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Saturday, June 25, 2016

Will Brexit Doom Other Trade Agreements

NEW YORK – While the Dow opened down more than 500 points and stock markets worldwide suffered deep declines, the serious economic ripple effect of Britain’s exit from the European Union remains the long-term damage to the fragile debt burden maintained by the European Central Bank of the EU.
The U.K.’s departure means the withdrawal of as much as $1 trillion in sovereign funds that the EU was counting on to keep struggling economies such as Greece’s afloat.
The “Brexit” decision has also seriously diminished the likelihood the Obama administration will be able to get passed through Congress either the Trans-Pacific Partnership, TPP, or its European counterpart, the Trans-Atlantic Trade and Investment Partnership, TTIP.
In a CNBC TV interview Friday, Alan Greenspan, former chairman of the Federal Reserve, warned that the U.K. vote to leave the European Union threatens to usher in an economic crisis “worse even than the darkest days of October 1987.”
Greenspan stressed that the euro currency is the immediate problem, with the debt of the southern tier of the Eurozone currently being financed by the northern countries and the European Central Bank.
The widely read economic blog pointed out that “Greenspan was referring to the unprecedented combination of economic stagnation, deteriorating demographics, insolvent entitlement programs, social inequity and wealth division, and of course, a historic debt overhang which could and should have been cleared out in the crash of 2008 but instead was preserved to avoid wiping out the same ‘equity holders’ who also happen to be the Fed’s direct and indirect stake-owners.”
Free trade now in rough water
The TTIP has been “postponed until the distant future,” Gary Hufbauer, senior fellow at the Peterson Institute for International Economics told Politico on Friday.
But TTIP negotiations have had more headaches than the U.K. pulling out of the EU.
Politico’s “Morning Trade” bulletin noted major U.S. agriculture and food organizations warned top administration officials on the eve of Brexit not to drive toward a year-end goal of concluding transatlantic trade talks “at the expense of resolving the toughest EU market access issues for U.S. food and agriculture.”
According to Politico, the U.S. agriculture and food organizations argued a rush-to-the-finish that produces a TTIP-lite would do more harm than good.
“We could not support such an outcome and we would not accept as consolation any form of consultative mechanism to deal with the controversial agriculture issues later,” the groups, organized as the U.S. Food and Agriculture Dialogue for Trade Agreements, said in a letter sent Wednesday to U.S. Trade Representative Michael Froman and Agriculture Secretary Tom Vilsack.
The letter highlighted the fact that the U.S. maintained a positive trade balance with the EU in agriculture prior to 2000, but a trade deficit with the 28-nation bloc has grown to $8 billion in 2015.
‘Anti-globalization fervor
Meanwhile, the TPP agreement is waiting in the wings, with Congress having already voted fast-track authority.
Fast-track authority allows a trade agreement to be given an up-or-down vote in Congress, with limited time for debate and no provision for making amendments.
But former acting U.S. Trade Representative Miriam Sapiro told Politico ahead of the vote that the U.K. has been a “force for greater liberalization” and “losing that voice in the negotiations would be a blow.”
“After an unusually trade-focused presidential primary season in the U.S., with candidates on both sides of the aisle taking shots at TPP, it is now starkly clear that the anti-globalization fervor is, well, a global force,” Politico’s “Morning Trade” bulletin warned Friday.
“Stay tuned for updates on how the U.K. will navigate these unprecedented waters and the implications for U.S. business interests.”
Copyright 2016 WND


Brexit Is An Indicator Of The Coming Election.

Newt: 'People Are Sick of Their Elites'

Image: Newt: 'People Are Sick of Their Elites'(Wire Services Photo) 
By Todd Beamon   |   Friday, 24 Jun 2016 08:02 PM
Former House Speaker Newt Gingrich said Friday that the Brexit vote proved that "people are sick of their elites" and that does not bode well for Hillary Clinton.

"They are sick of the corruption and sick of being told they have to obey some weird set of ideologies they don't believe in," Gingrich, who represented Georgia from 1979 to 1999, told Greta Van Susteren on Fox News.
"This is a very strong signal that the election this fall could literally be the American people versus the Washington bureaucrats," he added. "And I think that bodes very, very badly for Hillary Clinton."

Britain's surprise vote Thursday to withdraw from the European Unionsent financial markets plunging around the world on Friday. British Prime Minster David Cameron said he would resign by October in the wake of the referendum.
Latest News Update
Gingrich, 73, who spent four years as speaker beginning in 1995, told Van Susteren that Donald Trump's statement in Scotland supporting the outcome showed a "respect [for] the British's people's right to choose.

"In addition, he wanted to reassure them that the unique relationship we have had with Great Britain for a very long time will continue in a Trump administration.
"Do we move towards reform and towards taking back control of our country, or do we continue to allow lawyers and diplomats and bureaucrats to set the path for us?" Gingrich later asked.

"How many things have to fail for the average American to finally decide the bureaucracy and the establishment can't deliver.

"Let's try something new."
© 2016 Newsmax. All rights reserved.

Breaking News at

The Toll We All Pay For Illegal Aliens.

D.C. officials blame illegal immigration for crime spike
By Steve Birr
Reprinted with permission of the Daily Caller News Foundation
Washington Metro area officials are blaming illegal immigrants for a rise in gang related violence, and are imploring federal officials to enforce immigration laws and stem the flow.
“We warned two to three years ago that this influx over the border of illegal aliens was going to cause an increase in MS-13 and other gang-related crime,” Corey Stewart, chairman of the Prince William Board of County Supervisor, told Fox 5. “It’s happening. We are seeing it happen. It is not just in the border towns. It is happening all across America and we are seeing it especially here in Northern Virginia and the D.C. region.”
Maryland and Northern Virginia are seeing an influx of immigrants and a rise in homicides, many tied back to increased gang activity, particularly with the notorious MS-13 group. District officials saw a record homicide rate in 2015, but Maryland is also struggling with a rise in violent incidents. Montgomery County Police said they investigated eight gang-related murders in 2015, four times more than in the previous year, reports Fox 5.
Law enforcement officials in the D.C. Metro area argue the spike in activity correlates with the wave of unaccompanied minors coming across America’s southern border.

The Supreme Court voted in a 4-4 split decision Thursday on Differed Action, which would have allowed illegal immigrants and their families to stay in the U.S. without fear of deportation. The split decision means the door is currently left opened for continued deportations of people living in the U.S. illegally.
CASA de Maryland, an immigrant advocacy group based in Maryland, says the decision puts immigrants back at risk, calling on President Obama to halt further deportations for the rest of his term through executive action.
“We are so sad, so disappointed but we will not stop fighting until our families are treated with the respect and dignity they deserve,” Gustavo Torres, executive director of CASA, said in a statement. “President Obama has already deported millions of people but with this final blow to hope delivered by the Supreme Court today he should at least stop worsening the damage to immigrant families and communities.”
Despite the position of advocacy groups local official’s primary concern is preventing more gang violence. MS-13 is increasing their activity and targeting susceptible young immigrants. A surge of minors crossing the U.S. southern border in recent years is helping the notorious gang boost their ranks and instigate a new string of violent attacks in the city and surrounding areas.
Experts say violence from MS-13, which originally started in California, historically occurs in waves. Currently MS-13, on orders from El Salvador, is ramping up efforts in cities across the U.S. to reestablish their dominance on the streets.

The gang is known for brutal violence and murders, usually involving knives and machetes. Eight homicides in Virginia and Maryland over the last year are linked to MS-13.
“What we are beginning to see is an attempt to re-establish themselves as the preeminent gang in the Maryland area,” Montgomery County State’s Attorney John McCarthy told The Washington Times in March. “They are actively trying to build their numbers again. That is based on direction they are receiving from outside the U.S.”
Three immigrants who entered the country illegally in 2013 were arrested and charged with the fatal shooting of a 17 year old in Loudoun County, Virginia. The men allegedly entered the U.S. as unaccompanied minors, eventually falling off government radars after skipping their immigration hearings.
El Salvador, the gang’s home country, has the fourth highest per capita murder rate in the world, in large part due to the influence of MS-13. Washington, D.C., has the second largest Salvadorian community in the country behind Los Angeles at roughly 228,000 people.
In past years violence from MS-13 members appeared to be on the decline, as the gang shifted focus to human trafficking and running local brothels. A multiple gang truce reached in El Salvador in 2012 also contributed to a lull in violent activity from MS-13. The truce failed, however, sparking a huge uptick in the homicide rates of Central American countries which is beginning to spill into American cities.
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Copyright 2016 WND