry will have the advantage it has long been deprived of and American car buyers will not be affected in the way the media has presented, or not at all. Over time German car industry will also do well with its access to the growing American market. Germany will lower its tariff on US car imports to 2.5% from 10% which makes it profitable for BMW and Mercedes to make SUV's in the US to export to Germany and EU, making this a win-win for US and EU. ...

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Because technology spending has been more disciplined and focused on productivity and efficiency gains, the investment has been lower but more effective than in the 3 years leading to the last recession in 2001. At that time it was increasing 12.9% a year leading into the recesson and faced sharp cutbacks leading to a drop of 11% over the next 2 years 2001-2003. By contrast this time the tech spending went up by about 2.8% a year in the last 3 years, according to Gartner, and has delivered solid results at places like American Airlines. Technology spending is likely to hold up and continue moderate increase this year and next as the US enters a recession. At American a fuel efficiency drive starting 2005 including software to come up with best routes, flight paths and baggage loading has saved 96 million gallons a year. Note that spending on computer hardware and software is about half of all capital spending by business.

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A critical point mentioned is that for a heavy polluter like China, the slowdown means less production of heavy industry like cement and steel that produces few jobs and has large emissions. The slowdown is an opportunity to make a transition to a greener economy that creates more jobs. The spokesperson for the European Commission says it depends on the vision and foresight of European, American and Chinese leadership whether they use the transition as a short term bitter apple to create new sectors that help in conservation, the environment, and for jobs, all at the same time. Government incentives and mandates, education, and leadership may be critical to doing this. Business and the private sector and markets can be shortsighted in this respect, and lack the will and staying power to see it through, leading to suboptimal results at best or destructive results as critical time is lost in indecision or inaction.

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This piece in the DW.com describes the error made by Andrea Leadsom in her interview with the Times, saying that she was better qualified than Theresa May for leadership of the Conservative Party and the post of prime minister because she had children. Leadsom's error was compounded by the comments made by May that she regretted being childless. The comments were in the media for days and led to negative perception of Ms. Leadsom. Leadsom called for a retraction by the Times but the Times had already recorded her comments, making the whole affair appear to be a mistake by Leadsom, even a  bit stupid. Leadsom's efforts to embellish her resume about investment banking experience had already raised questions.With Boris Johnson supporting Leadsom this has proved Johnson, Gove and other Brexit leaders as lacking credibility. Therea May is now left with the difficult task of negotiating Brexit, but at least says most of the European media and media in Germany, May is not a fanatic, and Brexit is in the hands of a responsible politician who never supported Brexit. ...

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President Biden tells an audience of workers that he sees the world through the eyes of Scranton and the working people he grew up with, and through the eyes of workers like those in the audience. He tells a audience of union workers that he is bringing manufacturing back, and doing this with investments of billions of dollars that never happened under previous administrations for a generation of Americans. Some highlights from his speech- Biden is investing trillions of dollars in American infrastructure, manufacturing and advanced technology and at the same time cutting the deficit by 1.4 trillion dollars The Republican plan of spending cuts being voted in by the House of Representatives will according to Moody's lead to a loss of 780,000 jobs in the US. Forty of the 500 largest corporations in the US paid zero taxes. About $200 billion dollars in profits of corporations are to be taxed at just 15%- lower than what working families pay- to fund much needed investment in America. There are 1000 billionaires in America compared to 700 before the pandemic, and they pay 8% in taxes. President Biden says under his watch no corporation or billionaire should pay less in percentage of income taxes than union workers in the audience.    ...

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Chinese president Xi Jinping is learning from the country's Covid experience in the way Biden and Democrats learned from their initial push for tighter restrictions in 2020-2021. Most covid restrictions, quarantines, testing is being lifted in China and efforts are being made to stabilize the economy hurt by frequent lockdowns, and a new path is being taken that responds to the Covid lockdown fatigue of the people.  This will lower Chinese growth below the central bank forecast of 3.3% for 2023, yet it also offers a learning curve for the Chinese leadership and new government that was put in place after the CCP party congress in 2022. This may be experimental in the short run but offer benefits for China and the world in the long term. For the first time it means China's trade tensions with the US are turning the corner in a way no number of tariffs and rhetoric could do between the two countries. The evidence- China's exports to the US have declined by 25% already in the last few months. Exports to the EU have declined as well by 11%. China's trade surplus in November 2022 showed a drop to $70 billion from $85 billion in October. ...

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NHK World- Japan's Zero Waste Life video series shows practice of responsible consumption and production for zero waste lifestyle. Since ancient times the Japanese have believed a life force exists in all creation. It is an essential component of climate change action today. This one shows Li Riu's sewing school teaching students how to remake adult clothes into kids wear. Items that could end up in that disposal heap in the Atacama desert in Chile are transformed into clothes for their own children. Her place is full of laughter for mothers and children alike says the author. Click on Original Article for the NHK video.

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The danger of the nuclear plant at Zaporizhzhia being taken off the Ukrainian grid by Russia is that it would then have to be cooled with backup systems which are not as reliable. It was the meltdown of the nuclear reactor after a tsunami that caused the disaster at Fukushima, Japan. President Macron called Putin about this and Putin asks the International Atomic Energy Agency to send its team to the plant in his response. Large scale contamination would result in Europe if the plants cooling systems failed during the nuclear plant being taken off the Ukrainian grid and shutdown. In normal times this plant provides one fifth of the electricity supply in Ukraine.

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China's sharp slowdown in growth to below 4% is likely to reduce inflation in the US, Europe and the rest of the world. This means less demand for oil and gas, other commodities, that China absorbed for the higher growth, in a degree that was disproportionate when compared to the needs of the rest of Asia, Latin America, Africa, the US and Europe. The inflation in other parts of the world with inflation now exceeding 10% in Britain, is driven by the war in Ukraine cutting off supplies of Russian oil, and by supply chain issues. Lower demand for fossil fuels in China could compensate for the loss of Russian oil supplies by adding that much oil and gas to oil markets. Supply chain issues are being resolved though this may take some time. And a new supply chain is being built that replaces the old one that was too stretched out all over the world without emphasis on making at home in the US and Europe, India and other countries. US shale oil companies have not invested in increasing production and this could change adding to oil and gas supplies. Moderating inflation and a winding down of the war in Ukraine could help the economies of the US, Europe, India and other countries. ...

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Joe Biden's efforts to rebuild the American economy are getting so little mention in either the NYT or WSJ or elsewhere that Biden writes this article in the WSJ to share what he has done for the American economy, workers and families in the US since 2020. It comes at a time when the US is being challenged in not only chips, science, defense, but also at amore basic level as education and healthcare, public services. Only one third of American children in 8th grade can pass NAEP test reading comprehension yet much of $346 billion going into ventures in 2021 is being wasted as America's capital allocation system and capital markets fail to serve the American people is shown in today's WSJ pages. The scale of what can be done with the right amount of capital going into the right places and not the wrong places and with determination to rebuild can only be imagined- Mr. Biden says here that additional $2.5 trillion can be reduced in the deficit by "cutting the wasteful spending on special interests and ensuring the wealthiest Americans and corporations pay their fair share of taxes." It also means vital investments can then be made in education, in infrastructure, science and technologies, and other areas where it is missing today through planned misallocation. ...

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China is moving closer to the day when its population shrinks. This would be a sign of a seriously aging population with fewer young people as workers to support the older people and retired workers. The number of births fell for a fifth year in a row. In 2021 births were at 10.6 million dropping from 12 million in 2020, according to the National Bureau of Statistics.  The year 1961 the last year of the Great Leap Forward under Mao was the first time in its recent history that China actually had population decline with famine and other problems. This situation of population decline is fast approaching or already happened. In 2021 there were 10.1 million deaths. Women in China are not interested in having children. Typical is this woman in Beijing quoted in this WSJ report- she is 28 and teaches Korean language. She says she doesn't want to spend her savings on kids.  In China education is the pathway to a better life and income. And it is not cheap. Most of the savings of mothers will go into educating their children. Tutoring costs had become so high and the competition so intense that the government to tackle this problem announced that this will from now on be a non profit industry. ...

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In the next 15 years approximately India will have a higher percentage of working age population to non-working age population than China, based on information from the UN and Morgan Stanley. The number of people over 64 and under 15 has declined from 69% to 56% in 2010, according to UN figures. By 2020 the working age population will increase by 136 million in India, compared to 23 million in China. From this it can be seen that a huge demographic change is playing out. As China's economy matures and with the one-child policy in place, China's working age population is expected to decline; just as India's working age population picks up. This should give India momentum in the next 15-20 years, and lead to an increasing growth rate in India, just as China's growth rate slows. India's weak areas are infrastructure, and education. Infrastructure development will accelerate nevertheless, with larger private investments and participation in projects; and India will move up the experience curve as more projects are completed. Education for the poorer classes and in public schools will remain a problem. Private schools are making up for the weakness in this area, and private schools now make up 20% of attendance even in the rural areas according to one estimate. The strong points are democratic structures and the rule of law, private enterprise and private companies, English speaking middle class, and smart initiatives by business to develop low cost products that are affordable for all segments of sciety in India. For instance a $35 laptop developed by the IIT and Indian Institute of Science researchers, and Tata Chemicals development of a filter for 30 rupees or 65 cents that would filter water for a month for a family of five. This will bring the benefits of development to all segments of society as development progresses, and is crucial for balanced development in the poorer parts of Asia. Tata Motors 1 lakh ruppees car concept and the Tata Nano as its tangible product, is another verson of this kind of development being pioneered in India. Being a democratic country makes some processes slower, yet at the same time the private initiative enabled by democratic processes -cultivated over a long period from British times -enables a creative sort of development that could be turned into a distinct advantage....

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Greece's GDP was up by 1.7% in the third quarter of 2014, according to Elstat, with the recovery in tourism a major factor. It is now on track to achieve 0.6% growth for 2014, for the first time seeing growth since 2008. Yet the recovery is only beginning as Greece's economy is 30% smaller than in 2008.

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Observers describe the new Pope, Jorge Bergoglio of Buenos Aires, Argentina, as a person of overwhelming authenticity and compassion for the poor. The selection comes at a time when there is increasing global inequality and a period of slow growth and recession in many countries, particularly in Europe. His message should resonate with people in many countries.

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As remittances fall and in some places disappear from workers in developed countries to their families in developing countries, Kristof says about 46 million people there will fall into poverty. Something Zoellick of the World Bank has been warning for some time. Everything from food, school lunches, tution for children to go to school, housing, will be affected.

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In 1933 Roosevelt helped set up the minimum wage but failed to index it to inflation. At $7.25 an hour in 2009 it still leaves people below the poverty line. "A self supporting and self respecting democracy sees no economic reason for chiselig workers' wages" FDR said at the time. It was set at 30 cents in 1933.

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Charley Grant of WSJ warns that Tesla is in for a difficult time ahead as it ramps up its production of Model 3 cars. He says overhead costs should lead to negative margins during the early rollout stage, and only when the production ramps up could this turn positive. Tesla needs $2 billion in the second half of 2017, and is now turning to debt markets for its capital needs. 

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Two men, Tommy D'Alessandro, U.S. Congressman from Maryland and Mayor of Baltimore, from Italian stock, and Fred Trump a builder in Brooklyn and Queens  from German stock, bring different visions of the future. One looking out for immigrant families mostly from Europe at the time, and the other a builder who benefitted from government money used for housing under president Roosevelt's New Deal. Today their struggles are seen in the next generation, with Alessandro's daughter Nancy Pelosi as Speaker of the House, and Fred Trump's son Donald Trump in the White House. Maureen Dowd writes in her inimitable style about the U.S. president views being shaped by his wealthy upbringing, and Pelosi's views shaped living with Italian families and immigrants in the post wartime years after 1945, with the trauma suffered in the war.

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The Labour Party in Britain pulls the plug on further talks with the ruling Conservative government of Theresa May. No agreement could be reached on whether a customs union should be forged with the EU after Brexit, or on whether there should be a second referendum on Brexit as most Labour Party members want. Mrs. May has struggled to get her agreement negotiated with the EU passed in British parliament after trying several times, leading to most observers calling it a huge mess.

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California has gone to put residential solar panels big time. Consider 47 gigawatts of production of solar energy installed , can supply 13.9 million homes and cover 25% of California's energy use. From desert landscapes in the Central Valley to rooftops in southern California it has spread so fast that the power grid does not know what to do with it during the day when demand is not high and supply is plentiful, a duck curve. About 5% of it goes to waste unused, and solar energy during the midday period is now not worth much to the grid. Officials want to switch from the 0.20 or 0.40 cents incentive per kilowatt hour  California pays for solar supplies to net metering that means pay only what is of value to the grid. In the Spring months this can be a net zero value to the grid and zero payments. In summer demand picks up because of air conditioning use middday. This has raised alarm that it will lead to a 40% drop in solar installations in the next year. It shows the challenges that more states will face. Nevada with 23% solar energy power is facing this situation. So is Hawaii. The Biden administration has $7 billion in grants to support rooftop solar in other states, to power 900,000 low income households. ...

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Susie Wiles is a Florida native where she gained most of her experience running Republican campaigns from Bush/Qualyle, Romney, more recently Scott, De Santis and Trump. She also worked for lobbying firm Mercury, was an assistant to Congressman Jack Kemp. She has learned to brush away some of the boorish traits and rhetoric of the former president, says Politico.  As DJT's campaign manager of Florida in 2016 she told the Tampa Bay Times why-  "I don’t want this to continue. I think it seriously will damage our republic and who among that group can really have the fortitude to shift what I’ve seen happening over all these years?” "I will tell you this: The Donald Trump that I have come to know does not behave that way, and the lens that I look at him through, I don’t see any of that. I see strengths, I see smarts, I see a work ethic that is unparalleled,” she told the Tampa Bay Times in 2016. “I blanch sometimes. But, again, it’s not the Donald Trump that I have come to know.” During 2016 and in 2024 her disciplined attitude, humility, trying to be self effacing and focused have helped bring discipline out of the chaos in DJT's campaigns. She also has unique ability to get through at critical moments to restrain DJT from impulsive moments that create political liabilities.   ...

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Michael Corkery catches up with the indefatigable Paul Volcker at the office he shares with Richard Ravitch on the fourth floor of Rockefeller Center. Ravitch reminisces about events in 1975 when he tried to get a loan for New York City from the head of the New York Federal Reserve, who at the time was Paul Volcker. Today both men are working on another municipal crisis- the financial crisis facing U.S. states. They have raised $2 million from foundations and other sources, and hired a staff. They plan to publish a report on the crisis in 2012. The idea is to throw light on the issues so that the public can understand this better. Volcker says work is more relaxing than fishing, even though both men have spent much time fishing. The conversation drifts to the Occupy Wall Street protests and Ravitch says people forget what Teddy Roosevelt said about the malefactors of great wealth. Volcker insists it was Franklin Rosevelt, Ravitch says its Teddy.

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Goldman founder, Marcus Goldman's son, Henry Goldman, helped create the concept of valuation of companies based on their earning power at the turn of the century. Around this time public finance was in its early stages and credit was based on balance sheet assets. Goldman took public companies like Studebaker, Sears Roebuck and May Department Stores, and formed a partnership with Henry Lehman of Lehman Brothers. He maintained close contacts with Germany during that time. The book by his grand daughter June Breton Fisher is titled- When Money Was in Fashion: Henry Goldman, Goldman Sachs, and the Founding of Wall Street. It an apt title about the Goldman style and culture. When Henry Paulson, former CEO of Goldman was asked during a college reunion what languages he had learned and all about his travels by a classmate, Henry replied that he had learned the language of money and that was the only language he would need.