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The Coming Anti-National Revolution
Sep 19, 2016 Robert J. Shiller
In recent centuries, humanity has experienced a sequence of intellectual revolutions, whereby accepted realities – from slavery to gender discrimination – came to be regarded as intolerable injustices. The next such revolution is likely to challenge the economic implications of the nation-state.
NEW HAVEN – For the past several centuries, the world has experienced a sequence of intellectual revolutions against oppression of one sort or another. These revolutions operate in the minds of humans and are spread – eventually to most of the world – not by war (which tends to involve multiple causes), but by language and communications technology. Ultimately, the ideas they advance – unlike the causes of war – become noncontroversial.
I think the next such revolution, likely sometime in the twenty-first century, will challenge the economic implications of the nation-state. It will focus on the injustice that follows from the fact that, entirely by chance, some are born in poor countries and others in rich countries. As more people work for multinational firms and meet and get to know more people from other countries, our sense of justice is being affected.
This is hardly unprecedented. In his book 1688: The First Modern Revolution, the historian Steven Pincus argues convincingly that the so-called "Glorious Revolution" is best thought of not in terms of the overthrow of a Catholic king by parliamentarians in England, but as the beginning of a worldwide revolution in justice. Don't think battlefields. Think, instead, of the coffeehouses with free, shared newspapers that became popular around then – places for complex communications. Even as it happened, the Glorious Revolution clearly marked the beginning of a worldwide appreciation of the legitimacy of groups that do not share the "ideological unity" demanded by a strong king.
Thomas Paine's pamphlet Common Sense, a huge bestseller in the Thirteen Colonies when it was published in January 1776, marked another such revolution, which was not identical with the Revolutionary War against Britain that began later that year (and had multiple causes). The reach of Common Sense is immeasurable, because it wasn't just sold but was also read aloud at churches and meetings. The idea that hereditary monarchs were somehow spiritually superior to the rest of us was decisively rejected. Most of the world today, including Britain, agrees.
The same could be said of the gradual abolition of slavery, which was mostly achieved not by war, but by an emerging popular recognition of its cruelty and injustice. The 1848 uprisings around Europe were substantially a protest against voting laws that limited voting to only a minority of men: property holders or aristocrats. Women's suffrage followed soon after. In the twentieth and twenty-first centuries, we have seen civil rights extended to racial and sexual minorities.
All of the past "justice revolutions" have stemmed from improved communications. Oppression thrives on distance, on not actually meeting or seeing the oppressed.
The next revolution will not abolish the consequences of place of birth, but the privileges of nationhood will be tempered. While the rise in anti-immigrant sentiment around the world today seems to point in the opposite direction, the sense of injustice will be amplified as communications continue to grow. Ultimately, recognition of wrong will wreak big changes.
For now, this recognition still faces strong competition from patriotic impulses, rooted in a social contract among nationals who have paid taxes over the years or performed military service to build or defend what they saw as exclusively theirs. Allowing unlimited immigration would seem to violate this contract.
But the most important steps to address birthplace injustice probably will not target immigration. Instead, they will focus on fostering economic freedom.
In 1948, Paul A. Samuelson's "factor-price equalization theorem" lucidly showed that under conditions of unlimited free trade without transportation costs (and with other idealized assumptions), market forces would equalize the prices of all factors of production, including the wage rate for any standardized kind of labor, around the world. In a perfect world, people don't have to move to another country to get a higher wage. Ultimately, they need only be able to participate in producing output that is sold internationally.
As technology reduces the cost of transportation and communications to near the vanishing point, achieving this equalization is increasingly feasible. But getting there requires removing old barriers and preventing the erection of new ones.
Recent free-trade agreements under discussion, the Trans-Pacific Partnership and the Transatlantic Trade and Investment Partnership, have suffered setbacks as interest groups attempt to bend them to their own aims. But, ultimately, we need – and probably will get – even better such agreements.
To achieve factor-price equalization, people need a stable base for a real lifetime career connected to a country in which they do not physically reside. We also need to protect the losers to foreign trade in our existing nation-states. Trade Adjustment Assistance (TAA) traces its roots in the United States back to 1974. Canada experimented in 1995 with an Earnings Supplement Project. The European Globalization Adjustment Fund, started in 2006, has a tiny annual budget of €150 million ($168.6 million). US President Barack Obama has proposed to expand the TAA program. But, so far, this has meant little more than experiments or proposals.
Ultimately, the next revolution will likely stem from daily interactions on computer monitors with foreigners whom we can see are intelligent, decent people – people who happen, through no choice of their own, to be living in poverty. This should lead to better trade agreements, which presuppose the eventual development of orders of magnitude more social insurance to protect people within a country during the transition to a more just global economy.
Robert J. Shiller, a 2013 Nobel laureate in economics, is Professor of Economics at Yale University and the co-creator of the Case-Shiller Index of US house prices. He is the author of Irrational Exuberance, the third edition of which was published in January 2015, and, most recently, Phishing for Phools: The Economics of Manipulation and Deception, co-authored with George Akerlof.
Jay Kay Jan 2, 2017
Alas, experimental result trumps even the most rigorously constructed hypothetical abstractions.
Robert Kolker Jan 1, 2017
You may rest assured that as long as -nations- have armies there disappearance will be a long time coming.
Jim Winter Oct 14, 2016
Hey Shiller, I think I got your context right but disagree with your comment, "strong competition from patriotic impulses, rooted in a social contract among nationals who have paid taxes over the years or performed military service to build or defend what they saw as exclusively theirs." I have paid taxes for 40+ years and served for 20+. I did it for what was "ours" (meaning all Americans). Big difference...
The theoretical types invariably underestimate patriotism.
If reason reaily prevailed we would not have churches and religions. But we do, we proves that reason is not what drives events.
Julius Klein Oct 8, 2016
Being born in another country is not an "injustice" in that it needs some legal remedy or some new rights to be granted. Personally I don't believe in my time I will see this rising up of the masses. I do agree on one point, but on slightly different reasons. With 2.5 billion people dumped on the global labor market the last 25 years, and we are only just now starting to feel the effect of that supply resetting the global labor rates. Hence LT interest rates will stay low as there is no labor cost push and there will it be as technology continues to facilitate the global resetting of labor costs.
egemen bekçibaşı Oct 4, 2016
Poor countries have peace when UK end its imperialist policies.
Looking at Africa, it would seem that these poor countries do not have peace (vide Boko Haram) and they do have plenty of poverty, disease and death.
CFN CFN Oct 3, 2016
This seemed like gibberish until it got to the point and I realized it was advocacy for more government programs. Today's global elite whether in New Haven or Shanghai or Lagos, Nigeria have more in common with each other than they do with the average citizen of their country. What this has to do with a revolution is lost on me. Certainly Schiller gives no clue as to what it means or looks like, Is this Marx's proletariat overthrowing the ruling elites? Not likely what he meant (though I have no clue what he did mean) nor is it likely to happen.
Michael Cohen Sep 29, 2016
The injustice often comes about because of the inadequacies of the nation state a person lives in. How can these injustices be corrected without reordering these nation states which is a tall order.
Jefford Hilder Sep 27, 2016
Robert. Thank you for sharing your thinking. I agree with the bulk of what you say... but there is not a lot new there. I think that the overlay of technology and the immediacy of global communications to is generally accepted and as you point out a theoretical level playing field has greater potential of coming into being. However, I don't think this deals with 2 key issues first the Mobility of Capital which is fickle indeed and currently held in place by the old barriers. Now the fact that capital already moves seeking relative advantage is there a realistically an end point to this as technology changes that landscape of relative advantage... Will the the issue of the cost of labour remain a key future driver to the movement of capital?
Will society and the leadership of advanced nations be able to meet the changes to barriers as quickly as those controlling capital?
Additionally the technological changes will likely effect advanced nations equally as technology continues to reshape the landscape and the nature of work in advanced economies. Indeed we are seeing rising trends in unemployment and underemployment across most of the advance nations which seem set to continue as technology has the advantage and ascendancy in advancing and adapting faster than the majority of human beings.
Technology will undoubtedly continue and consolidate these trends in rising unemployment and underemployment in advanced nations.
This has the potential to move the bar lower for those in advanced nations and not just at the blue collar level as seen already. The next/current wave of technology will predominantly effect the middle class white collar jobs. So I question whether the trends toward anti immigration and protectionist position is in fact transient or actually the reaction to what may in fact be a systemic problem.
So will this sense of injustice really be focused outwardly in a globally or inwardly.
The later is the current trend, it may indeed give way to a more global view, but will the justice being sort not possibly be for an economic system that values the social needs people as highly as the economic in an environment where technology in advanced nations may equally create disadvantage and new classes born into relative disadvantage in their own countries.
After all the current system dicatates growth growth growth at all costs, otherwise it cannibalistically seeks to create loss to inorder create space for growth. Will ever more highly educated and ever growing underclasses in advanced nations accept this.
Is more of the same faster really going to be seen in the longer run as the solution?
Will it be that those from developing nations in fact have more to teach us? As they shape economic and social systems learning from the flaws of western economics and take greater account of the societies they want to see and the culture they wish to maintain.
Stepan Benyovszky Sep 26, 2016
A pointless, simplistic article disproven by every major development of the current century, written from the point of someone who has lost (or "overcome", whatever) his own national identity.
Today's globalised elite has more in common with each other than with the people of the countries they originally came from. Nothing would benefit these elites more than disbanding the power of national state - the only entity that explicitly care about its citizens, be they fortunate or unfortunate, clever or dumb, rich or poor. Global elites care about nothing and no-one but themselves.
They would love to have some bureaucratic, supra-national entity ruling this world, an entity that would be bound by nothing but their desire to increase their own power.
How very transparent indeed. Every time someone like Shiller announces the end of the nation state I fear what the future holds for us.
Wendy Kelling Sep 27, 2016
I agree with you, Stepan, 100%
Yoshimichi Moriyama Sep 26, 2016
The middle class (the bourgeoisie) historically wanted to have as much as money they could, but they always met with social, political, conventional regulations such as feudalism and absolutist monarchism. They overthrew those anti-democratic polities; they found in (economic) liberalism the most powerful weapon to bring down the anti-democratic, anachronistic institutions.
We live in the age of a nation-state, but it poses cumbersome shackles, in this world of international transactions, which severely set limits and restrictions to their freer money-mongering, but they come up again with their liberal philosophy of internationalism to combat the national boundary, as their money greed is trying to expand beyond the nation-states to the rim of the universe and internationalism is seemingly hard to contradict, of "All that we need to care about is the explusive pursuit of profit. Everything else is automatically set right."
Our instinctive disdain, now deeply ingrained in us, of political power needs to be reexamined. Even a democracy needs political power, and the political power needs to be absolutist political power in the sense that it absolutely binds every member; a bill that is passed through a natinal assembly needs to absolutely bind every citizen; a house that has two presidents or prime ministers is divided and cannot stand. Of course, we wish our democratic system to be well-informed, rational, lenient, and wise, and etc.
If we had a world government some day, it would have to have an absolutely binding parliament somewhere and every citizen would have to respect its decisions or it would be filled with internal wars.
Dictators and corrupt leaders can impose their personal desires on people through political institutions, but in a democracy political power can maintain social order, social justice, equality, ets. and other desirable values which will be unattainable through the mere economic pursuit of economic profits.
of "All that we need... → with "All that we need...
Jerome Yurow Sep 25, 2016
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Professor Shiller may indeed be correct in his assessment. He has covered himself by placing his revolution "sometime in the twenty-first century." The sixteen years that we have so far experienced would seem to disprove his thesis as many of the comments suggest, but we still have 84 years to go before we can say he is definitely wrong.
Christine Constable Sep 25, 2016
This is such a terribly simplistic analysis. Yes there are successful economies and there are successful societies which "appear" to have better life chances or resources so offending against the author's belief of "social justice" or equality of life chances and wealth irrespective of where you live.
By rights some resource rich countries in Africa should be wealthy and self sufficient in food. The fact that Zimbabwe cannot feed itself and is now starving to death is down to the corrupt and incompetent rule of Mugabe; the same can be said of any number of African nation states, who receive wealth in the way of aid and generate from raw materials, yet their societies are no better off, because those at the top syphon it off for their own personal benefit. South America there are similar corruption stories and Eastern Europe and Russia we see filthy rich Oligarchs, squandering the wealth of nations on super yachts and wildly expensive homes around the world - there is no "social justice" in any of that.
Pray tell me how you can resolve all these inequalities? SHould the people of Britain, hard working taxpayers, who subject themselves to austerity cuts, suppressed wages and poorer life chances themselves for the betterment of the unemployed in Greece; Spain and France? Would that please your sensitivities and revulsion that a nation should be able to have jobs and a future because others don't have such blessings? Countries like Britain have spent billions of £ trying to assist and support struggling emerging economies, but every time these countries through greed and selfish personal interests their leaders abuse their position and sell their people short.
There is no point in writing meaningless articles about "what should be"; what we need to start with is how things are and how we can change them - junking the nation state, the repository of culture; language; values and memories is not something any country would willingly do and even if your paternalistic highly left wing ant nation view was correct (which it isn't) you could at least ask permission from those societies from whom you intend to strip their democracy and identity before you go ahead and do it. Sadly the EU has never had the guts to say that its objective is to obliterate the nation state and create a single nation called Europe - had it done so originally we might feel that at least the project was open and honest at the outset - to come out 40 years later and say that countries like Britain; France and Germany should no longer exist and that we are all now one happy clappy country run by unelected bureaucrats is about as outrageous and unacceptable as Merkel inviting the rest of the world into Europe without consulting anyone.
The nation state, is more than just a psychological construct that needs eradicating. Many of us love nation states, we love the difference in Italy compared to France compared to Germany compared to Spain and the contrasts in Britain compared to Poland. Rich histories, architecture; science and literature are a sound and vital part of who we are today. The nation state is a repository to all those things a society holds dear; its national memory and societal history and language. The author is far too simplistic to imagine you can take a rubber or an EU diktat and pretend nations never existed. Besides, the national interests of Germany and France are the pivotal deciders of EU policy so wake up and realise that national interests are alive and kicking and have NEVER gone away - albeit some leaders are a lot worse at serving their people than others and it should not be up to the better leaders who do well for their people to pay the price for those leaders and societies who are left by the wayside.
Marek Krol Sep 25, 2016
Pretty silly article, making a history a series of noble "revolutions against oppression". Perhaps Shiller should stick to economics and not try to make naive theories about history.
The current trends are not an anomaly, it's globalist thinking that is anomaly. Nations are huge, extended families. People have been and will continue being loyal mostly to their countrymen and a lot less so to foreigners. It's the opposite, nationalism and nation state is the future, not the past, and it's the globalism that is already waning. Just because people have recognized that aristocratic rights do not make sense does not mean that they will dump nationhood anytime soon (and those that do will actually disappear off the face of the Earth - call it politically-induced natural selection).
Let's look at the evidence of supra-national organizations: League of Nations, UN, EU. The first is dead, the second a joke, and the third is in the process of dying. And Shiller tells us this is the future? This is more like impotent dream about the future, based on little but wishful thinking, detached from everyday substance of political legitimacy: that is, a loyalty of people who are ethnically and genetically related, and little but that binding people together enough to form even a barely functional government.
Barry Rosenfeld Sep 25, 2016
One of the best arguments available for the int'l equalization of professorial salaries.
Jay Kay Sep 25, 2016
The coming revolution will remove from power and influence The Political Class that have dragged The West into a new Dark Age by dint of wholesale abandonment of reference to experimental results, logic and common sense.
Theses conceited, smug fools high on the Kool Aid of the Religions of Political-Correctness, Social-Justice and Multiculturalism, have demonstrated a complete lack of fitness for political and bureaucratic office. They now stand exposed and naked in front of their respective electorates. The people are in no mood to be told to eat cake.
Elizabeth Pula Sep 25, 2016
Is the TPP a good or better trade agreement? One of the major problems is equating corporate entities with "nations/states". Even within the US, there is extensive conflict over trade/labor issues because of corporate legal maneuvering that is crossing onto the "nation/state" legal ground, On the Fact Sheet for ISDS, this conclusion is highly questionable and not necessarily valid: "The evidence is equally clear in the United States. Despite having 50 ISDS agreements in place, the United States has never lost a case and nothing in our agreements has inhibited our response to the 2008 financial crisis, diluted the financial reforms we put in place, or has challenged signature reforms like the Affordable Care Act or any of the other new regulations that have been put in place over the last 30 years.".
Aren't certain corporations such as APPLE and even GOOGLE, and many others trying to really bend all regulations so these corporations can basically act in anyway they want, especially to flaunt national, and international tax regulations? How is the US healthcare act any fine example of quality AFFORDABLE care for the majority of US citizens. Many other nations have better healthcare than the US. The US is no leader in many aspects of modern global existence. US only rates #28 in a list of top 30 nations. The weakest links in the TPP and TTIP are the fineprint for international laws' interpretations that never get reviewed nor discussed publicly to the masses. There has been little transparency and good debate about fine print legal issues of these agreements. There's a lot of propaganda being reinforced to sway superficial political groupings and followings. These agreements are not necessarily "even better such agreements" for future citizens of nations/states. These agreements allow for pretty good paybacks for initial investments for a few, over the next 20 years. That's all.
Juan Antonio Falcón Blasco Sep 25, 2016
A Nobel laureate in economics ha tenido el valor de decir lo obvio y lo moralmente correcto.
Juan Antonio Falcón Blasco
Presidente de IRGEI
Eugene Miller Sep 25, 2016
I sincerely hope that MR Shiller's theses is correct. The increasing nationalism , which is exemplified by Mr Trump in the current U.S. Presidential campaign and gaining popularity in Europe is disconcerting at the very least....downright dangerous in my opinion. A nationalistic attitude can become a zero sum game wherein the inclusion or "patiortism" of one group comes at the exclusion or oppression of another. In many Europiean countries the fear that's feeding this attitude is driven by a mass migration of refugees and others from neighboring areas in conflict. This is a serious problem with complicated inplacations and no simple remedy, however isolationism and nationalistic policy is only more harmful. By contrast, Mr Trump's rhetoric is driven only by his own ego and desire for attention and personal power and gain. Of course our country must face the problems of jobs displaced by technology or globalization, and other economic inequalities, but Mr Trump's vicious attacks on minorities, immigrates and even our major trade partners Mexico and China does nothing but fuel fear, hate and discontent. He would have us believe that the U.S. Is in a state of disaster and that it is all someone else's fault. Hitler was able to drive his nationalistic agenda in large part because Germany was in an economic shambles with WW 1 reparations crippling the country and rampant inflation to the tune of 1000%. No such disaster exists in the U.S. today so Mr. Trump attempts to create one and blame Muslims, Mexicans, Chinese, gays, socialists, and anybody else he can think of for his mostly immanged picture of a U.S. In decline. To engage in nationalism and isolationism at a social, economic, political, or military level in the current age of exponential technological innovation and globalization is simply stupid.
There is a difference between "healthy" nationalism and Mr. Trump's specific brand of paranoid near-fascism.
One of the reasons Trump is so successful is that healthy nationalism has been snubbed by our own elites and has nearly disappeared, leaving ordinary citizens to choose between the mindless fearmonging Trump and the empty husk that is Clinton.
Roosevelt, Truman, Lincoln, even Wilson were no doubt "nationalistic" in their thinking (Americans might say "patriotic", but it's technically the same). They all believed they were part of a great nation and had vision to shape that nation's - and with it, the world's - future for the better.
Nationalism by itself is no monster.
John Ellis Sep 25, 2016
A lot to agree with here. The Glorious Revolution really was the beginning of Western constitutional government. The lonely thinker is indeed (as I think Isaiah Berlin pointed out) the man to beware off. Yes there is a law of one price but we should be careful not over reach when it comes to its application as the supply siders have historically tended to do. And yes the forces Shiller mentions are at work but he probably underestimates the obstacles that lie in the path of their realization. The principal one is the dysfunctionality of many states. Unless the developed world is willing to undertake their supervision (sounds very like the concept of trusteeship in the post WW I mandates doesn't it?) it's hard to see how this is overcome. Take a Mexico next door to the US which has existed as a sovereign state since early in the 19th century but the fact is it's a borderline failed state despite many accoutrements of modernism. Would it surprise anyone if it collapsed in anarchy next year? Then while it is well recognized by the elites in the developed world that globalization and technology have largely eroded if not eliminated completely the boundaries between countries this knowledge is largely confined to the top tier of societies . This incidentally is what makes the recent British Brexit vote so absurd but it is a perfect demonstration that this message has not reached down to the vast mass of society. Even in the US you have the far left and far right railing against free trade even though its citizens enjoy the benefits at their Home Depot or Apple stores. Altogether it's hard to see the anti national revolution coming any time soon.
Delia Ruhe Sep 25, 2016
Sounds like more of the same to me — a race to the bottom. Or, to be more specific, taking neoliberal globalism to its logical absurdity: downward harmonization of wages until the lowest wages on record become universal. Absolute "free" trade, i.e., absolute freedom from any responsibility for the health and safety of labour, consumers, and the environment. It's a model that American government has been illustrating for us since at least 2008: the Citizens United model of democratic surrender, i.e., citizens' freedom from the responsibility of self-government. In short, who needs a nation-state when Wall Street and multinational corporations are so willing to take over its functions that they will pay for the right to do so?
Eileen Burke Sep 25, 2016
People are born in a rich or a poor country by an accident of birth, but the prosperity or poverty of that country was not an accident, nor was it caused by borders, unless the borders were used to sustain an "us and them" mentality, used to excuse impoverishing one nation at the expense of another. The natural wealth of many, if not all, impoverished countries has been exploited, and is still being exploited, to enrich "developed" nations. Add the destruction and chaos left behind by colonial wars, and some countries are left not impoverished, but destitute. Borders didn't cause this, nor did nation states. Inviting a few of the "deserving poor" here to be domestics or charity wards won't solve it, although it may be balm to the conscience.
Erin Harris Sep 25, 2016
I project just the reverse. Heretofore, it's been rather chic to consider oneself a citizen of the world, but now we're twigging onto the fact that the predations of transnational grillionaires can be stopped only by nation-states revivified by democracy (instead of bought and paid for by the grillionaires). There's no doubt in my mind that people want their countries to get back to their proper jobs of protecting them. The handwriting's already on the wall!
eusebio manuel Sep 25, 2016
Nationalism Brexit nasty bricks through windows verbal and physical agreesion even muder should be consigned to the trash bin of the ignorant nasty English nationalism You wonder why some way wat give it ? and I am not a Nat I am my European Making sustainable liberal european Social Democratic seriously
Douglas Leyendecker Sep 25, 2016
Academic utopia. Although a seemingly bright fellow, Schiller needs to spend a year working at McDonalds or on a road crew.
TS Low Sep 25, 2016
Injustice is seeing how the Shiller housing price index tells me where I can and cannot live. Citizens will deal with that through insurrection rather than fight for the abstract of worldwide free trade.
Shlller has it backwards. Free trade benefits are resolutely abstract, unlike the immediate and tangible consequences of locally imposed monarchy and slavery. Immediacy is a requirement for revolution, and what Shiller proposes has none of that.
Instead we are more likely to see civil insurrections against nation states based on inequality. Following Shiller's own real estate tracking we see that huge swathes of many nation's urban areas are now priced beyond working citizen's means, yet the agglomeration of capital increases in those urban areas. Citizens with long family connections, deep cultural roots, and hopes for those urban areas are being priced out by relentless "free market" land price imbalances tied to global capital swings. This market-derived inability within one's nation state to reside in economically performing areas will lead to physical confrontations over rights of residence at locale. It will be about inclusion and heritage and patrimony.
The real danger comes from the Western mindset which is allowing market forces to exclude massive swathes of its people from productive regions. That is immediate, tangible, and on-the-ground reality. Violence against that is inevitable.
markets aurelius Sep 25, 2016
This article is purely a theological discourse, not a clear-headed assessment of the inevitable evolution of the world and its societies, just as Prof. Shiller's "Finance and the Good Society" was a theological discourse, along with Marx's "Das Kapital." This is all dogma presented as reasoned analysis. And, as the dogmatic assertions of the Catholic Church fell before the Renaissance and Enlightment.
The world has indeed experienced various intellectual revolutions, a few of which have dramatically transformed the everyday lives of average people in societies where individuals claimed their individual rights. "God-given" is a term frequently used to distinguish these rights as natural, arising from our very existence, as opposed to granted by some divinely appointed overlord. However, the instances in which such rights have been claimed, institutionalized and defended from those who would reduce their societies to some primitive might-is-right grouping of fearful individuals fighting over a small and contracting pie is shrinking, not expanding.
This is partly aided by the cartelization of once-successful societies like the U.S., in which a once-representative government has been captured by extraordinarily powerful business interests like banking, big phrama and the military-industrial complex Eisenhower warned against. Oh, btw, the handmaiden to all of this consolidation of power is the modern finance industry, which Prof. Shiller continues to defend, despite the obvious fact that it has become a parasitic menace not only to its host societies but to any society in which it can gain a foothold.
The Dark Forces that ran rampant at various times in our histories are once again loosed on the world. It is not inevitable that tyranny will triumph, nor is it a given the defense of individual rights will prevail. The lesson of history is people recognize when they're being lied to, and when their sacrifices are being made in the name of cynics who use national myths and idealizations as fodder to exert their will.
The prof would serve his audience better helping to expose these threats and the most effective ways to combat them in his small sphere -- finance -- rather than continually invoking our founding myths. He could also extol the sacrifice made by the generations of Americans who died defending these rights and freedoms he so blithely assumes will spread to the rest of the planet.
Stephen Pain Sep 25, 2016
It is quite common to attack and then read later. I suppose in some ways your proposal belongs to the Enlightenment where one could have the ear of a despot or ruler. Even the best of ideas will not make it through the democratic system. Interests and power usually diminish the efficacy of any well intentioned scheme When Thomas Paine was in France where they had a revolution, he the author of the Rights of Man narrowly escaped the guillotine. I think that perhaps given the chaos of kleptocratic and theocratic states and other systems...all like dodgems bumping into each other that any rational programme will be bunped out of existence.
peter fairley Sep 24, 2016
Over 30 years ago a GE executive told me that the 80 cents a day global wage would soon enough catch up to USA wages, so not to worry about losing jobs. That wage inflation still hasn't happened and I will likely die long before it does. Also over time I get mixed impressions of Shiller's 'decent folks in other countries.' Filipinos seem polite & kind but overwhelmingly support Duterte no matter how many get killed. Turkey's Erdogan seems decent and insightful in saying USA allies are naive about which factions to trust in Syria, then he goes on an extreme purge in Turkey. Obama & Britain supported the decent Libyans overthrowing Khadaffi, then Libya descended into violent anarchy. Indians seem British and decent but millions have no toilet and corruption is severe. Chinese seem decent but take over the China Sea as easily as Tibet in the 50's. Even Assad in Syria seems decent on TV, but he is either 2 faced or held hostage by his own brutal generals.
David Newland Sep 22, 2016
Foreigners already seek redress for their "birthplace injustice" by coming to the US, for instance, on a visa and never returning home. Enough of it will cause people in the US and other developed countries to put a stop to it because it is so fundamentally unfair. There is already a reaction to it underway. Politicians that think otherwise will be tossed out.
Ted Peters Sep 22, 2016
Let me understand: those fortunate enough to have been born in nations that enjoy economic well being are going to volunteer to suffer a severe decrease in their standard of living because this will be healthier for the species as a whole? Right! And those married to attractive significant others are going to willingly swap their spouses with those who are ugly because this will result in more overall sexual satisfaction.
Michael Vielhaber Oct 2, 2016
Point ;-))))
Mirek Fatyga Sep 22, 2016
there is some conceit of a well fed and comfortable in this article. Prof Schiller forgets about underlying economic reality. Which is that the world is not technologically ready to absorb 7 billion, never mind 10 billion, into industrial civilization. The drive for social justice will be quite tempered by the desire to keep a full tummy, running water, medical care and perhaps a continuing desire for a muscle car, perhaps some nice vacation every year. Slavery was not abolished by cultural evolution, but by technological revolution that made human slavery obsolete. The same has to happen here, and it will not happen until the explosive population growth stops so that technological evolution can catch up.
The challenge with declining population is deflation. Deflation in an over leveraged world will collapse asset values, banks, savings and the fiat monetary system. We are trying to extend the industrial era infrastructure and processes when a new era has already emerged. All the stress we see today has been created by this natural need/desire/instinct to cling to an era that's past us by. This is why all the experts since 08/09, like Schiller, haven't been able to fix the problems. Monetary policy didn't work so it's now time to return to Keynesian policy. That will also not work but hey...it can sustain at least one more President.
Jimm Roberts Sep 22, 2016
Agree: there are too many people on this planet where the pace of technology (e. g., artificial intelligence and robotics) is slowly diminishing the numbers of factory jobs providing livable wages
Val Samonis Sep 21, 2016
Prof. Shiller, my long-standing and practically developed proposal for The University of the Global Village based in Vilnius still up for taking (by LT authorities) subject to my USPTO Trademark. There is nobody better than you, Sir, to give it an intellectual push globally. Regards, Val Samonis (about.me/val.samonis); Skype: val.samonis
Isa Frihets Sep 21, 2016
Robert Shiller missed the boat and hasn't noticed it as of yet.
Andrew Zimin Sep 21, 2016
Welcome to Brave New World of the Honourable East India Company.
Martin Screeton Sep 21, 2016
I was a little excited by this until I got to equalization under trade agreements... We in the United States are already at slave labor wages... have been for decades. The lowest 50% (165 million people) of Americans hold Less then 1% percent of the nations wealth.. that needs to be solved first before any further flat-lining (equalizing) of our wages.. I'm shocked and surprised we have not had a revolution already... Trends in Family Wealth, 1989 to 2013 https://www.cbo.gov/publication/51846
johnny dawson Sep 21, 2016
"Ultimately, the next revolution will likely stem from daily interactions on computer monitors with foreigners whom we can see are intelligent, decent people – people who happen, through no choice of their own, to be living in poverty" Should that be "who" we can see, instead of "whom" ??
Procyon Mukherjee Sep 20, 2016
Samuelson's Theorem when applied to EU would mean that market forces would equalize the prices of factors of production and therefore the need for migration of labor from one country of EU to the other would cease to exist. In some ways it may be correct but not entirely. It is not entirely because we live in imperfections that are more politically motivated than otherwise.
This essay is one of the best written essays by Prof Shiller.
Allen Petrich Sep 25, 2016
What Samuelson (who wrote my econ text book, did not address, was the ability of machines/technology to replace a workforce. There is a theory that new and better opportunities ALWAYS open up. From my point of view, this cannot always be taken as a given. He is correct in that wages in China have increased so they outsource but their self financed business gain inside China so far has made up for that difference. They are assuming it will always be so, but will it? Free Trade will work for "you", but only as long as one holds the advantage.
jagjeet sinha Sep 20, 2016
ONE LANGUAGE THAT COUNTS - NOT RELIGION or RACE THAT DIVIDES
In highlighting an insight that few have surfaced in his manner, Professor Shiller is at his best.
The World Economic Epicentre today is The Anglosphere - national boundaries were largely drawn @ Westminster.
In parts of the World where Westminster could not, boundaries have been permanent battlegrounds.
Europe remains a bottomless supplier of migrants - by dissolving boundaries to facilitate The East and The South.
Similar dissolution of boundaries perhaps the solution elsewhere - ClubMed needs MegaCities in The Mediterranean to absorb Refugee flows.
The Anglosphere perhaps the ultimate template - by ensuring One Language, they emerged with boundaries permanently dissolved.
European failures compared to Europe perhaps explained by the absence of One Language.
Migration is inevitable because Investment Equalization never happens in the Real World.
Dissolution of boundaries perhaps the greatest facilitator of Migration.
Walls that Trump wants to build - goes against history.
The greatest irony perhaps - Trump coming to America itself a result of European Migration.
Where Religion or Race make assimilation impossible - Mankind will need its Greatest Genius to build facilitators.
Even the power of One Language perhaps has limitations.
Professor Shiller has articulated a challenge whose time is opportune.
Peter Lintner Sep 21, 2016
If you really believe that using one language would turn exYugoslavia or Europe into Australia or US, then im sorry to say it, but you have no knowledge of european realities.
As for dissolution of borders. That´s an utopian concept that will never happen in real world. It would lead to chaos and anarchy.
Stephen Morris Sep 21, 2016
Gosh!! That might explain why Australia's RELATIVE prosperity has declined steadily since Federation in line with the increasing power of the central government.
It might explain why - in 30 of 32 Constitutional referendums seeking to increase central power - Australians have voted NO (in contrast to the 50% success rate in other referendums) but have nevertheless seen centralised power grow relentlessly through ultra-constitutional means.
It might explain why Australia is a rent-seeker's paradise in which those regions and industries which enjoy a comparative advantage (in agriculture, minerals, energy and some tourism) are taxed to support the capital city populations which do manifestly not.
Thanks once again, Peter.
We all have our imperfections - mine perhaps more manifest than others :):):)
One Language is the Magic that transforms YUGOSLAVIA into AUSTRALIA.
Europe appears permanently headed towards 40 Yugoslavias.
Professor Shiller believes in dissolution of boundaries - that enables Growth amidst the Globalization predicament.
One Language the best template is my belief - not One Religion or One Race or One Sect or One Ethnicity.
My preference hence for a EUROPE that is MORE AUSTRALIA THAN YUGOSLAVIA.
Happy to confess my vote for English :):):)
@ jagjeet sinha
You keep talking about Europe as if it was a single country. Europe is a continent of 40+ countries, each with its own language, culture, identity, it cannot just have one common language, just like Asia, Africa etc dont have one language, culture or identity. That´s the fundamental difference you´re missing causing you to make wrong conclusions. I think.
The reason US, Canada, Australia, New Zealand are successful with migration has nothing to do with language and everything to do with their identity. These are countries of migrants, built by migrants. Europe dont have a migrant identity, Europe was not built by migrants, Europe was built by Europeans. That´s a rather big and fundamental difference, dont you think? The importance of language used is rather meaningless in this regard, i would say.
Thanks Peter, for comments I appreciate.
The Author, I think, makes the point that Migration is a Reality - irrespective of the many predicaments that causes Migration.
And then submits recommendations amounting to extremely reasonable ways to manage the resultant need for assimilation.
European failures compared to The Anglosphere perhaps explained by the absence of One Language.
But for The Anglosphere - and the Migration it permitted and harnessed - Europeans were in permanent Meltdown.
The Anglosphere appears to my mind as one of the best templates that have emerged with boundaries permanently dissolved.
Agree with many of the inputs you make -
The Rich World does not owe a good life to anyone,
Poverty in Africa will not be solved by Europe or by Migration,
There are more walls outside Europe than in Europe.
JS.
You are way too much focused on Europe and on migration. Poverty in Asia and Africa wont be solved by Europe, and surely not by migration. Either asians and africans develop their countries or they will be living in poverty. That´s the cold reality whether you like it or not, admit it or not.
As for walls, there are way more walls outside Europe than in Europe. Morrocco walled itself off, India walled of Bangladesh etc.
And I never talked about race or religion, you must be confusing me with someone else.
"WE ARE HEADING TO A WORLD OF WALLS"
The facilitation that the learned Professor suggested - is a lesson from history.
Thank God for the brilliance of such Nobel Minds - that enabled The flourishing of America Australia and Canada.
But for The Anglosphere - and the Migration it permitted and harnessed - Europe was tearing itself apart.
Yugoslavia is a more recent example of "Walls" - that created 7 Nations from One. All 7 now are potential migrants.
You are right in stating that "The rich world does not owe a good life to anyone".
After the Walls that are threatening to tear the world again, the only salvation I see is The Anglosphere template.
Montreals-on-the-Mediterranean : that can harness the refugees flow.
Brown Canada, Black Australia, Yellow America : are needed in Arabia, in Africa, in India, in China, in Asia.
That harness the unfortunate predicaments which result in Migration.
As for the Race or Religion - that you alluded to - I don't think hope needs quotas.
You are right - No one owes their riches to anyone - but the Author is talking of facilitating assimilation.
Even Small Islands have been transformed in history into Great Powers - by remaining engaged.
Not walled inside...
Of course, all of us are entitled to our opinions.
And respected for the thoughts we share here at ProSyn.
What Trump wants goes against history? That means you never heard of Great Chinese Wall, Hadrian´s Wall, Antonine Wall and many more artificial barriers that worked very well in the past. We are heading to world of walls, not to world of mass migration. Walls are springing up everywhere. Your home country India is building a long 1000+km fence all around Bangladesh to stop migration. Same happening all around the world.
As for Club Med, they need to stop and return all migrants and refugees. Of 50 countries in Africa, war is only in 2-3. There are plenty of safe countries in Africa where they can wait through the war in their country and then go back.
The rich world doesnt owe a good life to everyone. If Asians and Africans want to live in rich countries they need to developed their own countries. Either they build up their countries or they will live in poverty. As simple as that. A question of responsibility.
Paul Daley Sep 20, 2016
Worthless speculation. Shiller evidently expects nations to negotiate their own demise, but the EU's experiments with such negotiations are not encouraging. The US found a way forward through a "we, the people" type of union, which gave the people as a whole a structure through which to hold subsidiary states in line. If there is another approach to the problem, then it hasn't surfaced yet on this planet.
Roy Chacko Sep 20, 2016
I commend Professor Shiller's article for its clarity of thought, insight and message—even if his very measured take leaves me with a glass-half-empty feeling. It always seems to shock people to hear that national borders are amongst the biggest impediments to human progress and prosperity. Yet borders are accidents of history, not laws of nature. Today they serve principally to divide people and preserve privilege and a false sense of superiority. They nurture an insidious form of identity-based politics, which is responsible for most major conflicts around the world, by giving nationalism a misguided sense of decency and righteousness whereas all it does is to exclude everybody else. I hope the next intellectual revolution comes soon.
Elite theologians may talk superciliously about the "end of borders" but do not be deceived. They do not intend to abolish borders. They simply want to replace "national borders" (over which the stinking mass of citizens might have had some control) with "private borders": Elite private property enforced by a government whose role has been streamlined to nothing more than . . . . well, nothing more than defending the Elite's private property.
The Elite do not intend to rub shoulders with the Stinking Masses. Not at all! THEY will retreat to their private mansions, their private country estates, their private gated communities surrounded by private borders sporting "KEEP OUT! Trespassers Will be Prosecuted" signs.
From there they will sermonise piously on the shortcomings of those outside whom they regard as their inferiors.
yw yap Sep 20, 2016
Guess at times we have a tad more capacity and try to "think outside the box". If we were to follow our survival instinct, ultimately it will still boil down to Needs & Wants, and Desire & Attitude.
Guess it's not fair/ unfair about we were born but what each individual will try to do with what he/she has got. tQ!
Fung Fui Sep 20, 2016
That will kill the fun of Olympics games
https://prosyn.org/4KLfVw6;
Building Africa's Knowledge Economy
NurPhoto/Getty Images
Simplice A. Asongu provides a road map for making the continent globally competitive in the twenty-first century.


The protective maintenance schedules of the Transit Mixers, Pumps (if Vehicle Tracking System is provided) and Concrete Plant equipment are developed, the list of the equipment with scheduled maintenance due dates is automatically created and works to be performed and parts to be replaced for every maintenance period is defined for such schedules by means of this module.
After the performance of maintenance, the works performed during the maintenance period are checked off and the parts replaced and the personnel who has performed such maintenance are recorded.
The most significant feature of our equipment maintenance scheduling module that distinguishes it from other projects is the automatic collection of the maintenance period information (such as Km, Time, M3, Meter, etc.) regarding the equipment (such as the Mixer, Belt reducer, Compressor, Transit mixer, pumps, etc.) the maintenance of which shall be performed. Since the opportunity to automatically list or notify by mail the equipment with due maintenance dates within the maintenance schedule is provided by this means, the requirement for additional manpower is eliminated.
Thanks to the module by which all kinds of fault notifications can be performed apart from protective maintenance, when a fault notification regarding an equipment is performed, such notification is recorded. Fault notification is swiftly performed to the relevant persons by mail or sms, eliminating the performance of unnecessary telephone traffic. All kinds of procedures performed for the repairing of the fault (such as the materials used, the personnel employed and working hours) shall be recorded and it shall thus be possible to quickly access the detailed maintenance and repair information regarding each retrospective equipment.


text:
BIG 95 KBGO welcomes Foreigner to Bell County Expo Center
BIG 95 KBGO welcomes Foreigner to Bell County Expo Center with special guests The Fabulous Thunderbirds
Responsible for some of rock and roll's most enduring anthems including "Juke Box Hero," "Cold As Ice," "Hot Blooded," "Waiting For A Girl Like You," "Feels Like The First Time," "Urgent," "Head Games," "Say You Will," "Dirty White Boy," "Long, Long Way From Home" and the worldwide #1 hit, "I Want To Know What Love Is," FOREIGNER still rocks the charts more than 40 years into the game with massive airplay and continued Billboard Top 200 album success. Audio and video streams of FOREIGNER's hits are over 15 million per week.

redpajama_set_name: RedPajamaCommonCrawl


text:
@implementation UAEC2LaunchSpecificationSpecification

@synthesize imageID=_imageID, keyName=_keyName, userData=_userData, addressingType=_addressingType, instanceType=_instanceType, placement=_placement, kernelID=_kernelID, ramdiskID=_ramdiskID, blockDeviceMappings=_blockDeviceMappings, monitoringEnabled=_monitoringEnabled, subnetID=_subnetID, networkInterfaces=_networkInterfaces, iamInstanceProfile=_iamInstanceProfile, ebsOptimized=_ebsOptimized, securityGroups=_securityGroups;

- (id)init
{
	if (self = [super init])
	{

		[self UA_addDecodeBase64AdditionalAccessorForSelector:@selector(decodedUserData) propertyName:@"userData"];
		[self UA_addEncodeBase64AdditionalAccessorForSelector:@selector(setDecodedUserData:) propertyName:@"userData"];
		[self UA_addAtIndexAdditionalAccessorForSelector:@selector(blockDeviceMappingAtIndex:) propertyName:@"blockDeviceMappings"];
		[self UA_addAtIndexAdditionalAccessorForSelector:@selector(networkInterfaceAtIndex:) propertyName:@"networkInterfaces"];
		[self UA_addAtIndexAdditionalAccessorForSelector:@selector(securityGroupAtIndex:) propertyName:@"securityGroups"];
		[self UA_addAddObjectAdditionalAccessorForSelector:@selector(addBlockDeviceMapping:) propertyName:@"blockDeviceMappings"];
		[self UA_addAddObjectAdditionalAccessorForSelector:@selector(addNetworkInterface:) propertyName:@"networkInterfaces"];
		[self UA_addAddObjectAdditionalAccessorForSelector:@selector(addSecurityGroup:) propertyName:@"securityGroups"];
	}
	return self;
}

+ (NSDictionary *)queryStringKeyPathsByPropertyKey
{
    // Start with super's key paths (if there are any)
    NSMutableDictionary *keyPaths = [[UAEC2Model queryStringKeyPathsByPropertyKey] mutableCopy];

    [keyPaths addEntriesFromDictionary:
    @{
        @"imageID": @"ImageId",
        @"keyName": @"KeyName",
        @"userData": @"UserData",
        @"decodedUserData": [NSNull null],
        @"addressingType": @"AddressingType",
        @"instanceType": @"InstanceType",
        @"placement": @"Placement",
        @"kernelID": @"KernelId",
        @"ramdiskID": @"RamdiskId",
        @"blockDeviceMappings": @"BlockDeviceMapping",
        @"monitoringEnabled": @"Monitoring.Enabled",
        @"subnetID": @"SubnetId",
        @"networkInterfaces": @"NetworkInterface",
        @"iamInstanceProfile": @"IamInstanceProfile",
        @"ebsOptimized": @"EbsOptimized",
        @"securityGroups": @"SecurityGroup"
    }];
    return [keyPaths copy];
}

+ (NSString *)XPathPrefix
{
    return @"./";
}

+ (NSDictionary *)XMLKeyPathsByPropertyKey
{
    // Start with super's key paths (if there are any)
    NSMutableDictionary *keyPaths = [[UAEC2Model XMLKeyPathsByPropertyKey] mutableCopy];

    [keyPaths addEntriesFromDictionary:
    @{
        @"imageID": @"ec2:ImageId",
        @"keyName": @"ec2:KeyName",
        @"userData": @"ec2:UserData",
        @"decodedUserData": [NSNull null],
        @"addressingType": @"ec2:AddressingType",
        @"instanceType": @"ec2:InstanceType",
        @"placement": @"ec2:Placement",
        @"kernelID": @"ec2:KernelId",
        @"ramdiskID": @"ec2:RamdiskId",
        @"blockDeviceMappings": @"ec2:BlockDeviceMapping/ec2:BlockDeviceMappings",
        @"monitoringEnabled": @"ec2:Monitoring.Enabled",
        @"subnetID": @"ec2:SubnetId",
        @"networkInterfaces": @"ec2:NetworkInterface/ec2:NetworkInterfaces",
        @"iamInstanceProfile": @"ec2:IamInstanceProfile",
        @"ebsOptimized": @"ec2:EbsOptimized",
        @"securityGroups": @"ec2:SecurityGroup/ec2:SecurityGroups"
    }];
    return [keyPaths copy];
}

+ (NSValueTransformer *)placementQueryStringTransformer
{
	return [NSValueTransformer UAMTL_QueryStringDictionaryTransformerWithModelClass:[UAEC2SpotPlacement class]];
}

+ (NSValueTransformer *)blockDeviceMappingsQueryStringTransformer
{
	return [NSValueTransformer UAMTL_QueryStringArrayTransformerWithModelClass:[UAEC2BlockDeviceMapping class]];
}

+ (NSValueTransformer *)monitoringEnabledQueryStringTransformer
{
    return [UAMTLValueTransformer UA_JSONTransformerForBooleanString];
}

+ (NSValueTransformer *)networkInterfacesQueryStringTransformer
{
	return [NSValueTransformer UAMTL_QueryStringArrayTransformerWithModelClass:[UAEC2NetworkInterfaceSpecification class]];
}

+ (NSValueTransformer *)iamInstanceProfileQueryStringTransformer
{
	return [NSValueTransformer UAMTL_QueryStringDictionaryTransformerWithModelClass:[UAEC2IAMInstanceProfileSpecification class]];
}

+ (NSValueTransformer *)ebsOptimizedQueryStringTransformer
{
    return [UAMTLValueTransformer UA_JSONTransformerForBooleanString];
}

+ (NSValueTransformer *)placementXMLTransformer
{
  return [NSValueTransformer UAMTL_XMLTransformerWithModelClass:[UAEC2SpotPlacement class]];
}

+ (NSValueTransformer *)blockDeviceMappingsXMLTransformer
{
  return [NSValueTransformer UAMTL_XMLArrayTransformerWithModelClass:[UAEC2BlockDeviceMapping class]];
}

+ (NSValueTransformer *)monitoringEnabledXMLTransformer
{
    return [UAMTLValueTransformer UA_XMLTransformerForBooleanString];
}

+ (NSValueTransformer *)networkInterfacesXMLTransformer
{
  return [NSValueTransformer UAMTL_XMLArrayTransformerWithModelClass:[UAEC2NetworkInterfaceSpecification class]];
}

+ (NSValueTransformer *)iamInstanceProfileXMLTransformer
{
  return [NSValueTransformer UAMTL_XMLTransformerWithModelClass:[UAEC2IAMInstanceProfileSpecification class]];
}

+ (NSValueTransformer *)ebsOptimizedXMLTransformer
{
    return [UAMTLValueTransformer UA_XMLTransformerForBooleanString];
}

+ (NSValueTransformer *)securityGroupsXMLTransformer
{
  return [NSValueTransformer UA_XMLTransformerForArrayOfStrings];
}

@end

#pragma clang diagnostic pop

redpajama_set_name: RedPajamaGithub


text:
Matrimonial and
Municipal law, Land Use, Zoning and Condemnation
Taxation: Corporate and Individual
Trusts, Estates, And Wealth Management
Kenneth S. Apfel
Alexander G. Benisatto
John P. Di Iorio
Robert F. Green
Aislinn M. Koch
David O. Marcus
Brian C. Martel
Laura V. Ortizio
Victoria R. Pekerman
Stuart Reiser
Jay D. Rubenstein
Robert P. Shapiro
Harvey R. Sorkow
David Torchin
Home / Attorneys / All Practice Areas / Litigation
A partner in ShapiroCroland Bankruptcy and Commercial Litigation departments, John has represented debtors, creditors, trustees, landlords and other parties-in-interest in bankruptcy courts in New Jersey, New York, Delaware, Florida and California. He has also been appointed a receiver and been designated as an assignee for the benefit of creditors in state court proceedings. In addition, John has litigated a variety of debtor/creditor and commercial law issues in federal and state courts. John's varied litigation experience includes bankruptcy, insurance, construction, suretyship, real estate and Uniform Commercial Code matters.
A cum laude graduate of Brooklyn College of the City of New York and St. John's University School of Law, John is admitted to practice before both the federal and state courts of New Jersey and New York. John has also served as a master in the Bankruptcy Inns of Court and lectured on bankruptcy law. In addition, he has mediated commercial litigation matters in state court.
J.D., St. John's University School of Law (1983)
B.S., cum laude, Brooklyn College (1980)
Bankruptcy and business litigation involving debtors' and creditors' rights, partnership and corporate litigation, business torts and various contract disputes.
United States District Court for the District of New Jersey
United States District Court for the Southern District of New York
United States District Court for the Eastern District of New York
United States Court of Appeals, Third Circuit
United States Court of Appeals, Second Circuit
Significant Representations
Serving as court-appointed statutory receiver of failed mortgage banking company, secured over $4 million in assets for creditors, including $1 million settlement in accounting malpractice action and $950,000 settlement in action brought against company's limited partner
Represented Creditors Committee in Physicians Computer Network, Inc. bankruptcy, where creditors received 100% distribution.
Secured $1.7 million settlement in Velocita, Inc. bankruptcy for surety company on account of its mechanics' liens
Co-Author, Protection of Limited Liability Company Interests From Judgment Creditors, New Jersey Law Journal, May 7, 2015
Published Decisions
Baymont Franchise Systems, Inc. v. D & T Hotels, LLC, 2013 U.S. Dist. Lexis 172331 (D.N.J. 2013)
U.S. Gypum Co. v. Pfizer, Inc. (In re G-I Holdings, Inc.), 2013 U.S. Dist. Lexis 90183 (D.N.J. 2013), vacated and remanded 755 F. 3d 195 (3d Cir. 2014)
In re Vizstara, LLC, 2011 Bankr. Lexis 3689 (D.N.J. 2011)
Thomason Auto Group, LLC v. China America Cooperative Automotive, Inc., 2009 U.S. Dist. Lexis 22669 (D.N.J. 2009)
In re Stamou, 2009 WL 1025161 (Bankr. D.N.J. 2009)
In re Moore, 354 B.R. 667 (Bankr. S.D.N.Y. 2006), aff'd, 298 Fed. App. 109 (2d Cir. 2008)
In re Shiver, 396 B.R. 110 (Bankr. S.D.N.Y.2008)
In re Raimondo, 2007 WL 2248068 (Bankr. D.N.J. 2007)
Matter of Halvajian, 216 B.R. 502 (D.N.J. 1998) aff'd. 168 F.3d 178 (3d Cir.1998)
Matter of Newark Airport / Hotel, Ltd. Partnership, 156 B.R. 444 (Bank. D.N.J.), aff'd. 155 B.R. 93 (D.N.J. 1993)
In re System Freight, Inc., 1991 U.S. Dist. Lexis 2674 (D.N.J. 1991)
In re Emilio Cavallini, Ltd., 112 B.R. 73 (Bankr. S.D.N.Y. 1990)
New Jersey Super Lawyer (2019)
Best Lawyers in America (2010-2019)
New Jersey Super Lawyer (2010-2019)
New York Area's Top Lawyers (2010)
"AV" Peer Review Rating, Martindale-Hubbell (2017-2019)
Metropolitan Life Insurance Company, Special Presidential Quality Award.
Master, Vincent J. Comissa, D. Joseph DeVito and Daniel J. Moore Bankruptcy Inns of Court
Treasurer, New Jersey State Bar Association (Bankruptcy Section)
Member, Bergen County Bar Association (Debtor-Creditor Section)
Josh Bichovsky – August 3, 2017
I recommend John DiIorio, Esq. for bankruptcy and creditor/debtor rights matters.
Ernest Ehling
Financial Advisor at Merrill Lynch Wealth Management
Select a Practice Area
–Practice Areas–Alternative Dispute ResolutionAppellate PracticeBankruptcy and Creditors' RightsCorporate LawLitigationMatrimonial and Family LawMunicipal law, Land Use, Zoning and CondemnationReal EstateTaxation: Corporate and IndividualTrusts, Estates, And Wealth ManagementI'm not sure
Bankruptcy and Creditors' Rights
Exploring Wines for Summer Entertaining
To Move or Not to Move – That is the question: What you need to know before relocation with children during separation or divorce
N.J. Eminent Domain: Determining Fair Market Value
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Advertising Disclaimer: This web site constitutes an ADVERTISEMENT. Before making your choice of attorney, you should give this matter careful thought. The selection of an attorney is an important decision. If you believe this web site is inaccurate or misleading, you may report same to the Committee on Attorney Advertising, Hughes Justice Complex, CN 037, Trenton, N.J. 08625. For the comparison standards employed by the various lawyer rating companies, please visit superlawyers.com, bestlawyers.com, bestlawfirms.usnews.com, societyoflegaladvocates.org, and avvo.com. Counties: // Bergen County // Essex County // Hudson County // Mercer County // Middlesex County // Monmouth County // Morris County // Ocean County // Passaic County // Somerset County // Union County *The Super Lawyers list is issued by Thomson Reuters. A description of the selection methodology can be found at www.superlawvers.com/about/selection process detail.html. No aspect of this advertisement has been approved by the Supreme Court of New Jersey.


text:
Violent Threats to Parent Establishes Grave Risk to Child under Hague Abduction Convention
Posted by Jeremy Morley | Mar 10, 2016 | 0 Comments
(Author, The Hague Abduction Convention: Practical Issues and Procedures for Family Lawyers, published by ABA)
In a significant ruling, the Eleventh Circuit has ruled that a pattern of threats and violence directed against a child's parent but not specifically at a child, posed a grave risk of harm to the child warranting a refusal to order the child's return under the Hague Abduction Convention. Gomez v. Fuenmayor, 2016 WL 454037 (11th Cir. February 5, 2016).
During a contentious custody battle in Venezuela over their daughter, the child's mother and her husband made several threats against the child's father. One death threat occurred in a Venezuelan courtroom. Those threats assumed a new dimension when actual violence began against the father's family. The father's girlfriend was shot while driving, minutes after dropping the father and his daughter off. The father's mother's car was damaged and vandalized. In addition, on at least two occasions, drugs were planted in the car. Fearing for his and his family's safety, the father fled Venezuela for the United States, bringing the child with him in violation of a Venezuelan court's restraining order. Indeed, he forged the mother's signature on an authorization to leave Venezuela.
The issue was whether threats and violence directed against a parent, but not specifically against the child, could constitute a grave risk to the child within the meaning of the Convention, and whether there was clear and convincing evidence of grave risk to the child if she were returned to Venezuela.
The Court held that, where violence is directed at a parent that may threaten the well-being of a child, the grave risk exception in Article 13(b) of the Convention may apply. It then upheld the finding of the trial court that the scope and severity of the threats to the father were clearly sufficient to establish a grave risk to his daughter.
The Court held that a child's proximity to actual or threatened violence may pose a grave risk to the child; and that sufficiently serious threats to a parent can pose a grave risk of harm to a child, The Court stated that, "Ruling to the contrary would artificially and unrealistically ignore the powerful effect that a pattern of serious violence directed at a parent may have on his children." And it stated that, "Similarly, it requires no stretch of the imagination to conclude that serious, violent domestic abuse repeatedly directed at a parent can easily be turned against a child."


text:
FlyMe commences International flight operations with first flight to Sri Lanka. A major milestone
Villa air Flyme commenced operations in 2011 with the ATR series aircraft based from Villa Airport. The airline operated domestic flights primarily catering to Dharavandhoo Airport and Maamigili airport.
Flyme received Air Operator's Certificate (AOC) for the international operations late Thursday and commenced operations to Sri Lanka today with their recently acquired ATR 72-600 series aircraft.
The airlines flight operations were halted with closure of international borders due to the impact of Covid-19. Tourism is slowly picking up in the Maldives as with Villa Air; Air India, Indigo and Aeroflot resumed flight operations to the Maldives.
Flyme's flight VP8911 from Colombo is expected to land at Velana International Airport at 18:45 this evening. Congratulations to the Villa Air FlyMe, this is incredible milestone for the airline and the aviation industry of Maldives.


The University of Victoria and its undergraduate student society (the UVSS) are currently hosting their fifth annual Mental Health Awareness Week from January 14-18.
Throughout the week, organizers have arranged a series of featured events that aim to relax, rejuvenate, and boost the spirits of everyone who attends.
On Monday, leaders from the Student Health Ambassador and Peer Educator (SHAPE) program taught a yoga lesson in the Residence Resource Hub (Hodges building, room 104) from 5:00-6:00pm.
Tuesday's event was a spin class exclusively for UVic staff and faculty in the CARSA (Centre for Athletics, Recreation, and Special Abilities) Spin Studio.
Shane Koyzcan, an internationally recognized spoken word artist from Penticton, will be performing at the Farquaar Auditorium on Wednesday. His poem "To This Day" has over 23 million views on YouTube.
Koyzcan will be performing alongside student poets and actors. Doors open at 4:30pm, and the performance goes from 5:00-7:00pm.
On Thursday, Multifaith Services will host an instructive meditation session at the Interfaith Chapel from 4:30-5:20pm. Beginners welcome! There will also be another SHAPE yoga session at the same time and place as Monday's event.
Finally, Health Services SHAPE leaders and the West Coast College of Massage Therapy are providing massages from 10:30am-12:30pm in the McPherson Library (first floor) on Friday.
There will also be a glow-in-the-dark yoga rave in the CARSA Performance Gym at 6:00pm. Do yoga to sweet music while wearing glowing accessories and paint (provided onsite).
All events are either free or by donation.


text:
March on Caernarfon heaps further pressure on government amid second homes crisis
25 Sep 2021 5 minute read
Liz Saville Roberts MP addressing the rally in Caernarfon, organised by Hawl i Fyw Adra. Taken by LDRS.
Gareth Wyn Williams, local democracy reporter
Campaigners have marched on Caernarfon to heap further pressure on the government and council leaders to implement stricter regulation on second homes in communities across Wales.
A year on from their previous march from Nefyn, Saturday saw members of Hawl i Fyw Adra (Right to Live Locally) make the 17 mile trek from Nant Gwrtheyrn to Gwynedd's administrative centre to further highlight their cause.
Gwynedd Council figures state that 60% of residents are currently priced out of the housing market with around 11% of the county's entire stock being used as second homes.
Formed by members of Nefyn Town Council, among Hawl i Fyw Adra's calls is for an urgent review of the Gwynedd and Anglesey Joint Local Development Plan.
Ratified separately by both authorities in 2017, it forms the backbone of local planning policy and where up to 8,000 new homes should be built.
But following the apparent demise of Anglesey's second nuclear plant and an unprecedented skyrocketing in house prices – nudged on by an ever-rising number of properties being snapped up as second homes – calls have been made for an urgent review of the "outdated" and "not fit for purpose" plan in order to meet locals' current needs.
In June Gwynedd's councillors unanimously backed calls for permission speed up the JLDP's statutory review, which would take up to three and a half years if the existing legally permitted timetable were adhered to.
The council leader has rejected any suggestion that his authority is not taking urgent action, noting that Gwynedd had "led the campaign" in calling for legislation to control second homes, also becoming one of the first in Wales to charge a 100% council tax premium on their owners.
But claiming that the authority's leadership "has not responded satisfactorily nor taken positive proactive action," Hawl i Fyw Adra claims that the current plan "militates against locals and communities."
At a demonstration outside the council's headquarters, also attended by Liz Saville Roberts MP, group spokesman Rhys Tudur demanded "immediate action," claiming that anything less would further weaken the language in its traditional heartlands.
"Councillors had to push the leadership to raise the premium, which shouldn't happen but it feels like a constant battle," added Cllr Tudur.
"Their housing action plan won't allow sufficient local people to continue living in their communities, and I feel that councillors have been misled over how easy it would be to review and amend the JLDP.
"Our communities can't wait several years to change a policy that was deficient to begin with."
'Understand the frustration'
But Gwynedd Council's leader, Cllr Dyfrig Siencyn, said that it was the council's own research and recommendations that helped spur on the Welsh Government's promised measures.
He added, "In terms of the Local Development Plan there is no delay at all; this significant work has begun.
"The council must follow the statutory procedure which involves gathering information and evidence on a wide range of subjects, and to thoroughly consult with all our residents – this is the right thing to do. We cannot make changes to the plan on the basis of one letter from councillors.
"If the work isn't carried out in accordance with government guidelines, the review could well be rejected, which would leave us in a position where the changes demanded by the campaigners could not be adopted.
"While I understand the frustration, I would suggest that rather than take aim at their allies the campaigners should target the Welsh Government where action can be taken."
Hawl i Fyw Adra campaigners in Clynnog Fawr during their walk from Nant Gwrtheyrn to Caernarfon on Saturday. Handout by Hawl i Fyw Adra.
'Dragging their feet'
The Welsh Government had previously promised "a summer of action" including recently launching a consultation on potentially closing of a "loophole" which can often result in qualifying second home owners not paying any tax at all into the coffers of their local authority.
Among other mooted measures are a planned statutory registration scheme for all holiday accommodation, including short-term lets, and potentially a separate planning classification for second homes.
But Cllr Tudur said that ministers were "dragging their feet", reiterating urgent calls for a pilot area where it would be mandatory for planning permission to be place before a residential home could be turned into a second property.
Also calling for a specific Land Transaction Tax class for second homes of 20%, he also pointed to measures in place in Switzerland which prohibits non-locals from buying second homes in protected areas, while encouraging more widespread use of 'Homebuy-Wales' which provides equity to locals.
He concluded, "The Welsh Government says there's no golden bullet but there are plenty of examples, you need only look at Switzerland for example.
"In Morfa Nefyn, where I grew up, I have no chance of living there as the prices are ridiculous. That's the situation we're in, we need radical action not countless consultations and baby steps."
The Welsh Government says it recognises the challenges facing some communities, noting it is building 20,000 new homes and that Wales is the only UK nation which allows councils to charge up to a 100% premium on the council tax of second home owners.
Sion Cwilt
Lots of hot air from the politicians and excuses as to why nothing can be done. Just as with Welsh Government policy for Cymraeg, the response to the housing crisis in those areas where Cymraeg is most under threat will be vague and insufficient plans that effectively kick the issue into the long grass in the hope that the 'problem' which is in both cases people who speak Cymraeg and their communities will have to all intents and purposes, ceased to exist.
Maybe that is the plan?
SundanceKid
Reply to Sion Cwilt
The more time passes without any action being taken, the more I believe this to be the case. Welsh communities and the existence of the language is just seen as collateral damage.
Last edited 1 year ago by SundanceKid
Mab Meirion
Call me an old cynic but what will replace the extra revenue generated by double council tax, a 10% or more loss to Cyngor Gwynedd. Will they demand that the hard up locals pluck a few more fivers off that imaginary money tree to cover it, even if would-be house buyers could afford a mortgage in the first place. Without new social housing this defies logic without crashing the housing market and tumbling house prices thereby plunging mortgage payers into negative equity and on to the streets…cutting services rather than councils cutting their own cloth by housing themselves in more… Read more »


text:
Ettore Greco
Executive Vice President, IAI, Italy
Ettore Greco is Executive Vice President of the IAI and also Head of the Multilateralism and global governance programme of the institute. He was also Director of the IAI from 2008 to 2017. He worked as visiting fellow at the Brookings Institution from January 2006 to July 2007. He taught at the universities of Parma and Bologna. From 2000 to 2006 he worked as correspondent for the Economist Intelligence Unit. From 1993 to 2000 he directed the IAI's program on Central and Eastern Europe. He was also Deputy Director of the IAI from 1997 to 2008. From 2000 to 2006 he was Editor of The International Spectator. He is the author of a number of publications on the EU's institutions and foreign policy, transatlantic relations and the Balkans. He has been a free-lance journalist since 1988.


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text:
Q: Вопрос по лексическому парсеру Есть нескольно БНФ, определяющих грамматику некоего языка (допустим, языка Си).

Есть выражение, написанное на этом языке, к примеру
int t = 15;

Допустим, с помощью некоей конструкции, на некоем языке N, я получаю из входного потока (где записаны выражения на данном языке) токены, в данном случае:
string[] tokens = {"int", "t", "=", "15"};

Вопрос.
Как сие выражение, собственно, распарсить?
Брать первый токен, и идти по всем БНФ, в надежде найти ту БНФ, которая начинается с type-specifier?
Но этот подход не уместен, ибо только БНФ задает, type-specifier ли данное выражение или нет. (type-specifier: int | void | char | short).

Положим даже больше - программа вообще не должна ничего знать и понимать о сущностях вроде type-specififer, type-declarator и т.п. - она тупо должна уметь проводить разбор входного потока на токены и возвращать в виде структур или еще как-то типы выражений.

Как этого достичь?
A: Первое что приходит на ум это полный перебор

redpajama_set_name: RedPajamaStackExchange


text:
Legislators in states plan laws to redefine citizenship
By Brian Bennett, Washington Bureau
Jan. 6, 2011 12 AM PT
A group of state legislators came to Washington on Wednesday to unveil legal language they say is a blueprint for states to pass immigration laws that might force a Supreme Court review of the 14th Amendment, which grants U.S. citizenship to any child born on U.S. soil, regardless of the parents' citizenship.
The group is pushing state legislation that would take two approaches: It would create two tiers of birth certificates, one of which states would produce only for babies born to U.S. citizens and legal residents; and it would attempt to skirt laws stipulating that the federal government defines U.S. citizenship by adding a second level of "state" citizenship.
Experts say such laws would be challenged as unconstitutional before they were ever implemented. The legislators' group says it welcomes such opposition. It sees a multitude of court fights in several states as the best vehicle to force the Supreme Court to consider a reinterpretation of the 14th Amendment.
The announcement is the latest salvo by some lawmakers in statehouses and Congress who seek to restrict who receives the right of citizenship. Denying citizenship to a specific group of children born in the U.S. would create a "modern-day caste system," said Wade Henderson, president of the Leadership Conference on Civil and Human Rights.
The 14th Amendment, part of a package of Reconstruction laws passed after the Civil War, guaranteed citizenship to freed slaves. For more than a century, it has been interpreted by the courts to protect the U.S. citizenship rights of American-born Chinese children, Native American children and children born to Japanese American families when their citizenship was challenged during World War II.
It is "extremely doubtful" that the Supreme Court would be willing to hear a case on this issue, said Walter Dellinger, a Duke University law professor and former solicitor general under President Clinton.
"It is one of the great civil rights achievements of the United States," Dellinger said. "This issue is raised in every instance in a racial context. It is always a divisive issue."
Lawmakers from at least five states said they planned to take the suggested laws back to their legislatures for consideration. Daryl Metcalfe, a Republican state representative from Pennsylvania who founded the group that brought together lawmakers from 14 states, said the laws would help slow down an "illegal alien invasion."
When Danny Verdin, majority whip for the South Carolina state Senate, took the lectern at the news conference to explain his intention to introduce the proposed laws in his state, he raised the coming April commemoration of Confederate troops firing on Ft. Sumter in Charleston, S.C., at the start of the Civil War.
"South Carolina may have been out front leading 150 years ago at Ft. Sumter, but we are happy to work collaboratively on this to cure a malady," said Verdin, a Republican.
As Verdin went on to say that he had dozens of colleagues in South Carolina eager to draw up the bills, a protester shouted, "I cannot ignore this inhumane and racist bill!"
Rep. Steve King (R-Iowa), who takes control of the immigration subcommittee in the House this week, has said he would like to see the Constitution changed. Sen. Lindsey Graham (R-S.C.) sparked a firestorm in August when he said he would consider introducing a constitutional amendment to prevent the children of illegal immigrants from becoming citizens.
Henderson called such rhetoric an "assault on the integrity of the Constitution. This issue was resolved over 100 years ago."
brian.bennett@latimes.com
Brian Bennett
Brian Bennett previously covered the White House, national security and immigration in the Los Angeles Times Washington bureau, where he worked from 2010-18.


text:
Q: Modify socket.name with a custom name when the socket ID is generated I'm just trying to send custom data from the client side to the server, without add more request.
I was reading the thread:  socket.io socket.set and socket.get - what is the callback argument for?
and says: The get and set functions on the socket object were removed in version 1.x.
I'm using a very simple node/express application, with the next code:
var io = require('socket.io').listen(http);
io.on('connection', function(socket){
    console.log('a user connected: ' + socket.id);
    socket.on('disconnect', function(){
        console.log( socket.name + ' has disconnected from the chat.' + socket.id);
    });
});

Exist a way to set a custom value in the property socket.name when the socket is initializated?

A: This solution works only if you don't need have your application in cluster or run in other servers.
var clients = {};

io.on('connection', function(socket){
    console.log('a user connected: ' + socket.id);

    clients[socket.id] = {name: 'Your name'};

    socket.on('disconnect', function(){
        console.log( clients[socket.id].name + ' has disconnected from the chat.' + socket.id);
        delete clients[socket.id]; //Delete client
    });
});

After, you will can find the data related on this way:
clients[socket.id];


text:
Watch Rocketman (2019) Full Movie Online Free | TV Shows & Movies
Watch Rocketman (2019) : Full Movie Online Free The story of Elton John's life, from his years as a prodigy at the Royal Academy of Music through his influential and enduring musical partnership with Bernie Taupin.
Genre: Music, Drama
Production Company: Rocket Pictures, Marv Films, Paramount, New Republic Pictures
Production Countries: Canada, United Kingdom, United States of America
Casts: Taron Egerton, Jamie Bell, Richard Madden, Bryce Dallas Howard, Gemma Jones, Steven Mackintosh, Tom Bennett, Matthew Illesley, Kit Connor, Charlie Rowe, Stephen Graham


Electric Cloud and IT Revolution's Inaugural DevOps Enterprise Summit Event Last Year Recognized as a "Best Live Event".
The DevOps Enterprise Summit (DOES) (http://devopsenterprise.io/), hosted by Electric Cloud and IT Revolution, today announced its first keynotes for the 2015 event, which include Scott Prugh of CSG International, Ed Bellis formerly of CISO Orbitz, Heather Mickman and Ross Clanton of Target, Terri Potts of Raytheon and Jeffrey Snover of Microsoft.
The DevOps Enterprise Summit – known for showcasing successful enterprise DevOps case studies – was also recently named a finalist in the "Best Tradeshow or Convention" category in the 2015 American Business Awards.
In today's market, software development is at the core of innovation for virtually every business sector. Big Data, the Internet of Things, cloud computing and mobile apps are driving new levels of customer engagement via software, and more valuable products, services and information are being powered by modern applications. At the sold-out event in 2014, Electric Cloud and IT Revolution heard resounding encouragement and support from both speakers and attendees who shared the ways software is transforming their industry, and their challenges and tips for accelerating their software delivery.
"We are very honored for the recognition from The Stevie Awards and we look forward to continue to foster a community of technology leaders who are helping each other successfully adopt DevOps in their own organizations," said Kim.
The American Business Awards will be presented at two awards events: the ABA's traditional banquet on Monday, June 22 in Chicago and the new product and technology awards event on Friday, September 11 in San Francisco.


Posted in: Inspirational, letting go, PAST, Transformational, Uncategorized.
Tagged: animal shelter, decisions, furry friend, God is faithful, goodbye, hurt, let go, let go of the past, pet, Pomeranian, prayer, vet clinic.
So sorry for your lost!
Thank you so much. God is faithful!
I have been so sad all last week, up till now, that our dog (yes, I say OUR, because we are family,)and then I read this from my mom. Somehow it skipped my attention last week. I didn't know the back story, I only knew he was a shelter doggy. I wasn't sure it would work out. He was spooked by EVERYTHING! Then my dad told me a story a couple years back about Victory barking at some other dog and defending his territory. I was very proud of Victory. I always called him Sally (lovingly) because he was so very skittish. But after what my dad told me about him, I consciously tried to call him by his real name. I am at this moment choosing to cast off my sadness and remember Victory the way he should be remembered- with great affection, and LOVE!! I'll see you again, my sweet, furry Sally!!!
I am sure "Sally" appreciates your love and affection. Thanks, Baby Girl! God is faithful!


text:
LGT Navigator: Investors remain cautious ahead of the kick-off to earnings season
US stockmarkets continue their downward spiral into the new trading week. The Bank of England announces further measures to support pension funds. Former Federal Reserve chairman Ben Bernanke is awarded the Nobel Prize in Economics.
At the start of the week, Wall Street resumed its downward trend from Friday. Once more, technology stocks remain under pressure. After the good labor market report, investors are focusing this week on new data on the development of US consumer prices, which will be published on Thursday. In addition, caution dominates ahead of the upcoming earnings season. The S&P 500 lost -0.8% on Monday and the Dow Jones was down -0.3%. The Nasdaq Composite slipped -1% to close at its lowest level since July 2020.
Asian stock markets show a mixed picture on Tuesday. In Hong Kong, the Hang Seng loses more than -2% and in Tokyo, the Nikkei also trades significantly weaker with -2.6%. The Shanghai Composite trades virtually unchanged from the previous day.
Bank of England offers more support for pension funds
The Bank of England (BoE) has made adjustments to its current program to support the domestic bond market. Thus, the BoE confirmed on Monday that it intends to stop buying long-dated government bonds – known as gilts – by the end of this week as planned. The central bank had launched the purchase program at the end of September to stop the sell-off of in UK government debt after the new government under Prime Minister Liz Truss surprisingly announced a tax cut package. Now, the BoE stated that it had so far undershot the planned purchase volume of GBP 5 billion per day significantly. The daily purchase amount could therefore be increased to exhaust the GBP 40 billion volume. In addition, the BoE has announced another temporary program, aimed at securing the liquidity of pension funds as they have come under heavy pressure during the market turmoil. However, the moves failed to calm markets, with yields on 30-year gilts jumping to as high as 4.64%, from 4.39% on Friday.
IMF and World Bank warn of global recession
The annual meeting of the International Monetary Fund (IMF) started in Washington on Monday. Until Sunday, politicians, central bankers and representatives of development agencies will discuss, among other things, climate change, the fight against poverty and global food security. In their opening remarks, the IMF and the World Bank warned of the risk of a global recession. Economic growth is slowing in some industrialized countries in Europe, World Bank chief David Malpass said Monday. IMF chief Kristalina Georgieva made similar comments. The IMF will present its new growth forecasts for the global economy today. In recent months, it had repeatedly revised estimates downward.
Ben Bernanke awarded Nobel Prize in Economics
The three US economists Ben Bernanke, Douglas Diamond and Philip Dybvig were honored with the Nobel Prize in Economics as the Royal Swedish Academy of Sciences in Stockholm announced on Monday. Bernanke, the former chairman of the Federal Reserve, and the other two economists received the honor for their research on banks and financial crises. The laureates' work proved invaluable during the 2008 crisis that brought the global financial system to the brink of collapse, said John Hassler, economist at Stockholm University. The Nobel Prize in Economics has been endowed by the Swedish Riksbank since the late 1960s and is not one of the classic Nobel Prizes, as it is the only one that doesn't go back to the prize's founder, Alfred Nobel.
Economic Indicators October 11
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01:50 JP Current account
08:00 UK Unemployment rate (Aug) 3.6%
Earnings Calender October 11
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FR LVMH Q3 Sales
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IDW Media Holdings, Inc. (OTCQX: IDWM), a fully integrated media company, which includes publishing, games, entertainment, tourism marketing, and the San Diego Comic Art Gallery, today announced that it has qualified to trade on the OTCQX® Best Market. IDW Media Holdings upgraded to OTCQX from the Pink® market.
IDW Media Holdings begins trading today on OTCQX under the symbol "IDWM." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Idea and Design Works, LLC (IDW), which is a comic book and graphic novel publisher that creates and licenses intellectual property, IDW Entertainment, LLC, which creates and produces and distributes television productions, and CTM Media Group, Inc., the company's brochure distribution company and other advertising-based product initiatives focused on small to medium sized businesses.EC regulated ATS.