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U.S. Secretary of State Kerry visits Tunisia in Nov. 2015 and offers economic aid with $500 million in loan guarantees.

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A $50 billion infusion from the Swiss central bank does not stabilize Credit Suisse. The next step is for the Swiss central bank to arrange for UBS bank to take over Credit Suisse. For many years Credit Suisse management has taken outsize risks. 

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The U.S. strengthens its forces in the Persian Gulf to keep open the Straits of Hormuz, especially to block any effort by Iran to mine the narrow waters of the Strait. Saudi Arabian oil exports come through this waterway.

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The new coronavirus test for antibody detects antibodies Immunoglobulin G and M. It is designed for people with symptoms and is a quick test used in China, and to be deployed in Britain. The FDA approved the first antibody test for coronavirus developed by Cellex. Immunoglobulin M is made a few days after infection. Immunoglobulin G is made later and is designed by nature in the human body to neutralize the invading virus. The test gives a positive or negative answer whether these antibodies are present to overcome the virus. Unlike the swab test for the nose this test takes only a pin prick and is quick with quick results. For asymptomatic people the swab test is needed as it detects the material in the nose which carries the virus itself.

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Lt. General Abdel-Fattah el-Sissi, the new defense minister appointed by President Morsi in Egypt, has close ties with U.S. officials. His ties to the U.S. go back to the basic infantry training course he took at Fort Benning, Georgia, in 1981. This marks a shift to a younger generation in the military from the aging military leaders of the Mubarak period, and was achieved by consensus so that the military could continue to maintain its privileges and the elected President Morsi could assume control of running the country. This was peceded by the visit of U.S. Defense Secretary Panetta to Cairo, in which he mediated between the different factions to ensure a peaceful and normal transition to democratically elected leaders. It also comes as the U.S. and European allies and Sunni nations in the Middle East are focussing their attention on Iran and the civil war in Syria. For the military in Egypt the situation in Syria could be one more reason to arrive at a rapprochement with the elected civilian government, and Secretary Panetta is likely to have pointed this out to Gen. Tantawi and leaders in the SCAF military body. It shows the considerable diplomatic and leadership skills of Secretary Panetta in helping to bring all sides together on a mutually agreed arrangement. The initiative was left to President Morsi because it was important that this be seen as a return to normal democratic processes by an elected president....

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Wessel describes the changes in American manufacturing as it goes through some of the same changes that happened in Germany in the years after reunification. With high unemployment German manufacturing companies worked with unions and the government for wage restraint over the last decade, resulting in wages barely keeping up with inflation. The increase in productivity and wage restraint helped Germany become more competitive with factories in Asia and Eastern Europe. Wages are now increasing with larger wage increase negotiated by the unions in Germany, as skilled labor is becoming scarce. In the U.S. Labor Department figures show an increase in output per hour in American manufacturing of 13% in the last 5 years and 21% in the five years before that. Typical of the wage changes in manufacturing- American Axle & Manufacturing plant in Three Rivers, Michigan hires assembly workers at $10 per hour, with older "legacy workers" making $18 per hour. General Electric brought back manufacturing work from Mexico paying workers $13 per hour for new hires, compared to to $21- $23 in prior years. At GM, Ford and Chrysler workers make $16-$19 per hour in base pay compared to older workers with legacy rates of $29-$33. The Bureau of Labor Statistics shows earnings for production workers in manufacturing averaging $19.15 per hour in April, which is where they were in 2000 adjusted for inflation. The impact of this large increase in productivity with new machinery and production methods, and the wage reductions in manufacturing, is a return of offshored jobs. Wages increased in China and Mexico in the last decade. After a 35% decrease in the number of manufacturing jobs in the U.S. from 1998-2010, the number of jobs has increased by 4.3% to 11.9 million in April 2012, according to the Labor Department....

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That two thirds of American fourth graders failed to show proficiency in reading comprehension in NAEP is a very serious problem in the US. This report is found in NYT buried somewhere where it could go unnoticed. The title is also accepting and passive and makes no mention about the 4th grader's English proficiency skills on NAEP released some months back.

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Paul Volcker outlines his views on corporate taxation ina letter to the WSJ published on Oct. 8, 2012. Volcker says the loophones and exemptions in the U.S. tax system need to go away and there needs to be a lower overall tax rate.