I like this a lot but it needs some tweaks. First, I prefer the text below to be left justified. Also try "Analysis" in red as well as economic. I would be interested in seeing what the wavy E would look like if it had a riser on the left to make it more clearly an E. I think that that would still evoke the US flag. Finally, think about what you could do to incorporate the Indonesian flag image stylistically in some way.
On #44, could you make the A blue rather than red? On #44 and #34, could you make the text all blue rather than blue and red? Finally, you have done a very good job of making me think US with the design, particularly with the wavy e behind the s with a star in it. But Indonesia is not coming out as strongly. I appreciate the design element in #46 but I think that it complicates. Is there a way to simply include the red and white of the Indonesian flag in the design somehow?
Could you do a variant of #95 that would keep the blue line with white stars on the left but use wavy lines for the three lines of the E on the right? One of my higher ups thinks that that might work better.