The third leg of the world’s intractable depression is yet to come. If trade economists at the United Nations are right, the next traumatic episode may entail the greatest debt jubilee in history.
It may also prove to be the definitive crisis of globalized capitalism, the demise of the liberal free-market orthodoxies promoted for almost forty years by the Bretton Woods institutions, the OECD, and the Davos fraternity.
“Alarm bells have been ringing over the explosion of corporate debt levels in emerging economies, which now exceed $25 trillion. Damaging deflationary spirals cannot be ruled out,” said the annual report of the UN Conference on Trade and Development (UNCTAD).
We know already that the poisonous side-effect of zero rates and quantitative easing in the US, Europe, and Japan was to flood developing nations with cheap credit, upsetting their internal chemistry and drawing them into a snare. What is less understood is just how destructive this has been.
Much of the money was wasted, skewed towards “highly cyclical and rent-based sectors of limited strategic importance for catching up,” it said.
Ridgewood NJ, Rep. Scott Garrett (NJ-05) issued the following statement after the House passed H.R. 5859, the Community Counterterrorism Preparedness Act, a bill that Garrett co-sponsored and supported:
“With bombs detonating in New Jersey and New York this week, the first line of defense against terrorism continues to be police officers, firefighters, and emergency medical services professionals. To better prepare these men and women on the front lines,tonight the House passed the Community Counterterrorism Preparedness Act, a bill that I co-sponsored and supported, that will provide additional training for emergency responders to prevent or respond to terrorist attacks in high risk areas like New Jersey and New York.” Key points of the Community Counterterrorism Preparedness Act include (courtesy of the Homeland Security Committee):
The bill authorizes $39 million for emergency response providers in major metropolitan areas to conduct training and exercises to prevent, prepare for, and respond to the most likely terrorist attack scenarios, including active shooters.
Eligible recipients include emergency response providers, including law enforcement, fire fighters, EMS, and emergency management in any jurisdiction that currently receives Urban Area Security Initiative (UASI) funding and any jurisdiction that previously received UASI funding.
New York bombing suspect Ahmad Khan Rahami said he received instructions from ‘terrorist leaders… to attack non-believers’
By Barney Henderson, new york
21 SEPTEMBER 2016 • 2:08PM
The New York bombing suspect said that he had received instructions from “terrorist leaders… to attack non-believers where they live”, as he was charged on Tuesday night with the use of weapons of mass destruction.
Ahmad Khan Rahami’s journal revealed that he accused the US of slaughtering Islamist fighters in Afghanistan, Iraq, Syria and the Palestinian territories.
The document ends: “The sounds of the bombs will be heard in the streets. Gun shots to your police. Death To Your OPPRESSION.”
David Brock operates over a dozen pro-Clinton organizations from his office in Washington DC.
Uncovered records expose a constant flow of money between his organizations.
Brock’s unregistered Professional Solicitor, the Bonner Group, receives a 12.5% cut every time money is moved.
There’s a reason why David Brock chooses to house an unregistered Professional Solicitor in his office to raise money for his conglomerate of Super PACs and non-profits.
Professional Solicitors are required to disclose their active solicitation contracts. Brock wants his unregistered solicitor, the Bonner Group, to keep their client list hidden for a very specific reason.
David Brock is laundering money
David Brock has 7 non-profits, 3 Super PACs, one 527-committee, one LLC, one joint fundraising committee, and one unregistered solicitor crammed into his office in Washington DC.
Uncovered records expose a constant flow of money between these organizations.
The Bonner Group, his professional solicitor, works off a commission. Every time money gets passed around, Bonner receives a 12.5% cut.
By PETE KASPEROWICZ (@PETEKDCNEWS) • 9/21/16 8:41 AM
State Department spokesman John Kirby acknowledged Wednesday that Islamic State terrorists are trying to mingle with refugee populations overseas in the hopes of making it to the U.S. posing as a refugee.
“I wouldn’t debate the fact that there’s the potential for ISIS terrorists to try to insert themselves, and we see that in some of the refugee camps in Jordan and in Turkey, where they try to insert themselves into the population,” Kirby said on “Fox and Friends.”
(WWJ) James Olson, a Sports Illustrated subscriber since fourth grade, watches action-packed NFL games on TV to escape from the endless round of political bickering playing out on other channels.
But with more national anthem protests cropping up, he feels like politics has taken over his favorite sport, too. So he’s tuning out.
“I want to say to these guys ‘If you weren’t playing in the NFL, you would be working at McDonalds. I think people have had it,” said, Olson, a Birmingham, Mich., resident.
He’s not alone.
The NFL opener, a Super Bowl rematch between the Denver Broncos and Carolina Panthers, brought 25.2 million viewers — which is an astonishing number of eyeballs. “For comparison, The Walking Dead averages around 14 million live viewers as TV’s most-watched show,” Forbes wrote.
But that’s down 8 percent from 2015 and 6 percent from 2014. Sunday’s numbers, Forbes added, were down 13 percent from last year.
“This also marked the lowest overnight season-opening rating in seven years,” Forbes found.
The Port Authority and the West Side elected officials who have been engaged in a protracted battle over plans for a new bus terminal in Midtown Manhattan appear to have signed some sort of peace treaty.
On Tuesday morning, they issued a joint statement endorsing “a new expanded, comprehensive planning process,” one that allows for the consideration of “ potential temporary and additional bus facility sites” and takes into account “how a new bus facility should be integrated with current and future regional transportation assets.”
NJ SpotlightBy NJ Spotlight
on September 20, 2016 at 6:30 AM, updated September 20, 2016 at 5:03 PM
….In Bergen County, Sheriff Michael Saudino is opposed by Republican Manuel Alfonso, a chief investigator for the state Department of Corrections. Saudino was elected as a Republican, but switched his allegiance to the Democratic Party this year.
Saudino rakes in more than any other double-dipping sheriff – $138,000 in salary plus $130,000 from pension. Alfonso is eligible for an $80,000 a year pension, but has promised not to collect retirement pay while he serves as sheriff….
Ridgewood NJ, In the film “Erin Brockovich,” the environmental crusader confronts the lawyer of a power company that polluted the tap water of Hinkley, Calif., with a carcinogenic chemical called chromium-6. When the lawyer picks up a glass of water, Brockovich says: “We had that water brought in ‘specially for you folks. Came from a well in Hinkley.”The lawyer sets down the glass and says, “I think this meeting’s over.”
It’s almost 25 years after that real-life confrontation, the conflict over chromium-6 is not over. A new EWG analysis of federal data from nationwide drinking water tests shows that the compound contaminates water supplies for more than 200 million Americans in all 50 states.
Federal and state regulators are stalled with no national regulation of a chemical yet ,state scientists in California and elsewhere say causes cancer when ingested at even extraordinarily low levels.
Alarm bells have been rung by the Environmental Working Group a Environmental Advocacy group who’s mission is to empower people to live healthier lives in a healthier environment. With breakthrough research and education, we drive consumer choice and civic action.
EWG says in 2008, a two-year study by the National Toxicology Program found that drinking water with chromium-6, or hexavalent chromium, caused cancer in laboratory rats and mice. Based on this and other animal studies, in 2010, scientists at the respected and influential California Office of Environmental Health Hazard Assessment concluded that ingestion of tiny amounts of chromium-6 can cause cancer in people, a conclusion affirmed by state scientists in New Jersey and North Carolina. https://www.ewg.org/research/chromium-six-found-in-us-tap-water
In New Jersey, the press reported the water quality institute’s recommendation before it could be formally submitted to the Department of Environmental Protection for development of a regulation. According to former DEP planner Bill Wolfe, now an environmental advocate, this angered Department of Environmental Protection Commissioner Bob Martin, appointed by Gov. Chris Christie. Wolfe said Martin not only blocked submission of the recommendation, but effectively stopped the institute from meeting for four years,[15] delaying drinking water regulations for more than a dozen chemicals.
In a statement to EWG, a Department of Environmental Protection spokesman said the department “vehemently disagrees with the EWG’s contention that political pressure in any way influenced the New Jersey Drinking Water Quality Institute’s consideration of an MCL for chromium-6.” The spokesman said EWG’s characterization is based on the “opinion of a single, former NJDEP employee who was last employed by the agency 12 years ago,” and that EWG’s criticism is “critically flawed – and blatantly misleading.” https://www.ewg.org/research/chromium-six-found-in-us-tap-water
Human studies by government and independent scientists worldwide have definitively established that breathing airborne chromium-6 particles can cause lung cancer, and the U.S. Occupational Safety and Health Administration sets strict limits for airborne chromium-6 in the workplace. Whether inhaled or ingested, it can also cause liver damage, reproductive problems and developmental harm. Studies have found that exposure to chromium-6 may present greater risks to certain groups, including infants and children, people who take antacids, and people with poorly functioning livers. https://www.ewg.org/research/chromium-six-found-in-us-tap-water
In a 2009 letter the NJ DEP stated , “We agree that the results of the recently completed National Toxicology Program (NTP, 2007) chronic drinking water study indicate that hexavalent chromium is carcinogenic by ingestion. We also agree that development of an oral cancer slope factor for hexavalent chromium based on a non-threshold approach is appropriate, and that the data from the NTP (2007) study provide an appropriate basis for developing such an oral cancer slope factor. Prior to the completion of the NTP (2007) study, several laboratory animal and human epidemiology studies suggested that hexavalent chromium could be carcinogenic by the oral route, but no study showing this definitively or providing data suitable for quantitative risk assessment was available.” https://oehha.ca.gov/media/downloads/water/comment/112509nj.pdf
Ridgewood NJ, Resident Saurabh Dani gave us his take on the Planning board meeting last night , “This new Dayton building they are discussing at the planning board has 34.8 units per acre. We were told by ex deputy mayor in council meetings multiple times that because of the set backs and floor plan ratios, they will never go beyond 28-29, even if the ordinance allows 35. That was a big lie.
Also max height at some places (four units to go that height) is 58 feet from AVERAGe grade. I asked what is the max height from the lowest grade level, not averaged grade, and they would not answer it. How difficult is it to ‘grade’ a slope by adding a few truck loads of dirt?”
Since there was not a vote last night on the petition nor high density housing, there is still more time to collect names.
So let me get this story straight and see if I have it right. PSEG schedules major work on Broad Street to commence in late September and run through the Christmas season. This is done when Roberta is still employed. The summer comes and goes, and Roberta goes…and goes. Then last week Tony Damiano gets up at a meeting and states that this is the worst possible time for the merchants, as they make most of their money in the 4th quarter. This makes sense, but it is hard to hear the sense in his message since he is all but accusing Mayor Knudsen of doing this on purpose to screw the merchants. As if she would do anything remotely like that, honestly, Damiano is insane. But I digress.
So the meeting ends at midnight or whenever, and Susan goes right to work the next day setting up a meeting with PSEG to see if they will change the time frame away from the Christmas season. In a text exchange with Damiano, she tells him she will be meeting with PSEG and encourages him to give her any input or insights before she meets with them. He does not do so.
On Monday morning at 10:00 she meets with PSEG, along with Rutishauser and (in the absence of Heather who was off) Janet Fricke. Mayor Knudsen manages to accomplish a major victory, because she gets the giant utility company to change their dates. This happens because Susan is very pleasant and diplomatic. We know that the PSEG folks DESPISED Aronsohn because he was such an Atilla the Hun with them, bossing them around through the hurricane aftermath.But now we have a mayor who is pleasant, polite, professional, and easy to get along with.
Mayor Knudsen immediately composes a press release to let everyone know that the dates have been changed, but before she can send it Mr. Damiano in his great arrogance sends out a victory letter taking full credit for accomplishing the date change. Un-effing-believable. He was NOT in the meeting, but he takes full credit for this. He does not acknowledge Mayor Knudsen, he does not thank Mayor Knudsen, and in fact he goes on to write some very snarky and sarcastic comments about her. He accuses the Mayor of trying to stick it to the merchants, instead of thanking her for solving the problem. And then he goes on to posture that he will be doing direct negotiations with PSEG moving forward for any work they want to schedule. What???? Damiano is not an elected official, he is not an employee of the Village. He has ZERO authority to schedule any utility work in this town.
In the end, Mayor Knudsen took the right approach, solved the problem, and took the high road in the face of incredible invective from Tony Damiano as well as Troll Halaby.
We are all so grateful for Mayor Knudsen. Thank you. Thank you. Thank you.
Ridgewood NJ, so the Ridgewood blog has received some new updates as to the Ridgewood Elks situation and court battle.
The Elks had what is called a “grand forum hearing” which is heard by a judge who happens to also be an Elk in Tennessee. It was well attended by 40 members of the Ridgewood lodge. The feeling was that the hearing went well for the locals and now the trial transcript will be read by 5 Grand Forum Justices in November who will rule on the fate of the Ridgewood Elks at that time.
Its seems most of the “evidence” presented against the Ridgewood lodge was found to be inadmissible because is was procured after the fact by the NJ Grand Lodge from documents taken from the offices of the Ridgewood Lodge after the seizure of the Lodge . While some Grand Lodge representatives contradicted themselves during testimony, one flat out lied.
Nothing is settled yet ,but the Ridgewood lodge member’s could hold there head up high for putting on a good defense .
Before the Ridgewood lodge was seized it was revitalized and growing .Which takes us back one more time to the fact that this still appears to be nothing more than a land grab by the Grand Lodge of New Jersey .
“the CHOICE Act offers us a way out by pointing us towards a system that will allow the market to determine the risk of a financial institution, and make it unlikely that taxpayers will ever be called on again to bail out Wall Street and the bad decisions of regulators who oversee it” Rep. Scott Garrett CD5
Norbert Michel / @norbertjmichel / September 20, 2016
On Tuesday, Sept. 13, the House Financial Services Committee passed the Financial CHOICE Act. Among other needed financial reforms, the bill would make taxpayer-funded bailouts of big banks less likely and ease regulations that hurt community banks.
It’s hardly a surprise that the vote (30–26) was largely along party lines, but some of the anti-CHOICE Act rhetoric was disturbing. Just as with the 2010 Dodd-Frank Act, it appears that fear-mongering and special interest lobbying will prevent real financial reforms from even being debated.
Only one of the bill’s 11 sections deals with reform of the Consumer Financial Protection Bureau (CFPB), but opponents are doing their best to tie this entire debate to the CFPB and Wells Fargo. In the process, they’re presenting Americans with a false choice: leave the CFPB alone and remain safe, or reform the CFPB and drown in fraud.
Ranking member Maxine Waters, D-Calif., proclaimed:
We need to look no further than just last week to see why we need a strong Consumer Financial Protection Bureau, which used its authorities under Dodd-Frank to uncover a massive scheme under which millions of consumer accounts at Wells Fargo were fraudulently opened, with the bulk of this fraud perpetrated in my hometown of Los Angeles.
One serious problem with this logic is that the fraud occurred just prior to 2014, almost two years after the CFPB was up and running. And the CFPB didn’t uncover it.
If the CFPB is so vital for fraud protection, what happened?
But what good is logic when the objective is to scare everyone into believing Dodd-Frank and the CFPB make us safer? Fear-mongering is a tried and true Washington tactic, especially when it comes to financial markets.
And it’s not just politicians who use fear-mongering. Special interest groups use the same ploy, and the retail trade associations’ opposition to the CHOICE Act’s repealing of the so-called Durbin Amendment is the perfect example.
The Durbin Amendment, named after Illinois Senator Dick Durbin, imposed a price cap on the debit card interchange (“swipe”) fees that banks charge for using their cards. Supposedly, retailers everywhere were going to pass these savings on to their consumers.
As was easily predicted, consumers haven’t saved at all. Even Barney Frank admits that consumers didn’t see any benefit from the price cap.
Instead, retailers have benefited from the lower fees without lowering their customers’ prices. Worse, consumers have lost out on low-cost banking services because banks raised other fees to compensate for their lost revenue.
Need more evidence?
It’s not the consumers clamoring for the House to leave price controls in place. It is business and retail trade associations, such as the National Grocers Association, the Society of Independent Gasoline Marketers of America, and the National Restaurant Association.
There’s no doubt that these groups’ members have a difficult time running a profitable business, but so does everyone. Instead of pushing back on the CHOICE Act over one tiny section—one that would benefit millions of consumers—these groups should push for large-scale relief of the regulations that make it so difficult for their members to earn money.
Supporting the types of reforms in the CHOICE Act would be a great place to start.
Ridgewood NJ, Josh Gottheimer has been telling voters in the Fifth District that he’s an unwavering friend of Israel, and yet actions speak louder than words. This weekend, he campaigned with J Street darling Rep. Ben Luján, yet another prominent supporter of the Iran nuclear deal.
Josh Gottheimer has refused to condemn the Iran ransom payment, and he’s received campaign support from frequent critics of Israel. Gottheimer can spin the truth all he wants, but these actions clearly demonstrate that he will be yet another voice in favor of the failed Obama-Clinton foreign policy agenda.
Gottheimer Campaigner Rep. Ben Luján: head of the Democratic Congressional Campaign Committee, supports Iran Deal (Rep. Ben Ray Luján backs Iran deal,AlbuquerqueJournal, 09/04/2015)
Gottheimer Campaigner Rep. James Clyburn:protested Israeli Prime Minister Benjamin Netanyahu’s speech to Congress, supports Iran Deal (58 members of Congress skipped Netanyahu’s speech, CNN, 03/03/2015)
Gottheimer Campaigner Rep. Donald Payne:protested Israeli Prime Minister Benjamin Netanyahu’s speech to Congress, supports Iran Deal (58 members of Congress skipped Netanyahu’s speech, CNN, 03/03/2015)
Gottheimer Campaign Contributor Rep. Nancy Pelosi: President Obama’s chief whip in the House of Representatives for the Iran Deal (Behind Pelosi’s Iran deal campaign, Politico, 9/11/2015)
