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Bernd Riegert in the DW.com expresses the view that the sooner that the "obstinate" Britons invoke Article 50 and start negotiations the better, so that a lot of uncertainty for the European Union can be removed. After the High Court ruling that parliament has to approve Brexit, it says that it is strange that a hairdresser and an investment manager should be the ones taking it to the High Court, but that nothing is strange in the Brexit saga anymore. The political turbulence as Ms.May mulls over calling another election is not in the European Union's interest, Riegert says, as this causes more uncertainty for the European Union that it does not need at this time.

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Boris Johnson leads a new British government that is composed mostly of ministers who want to see Brexit happen, and giving the positions of Home Secretary and Foreign Secretary to persons who do not care what happens as long as Britain leaves the European Union. Johnson's date is October 31st for leaving the EU. Sajid Javid, a former Deutsche Bank AG executive is the new chancellor of the exchequer. Priti Patel is new Home Secretary. Dominic Raab a former lawyer who has called for parliament to be suspended if need be so that Brexit can be pushed through is the new Foreign Secretary. Dominic Cummings who headed the Leave campaign for the Brexit referendum in 2016 is the new adviser at 10 Downing Street. Johnson's strategy is to pack the cabinet with people loyal to his vision of leaving the EU October 31st regardless of what the EU does.  The EU has not changed its position and is even less likely to consider any new Irish border proposals. Three top ministers are opposed to Mr. Johnson's views and resigned. Treasury chief Philip Hammond, Deputy primeminister David Lidington, Justice Secretary David Gauke, all resigned in opposition to Mr. Johnson simply pulling Britain out of the EU. Johnson once said all he feared from Britain abruptly leaving the EU was a shortage of Mars bars. During the election in the Conservative party Mr. Johnson was mostly quiet and avoided any gaffes to sound statesman like, yet as the process unfolds Mr. Johnson is likely to face the same problems faced by his predecessor Mrs. May. Added to this is the new opposition of moderates like Mr. Hammond and Gauke in the Conservative party that could topple the government and lead to a general election with just three vote swing in the other direction doing this. Mr. Johnson has prepared for this by having Mr. Cummings as a top adviser in the event he faces a general election. Meantime the Labour party initially not favoring a second referendum with Mr. Corbyn's ambiguous views on Brexit, as shifted gradually to the leadership and the rank and file all favoring a second referendum and for Remain. As Greg Ip has pointed out in the WSJ this week the conditions have changed with protectionism, nationalism and hostility to globalization, and president Trump not planning concessions of any sort even for the UK in trade negotiations. This means to low productivity of less than 1% to support stifled wages, one would have to add a 3.5% hit to GDP from a no deal Brexit such as Mr. Johnson approves according to the IMF. With the migration issue not what it was three years ago and reduced to a trickle this new situation must be on the minds of Mr. Corbyn, Labour and Conservative moderates. ...

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The Nation is faced with another Supreme Court decision as in 1868 for the 14th Amendment, in 2025 on birthright citizenship.  The 14th Amendment was written in the 19th century it had no concept of the 20th century and absolutely no idea of the 21st century we live in, unable to even conceive of conditions today, or even think of  setting rules for immigration today. It rejected the Dredd Scott decision of 1857 denying black people rights as citizens, restating the law of the land, had nothing at all to do with stating the opinion of the Judiciary on whether a mother flying in from Asia could secure US citizenship for a new born child by merely visiting the US. As in 1857, in 2025 the law is based on assumed historical facts as Lincoln said on Dredd Scott decision, that are not really true. Lincoln said in 1857- "That burlesque upon judicial decisions, and slander and profanation upon the honored names, and sacred history of republican America must be overruled, and expunged from the books of authority." The 14th Amendment was written to give black people the rights of citizens of the US, in a complete repudiation of the Dred Scott decision of the US Supreme Court of 1857 that deprived black people of rights as citizens because Judge Tanney said the British Empire had set up the institution of slavery in the American colonies and the British were responsible for the institution, little we can do about it. When by 1807 slavery was being banned in Britain and in 1838 totally banned in the British Empire. It created the idea that Americans were not the master of their destinies after the departure of the British to choose which institutions they would keep and which they would reject including slavery. Abraham Lincoln citing President Andrew Jackson said each the executive, the judiciary, Congress, and the common man were entitled to their own view of the US Constitution as they understood it. Lincoln also said Judge Tanney's decision in Dred Scott case was based on assumed historical facts that were not really true- Judge Tanney making no mention of the fact that in 1857 the British Empire had already abolished the institution for 50 years. The DJT Executive Order banning birthright citizenship shown here on the White House site has the title- Protecting the Meaning and Value of American Citizenship. It is written in  simple language in 1 page -Purpose, Policy, Enforcement and Definitions, Provisions.  The purpose clearly states that the Dred Scott decision of the US Supreme Court in 1857 is what the framers of the 14th Amendment had in mind when they drafted the 14th Amendment of the US Constitution. A reading of the 14th Amendment makes this abundantly clear. The wording comes out at the outset reversing the Dredd Scott Decision of 1857. It's repudiation was why the Northern and Southern States fought the Civil War. The National Archives say that with Dred Scott decision to allow the spread of slavery to American territories in the West,  America moved one step closer to civil war. With such  momentous events in the history of the US 1857-1868 the framers of the 14th Amendment were not sitting down to write rules about what was right for America a century and a half later.    ...

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Sorkin looks at the period when Carly Fiorina was an executive at Lucent Technologies. He cites Donald Trump's comment in the presidential debate about Fiorina's time at Lucent, that "it was not a good picture." Questions relate to how Lucent at the time used financing of customers to buy its products to improve results. Vendor financed transactions and sales were an issue raised in Fortune magazine during Fiorina's unsuccessful 2010 Senate campaign. Several books on Fiorina also raise this issue. In one of the books by Peter Burrows, Prof. Khurana at Harvard points out that the creative accounting and ample credit offered to customers had a lot to do with Lucent's results, and Fiorina's appointment as HP CEO would not have happened had this been known. Lucent's later downfall came with layoffs of 50,000 employees in 2001.

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U.S. Senators Ron Wyden, Mark Udall, and Martin Heinrich, say they strongly disagree with the surveillance bill ratified by their colleagues on the Senate Intelligence Committee. This bill allows the continued bulk collection of Americans telephone records as long as there are rules when the government looks at them. The three senators say this violates the Fourth Amendment of the U.S. Constitution, which has embedded in it the principle that the government has no power to seiize records of individual Americans without evidence of wrongful actions. The senators cite Benjamin Franklin about the dangers of giving up essential liberties for temporary safety and losing both. Their view is that the bill excessively codifies current surveillance activities of the NSA without putting in the necessary safeguards and their view have not been considered, in many cases by a single vote in the Intelligence Committee.

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Economists from Mankiw, Eichengreen, Kashyap, Harrison Hong, Brad Long and others all agree that capital is front and centre, capital injection into the banks has to be the centrepiece of any action plan, and that a coordinated plan by all countries is necessary for it to work effectively. The remarkable consensus is registernig among policy planners and central bankers and finance ministers, as this is the direction that Paulson and the rest of the G8 are following, taking the cue from Gordon Brown's announced plan for the UK that made capital injection a key feature for recapitalizing the banks and getting credit flowing. Governments also need to guarantee the interbank markets as banks are shy of lendig to each other because of fear of what may be on the other party's balance sheet, something the US has still to do.

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A former U.S. Treasury Secretary reflects on the backlash against free trade in the 2016 U.S. presidential election, and calls for a shift towards putting more emphasis on how trade affects individual workers who are laid off or work part time. In the light of tax evasion following the Panama Papers Scandal he says the time has come for the emphasis to shift in trade policy and capital movements to tax havens, so that ordinary workers do not feel their interests are being ignored as elites frame policies for elites. He says the period when it was enough to defend global integration has been exhausted, and this is unlikely to succeed without a nation like the U.S. supporting it and global institutions. A new approach is needed, and this means shifting from international trade agreements to international harmonization agreements, where labor rights, environmental protection move to the top of the list, and enabling foreign producers becomes secondary. The whole overall emphasis must shift, says Summers, to creating hope and opportunity for middle class parents that their children can live better lives....

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House Speaker Pelosi and Majority leader Reid prempt the Bond-Levin proposal to use the $25 billion of funds from the energy efficiency retooling for operating expenses. They said there were just not enough votes to pass the change. And the general feeling was that the automakers had hurt their case more than they had helped it after 2 days of hearings in the Senate and the House on November 18-19, 2008. Pelosi put it this way, "until they show us the plan, we cannot show them the money." The automakers were asked to come up with a plan that shows accountability and viability. Pelosi is from California, a state that has seen its mandate for controlling auto emissions held up by the automakers lobbying and the Bush administration EPA, and which favors higher fuel efficiency, higher than the numbers passed in recent legislation, also held up by the automakers lobbying efforts. So there is a three way battle going on with the states in the midwest and the Bush administration pitted against Pelosi-Reid-Waxman and the younger Obama supporters in Congress for the $25 billion in energy efficiency retooling to be used for salaries and so on. And the other battle pitting the midwestern states against all those who call for strict conditions including firing management, and serious restructuring within or outside prepackaged bankruptcy. Reid and Pelosi called for Congress to reconvene on December 2. Reid said that what happened this week has not been good for the auto industry,, which is ominous, because the hearings showed an unrepentant automaker management which did not accept any of the errors made by management long before the credit crisis in October, which riled Congressmen. Another thing was the reference to corporate jets which came up in the hearings, and Reid emphasized as did others that these guys flying in in their corporate jets did not send a good message to people in Searchlight or Reno, Nevada. The reason this is important is that executive compensation and golden parachutes are moving right to the top as they do in such times, as evidenced by the story in the Wall Street Journal frontpage on November 20 about 120 executives making $21 billion in compensation in the last 5 years including failed companies, see the link. . ...

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The national picture for Labor would include Scotland which is where Labor has roots. John Smith of Argyll and Butte in Scotland was elected Labor leader in 1992 and Leader of the Opposition in the British parliament. His untimely death in 1994 from an heart attack deprived Britain of a Labor prime minister from Scotland. Smith was able to get enthusiastic support of Scottish voters. It is this Smith period that Labor aspires to as it seeks to widen its lead of nine points over the Conservative party to be confident of getting an overall majority in parliament.

In 1997 a young Tony Blair of Labor who succeeded Smith won the general election. Blair setup the Scottish parliament not convened since 1707, starting a new chapter in Scottish history. In 2007 the Scottish National Party with Alex Salmond and Nicola Sturgeon formed a new government which is losing the confidence of Scottish voters with the cost of living crisis.

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Extreme mismanagement of the economy led to the situation of currency notes of 100 trillion in Zimbabwe being issued by the central bank of this African country, unbelievable as it may sound. The situation has deteriorated over two decades. Before independence this country was called Southern Rhodesia run by a small community of white British settlers from the nineteenth century. After a independence war by a liberation front organization this country entered a new phase in which the mismanagement of the country's economy became a serious problem for all communities, in a nation of 15 million people which could attract tourists with diverse African habitats and Victoria Falls. It is an example of how the hopes of a generation  that experienced independence in 1980 in these parts of British East Africa have been waylaid by autocratic leaders and mismanagement. This region includes Uganda, Malawi, Zambia, Tanzania and Kenya. 

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The US state of Nebraska has 69,000 job openings and only a third of that in persons looking for work. After Nebraska at 1.3%, the unemployment rate is lowest in Utah at 2.2%, and in Idaho, South Dakota, Oklahoma, all with unemployment rates of below 3%. The US unemployment rate is 4.6% in October 2021.

Factors deterring people from looking for work in the US are fear of coronavirus, child care responsibilities especially for mothers, a desire for work-life balance, desire for stable employment with decent incomes, retiring early, and people moving away from restaurant, hotel, travel and entertainment industries that are hard hit during this pandemic. A sign of how this mismatch between demand for workers and the supply is happening is the national "quits rate,"  a measure of workers leaving jobs as a share of total employment, which is at a record rate of 3%. 

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Mark Gilbert, a visiting associate professsor of European History at the John Hopkins School for Advanced International Studies in Bologna, describes the crisis of the political culture in Italy that goes deeper than the economic crisis and has lasted for most of the post war period. Gilbert says the political parties have avoided implementing financial discipline and opening up the economy for most of the last two decades, except for brief periods, and did not take the opportunity of joining the eurozone to make serious changes. Italy has many parties with the Democratic Party having 25-30% support in the polls and Berluconi's People of Liberty (PdL) having the support of 20-25% of voters. There is also the Northern League, the Third Pole of centrist Catholic parties, the Italy of Values party, and the Ecology Freedom party. Italy lacks a national consensus on making the changes. The risk is that Monti will not have enough time to make the changes, as new elections may be held by April 2013. His government was formed as a government of technocrats led by former EU commissioner Mario Monti, after President Napolitano forced the PdL, the PD, and the Third Pole to work together to support the new government. Changes are needed in the legal system, local government, the health sector, and in the university system. One factor favoring Monti is that 90% of Italians voters are dissatisfied with the political parties, according to Italian think tank ISPI. For Italy the EU crisis has in this sense a positive aspect as it has forced Italy to come to grips with economic and cultural changes under a leadership from outside the political system....

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The plans by Alberta to triple the capacity of the Trans Mountain pipeline that allows more oil to flow to the port of Burnaby, B.C, adjacent to Vancouver, are meeting opposition from eco-friendly British Columbia. The British Columbia government is challenging the pipeline expansion in court, which has led to Alberta threatening to introduce legislation to turn off oil supplies to B.C. The Canadian government sees no conflict between expansion and climate protections, and has approved the project. Kinder Morgan now plans to pull the plug on the project.

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Food inflation is affecting a wide range of countries not just poor countries. Even in the US where on average only 7% of the income of households goes to food, for poor and lower income households this can go up to over 30%. In Turkey with a high inflation rate of 80% in June over prior year, the problems of food inflation are severe. Turkey, Egypt, Tunisia and other Arab countries get most of their wheat from Ukraine and Russia through Black Sea ports. Across Asia the situation varies with less food inflation in countries that are self sufficient in food production such as China, India and Vietnam, to countries such as Sri Lanka where inflation is severe and takes up most of the budget for ordinary families. Lebanon is an extreme example with the collapse of its economy and 332% inflation with food inflation severe. Ethiopians spend about 45% of income on food. Somalia faces drought conditions and severe food shortages. This part of Africa is the most fragile and most prone to breakdown. Being self sufficient in food was an important goal for countries that faced famine in the past such as China and India- this has produced good results. Even in Europe small countries that make their own food with agriculture getting importance such as France and Switzerland the benefits are immense. Switzerland food inflation is as low as 1.5% lowest in the world. Where as in Africa this importance of agriculture has been neglected the consequences are seen today. In Latin America Argentina and Brazil are exporters of soyabeans and other food. This helps insulate them from the worst effects of the food crisis.     ...

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Much of the cost of the Common Prosperity campaign of president Xi to increase access to healthcare, education and housing will fall on heavily indebted local governments in China, says WSJ. Today in 2022 these three education, healthcare and housing are moving beyond reach of ordinary Chinese because of rising costs and referred to as the "three big mountains." In education and housing the government has moved to improve access. Today parents like Ding Jianxiong in Beijing can give their children two extra hours of classes in school for not cost. It saves money and time compared to tutoring classes that the government is discouraging. Teachers have to work longer hours for this to happen and the cost is borne by local governments. Governments at provincial, municipal and county level finance 80%, 70%, and 60% of China's fiscal expenditures on education, healthcare and housing projects. Data from China's Finance Ministry shows local governments have built up $4 trillion in debt at end of 2020, up 20% from a year earlier, much of it to finance infrastructure projects in the last 20 years. This experts say is an underestimate with additional debt buried and camouflaged in financing vehicles, other forms of debt. In 2020 the central government restricted sales of land that were creating an overinflated housing market and driving cost of housing ever higher, depriving local governments of a principal source of revenues. Land sales are now down about 15% and falling. Experts say a new property tax could only bring in one fifth of what was derived through land sales by local governments. The result is a fundamental mismatch today between revenues and costs for local governments that has not been addressed. ...

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For groceries cost limiting Trump proposes nothing. It was found in the EU that there was excessive price action by grocery stores in 2022 and 2023. Though experts say no for price setting by government, the deterrent effect of a policy of the government to not set prices but to send a clear message about excessive profit as anti-social behavior, has beneficial impact for price reduction or future price increases to be put on hold. Harris will do this. For child care costs. Trump proposes nothing and does not put children as the next generation of Americans at the top of priorities. Harris puts children as the top priority and early years development as critical. Harris proposes a child tax credit of $6000 per family that would cost $110 billion per year estimate from Office for Responsible Budget, offset by Medicare savings achieved by negotiating with Pharma of $36 billion a year, tax on billionaires at 25% instead of 8.2% saving $40 billion a year, for net cost of $44 billion a year the Harris $6000 Child Tax Credit.  Congress including Democrats failed to extend the $3600 tax credit per child below 6 years that was introduced after 2019 yet allowed to expire in 2022 reverting to $2000 per child under 6 years. The concept is accepted as helping children, Vance the Republican VP nominee has suggested $5000, only opposed by country club Republicans oblivious to the importance of children having free school lunches and parents having the money for child care added costs for the future of the children of this Nation.     ...

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This report on Mumbai's underground subway by Corinne Abrams was first published in WSJ January 6, 2019 with Lyrarc gist. Then as happened too often in the past it became the victim of a change in government with the new government in December 2019 stalling the rapid work on the project. Only when it was voted out in June 2022 did the rapid work shown in this Jan 2019 WSJ report resume. It has accelerated under Ashwini Bhide's leadership of the METRO organization and work is back to round the clock 24 hours a day. "A 27 station, 21 mile subway is being built under one of Asia's most crowded cities- Mumbai. It is moving ahead at the pace of one mile a month, with 9 miles complete, started in 2016 the $3.3 billion Metro Line 3 is on track to be completed by 2021. The government of prime minister Modi is eager to show that it is able to tackle some of the toughest infrastructure projects like this one and get them done on  time. As the head of the Metro Rail Corporation, Ms. Ashwini Bhide puts it this should have been done yesterday, considering the appalling and difficult rides facing Mumbai's millions of residents every day on its old and creaky rail system. There is she says " a desperation" to get this done as is true for so many of the infrastructure projects that need to be done in India." "When complete it will take 1.6 million riders a day 80 feet underground to destinations across the city in air conditioned coaches." ...

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WSJ talk of "reverse Nixon" shift of Russia from China Feb 2025- reminscent of how China moving away from Russia in Mao's last years by 1971- with DJT overtures to Russia. This report does not say that Lt. Keith Kellogg has said clearly and many times the main reason- it is a senseless war that is costing an entire generation of young men from Russia and Ukraine with loss of about 1 million young people in war zones including civilians. All coming after a pandemic has taken away millions of people of an older generation from China, India, US and Russia. PM Modi has also described it in this way.

Europe sees this but has become so entrenched in a view that there will be a winner in this war when there are no winners. America as a beacon of hope in the world takes a position that is in the interests of India, China, EU, Russia and the US.

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Murali Krishnan of DW.com has this interview with Adar Poonavalla of Serum Institute of India the largest vaccine maker in the world that makes about 60% of all vaccines used in the world. It is beginning manufacturing of the Oxford vaccine so that the manufacturing process is ready to turn out a billion vaccine doses over a short period of 1 to 2 years. Serum's Oxford vaccine would be priced at $13 per dose for coronavirus. Serum is conducting its own trials for the vaccine. About 40 million doses would be ready by October. 

India's pioneering work in vaccine production on a large scale is one of the reasons the world can tackle the future with some confidence for the economy and the health of billions of people all over the world.

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How the high unemployment rate is hurting affluent suburbs like Bloomfield Hills, Michigan, which are losing population, and schools lack funding. Michigan has the highest unemployment in the country at 11.2%, and the economy has contracted every year since 2005. And the decline is expected to accelerate this year according to the chief economist of Comerica Bank.

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The Korean currency the won has weakened by 30% this year against the dollar requiring the central bank to intervene by njecting %5 billon into banks to maintain liquidity in the country. Moody's changed the bank financial strength rating of Korea's 4 largest banks to negative from stable. Korea still has ample foreign currrency reserves of $250 billion.

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One can say DJT's warning to US retailers not to increase prices have worked overall. Overall retailers have increased prices only slightly, about 2% since March when DJT announced tariffs. So called old fashioned jawboning did work, as it has with Walmart shown below when DJT admonished Walmart on price increasing strategies. Harvard Pricing Lab experts say retailers have acted cautiously and incrementally because of a lack of clarity on what the tariffs would eventually be, and what impact it would have if it was a negotiating strategy. Here are price increases shown in WSJ Analysis on less expensive items from March 2025 when the DJT tariffs were put in place to July 2025, some of them on basic canned foods made in the US by Campbell Foods and others. Amazon  5% Target      3% Walmart   -2% On less expensive items the prices were reduced slightly- Amazon  cut prices 2% Walmart cut prices   4% Target cut prices       6% Amazon and Target, Walmart operate in slightly different environments. One third of Amazon revenue comes from inexpensive products and it costs more as a percentage of price to ship these products. Walmart and Target operate as brick stores so that some of the lower priced items can get compensated by sales of higher priced items when a shopper makes a trip to the store. Amazon has higher margins on more expensive items so that it is easier to cut prices on these items.    ...

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Mike Pompeo is a four term Congressman from Kansas, who was educated at West Point and Harvard Law School, and served for 1 year as CIA Director under president Trump. He now becomes the new Secretary of State for the U.S. after winning Senate nomination 57 to 42. He comes to a State Department that lost top diplomats and suffered from a downsizing effort that has left it demoralized during the period former Exxon CEO Mr. Tillerson headed the department. Pompeo has to meet several challenges including restoring morale in the State Department, better relations with the UN Representative Nikki Haley, setting the best course on the Iran nuclear deal which he now supports, negotiations with North Korea where he was sent as an emissary recently. In doing this he has built trust with president Trump with his intelligence briefings as CIA Director, and his military background brings him closer to Gen. Mattis at the Defense Department. Also a challenge is setting a path for the strained relations with Russia. His first visit is to Brussels and NATO headquarters for discussions with European allies. ...

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This report shows the level of coronavirus testing as of March 27, 2020 in different states in the U.S. The U.S. testing program and supplies of tests are being ramped up quickly. About 65,000 tests are being done on Americans each day. The need is for 150,000 tests a day say public health officials. Testing is slow in California compared to aggressive testing in New York which has 60% of all coronavirus cases. California with twice the population of New York has done 77,000 tests compared to 122,000 in New York. Texas has done only 21,000 states by comparison. Every week new testing technology is being developed in different labs, medical companies, and universities. Including tests that can be conducted quickly and not requiring health workers or health workers with protective gear. Speed of processing test, least point of testing contact, and the protocol for quarantine, are all part of the testing and isolating of clusters mechanism to tackle the virus. This is critical in the coronavirus action plan being developed by Dr Brx of the U.S. White House team. ...