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The Robert Koch Institute reports rise in daily infections from around 500 to over 800 a day on one day last week.  This is seen as a second wave after the economy reopened. The reproduction rate is up to 1.08 from 0.93, so that on average one infected person passes the virus on to one other person. 

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The unemployment rate in Germany declined from 6.9% in November to 6.8% in December 2011. The average number of unemployed workers in Germany averaged less than three million for 2011, the lowest level since 1991. Changes in the German labor markets with the Hartz reforms under the previous Social Democratic government to introduce more flexibility and increase incentives to look for work have helped reduce unemployment. The German "Kurzarbeit" program of retaining workers in a downturn has helped reduced unemployment. Other changes include the expansion of the low wage sector.

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Rachel Carson played a significant role in starting the movement to protect the environment, preserving water and air quality from pesticides and other contamination. Her book "Silent Spring," published in 1962, created an awareness of the dangers to the environment from modern industrial chemicals and other contaminants. She did this with calm leadership that required many years of patience in the face of illness, keeping the long perspective in view with persistence and courage.

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The Fed's Jerome Powell cuts interest rates by quarter of a percentage point on November 7, 2024. The Fed cut its short term interest rate target by quarter of a percentage point to 4.5% from 4.75% after a September rate cut of half a percentage point.

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Fuller cites the WSJ about the 40% of the 1.4 million jobs created in the first half of 2014 being in the lower wage retail, food service and temporary help sectors. The 6.1% unemployment rate does not count the people who are too discouraged to look for work, these people dropping out of the statistic just as much as the people who have found work. The U-6 which includes those who work part time because they cannot find full time work and people discouraged and stopped looking for work is at 12.6% in March 2014, giving a more accurate reading of the unemployment situation in the U.S. for 2014.

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The CNBC video of Fed chair Jay Powell at his historic visit to Brookings to explain how he plans to tackle inflation for working families and at the same time feel his way through this so that the Fed does not raise rates more than is essential to tackle inflation, so as to bring back those who have left the labor market. The labor participation rate needs to be pushed back up to where it was before the pandemic, and is important for Powell.

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McGurn looks at a time when population growth was seen as an existential threat in China. China's population declined by 850,000 in 2022. An accompanying article in the NYT by Hawon Jung describes the views of South Korean women, which also reflect views of Chinese and Japanese women, about the uneven burdens of raising children between men and women, the discrimination against married women with young children in the workplace, the other challenges women face that have led to a marraige strike.

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Both Obama and Trump failed to end Bush's war in Afghanistan. America did not need the huge cost and distraction of wars in Afghanistan and Iraq. The money spent on wars is badly needed to go on building infrastructure and American manufacturing, supporting workers and families, public services in the US, and building American leadership in science and technology. Biden had the courage to make the right decision in the face of criticism such as that made here in the WSJ.

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The US and the EU, China, poor developing countries are following diverging paths. The US in investing heavily in its infrastructure rebuilding under president Biden and its economy is growing, unemployment declining compared to Germany and China where the economy is slowing and facing hurdles. Poor and middle income developing countries in Africa and Asia, Latin America face the hurdles from high interest rates and rising debt burdens. India is also increasing growth by building  infrastructure and manufacturing capabilities.

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President Biden reassured yet also cautioned Israel by saying that in the rage over the Hamas attacks Israel should "not be consumed by it."  And make mistakes that the US made after the 9/11 attacks of going too far, losing world sympathy and entangled in decades of conflict in Iraq and Afghanistan. He also stated that US information showed that Israel had not bombed a Gaza hospital, that the damage came from rocket attacks within Gaza.

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Sam Bowman, economist and editor of magazine Works in Progress, says one reason Britain is lagging behind other EU countries, is that it's insular political and media class are rarely serious about anything else except managing public opinion. They have lost sight of economic growth led by investment and productivity. Poland, Slovenia and South Korea may soon surpass Britain in GDP per capita. The productivity rate in Poland is expected to surpass British productivity, this report in The Times shows.

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The workforce participation rate reached a high of 84.5% in 2023. WSJ points to how the flexibility to work from home, remote work, is playing a role in bringing more women, and men into the workforce. More jobs are being created 275,000 in February, and the economy is resilient with inflation coming under control with a larger supply of labor productively used in the economy. Additional immigration, though the need for it to be organized is clear, has added to supply of labor.

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Central banks for the European Union, US and Britain show slight divergence in their approach to inflation. The Bank of England's Bailey increases interest rates in UK to 0.25% from 0.1% a slight increase to signal its direction more than a serious interest rate increase. In the US Fed chairman Powell indicates an intention to make 2-3 rate increases  in 2022 if the conditions require action. In the European Union Ms. Lagarde of the ECB will taper purchases to 20 billion euros a month later in 2022, and keep interest rates at minus -0.5%. The British pound and the euro gained slightly as a result. 

Supply chain issues and energy prices are a big part of the current inflation increases which were described as transitory by Mr. Powell. The persistence of this inflation led to recent moves by the central bank. At some point these pressures would ease leading to a long term policy approach that pushes for a robust economic recovery.

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Belafonte is a rare activist from the civil rights era who brought much attention to civil rights and humanitarian issues. Entertainer and civil rights activist Harry Belafonte worked with Martin Luther King in the civil rights marches of the 1960's. He helped organize the March on Washington in 1963. Shown in WSJ is a rare black and white photo of Belafonte with the Rev. Martin Luther King and civil rights marchers in Montgomery Alabama in 1965. Belafonte enlisted in the US Navy and after discharge lived in New York City. He attended the Dramatic Workshop of The New School of Social Research where he discovered his passion for the theater. He won all four awards, Tony, Emmy, Grammy and Oscar and covered music, theatre, film with his versatility and skills. He helped popularize Caribbean style music in the US with the album Calypso in the 1950's with over a million copies sold, including Day-O (the Banana Boat Song). He was equally passionate in film about the emerging consciousness of black people in the Caribbean and Africa as countries became independent in the 50's and 60's. He was portrayed in that role in Island in the Sun in the changing politics of the colonial era in the Caribbean. ...

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Audi is the second largest car company in the premium car category in China after BMW. Audi now plans to make 700,000 cars in China by 2015 instead of 2020 as planned earlier. Audi say executives say the premium car segment in China is growing rapidly in China. It expects sales to grow overall at a a more normal pace than the frenetic pace of recent years. The slower growth in the economy at 7-8%, which is reflected in slower sales in the overall market, is not the case with the premium cars. Because of rapid growth in 4-5 years the Chinese market for premium cars will look more like mature markets in the U.S. and Europe, says Audi sales chief Schwarzenbauer.

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Rumsfeld talks in this interview about the conflict between the US State and Defense Departments about a post war Iraq that delayed decisions and gave time for the Iraqi insurgency to develop. Colin Powell at the State Department, and Condoleeza Rice as National Security Advisor, let Ian Bremmer continue for too long as the sole authority in Iraq operating from one of Hussein's palaces, giving the feeling of a foreign occupation force and fueling insurgency. Rumsfeld favored letting one of the Iraqi exiles provide interim leadership, wheras Powell felt the exiles did not have the legitimacy in Iraq that was needed. The result was indecision that left Bremmer in charge for too long. Asked why Rumsfeld did not fire Bremmer, he says Bremmer acted as the Presidential envoy. His criticism of Rice and Powell centers on their not letting the President decide by providing the options and the pros and the cons. He says the surge was more psychological in its impact and less significant than its made out to be, because the Anbar Awakening had already led Sunnis to move away from Al Quaeda. The insurgency came in stages, first with the Baathists and thugs from the old regime, then the foreign elements and Al Quaeda through Damascus, and then the Mohtada Sadr Shiites, it was not a single enemy or a single event. The memoir is not a defense of the Bush Presidency or decisions, but takes the kind of look at events that is reminiscent of Dean Acheson for the events of the Cold War under president Harry Truman....

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Analysis of 126 public pension plans by the National Association of State Retirement Administrators shows an average target rate of 7.68%. New York State Common Retirement Fund, third largest by assets, says it plans to drop the assumed rate of return to 7% from 7.5%. A drop of 1% boosts pension liabilities by about 12%, accoridng to the Centre for Retirement Research at Boston College. It means workers are required to contribute more to the pension funds for the same level of benefits, especially as lifespans grow and more Americans retire in an aging population. Other options are for states to cut payrolls and expenses. This is a positive step as it makes the assumptions realistic and improves the fiscal stability of the funds. The largest pension fund, California Public Employees Retirement System is considering dropping its assumption to below the current level of 7.5%. The lower assumed rates of return are not enough say critics, who cite the 3- 3.5% returns assumed in the 1960's for cash and bond based portfolios. The Laura and Arnold Foundation's Josh McGee says it is still not realistic. Retirement systems median actual return was 3.4% for 12 months ending June 30, 2015. Expert panel of actuaries and pension specialists says the right level for assumed returns is about 6.4%. Companies in the Fortune 1000 have already dropped the figure to 7.1%, from 9.2% in 2000, according to Towers Watson survey....

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This NYT article looks at another side of Biden in the meeting with Putin, Biden's optimism. Biden says of his style- "the important thing is to put an optimistic front, an optimistic face." By doing this he achieved more with Putin than was thought possible after years of deteriorating relations. In a way it could be said that Biden brought the optimism that Russia, Germany, France, India, and other nations, the rest of the world also need, especially now during the pandemic. He prepared carefully for his meeting, more than most presidents, much more than Reagan, Trump or Obama. He met with German and French  leaders, prepared with Blinken and Sullivan, coordinated with G-7 allies at Cornwall in the UK, in a way that was rarely done before.  After the meeting Biden could tell reporters "The country has put a different face on where we've been and where we're going- and I feel good about it." It is also a measure of Biden's leadership style that he took a constructive approach in the face of difficult issues.  Biden based it on a sound footing. The way Biden says "is to know what your adversary's interests are." In Russia's case Biden and his team see this as "legitimacy, standing in the world stage." And for Russia "desperately wanting to be relevant." For the most part Putin and Russia responded positively to this effort by Biden to change the tone, texture of voice, and manner in the conversation. ...

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So far Italy has resisted the second wave of the coronavirus by adhering to the strict social distancing and mask guidelines better than other parts of Europe. After the traumatic experience in March and April Italians especially in the north near Milan are strictly following the guidelines. The daily number of new infections is at 1851 on October 1, and fatality rate is low.

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Experts discuss the tactics used by the FBI acting in the Mueller investigation into meddling in the U.S. presidential election campaign to arrest Roger Stone.

Use of a tactical response team in this manner in pre dawn hours is rare say experts and attribute this to the possibility that evidence in the case could be destroyed if swift action was not taken.

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California's unemployment rate reached 12.6% in April 2010. California's economy is a large factor in the US economy, with 13% of economic output according to the state Dept of Finance. It faces a $19 billion budget deficit through June 2011. California's construction industry declined 14.3% for the year ending April 2010 and this is slow to recover. This affects the national recovery.

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De Aenile describes the volatility in stock markets after the Brexit vote. Earnings growth is slow and expectations are declining. Indexes of emerging markets are trading at 10 times earnings, say experts. The S&P 500 ended the quarter at 19 times earnings, compared to historical average of 15, according to this report. Uncertainty remains high in Europe and the U.S., and monetary policy is stuck in a low interest rate environment.

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In a show of solidarity with Ukraine Scholz, Macron and Draghi, leaders of the German, French and Italian governments go by train to Irpin and Kviv. The US promises an additional $1 billion in aid this week. The Ukraine war is now mostly fought in the east in the Donbas region and near the town of Severodonetsk where Ukrainian forces face artillery barrages from the Russians and have taken heavy casualties. The longer range rockets needed to counter the Russian advance have not yet reached Ukraine from the US.

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WSJ says GM straddles the past and the future. GM's plans to invest $11-13 billion each year for new electric vehicles. GM also plant to cut costs by $2 billion to maintain profit margins as car prices drop from higher levels. GM US largest automaker profit in 2022 kept up the pace of 2021 by remaining at over $14 billion. As car sales decline in 2023 GM plans to offer sales incentives and make up for this by cutting costs in corporate and other overhead.

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WSJ points out that the wealthiest 400 billionaire families in America pay only 8.2% in taxes on federal individual income taxes between 2010 and 2018, not the 3% it says president Biden has said. The average income tax rate in 2020 was about 14% says the WSJ. For higher incomes it was about 25%. All this happened while infrastructure, education and health remained woefully underfunded, with Tech companies egregious behaviour in not paying their fair share of taxes and massive misallocation coupled with low productivity of capital invested compared to infrastructure.