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Some field lines terminate on charges, so there is a conservation
law here: Write the good old conservation-of-charge law and
differentiate both sides. Other field lines don't terminate at all;
they just chase their tails endlessly. (Such field lines are
created by time-varying magnetic fields.) The corresponding
displacement currents obey the law of conservation of zero. Add
these two together and I think you've got Joel's conservation law.
I don't think the new law tells us anything beyond what the old
conservation-of-charge law tells us.