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  US reaches agreement that would restore oil supplies and bring down oil prices. The supply chains may have to be reconstituted for replacing much of the 20% of the oil that flows through Hormuz if the US, Europe,China and India, Japan, rest of the world are to gain from this experience. The only way to understand the change of mind of the DJT US government and the Saudis/UAE/Qatar for bringing an end to the war without immediately fulfilling required nuclear conditions is from the Saudi point of view it has sought to avoid damage to its oil facilities from Iranian drone and missile attacks. From the US point of view it may see that the US + ramped up Venezuelan production by 2027-2028 with increased push for supplies in other parts of the world with better security than Hormuz, could make up for most of the loss in supply from Hormuz. For the remainder acceleration of the renewal energy in Europe and in China, India could reduce dependence on oil from Saudis/Iran.  US Energy Information Administration forecast is for oil prices currently $103 for Brent crude oil to stabilize at $89 at the end of 2026 and $79 in 2027. The year started in 2026 at $60 per barrel. The UAE oil agency ADNOC says it would take 4 months to get 80% of production back on stream and full flows by 1st quarter 2027. Rystad Energy estimates repair and restoration at oil facilities to cost $58 billion. The MAGA base which opposed wars by Bush and Obama in the region would then look at it this way. The billions that Obama poured into Iran for Iran to rebuild its nuclear program would not happen again, as the US would continue its sanctions till all nuclear materials are removed from Iran. Iran would stall in negotiations that are now put off with only a Memorandum to show for commitment of Iran- though an agreement would only be a piece of paper that Iran may not implement as the failed Obama agreement showed- but yet not have the billions of dollars to support its nuclear program. It would give the US, Israel, and the world 10-15 years in which to respond to another nuclear program by Iran. Iran will need $270 billion to repair the damage to industrial facilities, which shows the cost of the war for the Iranian people just to get a nuclear weapon is prohibitive, considering that the Iranian economy was already in trouble before the war. Inflation and the overall economy will be in difficult shape for many years. Public sentiment in Iran may change the future course of Iran away from the course currently pursued. The entire Middle East  region has not benefitted from its dependence on oil. For the rest of the world finding alternative sources of supply is the best way and EU, China, India should accelerate renewable technologies and goals for energy independence shortening the transition from fossil fuels. ...

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At this point in May (May 22, 2026) a glimmer of hope appears for settling both the crisis in Hormuz and the Ukraine war. Pakistan, Turkey and China following DJT visit to China may be pushing Iran to lower the scale of the conflict. China's first priority was to be accepted by the US at the Beijing meeting as an equal power with the US, and keen to show its willingness to bear responsibility for peaceful resolution in conflict zones as a sign of its maturity as a world power. Much of this is not shown in the media as it is mostly done behind the scenes in communications that the media knows nothing about. Note that even in the depths of the Cold War during the Hungarian revolution of 1956 and Soviet action in Budapest, the US and the Soviets when their economies were not intertwined as the US and China are today, were still talking to each other to limit the conflicts to low level conflict. Hong Kong takeover, China's actions near Taiwan, China's presence in Latin America, Chinese cooperation with Iran, and Russia on Ukraine, China's economic competition in rare earths, are relatively smaller levels of friction considering 1950's Soviet's and the US. At the same time China and the Us are aware of a new bloc emerging in Oslo in May, where India is merging its economy with the Nordic economies of Sweden, Denmark and Norway, and of the European Union and Germany, creating a new bloc of 2 billion people that can only grow rapidly with India's potential to exceed growth rates of 20% in the 600 million Eastern region for a decade. EU would make the shift to strategic partnership with India displacing the vital role the European Union has played in China's growth and economy. This would create new pressures for Russian president Putin to decide it is time to listen to a friend India and de-escalate lower the level of conflict with an initial peace deal that would lead to more talks on a final settlement. Because Russia would have a harder time tackling both India and Germany at the same time. NYT shows on the same day May 22 a report on Russia and a report by the Swedish Foreign Minister Maria Sonegard that say the elites in Russia and Putin were by January 2026 having very serious discussion to change the administration, bring Igor Sechin as negotiaor to end the Ukraine conflict before serious, possibly irreversible damage, to the Russian economy. Sweden's Sonegard says that between 2020 and 2024 Russian economy declined by 8%, not grew by 13% as official figures show, inflation is much higher than 5% as official figures show, and credit is tightening, bankruptcies expected, growth even with oil prices up down to 0.4% for 2026. During 20 years running Russia Putin's No. 1 priority, his life's mission was to restore, then exceed by a large margin the living standards of the Russian people. Having at such great cost accomplished the goal of gaining recognition as a Northern Power in Europe, having gained much of Russian speaking eastern Ukraine, Putin could wisely with self respect wind down Ukraine conflict for good. The US gains something similar to Northern Power status for Russia in its recommitment to the Monroe Doctrine, with Russia withdrawing from any involvement- and China tacitly doing the same-  in the western hemisphere. With that the US can tackle its own losses that match Russian losses in lives- loss of more American lives than in the Korean and Vietnam and WWI combined to drug smuggling from Mexico, Venezuela, Colombia, and restoring rule of law in Cuba, Venezuela, and through drug cartel free Mexico good governance in Mexico.  ...

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This report in DW.com presents a situation where supply of oil runs out as demand way exceeds supply as shale oils in US are depleted, and no new reserves are found. A story in WSJ last week reports that the salty water from shale oil extraction is injected back into reservoirs at a rate that creates serious problems in the Permian Basian of the US including East Texas. The IEA forecast in 2026 shows about 97 million b/d of production and demand slightly exceeding this in both 2030 and 2050 which would suggest defossilization has not taken place. Yet the US pullout from defossilization under DJT is sure to be reversed by future governments in as short as 3 years, and the current DJT policy is simply a response to the cost of living concerns of the majority of Americans. The scenario that fossil fuels will be required forever is promoted by the oil companies and by OPEC+ including Russia. But this situation will reverse as the cost of living crisis and the low wages and incomes, loss of factory jobs, low savings, health care inflation, is tackled under the DJT administration and the US economy becomes stronger with lower inflation.  This scenario of  steady oil demand can be reversed if China and India and Europe push ahead with renewable energy and technological change as is happening today, and will not be seriously impacted when the US joins the battle with its renewable energy push in 2028. This is not just an optimistic scenario, it is a balanced one as private industry in the US will sense this and move ahead with development of new technologies for renewable energy so as not to fall behind and to pioneer on their own. That is the history of innovation in the US for the last 100 years and will not change. ...

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This WSJ editorial shows a 3.1% decline in purchasing power lost to inflation since president Biden took office, average hourly earnings declining from $11.39 to $11.03. Yet it is also true that inflation has been cut in half in May 2023 to 4% compared to a high of 9% in 2022. Inflation is much higher in the UK and Europe. President Biden also passed the Inflation Reduction Act, intervened in energy markets to lower oil prices with policies to reduce prices for Russian oil. Jerome Powell at the Federal Reserve is aggressively tackling inflation. Investments in manufacturing in the US and in infrastructure will increase jobs and strengthen the US economy in 2023-2025. This was given the name Bidenomics yet it is about president Biden and policymakers looking carefully at what works to increase jobs, increase wages, and support workers and families, and build American manufacturing and infrastructure for a strong economy.

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Lula and Milei clash at Mercosur. Lula of Brazil talks about a humanitarian crisis in US policy to pressure Venezuela's military installed government but fails to say that a third of Venezuela's population, about 10 million people have left the country as refugees to neighboring countries including Colombia and the US. Inflation at over 100% and mismanagement of the economy have destroyed a once relatively affluent oil producing country in Latin America. Hyperinflation in 2018, and 270% inflation in 2025, and lack of open free elections, lack of food and medicine. A story of socialist ideas that have led to military involvement in politics followed by economic disaster in the western hemisphere, in a country that had a educated middle class and a thriving oil industry. Not since the Spanish opening up Latin America to immigration from Europe by 1600 has the continent of Latin America seen such a mass migration which is not reflected in many media outlets including the NYT, Washington Post and BBC, Guardian. The blockade by the US of oil into and out of Venezuela is affecting Cuba and other countries which depend on this oil. ...

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Natural gas prices are down by about half in the last month after warmer weather and higher inventories in Europe and the US. On January 6 2023 wholesale natural gas prices in Europe eased to 74 euros ($78) a megawatt hour, down from a high of 350 euros in late August. This is a significant development as it means blackouts, industrial closures, recession is less likely in Europe. It also helps bring inflation under control. Prices are back down to where they were before the Ukraine invasion. This is still seven times higher than prices in 2020 reports the WSJ. The lower the price the lower the bill for the German government. Across Europe 706 billion euros were allocated for support on natural gas price by governments since September 2021.

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Rep. Wesley Hunt is flown to Washington from campaigning in Texas to get the vote in the US House of Representatives to 215-215 on a War Powers Resolution on the president's action in Venezuela. He was driven directly to the House with escort from the Washington Dulles Airport by Capitol Police. Such is the drama in the House nowadays as Democrats look for ways to restrict the president's action in the international arena on the Monroe Doctrine. The resolution if passed would require Congress to authorize the action to deploy troops. The Venezuelan action was taken quickly in a few hours bringing Maduro to the US. The US set a naval blockade of the country which has fallen apart with high inflation and mismanagement, corruption and drug trafficking after Chavez entered Venezuelan politics with a military coup in 1998 and set up an authoritarian government. When he died the power was handed to a person who lacked experience tackling a complex oil economy and inflation reached 1000 percent destroying the economy. The Monroe doctrine had fallen into disuse since 1824 and its revival in 1904 by Teddy Roosevelt which made it difficult for the US to take action in the interests of peace and security in its neighborhood free of European colonial powers. Russia withdrew from Venezuela after the Trump administration set a new start for US Russia relations based on "respect" for Russia as a power in Northern Europe. In 1824 the situation facing Venezuela and other South American countries blocked by president Monroe was intervention by France, Spain to collect debts.  President Teddy Roosevelt affirmed the Monroe Doctrine during his term 1900-1909 to ensure fairplay, democratic governance and good governance in the western hemisphere free of European powers. In 2026 much of this is being misrepresented in a torrent of what TR called "mendacity." The issue of Greenland and security for the Eastern seaboard of America from foreign powers is also getting the same treatment by the US and European press with no mention of Admiral Perry's discoveries in Greenland for the US Navy in 1890's, and Denmark as a colonial power which had no belief in representation of local people having transferred its colonies in Asia and other parts of the world to other nations for payment or in exchange of territory. The entire population of Denmark of 6 million is smaller than the Houston area and the entire population of Greenland of 50,000 would not fill a baseball stadium, and yet it seeks to block US security for the entire eastern seaboard of  North America from foreign powers in 2026 after it did so in 1947 when Harry Truman offered $100 million for Greenland, as the Cold War intensified in Eastern Europe. ...

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Stock funds in the US which suffered decline of 18% in 2022 staged a recovery of 7.8% in January 2023. The Fed's ability to bring down inflation and the health of the economy, improving economic conditions in Europe, China, and India, provided supportive conditions.

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Inflation is down in industrialized countries of Europe and in the US. Inflation has dropped from about 10% to about 3% in the US and Europe. In the Netherlands prices are lower than a year earlier. In the eurozone inflation dropped to 2.9% in October from 4.3% in September. In 2024 further decline in inflation is expected as retail sales slow or decline.

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Cost of Living Crisis under Biden, Affordability Crisis under DJT, and the situation in Feb 2026 with 2.4% inflation and job creation at 130,000 jobs in January 2026. Is this a sign that the tariffs policy is greatly misrepresented and misunderstood? The flexibility in tariffs, attention to financial markets through Scott Bessent's keen sghts at the Treasury shared with the president, the cutouts for key countries such as India to exclude semiconductors and cell phonesand other products from tariffs. For instance under tariffs increase India actually increased its exports by diversifying its economy and signing a trade agreement with Germany and the EU, followed by the trade agreement with the US, so that it remains an enven stronger economic partner. The same is true for Japan where elections are leading to a parliamentary majority for PM Sanae Takaichi who wants to work with the US and build a strong economic partnership, and make the large investments in the US it has promised.  Japan and India are two of the five largest economies in the world (US, China, Japan, India, Germany). German Foreign Minister Wadephul for the CDU welcomed Marco Rubio's call for a "new Western Century" and for strengthening western civilization common heritage of the US and Europe. This means 4 of the 5 largest economies in the world are in sync for the future of world trade, and their economic future.  ...

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Russian shadow fleet and about 80% of Russian oil now sanctioned after US sanctions on Rosneft and Lukoil- Feb 2026. This is putting more oil onto a fleeet of vessels operating under Comoros, Sierra Leone and third nation flags, or even two flags, which the Americans and Europeans are tracking and diverting. Russia seeks to put this oil on an alternative tanker fleet it owns and which is insured by Russia, that goes from the Baltic and Black seas to the Mediterranean to refineries in Turkey, India and China. What thsi does is increases risks for Russia in shipping and for the Euroepans and Americans when ships fly Russian flags with military convoy. The overall effect of cutting Russian oil exports in addition to India committing to buy American oil and Venezuelan oil instead of Russian oil in its trade agreement with US, is that Russian economy may be in risky territory. Inflation is higher than official 6 percent at 16% interest rates, and this increases the risk. Budget needs within Russia may not be met as this continues. It is in Russia's interest now to conclude a peace agreement with Ukraine, now that the US has moved away from NATO/Europe to peaceful cooperation with Russia and competition with China. ...

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Greg Ip of the WSJ looks at the impact on the economy worldwide from the effects of variants of Covid-19 in 2022. He cites IMF estimates that global output will be 3% lower in 2022 than it had projected in 2019, with Western Europe and Latin America taking larger hits. US growth is distorted and disrupted with the effects of absence of workers from illness (5 million American workers not working in December 2021 because they were sick, or caring for someone sick or afraid of spreading it), supply shocks from supply chains, 7% inflation. The boost to productivity from digitization conceals the impact of an overworked and fatigue prone remote working workforce, says Greg Ip.

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Rising fuel prices are altering buying patterns across airlines, autos, food and other businesses says this report in WSJ. With prices at over $5 a gallon the impact is being felt across the US and other economies. Export of oil from the US for arbitrage opportunities and lack of growth in the shale industry with price volatility, is resulting in shortages of supplies and higher prices. About one fifth of the 8.3% inflation increase in April 2022 in US was from oil price increases. Similar patterns are seen in Europe and other countries. Inflation is expected to last through 2023.

Pent up demand for travel after the pandemic lockdowns means travel by car and by airline is increasing at a time of higher inflation and oil prices. Motorists in the US are making more frequent trips to gas stations as they fill up for a specific dollar amount.

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To get a right grasp of the situation as a whole from the bigger picture than the headlines, is to know that even in the current chaotic immigration handling of both parties, the US comes out a winner in long term by 2034. That it gives for the younger generation a better future. Congress's Budget Office economic report shows GDP higher by 2% from the higher immigration of 5.2 million added to the US workforce by 2034. US productivity higher by 0.2% and residential investment including construction up by a whopping 10%. The younger profile of immigrants will help the US compete with India's younger population, and as China ages to have what it and Europe is aspiring to have- a younger population. The best way to look at the immigration issue is for the short term- manage it better by organized method of immigration without chaotic border crossings by allowing potential immigrants to apply from their home country, a step taken by the Biden administration. What it or any Republican administration could not control is the immigration that happens from countries the US is at war with or in conflict with. It is important to recognize that this is what happened with Venezuela the largest component of the immigration border crossings in 2023. It was made worse by actions of both parties Democrats and Republicans and made worse in 2017 by more severe sanctions on Venezuela under the Trump administration.  Also part of the problem is Venezuelan mismanagement- providing oil at pennies a gallon, hurting imports and spiralling inflation that only worsened under US sanctions after 2017. Long term- To reflect that US sanctions on top of mismanagement by Venezuela is a warning for all developing countries in Latin America, Africa, Asia and for the US. It meant 7 million refugees a staggering quarter of Venezuela's population fleeing the country, that burdened neighbors Columbia, Ecuador, Peru, Chile. By 2022-2023 many of these refugees were making their way up the Darien Gap to the US. Yet within this tragic situation for Venezuelan people how could the US best respond is to close the border as president Biden has proposed with McConnell and the Lankford effort in the Senate, which was blocked by the House under Mike Johnson. This gives time to assess the situation, correct US laws on asylum and parole that allowed this chaotic way to proceed under actions of both parties.And not let this destabilize the US by understanding that while Venezuela has suffered for its role in the crisis the US will ultimately have come out a winner, as pointed out by the Congressional Budget Office projections. CBO projections of this immigration impact by 2034 of increasing the workforce population by 5.2 million will provide higher GDP, more tax revenues, and higher productivity than without this group of Venezuelan and other immigrants in this special situation of 2022-2023. For the Immigration projections discussion given by Phillip Swagel, Director of the Congressional Budget Office see page 51 of the Budget and Economic Outlook 2024 to 2034. For this search for term Congressional Budget Office or CBO which brings up the report on PDF and turn to page 51 or just click on Original Article on Lyrarc.   ...

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This report in WSJ shows how the US central bank, the Federal Reserve's increase in interest rates by 5 percentage points in the short space of 2 years affects Europe. It increases inflation in Europe as energy and many other products are priced in US dollars, with the strengthening of the dollar in relation to the euro. The dollar is $1.07 in relation to the euro. European Union is facing much higher inflation than the US. The German economy has slipped into a mild recession in 2023.

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European economies are likely to weather the winter better than expected with sufficient energy supplies on hand after the Russian cutoff of oil and gas. This means says this WSJ column that the central bank for Europe, the ECB, can continue to raise interest rates to fight inflation. As Fed chairman Jay Powell pointed out at the Brookings Institution recently out of control inflation poses a major risk for upward mobility in American society. This is a risk that exists in both the US and Europe. In this sense 2023 is a critical year for the Fed and the ECB, for Lagarde and for Jay Powell, to bring it back under control.

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Prices of gas for cooking and electricity are up 30% in Brazil in 2021 adding to the pain after the pandemic. Countries in Europe and Canada to Indonesia face much higher prices in 2021. Energy prices have jumped and supply bottlenecks have increased inflation. As more people are vaccinated the return to normal activity is also putting pressure on prices. About 72% of Brazilians have at least one dose of vaccine, higher than in the US. There is less vaccine hesitancy in Latin America and Asia.

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After coming down to $0.95 to the US dollar in September 2022 the euro is now back up to $1.07. A drop in energy prices and easing of recession fears in the EU is sparing a revival of the euro. A milder winter in Europe and an impressive effort in cutting gas consumption is helping the EU. The stronger euro also helps in tackling inflation in the EU.

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US inflation drops to 6% in February 2023 from 6.4% in January. It is the smallest increase since September 2021. Shelter costs rose at 0.8% matching the largest gain since the 1980's. Elsewhere costs increased at at a lower pace for food and gasoline, consumers paid less to heat homes, and prices for used cars, medical services fell. A significant impact on growth is shown for Europe from the drop in oil prices to $77 from a peak of $121 adding as much as 1 to 2 percentage points to growth. A similar impact is expected in the US by keeping prices of oil lower through increase in alternative sources of oil, US increasing oil production, and significantly increased investment in renewable sources. This will help reverse the effects of the Ukraine war on world food and energy supplies and prices through constructive action by the US and its partners in the European Union.

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The European central bank increases interest rates by quarter percentage point taking the deposit rate to 3.5%. The US Fed held off on increases. The US Fed started early with its increase in interest rates and maintained a steady posture with 8 interest rate increases over 2022-2023 in a period of just over 12 months. It has strengthened the dollar against the euro. The slow response of the ECB and price gouging in Europe has worsened the inflation picture there. The US Fed's policy combined with consumers resisting price gouging by halting purchases from stores, untangling of supply chains, the Biden administration's series of actions to tackle the cost of living increases, and overall investment in the economy that keeps employment resilient including government investment for the first time, is creating a better economy for America than most of the last two decades. 

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Inflation is about too much money chasing too few goods or services. Paul Krugman, economic expert, says in the NYT that this inflation episode in 2021 is still he thinks transitory, as does the Fed's Jerome Powell. It is Krugman says a demand pull situation in which higher demand is  a result of the lockdowns easing and pent up consumer demand being released, just when the productive capacity of the country is affected by about 4 million fewer workers in factories and other places. The supply is crimped also by supply chain bottlenecks with covid affecting supply from countries in Asia also with fewer factories operating. Added to this is the whole logistics chain near Long Beach California moving ever so slowly because of fewer workers, and ships lined up all the way out to sea. The Fed chairman Powell thinks this is what is happening. Krugman says this reminds him of the 1946-48 episode of inflation after the war, when the disaster of war was followed by peace time 1946 and the release of pent up demand like today. At the same time in 1946 factories were still not fully operational for consumer goods after bombing in Europe and war time conversion in the US. The result too much money chasing too few goods available. In this situation Krugman says a calibrated effort that is based on new information is needed with moderate action, very small rate increases in 2022 so that inflation signals are sent out by Fed but not in a way that would disturb the long term trajectory of the economy for growth. After the pandemic has hit so many Americans so hard. Action that would preserve the long term strength and productive capacity, and technological competitiveness of America during this period of renewal. ...

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Jay Powell and the US Fed have less to worry about from China's increasing demand for oil in 2023 that could keep oil prices high, says this column in WSJ. China says Taplin, has over 50% of oil demand coming from the construction industry, heavy industry and the trucking that backs it up. The construction industry has problems from years of overexpansion, and heavy industry, manufacturing, faces lower demand for Chinese exports from the US and Europe in 2023. This means oil demand will not increase enough to keep oil prices high, says Taplin. This puts the Fed in a better position to tackle inflation, just as the decline in global shipping and spare capacity in shipping, supply chains returning to normal is helping the Fed.

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Paul Krugman points out in the NYT that September 2022 high inflation numbers for core inflation excluding energy and food of 6.6% on annualized basis, is still not a good way to measure actual inflation. This is because housing costs as measured by the core inflation index used by the Labor Department are represented by housing rental costs. The rental costs have a time lag in this index and after a sharp spike are now cooling off. Add to this slowing economies and recessions in European economies and the situation suggests that the economy and inflation may be moderating more than expected. Additional factors are that the effects of sharp prior 2 increases in interest rates by the Fed of 0.75% and a third of 0.75% expected soon, are still not fully realized in the economy. This view was also expressed by experts in the WSJ. It was widely perceived that the high inflation that we are seeing is a result of temporary factors such as the war in Ukraine, food and oil supply constraints, supply chain bottlenecks, new adjustments to manufacturing at home after covid. As these factors ease and after the Fed's action to raise interest rates, slowing economies in Europe adjusting to climate change actions,  the moderating effects on the economy of the costs in switching to renewable energy also a factor, this high inflation has prospects of moderating. The successful switch to renewables particularly solar, and better agricultural practices, could set along term trajectory of moderate inflation in costs of energy and food supplies.  ...

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US president Biden proposes to reduce the US deficit by $2 trillion by increasing taxes on American households worth more than $100 million that would apply to their earned income, and their unrealized gains on liquid assets like stocks. Biden also plans quadrupling the tax on stock buybacks by companies, a tax approved in the Inflation Reduction Act of 2021. The deficit in 2023 will be about $1.4 trillion and rise to about $2 trillion, so that Biden's plan is to practically eliminate the  large deficit if the Republicans come on board. Republicans prefer cuts in spending. US companies have engaged in a dramatic increase in stock buybacks in recent years leading to calls for increasing the tax on stock buybacks. Biden says even high income households will not see an increase in their taxes, only the wealthiest households with over $100 million who have benefited vastly through the Reagan type policies of the last two decades. These households with over $100 million in assets will not be affected in the same way as students, workers, and middle income households are affected in shouldering a large part of the burden of these Reagan type policies that did not adequately fund education, healthcare, and manufacturing in communities across America. This was a period when Democrats in Congress awed by Reagan type policies failed to vigorously oppose policy that increased the US deficit and burden on households for health costs by not allowing Medicare to negotiate prices with pharmaceutical companies. A senior AARP official says that when we talk about the Biden Inflation Reduction Act of 2021 the key component is the Medicare price negotiation with companies that is now law. Why Republicans and Democrats before Mr. Biden allowed such a gross distortion for two decades since 2001 that burdened ordinary  working Americans while neglecting American manufacturing, till Mr. Biden assumed the presidency, says much about the policies of the last two decades and how it has affected ordinary working families. Shriveling factory towns and creating much distress in these communities with these distortions that are a legacy of Reagan type laissez faire policies that government should do little. The result of these policies is that manufacturing is concentrated in only one country for the whole supply chain something that would never have happened with a thoughtful policy planning process. India and Vietnam are only today seen as alternatives for the supply chain in 2023 when policies were in place in these countries since 2014 for the supply chain to be distributed in a way that would be a win-win situation for all countries, avoiding the national security threats of today with overconcentration of manufacturing in China. This has not benefited China or the US because of the rancor and tension it has created. It was the fall of the Berlin Wall that created some of this awe for Reagan, when looking at it objectively it was nothing more than a course correction in Europe after the Hungarian revolution suppressed in 1956, Czech in 1968. It had little to do with what policies the US should pursue for workers and families, just as the war in Ukraine today remains another course correction in a different direction in Europe, and does not affect domestic policy in the US to build a better society for workers and families that Mr. Biden is doing. ...

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The US dollar is rapidly appreciating against currencies such as the Indian rupee, the Japanese yen, the euro and the pound. The aggressive interest rate policy in the US and investor sense that the US central bank will take action against inflation is one reason the US dollar is stronger and will continue to strengthen in coming years. The weakness of emerging market currencies, the Bank of Japan's policy to continue keeping interest rates low, and the stronger US economy vs the European economy as Europe struggles with a war and cutoff of energy supplies from Russia, are other reasons for a stronger dollar in 2023 and beyond.