The choke speed economy

LEX at FT reports that ECRI is predicting near-certainty of a US recession and that recessions will become more frequent in the future. ECRI is the most reliable leading indicator that exists but, because it’s a proprietary black box, it tends to be questioned.

What this basically means, in my opinion, is that the economy is unable to gain the acceleration seen after a typical inventory-led recession (i.e., when merchants overstock their shelves, then have to stop ordering so that the excess can get worked off). Instead, the economy will be expanding only just slightly greater than stall speed (roughly 1%), and whenever anything goes wrong, it will fall into technical recession. It’s like a dog on a choke collar.

The choke collar is wages. Only when the dog (i.e. workers) slips the wage collar will the nation enjoy prosperity again.

You have been warned.

When the law becomes criminal aka “camisas blancas”

Al Baker, Colin Moynihan and Sarah Maslin Nir, NYT news service (via t/o):

In a tense showdown above the East River, the police arrested more than 700 demonstrators from the Occupy Wall Street protests who took to the roadway as they tried to cross the Brooklyn Bridge on Saturday afternoon.

The police said it was the marchers’ choice that led to the enforcement action.

“Protesters who used the Brooklyn Bridge walkway were not arrested,” Paul J. Browne, the chief spokesman for the New York Police Department, said. “Those who took over the Brooklyn-bound roadway, and impeded vehicle traffic, were arrested.”

But many protesters said they believed the police had tricked them, allowing them onto the bridge, and even escorting them partway across, only to trap them in orange netting after hundreds had entered.
…
There were no physical barriers, though, and at one point, the marchers began walking up the roadway with the police commanders in front of them – seeming, from a distance, as if they were leading the way. The Chief of Department Joseph J. Esposito, and a horde of other white-shirted commanders, were among them.

After allowing the protesters to walk about a third of the way to Brooklyn, the police then cut the marchers off and surrounded them with orange nets on both sides, trapping hundreds of people, said Mr. Dunn.

See also Al Baker and Joseph Goldstein, NYT: ‘White Shirts’ of Police Dept. Take on Enforcer Role

Interesting that the cry of “camisas blancas” (white shirts) has traveled from Honduras to the US.

I am so looking forward to the lawsuits against the City of New York. There have to be some patrolmen willing to testify against their supervisors.

Added: MiniTru has footage:

“Just Another Silly Laundry List”

The folks of Occupy Wall Street have, in response to critics asking them to explain themselves and their movement, got together and crafted a declaration:

Declaration of the Occupation of New York City

As we gather together in solidarity to express a feeling of mass injustice, we must not lose sight of what brought us together. We write so that all people who feel wronged by the corporate forces of the world can know that we are your allies.

As one people, united, we acknowledge the reality: that the future of the human race requires the cooperation of its members; that our system must protect our rights, and upon corruption of that system, it is up to the individuals to protect their own rights, and those of their neighbors; that a democratic government derives its just power from the people, but corporations do not seek consent to extract wealth from the people and the Earth; and that no true democracy is attainable when the process is determined by economic power. We come to you at a time when corporations, which place profit over people, self-interest over justice, and oppression over equality, run our governments. We have peaceably assembled here, as is our right, to let these facts be known.

They have taken our houses through an illegal foreclosure process, despite not having the original mortgage.

They have taken bailouts from taxpayers with impunity, and continue to give Executives exorbitant bonuses.

They have perpetuated inequality and discrimination in the workplace based on age, the color of one’s skin, sex, gender identity and sexual orientation.

They have poisoned the food supply through negligence, and undermined the farming system through monopolization.

They have profited off of the torture, confinement, and cruel treatment of countless nonhuman animals, and actively hide these practices.

They have continuously sought to strip employees of the right to negotiate for better pay and safer working conditions.

They have held students hostage with tens of thousands of dollars of debt on education, which is itself a human right.

They have consistently outsourced labor and used that outsourcing as leverage to cut workers’ healthcare and pay.

They have influenced the courts to achieve the same rights as people, with none of the culpability or responsibility.

They have spent millions of dollars on legal teams that look for ways to get them out of contracts in regards to health insurance.

They have sold our privacy as a commodity.

They have used the military and police force to prevent freedom of the press.

They have deliberately declined to recall faulty products endangering lives in pursuit of profit.

They determine economic policy, despite the catastrophic failures their policies have produced and continue to produce.

They have donated large sums of money to politicians supposed to be regulating them.

They continue to block alternate forms of energy to keep us dependent on oil.

They continue to block generic forms of medicine that could save people’s lives in order to protect investments that have already turned a substantive profit.

They have purposely covered up oil spills, accidents, faulty bookkeeping, and inactive ingredients in pursuit of profit.

They purposefully keep people misinformed and fearful through their control of the media.

They have accepted private contracts to murder prisoners even when presented with serious doubts about their guilt.

They have perpetuated colonialism at home and abroad.

They have participated in the torture and murder of innocent civilians overseas.

They continue to create weapons of mass destruction in order to receive government contracts.*

To the people of the world,

We, the New York City General Assembly occupying Wall Street in Liberty Square, urge you to assert your power.

Exercise your right to peaceably assemble; occupy public space; create a process to address the problems we face, and generate solutions accessible to everyone.

To all communities that take action and form groups in the spirit of direct democracy, we offer support, documentation, and all of the resources at our disposal.

Join us and make your voices heard!

*These grievances are not all-inclusive.

If you recognize the format and are smiling, good for you — you obviously stayed awake during your American History class in high school.

If these words look like just another thrown-together “laundry list”, as opposed to the nice neat focus given by “one demand”, might I refer you to a similarly-organized document which was the obvious inspiration for the OWS one?