The See Saw Destruction Of Fiat Investments Commences On The Failure Of Credit In China, In Russia, And In The US

Financial Market Report for the week April 25, 2014

This post is found in Google format here

1) … Introduction

An inquiring mind asks, is it as Automatic Earth posts, QE: A Fraud Perpetuated By Made Men, …… or is it as Macronomics posts QE: The Hocus Pocus Of Magicians …… or is it as the Apostle Paul presents in Ephesians 1:10, QE: The Economy Of God By Jesus Christ?

He is perfecting every age, bringing it to full completion and maturity. He has been successful in perfecting the age and paradigm of credit and currency carry trade investing, by driving the Eurozone Stocks, EZU, up to their rally high on April 9, 2014, and then pivoting them lower, on April 10, 2014, and then pivoting them lower again on Friday, April 25, 2014.

The perfection of the age of credit and currency carry trade investing is seen in the trade lower in China, YAO, ECNS, TAO, CHIX, in Russia, RSX, ERUS, and in US Small Cap, IWC, IWM, as well as  US Regional Banks, KRE and Credit Providers, V, and Mastercard, MA.

In the final two years of the age of credit, Ireland’s Bank, IRE, and Ireland, EIRL, provided stellar debt trade and currency carry trade investment rewards to the savvy investor, as is seen in the combined  ongoing Yahoo Finance chart of Ireland’s Bank, IRE, Ireland, EIRL, Eurozone Stocks, EZU, Nation Investment, EFA, and the European Financials, EUFN.

The world passed through peak prosperity on April 9 2014, with the failure of credit in the Eurozone, in China, and in the US, as investors no longer trust that the monetary policies of the ECB, the PROC, or the US Fed to stimulate investment growth. The dynamos of creditism, corporatism and globalism are winding down as investors are derisking out of fiat money debt trades and currency carry trades.

Risk-on investing has turned to risk-off investing; the money bubble has finally burst, as both Equity Investments and Credit Investments as well as Nation Investment, and Small Cap Nation Investment, and Global Financial Institutions, are trading lower from their April 9, 2014, highs, this coming on the failure of credit in China, in Russia, and in the US.

Now, the investor is going extinct; especially the fixed income investor; that is those invested in a Pursuit Of Yield like those invested in Electricity Utility Stocks, PUI, XLU, such as New Era Energy,  NEE, Real Estate REITS, RWR, such as General Growth Properties, GGP, in Energy Partnerships, AMJ, such as Cheniere Energy, LNG, and Oiltanking Partners, OILT.

The failure of credit is an extinction event, that pivots the world economy out of liberalism, that is the paradigm and age of credit and investment choice, and into authoritarianism, that is the paradigm and age of diktat and debt servitude, which features the debt serf, is the centerpiece of economic activity.

Under the power of the Rider on the White Horse, as is seen in Revelation 6:1-2, the bond vigilantesare effecting a global economic coup d’etat, transferring sovereignty from democratic nation states to sovereign regional leaders and sovereign regional bodies, such as the ECB, by calling the Interest Rate on the US Ten Year Note, ^TNX, higher from 2.48% on October 23, 2013, and are powering up the singular dynamo of regionalism to establish regional security, stability, and sustainability, to deal with the destructionism of unwinding currency carry trades and debt trades, such as those now seen in Eurozone Small Cap Dividends, DFE, and the National Bank of Greece, NBG, trading lower.

Hans Werner Sinn provides the correct analysis of the European Debt Crisis writing Project Syndicate Europe’s Next Moral Hazard. The limit beyond which Eurozone governments’ creditors become anxious has been raised significantly by the bailout architecture put in place over the last two years. This will bring a few years of calm as debt levels climb steadily to that limit, before the architecture collapses, injuring ordinary citizens the most.

Europe and the world does not have several more years.

Out of a soon coming Financial Apocalypse, that is a credit bust and financial system breakdown, the Beast Regime, seen in Revelation 13:1-4, will rise to replace Banker Regime, and by implementing  policies of regional economic governance, and schemes of totalitarian collectivism, will establish regional panopticons of debt servitude, with the Eurozone Nations serving as the ultimate example of regional fascism.

There will be no European Mobility Assistance Scheme, as VOX authors hope. And there will be no UMP as Bruegel writes: The appeal of another LTRO-like operation seems quite small if not non-existent in such a context; therefore,The Time Has Come For Truly Unconventional Monetary Policy.

Jesus Christ is developing new sovereigns for a new age. Under liberalism, the speculative investment community provided seigniorage through money manager capitalism. Under authoritarianism, regional leaders provide seigniorage through the word, will and way of their diktat, a case in point being the Troika’s management of the Greek economy and the terms of assistance to Ireland. Ongoing policies, of diktat coming through the singular dynamo of regionalism, will be the basis for trust in diktat money to provide for regional security, stability and sustainability.

Specifically out of Eurozone sovereign, banking and corporate insolvency, leaders will meet in summits to renounce national sovereignty and announce pooled regional sovereignty, where regional framework agreements will provide the legal basis for regional economic fascism enabling leaders from Brussels and Berlin to rule in diktat establishing Europe as a preeminent world power.

All fiat investments, whether they be real estate, stocks or bonds, will for ever be going forever lower, as the cost of money, that is the Benchmark Interest Rate, that is the US 10-Year Treasury Constant Maturity Rate, … $TNX,  … will be going higher, from the range of 2.60% to 2.72%, as investors have concluded that the world central banks monetary policies can no longer stimulate investment growth.

 

2) … Financial market trading reveals that peak wealth was attained April 25, 2014.

 

On Monday, April 21, 2014, Russia Small Caps, ERUS, Emerging Europe, ESR, Mexico, EWW, and Chile, ECH, traded lower, leading Small Cap Nation Investment, IFSM, lower, as Robert Wenzel of EPJ reports Tensions Escalate In The Ukraine.

On Tuesday, April 22, 2014, the most speculative of all stock investments bounced higher. European Small Cap Dividends, DFE, Eurozone Stocks, EZU, and European Nations, such as Germany, EWG, as well as Australia, EWA, bounced higher, bouncing Nation Investment, EFA, higher.

 

Egypt, EGPT, German Small Caps, GERJ, Russell 2000, IWC, IWM, Gulf State, MES, Russia Small Caps, ERUS, Denmark, EDEN, Argentina, ARGT,  and Singapore, EWSS, bounced higher, bouncing Small Cap Nation Investment, IFSM, higher.

Regional Banks, KRE, Investment Bankers, KCE, Stockbrokers, IAI, European Financials, EUFN, and the Too Big To Fail Banks, RWW, bounced higher, bouncing Global Financials, IXG, higher.

Leveraged Buyouts, PSP, Australia Dividends, AUSE, Gulf Dividends, GULF, Smart Grid, GRID, International Telecom, IST, Emerging Markets High Dividend, EMHD, and Global Real Estate, DRW, bounced higher, bouncing Dividends Excluding Financials, DTN,  higher.

Sectors Solar Energy, TAN, Biotechnology, IBB, Pharmaceuticals, PJP, Nasdaq Internet, PNQI, Internet Retail, FDN, China Technology, CQQQ, Resorts and Casinos, BJK, Media, PBS, Cloud Computing, SKYY, Software, IGV, IPOs, FPX, Small Cap Pure Value, RZV, Small Cap Pure Growth, RZG, Consumer Services, IYC, Retail, XRT, Small Cap Consumer Discretionary, PSCD, Small Cap Consumer Staples, PSCD, Semiconductors, SOXX, Industrial Miners, PICK, bounced higher, bouncing World Stocks, VT, higher. Gold Miners, GDX, and Silver Miners, SIL, traded higher, on higher precious metal, JJP, prices.  Transports, XTN, such as Airlines, Trucking, and Railroads, traded higher on a lower price of Oil, USO. Energy Production, XOP, traded lower on a lower price of Oil, USO.

The Interest Rate on the US Ten Year Note, ^TNX, traded slightly higher, to 2.73%, turning Aggregate, AGG, slightly lower.

Despite the trade higher in World Stocks, VT, Nation Investment, EFA, IFSM, and Global Financials, IXG, are unable to leverage higher over Aggregate Credit, AGG, as is seen in their combined ongoing Yahoo Finance Chart.

Economic Policy Journal posts the Tyler Durden Zero Hedge article The Fed’s Farcical Forecast Fiasco. In response, I write the age of jawboning is over; the Creature from Jekyll Island is having its teeth busted out by the bond vigilances; it has gone toothless; this is by God’s express design, as He has appointed His Son Jesus Christ to be sovereign in all things.

Jesus Christ has opened the first seal of the Scroll of End Times events, as is seen in Revelation 6:1-2, and has released the Rider on the White Horse, who has the Bow Without Any Arrows, that is the Bow of Economic Sovereignty, whereby the bond vigilantes have calling the Interest Rate on the US Ten Year Note, ^TNX, higher from its October 23, 2013 value of 2.48%, and have been steepening the 10 30 US Sovereign Debt Yield Curve, $TNX:$TYX, seen in the Steepner ETF, STPP, steepening, beginning in March 2014 and then again in April 2014, with the result of the failure of credit and the creation of coup d’etats worldwide, beginning in the Ukraine. Liberalism’s dynamos of creditism, corporatism and globalism, are winding down investment growth; and are powering up authoritarianism’s singular dynamo of regionalism establishing debt servitude.

A new sovereignty is emerging, that is the Beast of Revelation 13:1-4 is replacing the Creature from Jekyll Island; its seigniorage, that is its moneyness, of diktat money is replacing fiat money; this being evidenced by the Elaine Meinel Supkis post Biden gives Ukraine $70 Million In Bribes, Warns Of Corruption

 

On Wednesday, April 23, 2014, a see saw destruction of fiat investments commencedon the failure of credit in China.

China, YAO, China Real Estate, TAO, led by the Chinese Financials, CHIX, led Nation Investment, EFA, lower. And  Greece, GREK, led by the National Bank of Greece, NBG, Emerging Europe, ESR, Turkey, TUR, Philippines, EPHE, Thailand, THD, Mexico, EWW, and Chile, ECH, led Small Cap Nation Investment, IFSM, lower, as Mike Mish Shedlock posts China Manufacturing Output And New Orders Contract Once Again.

The concept is that credit stimulus of the PROC and world central banks is unable to produce on going economic growth, and as a result of this failure of credit, investments in the most credit stimulated investments, that is the most currency carry traded and debt traded investments is underway.

Robert Wenzel of EPJ posts US was the World’s Largest Petroleum Producer in December for the 14th Straight Month. Energy Production, XOP, and Energy Service, OIH, traded higher as Bill Van Auken of WSWS reports Kiev Regime Orders Crackdown As US Steps Up Threats Against Moscow. Biden’s visit to Ukraine produced an escalation of US threats against Russia and a resumption by the regime in Kiev of the crackdown against its opponents in the east of the country.

Dividend Excluding Financials. DTN, traded higher, as Gulf Dividends, GULF, Electric Utilities, PUI, XLU, North American Energy Partnerships, EMLP, Energy Partnerships, AMJ, Mortgage REITS, REM, traded higher, as the Benchmark Interest Rate, $TNX, traded strongly lower to 2.69%.

It is the Far East Financials, FEFN, such as Japan’s IX, MFG, SMFG, MTU, the Chinese Financials, CHIX, the Regional Banks, KRE, and the National Bank of Greece, NBG, that are leading all equity investments lower, on the exhaustion of the world central banks monetary authority, as investors greed has turned to fear; specifically fear that the world central banks policies no longer stimulate investment growth as is seen in their combined ongoing Yahoo Finance Chart.

Property And Casualty Insurance Firms, CB, TRV, ACE, AIG, ALL,most likely topping out in value.

And Closed End Funds, PTY, AWP, PFL, RCS, EIM, traded by the ETF, GCE, traded higher, most likely topping out in value, while CSQ, traded lower. The trade lower in Equity Closed End Fund, CSQ, relative to the Overall Equity Closed End Fund, GCE, CSQ:GCE, communicates that investors interest in closed end funds has likely peaked out.

Investors plowed money into Precious Metal Stocks, that is Gold Miners, GDX, GDXJ, and Silver Miners, SIL, SILJ. with the purest of plays, that being Allied Nevada, ANV, and Agnico Eagle Mines, AEM, rising the most. With high PE’s will Gold Mining Stocks, GDX, and Silver Mining Stocks, SIL, soar in value?

Aggregate Credit, AGG, bounced higher, as the Benchmark Interest Rate, $TNX, traded strongly lower to 2.69%. While US Treasuries, TLT, traded higher, Emerging Market Local Currency Bonds, EMLC, Emerging Market Bonds, EMB, and Chinese DSUM Bonds, DSUM, traded lower, turning the Chinese Yuan, CYB, and Emerging Currencies, CEW, lower, with Bloomberg reporting, Yuan Falls to Lowest Since 2012 as China Data Signals Slowdown, And Major World Currencies, DBV, turned lower on a lower Australian Dollar, FXA, largely on the fears that the world central bank’s monetary policies no longer stimulate investment growth, and in fact are now making “money good” investments bad.

 

On Thursday, April 24, 2014,  Nations, China, YAO,  ECNS, China Real Estate, TAO, and Russia, RSX,  ERUS, traded lower. and also Regional Banks, KRE, joined the debasement, and traded lower. The word trust is synonymous is credit. Their trade lower comes on the loss of trust in the PROC to cover debts of all types, the loss of trust in Russia to make good on its debt, and the loss of trust in Janet Yellen to provide sufficient stimulus to produce investments gains. This loss of trust represents a failure of credit in China, in Russia and in the US.

 

On Friday, April 25, 2014, Debt deflation, that is currency deflation, was active in the equity markets, driving stock investments of all types lower.

World Currencies, DBV, traded decisively lower, as the Canadian Dollar, FXC, traded lower, taking Canada, EWC, lower.

Emerging Market Currencies, CEW, traded lower, on a lower Ruble, FXRU, taking Russia, RSX, ERUS, lower; on a lower Brazilian Real, BZF, taking Brazil, EWZ, EWZS, lower; and on a lower Yuan, CYB, taking China, YAO, lower

Bloomberg reports G-7 Leaders Agree to Act Against Russia as Deal Falters. The Group of Seven nations are preparing new measures against Russia, German Chancellor Angela Merkel said, after U.S. Secretary of State John Kerry accused Russia of trying to impose its will at “the barrel of a gun.” And  Business Insider reports Merkel Warns Putin: You Have Failed The Peace Process, And New Sanctions Are Coming and Russia Says Kiev ‘Will Face Justice’ For ‘Bloody Crime’ In Ukraine.

Chinese Financials, CHIX, and Regional Banks, KRE, traded lower, leading Global Financials, IXG, as well as China, YAO, and the US Small Caps, IWC, IWM, lower. Of note, Visa, V, and Mastercard, MA, traded strongly lower, leading Credit Services, such as H&E Equipment Services, HEES, and United Rentals, URI lower; all evidencing the failure of credit, both in China, and in the US.

Russia, RSX,  ERUS, Emerging Europe, ESR, Taiwan, EWT, South Korea, EWY, Hong Kong, EWH, Singapore, EWS, Thailand, THD, US Small Caps, IWC, IWM, Brazil, EWZ, Brazil Small Caps, EWZS, China, YAO, China Small Caps, ECNS, Denmark, EDEN, Turkey, TUR, Chile, ECH, Greece, GREK, and Argentina, ARGT, trading lower, led Nation Investment, EFA, lower, evidencing the failure of currencies world wide.

Sectors Social Media, SOCL, Internet Retail, FDN, Nasdaq Internet, PNQI, Media, PBS, Solar Energy, TAN, Biotechnology, IBB, Cloud Computing, SKYY, Software, IGV, Resorts and Casinos, BJK, Automobiles, CARZ, Consumer Discretionary, IYC, Industrial Producers, FXR, Transportation, XTN, and Small Cap Pure Growth, RZG, traded lower, leading World Stocks, VT, lower. Building Materials traded lower. Semiconductor Equipment Manufacturers, such as AMAT, KLAC, TER, and  also Semiconductors, SOXX, traded lower on the trade lower in Taiwan, EWT, and South Korea, EWY, as John Glaser posts in Antiwar Obama Says Pact Obliges US to Protect Japan in Islands Fight. One can follow the ongoing debt deflation and failure of currencies with this Finviz Screener of Equity ETFs.

Dividends Excluding Financials, DTN, traded lower on the day, producing a rounded top high in these yield bearing stocks.

China Real Estate, TAO, led Global Real Estate, DRW, and US Real Estate, IYR, lower from their 10 Year Yield, ^TNX, credit induced market tops . Industrial Office REITS, FNIO, Residential REITS, REZ, and Retail REITS, traded lower lower, on the lower World Major Currencies, DBV, and lower Emerging Market Currencies, CEW.

Eurozone Stocks, EZU, traded lower on unwinding currency carry traded investing, as the Yen, FXY, traded higher than the Euro, FXE. Disinvestment out of the debt traded National Bank of Greece, NBG, and Greece, GREK, turned European Credit, EU, lower.

Energy Production, XOP, such as Gulfport Energy, GPOR, and Energy Partnerships, AMJ, such as Cheniere Energy, LNG, and Oiltanking Partners, OILT, and Refiners, such as Marathon, MPC,and Fracking Companies, such as Basic Energy Services, BAS, traded lower from their rally highs, on a sharply lower price of Oil, USO, as The California Beach Pundit posts Amazing Increase In US Oil Production. Look for the Ten Fastest Rising Energy Production Stocks, SGY, GPOR, FANG, MTDR, WLL, CLR, EOG, EQT, BXE, CRZO, to be the fastest fallers.

The Morgan Stanley Cyclical Index, $CYC, traded lower from its rally high as the WSJ reports Auto Maker Ford Reports Surprising 39% Profit Drop. Ford, F, cites costs to fix older vehicles, currency issues in South America; and as Alcoa Aluminum, AA, traded lower on a lower price of Aluminum, JJU. And the Serge Perreault chart of the $SPX, S&P 500, shows market top completion.

Aggregate Credit, AGG, traded higher, but resides below its April 10, 2014 high, as the Interest Rate on the US Ten Year Note, ^TNX, traded lower to 2.66%, which, together with the 10:30 US Sovereign Debt Yield Curve, $TNX:$TYX, flattened, as is seen in the Steepner ETF, STPP, flattening, drove the Zeroes, ZROZ, 30 Year US Government Bonds, EDV, and the 10 Year US Notes, TLT, parabolically higher, to what is likely their rally highs.  Of note, the ongoing Yahoo Finance Chart of these US Debt Instruments shows that the Zeroes, ZROZ, have soared twelve percent in value since the first of the year, illustrating the dramatic movement that occurs in longer duration bond when the Benchmark Interest Rate, $TNX, trades lower. Mortgage Backed Bonds, MBB, traded lower from their April 9, 2014 high and Originator Times posts Freddie Mac: Mortgage Rates Reverse Course, Rise.  Emerging Market Local Currency Bonds, EMLC, Emerging Market Bonds, EMB, Emerging Market Corporate Bonds, EMCD, Chinese Bonds, DSUM, traded lower, on the lower Emerging Market Currencies, CEW.  European Credit, EU, traded lower from its all time high, evidencing failure of credit in the Eurozone.  One can follow the ongoing failure of credit with this Finviz Screener of Credit ETFs.  And one can follow the ongoing debt deflation and failure of currencies with this Finviz Screener of Equity ETFs.

Mortgage REITS, REM, and Electric Utilities, PUI,  XLU, traded higher to what is likely going to be their market tops, on the lower Benchmark Interest Rate, $TNX.

Gold Miners, GDX, traded higher as Gold, $GOLD, rose to $1,303, establishing that it has entered an Elliott Wave 3 of 3 Up; these are the strongest of all economic waves as the build the bulk of wealth on the way up to their Wave 5 high. It’s unlikely that Precious Metal Miners, GDX, and SIL, will rise much higher as companies such as American Barrick, ABX, already have a PE of 15.

 

3) … The week ending April 25, 2014, marked a pivotal week in the world’s economic history, as currencies are no longer floating, they are sinking, with the result that a see saw destruction of equity investments and credit investments has commenced; democratic nation state governance will soon literally crumble. The age of credit is history; the age of debt servitude has commenced.

The death of currencies commenced April 23, 2014. Major World Currencies, DBV, specifically the  the Australian Dollar, FXA, and Emerging Market Currencies, CEW, such as the Chinese Yuan, CYB, the Russian Ruble, FXRU, traded lower, on the failure of credit in China, and in Russia.

The age of credit had its genesis and genius of the Milton Free To Choose economic doctrine, which encouraged President Nixon to go off the gold standard in 1971, and let currency float according to investment opportunities in democratic nation states.

Investors no longer trust the world central bankers, that is PROC banking leaders, Janet Yellen, or Mario Draghi, to sustain investment opportunities, as evidenced by the ongoing trade lower in the Chinese Financials, CHIX, Russia, RSX, ERUS, the Regional Banks, KRE, and the National Bank of Greece, NBG.

The failure of credit and the resulting death of currencies is seen in Nation Investment, EFA, Global Financials, IXG, and World Stocks, VT, trading lower from their rally highs; thus the destruction of equity investments has commenced; the destruction of credit investments, specifically Aggregate Credit, AGG, occurred in May, 2014. Hence a see saw destruction of fiat investments is underway.

Credit leveraged sectors experienced the sharpest decline on the failure of credit: these ten are Solar Energy TAN, Biotechnology, IBB, Internet Retail, FDN, Nasdaq Internet, PNQI, Media, PBS, Cloud computing, SKYY, China Technology, CQQQ, Small Cap Pure Growth, RZG, (as is seen in their combined ongoing Yahoo Finance Chart). Building Material Stocks have fallen strongly as well.

Technically speaking fiat money died the week ending April 25, 2014, as money is defined as the combination of Aggregate Credit, AGG, and Major World Currencies, DBV, and Emerging Market Currencies, CEW. Inasmuch as Major World Currencies, DBV, and Emerging Market Currencies, CEW, have turned decisively lower, they now join Aggregate Credit, AGG, in trading lower, and thus fiat money died the week ending April 25, 2014.

Looking in the rear view mirror, Liberal writer Ambrose Evans Pritchard writes America Has Conquered Its Debt Crisis with incredible speed.  US Congressional Budget Office expects the budget deficit to drop to 2.8pc of GDP this year, and 2.6pc next year.

The age of debt servitude has its genesis out of the failure of credit and the death of currencies.

A new currency and governmental regime is coming out of the failure of credit and the death of currencies; it is the regime of regional diktat money and regional economic governance, something that is implicit in Daniel’s Statue of Empires, seen in bible prophecy of Daniel 2:25-45, where the two iron legs of global hegemonic power, these being the UK and the US, flow into the ten toes of iron diktat and clay totalitarian collectivism; these toes are the same reality seen in the governance of the ten horns, that is the ten world regions, and the totalitarian collectivism experience of mankind’s seven institutions, foretold in the Beast prophecy of Revelation 13:1-4.

Currency deflation is underway and it is going to be terrifically economically deflationary. Fiat money is failing; yes money is deflating in value. Currencies are the wheels that economies run on; their value comes from the coinage of sovereign authority. Now with the Benchmark Interest Rate, $TNX, rising, from 2.48% since October 28, 2013, destroying the value of money, sovereigns will be losing their shirts, and investors their skins, as the wheels of the world’s economies literally disintegrate causing the national economies to crash and burn; most certainly the Russian Ruble, and the economy of Russia being fatal examples of the disintegration of national sovereignty. Out of this disintegration, that is out of the death of money, will come an eastern economic fascist region replacing Russian communism.

New money will be coming from new sovereigns, that being regional sovereign economic leaders whose policies of diktat and schemes of debt servitude coin the new money, that being diktat money, and is defined as the word, will and way of regional leaders used to establish regional security, stability and sustainability.

Democracy no more; rather regional fascism will be the new normal. For Russia, as well as for China, economic capability will come via regional trade in commodities such a oil, natural gas, coal, and agricultural commodities featuring undollar, and non dollar bartering, and managed regional economies to establish regional security, stability, and sustainability.

Another word for credit is trust. Investors greed has turned to fear; fear that debtors will not repay lenders, with the result that the Pursuit Of Yield Investments such as Leveraged Buyouts, PSP, Emerging Market Financials, EMFN, Shipping, SEA, Chinese Real Estate, TAO,  Water Resources, FIW, Energy Partnerships, AMJ, and Global Utilities, DBU, which underwrote the age of credit, are now trading lower.  It’s “Hasta la vista baby” to Shippers, specifically the Greek shippers, NM, SB, DSX, NNA, TNP and GASS.

Global ZIRP, and the currency carry trade investing, such as the GBP/JPY, which drove up the value of the UK Small Caps, EWUS, as well as the debt trade, such as Prudential, PRU, it provided, ended on April 25, 2014, as the failure of credit, drove currency traders to sell the British Pound Sterling, FXB, relative to the Japanese Yen, FXY; seen in the chart of FXB:FXY.

Floating currencies no more: currencies, such as the Russian Ruble, FXRU, and the Chinese Yuan, CYB, are sinking. Debt deflation, that is competitive currency devaluation commenced at the hands of the currency traders on Wednesday April 23, 2014, on the failure of credit, causing deleveraging out of debt trades worldwide, such as Blackstone, BX, Leveraged Buyouts, PSP, such as Delphi, DLPH, and LKQ Corp, LKQ, and Global Real Estate, DRW, and derisking out of currency carry trades, such as Solar Energy, TAN, Biotechnology, IBB, Social Media, SOCL, Nasdaq Internet, PNQI, China Technology,  CQQQ, Cloud Computing, SKYY, Software, IGV, Media, PBS, Internet Retail, ITB, Retail, XRT, Homebuilding, ITB, Gaming, BJK, Industrial Miners, PICK, Timber Producers, WOOD, Steel Manufacturing, SLX, International Telecom, IST, as well as Small Cap Nation Investment, IFSM, such as the UK Small Caps, EWUS, Greece, GREK, Turkey, TUR, Thailand, THD, Mexico, EWW, Chile, ECH, India, SCIN, and Philippines, EPHE.

Liberal Economist Mark Thoma posts Assessing Fed Policy During the Great Recession. On the road again, will blog as I can; For now, I have a new column: Report Card on Fed Policy During the Great Recession, by Mark Thoma: If the economy evolves according to the Federal Reserve’s forecast, quantitative easing is on track to come to a close by the end of this year. Increases in the federal funds rate are likely to follow. Thus, as the Fed’s policies to combat the Great Recession are coming to an end, it’s time to ask: Did these policies work?

The policies of US Fed, have been under the direct supervision of Jesus Christ. Unknown to most, or at least unknown to Paul Krugman, the economy is very much a household, where Jesus Christ has worked behind the scenes, as presented by the Apostle Paul in Ephesians 1:10, serving in stewardship, maturing the Creature from Jekyll Island from its 1913 origins to the introduction of the Euro Currency in 1999, and the Repeal of the Glass Steagall in 1999, to perfect the speculative leveraged investment community, and its activities such as POMO, and to create policies that define the investor as the centerpiece of economic activity, and mature investment choice, which occurred on April 10, 2014, with the strong trade lower in World Stocks, VT, Nation Investment, EFA, and Global Financials, IXG.

The policies worked in the US to secure economic growth both worldwide and in the US;  but not to secure employment. More importantly the policies worked worldwide to define, build and establish the investor as the centerpiece of economic activity. The April 2014 trade lower in Value Line 100 stocks, FVL, which has risen parabolically since 2008, documents that the life experience of investment choice is history, and by definition the identity of investor is being relegated to the dustbin of history.

Now, inflationism is turning into destructionism. Liberalism’s three dynamos of economic action, creditism, corporatism, and globalism, are winding down the age of credit, and in the process, terminating the investor as the centerpiece of economic activity.

The new normal is destructionism.

As the cost of money, that is the Benchmark Interest Rate, $TNX, rose from 2.48%, on October 23, 2014, to 2.66%, on April 25, 2014, investment derisking and deleveraging commenced, destroying the Banker Regime of democratic nation states and speculative leveraged investing, and introducing the Beast Regime of regional governance and totalitarian collectivism, which is establishing regional security, stability and sustainability. The singular economic dynamo of regionalism is powering up the economic life experience and the age of debt servitude, where the centerpiece of economic activity is the debt serf.

The bankers’ policies of investment choice created the most moral hazard based prosperity possible.

Now the bear market of all time, is underway, as the Distressed Investments, such as those taken in by the US Fed, and traded in the Fidelity Mutual Fund, FAGIX, and which underwrote the great investment swell since 2008, began trading lower on in March, 2014, and then again in April, 2014, communicating the failure of credit.

The failure of credit coming at the end of the week of April 25, 2014, constitutes the most significant economic event since President Nixon took the US off the gold standard in 1971, it pivots the world out of the age of credit and into the age of debt servitude, and is evidenced by the parabolic turn lower in Chinese Financials, CHIX, China Investments, YAO, as well as Regional Banks, KRE, the US small Caps, IWC, IWM, as well as Credit  Providers Visa, V, and Mastercard, MC, the nation of Russia, RSX, ERUS, and Leveraged Buyouts, PSP, and manifests as the death of Major World Currencies, DBV, such as the Australian Dollar, FXA, and Emerging Market Currencies, CEW, such as the Chinese Yuan, CYB.

Commodities, DBC, manifested an evening star chart pattern, that is a reversal pattern.

Out of a soon coming global credit bust and worldwide financial system collapse, known as Financial Apocalypse, leaders will meet in summits, to renounce national sovereignty, and announce regional pooled sovereignty, where regional framework agreements establish regional leader’s policies of debt servitude.

Banks everywhere will be integrated into the government and known as Government Banks. Liz Capo McCormick of Bloomberg reports Demand for Fed Reverse Repos Rises as Treasury Cuts Bill Supply.

The age of credit featured the paradigm of liberalism; now, the age of debt servitude features that of authoritarianism. Todd Miller, publisher of The Truth, posts in Antiwar Creation of a Border Security State. And Michael Snyder writes in EPJ,The BLM Land Grab Endgame: Agenda 21.

Under liberalism, value to the economy came via the credit inspired investor; under authoritarianism, the debt serf laboring in policies of diktat and schemes of debt servitude, gives value to the economy.

 

4) … In the news

Dick Hogan posts in News-Press Palm Beach Gardens Based Kitson & Partners Moves To Establish An Autonomous Smart Grid Community.  Developers of Babcock Ranch are in a power struggle with the Lee County Electric Cooperative, and it’s not just about electrons, kilowatt hours and money. Palm Beach Gardens-based Kitson & Partners three weeks ago asked the Florida Public Service Commission to approve its plans for an independent electrical provider to the customers within the boundaries of the 16,000-acre ranch in northeast Lee and southeast Charlotte counties. The request was filed by the Babcock Ranch Community Independent Special District, created by the Legislature and controlled by Kitson, which owns all the property. The new utility would be formed by carving out its territory from the coverage area now controlled by LCEC, which has filed a scorching reply to Kitson’s proposal to establish the autonomous smart grid community known as Babcock Ranch.

Apparel retailer Coldwater Creek, CWTR, shares plummet as Lehigh Valley Live Coldwater Creek Files Bankruptcy: to close Promenade shops, Flemington stores.  And Zero Hedge reports Retail Store Closures Soar In 2014.

Zero Hedge reports Markit US Services PMI Drops; Job Creation Near 2-Year Lows.

WaPo reports The University of Maryland Wants To Build An 11-story, $115 Million Luxury Hotel And Conference Center Across From Its Main Entrance In College Park.

Mercury News reports Bay Area Home Prices Jump Year Over Year. The WSJ reports Home Sellers’ Asking Prices Hit Five Year High. And Money News reports Mortgage Lending Drops To 17 Year Low As Rates Curb Borrowing.

Bloomberg reports Sales of Existing US Homes Fall for a Third Month

Atif Mian and Amir Sufi House of Debt post Housing Recovery We are now five full years from the end of the recession (if you buy NBER dating). And housing starts are still below any level we’ve seen since the early 1990s!

Shaila Dewan of the NYT writes In Many Cities, Rent Is Rising Out of Reach of Middle Class. Fifty percent of all renters are now spending more than 30% of their income on housing, according to a comprehensive Harvard study, up from thirty eight percent of renters in 2000. In December, Housing Secretary Shaun Donovan declared “the worst rental affordability crisis that this country has ever known.” And Money News relates Rents No Longer Affordable For Most Americans.

Silvia Walker of Irvine Renter posts Irvine Housing Numbers by Neighborhood: January 2014. Typical square foot selling prices in Orange County are as follows, West Park, $406, … Quail Hill, $415, … Woodbridge, $421, … and Woodbury, $425.

Realtor Sylvia Sotomayor posts 5 Markets With Zombie Foreclosures There are cities with a higher percentage of vacant foreclosures out there, Jacksonville (30 percent), Palm Bay-Melbourne (30 percent) and Las Vegas (33 percent), but none have as many abandoned homes as The Vacation Capital of the World. In fairness, however, Orlando-Kissimmee home state of Florida has 54,908 vacant foreclosure total. That’s a ghost town bigger than Titusville, Fla., and roughly the size of Fond du Lac, Wis. Those houses tend to stay in foreclosure for a good, long time, too, with Florida’s 1,095-day foreclosure length trailing just Hawaii (1,112 days) and Arkansas (1,128). The good news is that Florida’s foreclosure rates have decreased each month for the past year, with foreclosure auctions down 2 percent from last February. Still, Orlando-Kissimmee has its issues. Its foreclosure rate is the sixth-highest in the U.S. in February, with one in every 370 housing units in foreclosure.

Mid Florida Investment Properties posts The Orlando Area Has One Of The Largest Concentrations Of Underwater Properties In The Country. 36 percent of the homes in the four counties that comprise the Orlando metro area are buried in home loans exceeding their present home value by at least 25 percent.

ZipRealty posts in EPJ, The 10 Most Affordable Housing Markets of 2014. As a result of the previous financial system crash, Dallas was one of the most severely affected by underwater mortgages. But through a strong energy economy, Steve Brown of Dallas News reports Fewer Than 5 Percent Of Dallas Home Loans Are Now Underwater.

Popular Dallas neighborhoods with Claritas Market Segments (A higher market segment number represents a lower socioeconomic group; thus the number 65,64, and 63 means the bottom of the economic ladder, whereas 12, 10, and 7, the top of society) include the following:

Lake Highlands, TX,75243, Claritas Segments, 54, 29, 31, 07, Income, 37,000,

Far North Dallas, TX, 75287, Claritas Segments, 47, 35, 24, 12, 10, Income, 46,000

Farmers Branch, TX,75234, Claritas Segments,  41, 34, 27, 10, Income, 50,000,

Carrollton, TX, 75006, Claritas Segments,  34, 22, 13, 12, Income, 53,000,

Global Research News Team posts American Conquest By Subversion: Victoria Nuland’s Admits Washington Has Spent $5 Billion To Subvert Ukraine.  Diana Johnstone relates Victoria Nuland is the wife of Robert Kagan, leader of the younger generation of “neo-cons”.  After serving as Hillary Clinton’s spokesperson, she is now under secretary of state for Europe and Eurasia.”  Hear Victoria Nuland’s very concise, almost victorious speech in Youtube December 13, 2013, US Ukraine Federation Video. And Prof Michel Chossudovsky asks Ukraine’s Gold Reserves Secretly Flown Out And Confiscated By The New York Federal Reserve?

Tyler Durden posts All You Need To Know About Russia, In Charts While total European exposure via the export and GDP channel is rather limited, Europe’s exposure via the financial/bank channel is more acute. Cross-border exposures of European banks to Russia and other parts of central and eastern Europe suggests (1) these balance sheet exposures are significant; (2) the magnifying effect of the impact via central and eastern Europe is more important than the direct exposure to Russia itself; and (3) the most significant exposures are in Austria, Italy and Sweden, whose banks play an important role in neighboring CEE countries.

Mike Mish Shedlock posts Japan Trade Deficit Largest in History; Imports Soar, Exports Barely Up In Spite of Collapsed Yen. And Reuters reports Japan Bond Market Liquidity Dries Up As BoJ Holding Top ¥200tn ($1.96TN)  The Bank of Japan’s massive purchases of government debt hit a milestone this week, sucking liquidity out of the market to such an extent that the benchmark 10-year bond went untraded for more than a day, the first time in 13 years. Data from the BoJ late on Monday showed its holding of Japanese government bonds topped ¥200tn ($1.96tn), or about 20% of outstanding issuance,  up by more than half from ¥125tn about a year ago. The fall in market liquidity looks set to intensify as the BoJ has vowed to continue its aggressive buying for at least another year.

There is another story in regards to Japan. Since the first of the year, investors have been short the Japanese Yen, FXY, and short the Japanese Financial Institutions, IX, SMFG, MFG, MTU, causing the Nikkei, NKY, to fall lower as is seen in their combined ongoing Yahoo Finance chart.  At the same time investors have been long a number of other currencies such as the India rupee, ICN, with the result of a carry trade rally India Small Caps, SCIN, and other small cap nations, such as New Zealand, ENZL, Singapore, EWS, Developing Africa, GAF, Philippines, EPHE, Indonesia, IDX, Gulf Dividends, GULF, Egypt, EGPT, and Denmark, EDEN, as is seen in their ongoing combined Yahoo Finance Chart.

Ross McCracken reported Japan Imports All Of Its Energy Needs. Japan is the world’s largest importer of LNG, the second biggest importer of coal, and the third largest importer of oil.

I relate that the coal currently comes from Australia. A huge political in Bellingham WA, and Whatcom County, is that of proposed coal trains running quite literally day and night through the city and county to the proposed SSA Marine’s Gateway Pacific Terminal at Cherry Point, which has signed an option agreement to obtain Wyoming Powder River Basin coal from Cloud Peak Energy, CLD.

 

5) … Investment strategies for the age of the failure of credit.

Bob Hoye asks in Safehaven Speculative Exhaustion? The fiat money system is failing. The chart of the Bear Market ETF, HDGE, shows that it entered an Elliott Wave 3 Up on April 23,204; the bear market of a lifetime is underway on the failure of credit in the China, in Russia, and in the US.

A portfolio of Inverse Market ETFs could serve as collateral; this might include STPP, XVZ, JGBS, GLD, PPLT, PALL, EUO, YCS, SAGG, DTYS, DNO, as well asHDGE, SBB, SBM, DDG, EFZ, YXI, SZK, SDP, KRS, REK.

One could sell a number of stocks short, such as the consumer staple stock Revlon, REV, which manifested an evening star candlestick in its chart pattern.

But before short selling, one might ask what is money, what determines the value of money, and who is sovereign in economics? There be libertarians who believe themselves to be sovereign individuals; but is this reality, or is such thinking only a mirage on the authoritarian desert of the real?

Money is the credit and flow coming from sovereigns. Money is coined by the policies of sovereigns, and is experienced and used in the schemes provided by the prevailing economic leaders.

Under the final phase of liberalism, defined as freedom from the state, the democracies of the world and the speculative leveraged investment community set persons free to be investors, according to their use of credit and their risk profile to invest in fiat investments, that is in real estate, equities and credit. All had identity and experience in the Milton Friedman Free to Choose architecture of floating currencies; fiat money ruled in liberalism.

The price of money is determined by trust in the ability of the sovereigns to provide economic gain.

Now with the failure of Major Currencies, DBV, such as the Australian Dollar, FXA, and the Emerging Market Currencies, CEW, such as the Chinese Yuan, CYB, sinking in value, a new trust must, and will emerge.

New trust is already emerging;  it is trust in the ability of regional sovereigns to provide economic security, stability, and sustainability; the diktat of the Troika in Greece is an example. The new money is diktat money.

Leaders will meet in summits to renounce national sovereignty, and to announce regional pooled sovereignty and regional framework agreements, which will be the constitution of economic experience. Diktat money rules in authoritarianism.

New sovereigns, that is regional leaders, will provide regional currencies, regional trading systems and fascist mandates for people’s trust and thus regional fascism will rise to replace crony capitalism, European Socialism, Greek Socialism, and Chinese Communism. Most definitely a new monetary authority is coming; the Banker Regime is being replace by the Beast Regime of Revelation 13:1-4.

All will have identity and experience in the required to comply architecture of diktat money.

As is seen in Ephesians 1:10, Jesus Christ operating in the economy of God, matured and completed the age of fiat money on April 10 with the failure of credit as evidenced by a trade lower in the European Financials, EUFN. And on April 23, 2014, He perfected the age of fiat money with the failure of credit, as evidenced by a trade lower in the Chinese Financials, CHIX, and Regional Banks, KRE.

The problem with short selling is that all it produces is fiat money, which will forever be trading lower in value, and which will be increasingly worthless as confidence grows in diktat money.

Gold is both a commodity and a currency; it is the safe haven which will bound higher and higher as investors derisk out of fiat investments. The chart of the Gold ETF, GLD, shows that it entered an Elliott Wave 3 of 3 Up. Short Side Of Long posts Gold Has Outperformed Other Asset Classes In First Quarter 2014. ETF Daily News posts Phantom Gold Inventories: has the Comex already defaulted?  Some think gold mining stocks are a good investment; yet it’s hard to justify an investment in Gold Miners, such as AEM, with its forward PE of 37. Something more reasonable might be Allied Nevada Gold, ANV, with a forward PE of 24; yet this is quite high for a starting point to build an investment.

One should not be invested in paper gold, such as the Gold ETF, GLD. One should take possession of the genuine article, that is gold bullion, as it will be trading awesomely higher, as in the age of the failure of credit, it and diktat of regional sovereigns, are the only two forms of sustainable economic activity.

As foretold in Bible Prophecy of Daniel 2:25-45, the British Empire rose to be the first of two global kick ass empires; the US followed in 1971, as President Nixon took the US off the gold standard to fund the Vietnam War, with  the US Dollar becoming the International Reserve currency.

Being Upfront author Amitayu Sen Gupta writes Historically, both gold and silver standards have been used by different countries, mostly depending on the relative abundance of precious metals. Much of Europe, for example, used the silver standard, a practice that can be traced back to the Romans. The discovery of large amounts of gold by the Spanish in Latin America led to Spain shifting to the gold standard. As Spain was a major power in international trade at that point, the gold standard soon became the international norm for global trade. The United Kingdom, the other major global power shifted to the gold standard despite having silver coins in circulation, based on a new mint ratio between silver and gold, established by the then master of the Royal Mint, Sir Isaac Newton, the famous mathematician, in 1717. Britain formally shifted to the gold standard only in 1821, and eventually all major countries adopted the gold standard over the nineteenth century.

Out of the chaos of the rise in the Benchmark Interest Rate, $TNX, rising from 2.48% on October 23, 2014, to 2.66% on April 25, 2014, the Rider on the White Horse, that is the First Horseman of the Apocalypse of Revelation 6:1-2, is riding with greater intensity over the nations of the world effecting coup d’etats. The US is increasingly losing its Dollar hegemonic power. In its place the Ten Toed Kingdom of regional economic governance, as seen in Daniel 2:25-45, with toes of iron diktat and clay totalitarian collectivism, that is the diktat money system, is rising to provide political rule and economic experience.

John Taylor heats up debate Re-Normalize or New-Normalize Policy. In comment, I relate the reality is that nothing can be done to renormalize the economy, as the Banker regime’s policies of Global ZIRP, have skewed the economy so far from anything normal, that normal can never ever be reattained.  Money manager capitalism created such great inequality, with the wealthy living in New York, NY and the poor living in Danville, IL, that only disaster can result. As foretold in Bible prophecy, the tail risk of such is coming; she is the Bad Bitch of Revelation 17:3-4, the Scarlet Harlot who rides the Scarlet Horse.

Economists Irving Fisher and Hyman Minsky correctly viewed the reality that debt deleveraging economic busts follow wall street credit booms; there has never been a credit boom like that since 2008, and thus there will never be a greater economic bust like the one that is coming.

Jeff Macke of Breakout reports Even After The Crash, Americans Still Love Real Estate Best. The  price of gold has dropped more than $600 an ounce, equal to almost ⅓ of its value in the last two and half years. A deeper dive into the numbers offers a disturbing explanation. Gallup Chart, presented below. shows gold is overwhelmingly favored in households earning less than $30,000 per year. In other words, those who can least afford to be investing in precious metals are the most likely to be putting their money in gold.

One should investigate International Living, perhaps relocating to Panama City or the beach on Ecuador. PathFinder reports A Red Hot Real Estate Bargain In Arenal For $69,000. And Nestman asks

Could They Really Take Away Your Citizenship?

One might think because I write on wealth, that I am a wealthy elite, that is one of those living in an Eastern Establishment Community, defined as an affluent United States eastern seaboard county, where those of Claritas Prizm Market Segments 01 through 10 live; this includes Falls Church County, VA, Loudoun County, VA, Fairfax County, VA, Arlington County, VA, Stafford County, VA, Howard County, MD, Hunterdon County, NJ, or Somerset County, NJ.

I disclose that I reside in poverty in the Sea Breeze Apartments, in downtown Bellingham WA, 98225; this is a Claritas Prizm 66 neighborhood, that is in Low Rise Living, and have no financial assets whatsoever; that’s right I have no fiat investments of any kind; the main meal for most every day comes from soup kitchens such as Maple Alley Inn.

Its a neighborhood like Danville, IL, as Barbara Green of Commercial News reports Heartland Alliance Institute Says Danville-Vermillion County Economy Is In Distress.

It is much like Rockford, IL, as Your Real Marketwatch reports Rockford County Home Appreciation  Rate Has Been Notably Below The National Average.

Another poor place is Harrisonburg, VA, as Jeannette Porter of VCU posts Harrisonburg-Rockingham County Cited As Virginia’s Poorest Locality.

 

6) … If you’ve got what it takes you can make money

The Center for Bioethics and Culture Network posts Elite Egg Donors.Over at The New Inquiry, Moira Donegan offersa compelling look at the realities of young women who choose to sell their eggs to infertile couples trying to get pregnant. Of particular interest in this article is how these donors aim to emphasize their education levels in order to appeal to the wealthy couples looking to use donor eggs.

 

7) … A Summary of the European debt crisis.

There will be no ECB unconventional monetary policy, as out of a soon coming Financial Apocalypse, that is a credit bust and financial system breakdown, the Beast Regime, seen in Revelation 13:1-4, will rise to replace Banker Regime, and by implementing policies of regional economic governance, and schemes of totalitarian collectivism, will establish regional panopticons of debt servitude, with the Eurozone Nations serving as the ultimate example of regional fascism.

As is seen in Ephesians 1:10, Jesus Christ operating in the economy of God, matured and completed the age of fiat money on April 10 with the failure of credit as evidenced by a trade lower in the European Financials, EUFN. And on April 23, 2014, He perfected the age of fiat money with the failure of credit, as evidenced by a trade lower in the Chinese Financials, CHIX, and Regional Banks, KRE, and by the Mike Mish Shedlock report Top tier Chinese Cities Discounting Property.

Through His genius, he has perfected clientelism as End Of The American Dream posts 18 Stats That Prove That Government Dependence Has Reached Epidemic Levels. And He perfected elitism, much to the complaint of Marion who writes of Billionaire Conclave The Ruling Elite Meet At Davos.

Jesus Christ is developing new sovereigns for a new age. Under liberalism, the speculative investment community provided seigniorage through money manager capitalism. Under authoritarianism, regional leaders provide seigniorage through the word, will and way of their diktat, a case in point being the Troika’s management of the Greek economy and the terms of assistance to Ireland. Ongoing policies, of diktat coming through the singular dynamo of regionalism, will be the basis for trust in diktat money to provide for regional security, stability and sustainability.

Specifically out of Eurozone sovereign, banking and corporate insolvency, leaders will meet in summits to renounce national sovereignty and announce pooled regional sovereignty, where regional framework agreements will provide the legal basis for regional economic fascism enabling leaders from Brussels and Berlin to rule in diktat establishing Europe as a preeminent world power.

Democracy no more; rather regional fascism will be the new normal. For Russia, as well as for China, economic capability will come via regional trade in commodities such a oil, natural gas, coal, and agricultural commodities featuring undollar, and non dollar bartering, and managed regional economies to establish regional security, stability, and sustainability, as is seen in the Tehran Times report China Keen to expand Economic Ties With Iran.

New sovereigns, that is regional leaders, will provide regional currencies, regional trading systems and fascist mandates for people’s trust and thus regional fascism will rise to replace crony capitalism, European Socialism, Greek Socialism, and Chinese Communism. Most definitely a new monetary authority is coming; the Banker Regime is being replace by the Beast Regime of Revelation 13:1-4.

Under liberalism, value to the economy came via the credit inspired investor; under authoritarianism, the debt serf laboring in policies of diktat and schemes of debt servitude, gives value to the economy.

 

8) … The Good News is that Jesus Christ is coming to abolish the Double Entry Bookkeeping System. Liberalism’s debt based money system is failing; and its replacement, the debt servitude money system, is not going to work. Bible prophecy of Daniel 7:7 foretells that it will end up in tatters, and then the Chargma money system, that is the Mark of the Beast Money System of Revelation 13:18, ruled by the Sovereign of Revelation 13:5-10, and the Seignior of Revelation 13:11-17, will be implemented and provide economic experience for 42 months, that is for 3 and 1/2 years, at which time Jesus will come to decisively rule mankind following the Battle of Armageddon. He will establish his Millenium Kingdom where the saints will rule and reign as priest kings in His Abundance.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


Follow

Get every new post delivered to your Inbox.

Join 95 other followers

%d bloggers like this: