Baltic Dry Index. 4221 +58 Brent Crude 74.07
Spot Gold 1804
Coronavirus Cases 02/04/20 World 1,000,000
Deaths 53,100
Coronavirus Cases 15/09/21 World 226,673,731
Deaths 4,663,008
We shall not grow wiser before we learn that much that we have done was very foolish.
Friedrich August von Hayek.
Is China about to burst the “Everything Bubble?”
Well probably not deliberately, but events in the Great China bubble have taken on an unfortunate life of their own.
At times, President Xi seems to be as much in control of events as President Biden. Happily, unlike President Biden, at other times President Xi seems to be in almost total control.
We open and close with news from a very scary China. Time to scale back on risk in case China triggers another Lehman moment.
Asian stocks stumble as weak China data fan global growth worries
September 15, 20213:50 AM BST
HONG KONG, Sept 15 (Reuters) - Asian shares fell on Wednesday as weak Chinese economic data reinforced worries about slowing growth globally as well as in the world's second-biggest economy amid fraught nerves over a still-dominant pandemic and tapering of central banks' stimulus.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) dropped 0.82%, extending earlier losses after the release of the Chinese data, while Tokyo's Nikkei (.N225) shed 0.89%, moving off a more than 31-year closing-high the day before.
A burst of data out of China showed businesses were grappling with the impact of localised lockdowns following sporadic COVID-19 outbreaks, supply bottlenecks and high raw materials costs.
Retail sales grew at the slowest pace since August 2020 and missed analysts expectations, while industrial output also rose at a weaker pace from July, underscoring recent signs of slackening economic momentum in China and adding to expectations Beijing will offer more stimulus over coming months. read more
After the data, Chinese blue chips (.CSI300) were down 0.73%.
The Hong Kong (.HSI) benchmark shed 0.87% dragged down by casino stocks as the gaming hub of Macau begins a consultation ahead of a closely watched rebidding of its multi-billion dollar casinos next year. read more
Markets also remained focused on the timeline for tapering the Federal Reserve's massive pandemic-led stimulus.
“There is uncertainty in markets at the moment as investors wait to see what the Federal Reserve will do about tapering their asset purchases, which depends on the state of the labour market and the inflation situation,” said Sean Debow Asia CEO of Eurizon Asset Management.
Debow said greater clarity would emerge on both in the coming weeks though for now markets were quick to react to any data points on employment and inflation.
Overnight the U.S. Labor Department reported the Consumer Price Index in August posted its smallest gain in six months, suggesting inflation has probably peaked, aligning with Fed Chair Jerome Powell's long-held belief that high inflation is transitory. read more
Lower inflation suggests that the Fed will be under less pressure to begin trimming its vast asset purchases, and, as a result, the yield on the benchmark 10-year note US10YT=RR fell as low as 1.263%, its lowest since Aug. 24.
----Overnight on Wall Street, worries about slowing growth saw the Dow Jones Industrial Average <.DJI lose , while the S&P 500 (.SPX) fell 0.57% and the Nasdaq Composite (.IXIC) was down 0.45%.
Barely a tenth of respondents to Bank of America's monthly fund manager survey expect a stronger global economy in the coming months, marking the lowest proportion since last April's initial COVID-19 panic, the September edition of the survey showed. read more
More
https://www.reuters.com/business/global-markets-wrapup-1-2021-09-15/
Billions blown as Macau casino investors fold amid gambling review
September 15, 20215:41 AM BST
HONG KONG, Sept 15 (Reuters) - Macau casino operator stocks plummeted by as much as a third on Wednesday, losing around $14 billion in value, as the government kicked off a public consultation that investors fear will lead to tighter regulations in the world's largest gambling hub.
With Macau's lucrative casino licences up for rebidding next year, a government proposal to revise the city's gaming law spooked a Hong Kong market already slammed hard into the red by a broad Beijing regulatory crackdown, across sectors from technology to education and property, that has sliced hundreds of billions of dollars off asset values.
Wynn Macau (1128.HK) led the plunge, falling as much as 34% to a record low, followed by a 28% tumble for Sands China (1928.HK). Peers MGM China (2282.HK), Galaxy Entertainment (0027.HK), SJM (0880.HK) and Melco Entertainment (0200.HK) all fell heavily, bringing the drop to HK$109 billion ($14 billion).
The slump came after Lei Wai Nong, Macau's secretary for economy and finance, late on Tuesday gave notice of a 45-day consultation on the gambling industry starting Wednesday, saying there were still some deficiencies in industry supervision.
Beijing, increasingly wary of Macau's acute reliance on gambling, has not yet indicated how the licence rebidding process will be judged.
Some Hong Kong stock analysts wasted little time in downgrading their view of the near-term prospects for casino operators in the Chinese special administrative region. All are required to rebid for licences when current permits expire in June 2022.
At J.P. Morgan, analyst D.S. Kim said the bank was downgrading all Macau gaming names from overweight to neutral or underweight due to heightened scrutiny on capital management and daily operations ahead of licence renewals.
More
China’s EV sector is poised for ‘inevitable’ consolidation, says Bain consultant
The electric vehicle sector is seeing its “most exciting moment” now — and consolidation in the sector cannot be avoided, says Bain & Company’s Helen Liu.
“I would say that consolidation is an inevitable trend in this industry,” Liu, partner at the consultancy firm, told CNBC’s “Capital Connection” on Tuesday. She cited reasons such as the electric vehicle sector’s capital intensive and tech-heavy nature.
“Historically, we have seen invisible hands like the market and also visible trends, regulations, navigated the industry through the consolidation trend continuously,” she said.
On Monday, China’s minister for industry and information technology the country has “too many” EV makers. Those comments sparked fears of further regulatory action by Beijing, this time targeted at the autonomous vehicle sector following previous moves in other industries such as private education and technology.
----China’s electric car sector is seeing rapid growth, with tens of thousands of companies jumping on the bandwagon and shares of Chinese electric car makers such as Nio and Xpeng surge, according to business database Qichacha.
For its part, China mentioned previously that it would like 20% of new cars sold to be new energy vehicles by 2025.
Still, the two analysts say it’s too early to say who might be a clear winner in China’s EV space.
More
Up next, does China have a growing systemic banking crisis? It’s all too easily fixed!
China’s Yuan is just as fiat as America’s dollar. Simply issue trillions more of them and bailout the dodgy banking system USA style. It works every time, until one day it doesn’t.
Of course, China could go Wall Street’s 1960s ,70s, 80s “dodgy” stock and commodities model and just keep merging one failing, often dishonest, dodgy brokerage firm into another, covering up all the missing capital along the way.
[In no alphabetical, or time order, nor of “dodginess,” Shearson Hammill, Hayden Stone, Shearson Hayden Stone, E. F. Hutton, W. E. Hutton, Bache & Co., Hornblower Weeks Hemphill Noyes, Loeb Rhoades & Co., and although they made it to February 1990 before filing for bankruptcy, the infamous Drexel Burnham Lambert, the only Wall Street firm to have a connection to a Saint, St. Katherine Drexel.
For all the rest, however, connections to sinners, aplenty. The good old days before the Magic Money Tree forest was discovered in March 2020!
My apologies if I left out any of your favourite scoundrels. I am 71 going on 72 and there were so many of them, but thanks to God watching over me in NYC, I didn’t get to meet too many of them!
In short, in merging and covering up losses, check kiting, or operating long term without required capital reserves, President Xi and Beijing are spoiled for Wall Street precedent.]
China’s Lehman Bros.? Interesting timing if it is.
Explainer-How China Evergrande's debt troubles pose a systemic risk
September 14, 2021 10:18 AM By Clare Jim
HONG KONG (Reuters) - China Evergrande Group has raised fresh warnings of default risks amid late payments to wealth management and trust products.
The real estate giant has been scrambling to raise funds it needs to pay lenders and suppliers, with regulators and financial markets worried that any crisis could ripple through China’s banking system and potentially trigger wider social unrest.
WHO IS EVERGRANDE?
Founded in 1996 by Chairman Hui Ka Yan in the southern city of Guangzhou, Evergrande accelerated its growth in the past decade to become China’s second-largest property developer with $110 billion in sales last year.
The company listed in Hong Kong in 2009, giving it more access to the capital and debt markets to grow its asset size to $355 billion today. It has more than 1,300 developments across the nation, many in lower-tier cities.
With national sales growth slowing in recent years, Evergrande has also been branching into businesses unrelated to real estate, such as electric cars, football, insurance and bottled water.
HOW DID CONCERNS ARISE OVER DEBT PILE?
Investors became worried after a leaked letter in September showed Evergrande had pleaded for government support to approve a now-dropped backdoor listing plan, warning it faced a cash crunch.
Concerns intensified after Evergrande admitted in June it did not pay some commercial paper on time, and news in July a Chinese court froze a $20 million bank deposit held by the firm on the request of Guangfa Bank.
Evergrande’s fast expansion over the years has been fuelled by debt. It has been aggressively raising loans to support its land buying spree, and selling apartments quickly despite low margins so as to start the cycle again.
The firm’s interim report said its interest-bearing debt totalled 571.8 billion yuan ($89 billion) at the end of June, compared with 716.5 billion at the end of 2020, as it stepped up deleveraging efforts.
Total liability, which include payables, however, increased slightly to 1.97 trillion yuan, accounting for around 2% of the country’s GDP.
Other than the usual bank and bond channels, the developer has been criticised for tapping the less regulated shadow banking market, including trusts, wealth management products and commercial paper.
More
Fitch warns an Evergrande default may have broad China economic effects
September 15, 20215:47 AM BST
HONG KONG, Sept 15 (Reuters) - Rating agency Fitch said that numerous sectors could be exposed to heightened credit risk if China's No.2 property developer Evergrande Group (3333.HK) were to default, although the overall impact on the banking sector would be manageable.
Evergrande is scrambling to raise funds to pay its many lenders and suppliers, as it teeters between a messy meltdown with far-reaching impacts, a managed collapse or the less likely prospect of a bailout by Beijing. read more
Regulators have warned of broader risks to the country's financial system if the company's $305 billion of liabilities aren't contained.
"We believe a default would reinforce credit polarisation among homebuilders and could result in headwinds for some smaller banks," Fitch said in a note late on Tuesday.
Fitch downgraded China Evergrande Group to "CC" from "CCC+" on Sep. 7, indicating that it viewed a default of some kind as probable.
More
Lehman
On September 15, 2008, the firm filed for Chapter 11 bankruptcy protection following the exodus of most of its clients, drastic losses in its stock, and devaluation of assets by credit rating agencies, largely sparked by a loss of confidence, Lehman's involvement in the subprime mortgage crisis, and its exposure to less liquid assets.[6][7][8] Lehman's bankruptcy filing is the largest in US history,[9] and is thought to have played a major role in the unfolding of the financial crisis of 2007–2008. The market collapse also gave support to the "Too big to fail" doctrine.[10]
https://en.wikipedia.org/wiki/Lehman_Brothers
Finally, more on that rain drenching hurricane Nicholas. No updates yet from the oil and gas industries.
Nicholas, now a tropical depression, still douses Gulf Coast
SURFSIDE BEACH, Texas (AP) — Tropical Storm Nicholas continued weakening Tuesday night after being downgraded to a tropical depression and slowing to a crawl over southeastern Texas and southwestern Louisiana, drenching both states with flooding rains.
The downgrade earlier Tuesday evening came the same day Nicholas blew ashore as a Category 1 hurricane, knocking out power to a half-million homes and businesses and dumping more than a foot (30.5 centimeters) of rain along the same area swamped by Hurricane Harvey in 2017.
Nicholas could potentially stall over storm-battered Louisiana and bring life-threatening floods across the Deep South over the coming days, forecasters said.
Nicholas made landfall early Tuesday on the eastern part of the Matagorda Peninsula and was soon downgraded to a tropical storm. By Tuesday night, its center was 15 miles (24.14 kilometers) west-northwest or Port Arthur, Texas, with maximum winds of 35 mph (55 kph) as of 10 p.m. CDT, according to the National Hurricane Center in Miami. However, weather radar showed the heaviest rain was over southwestern Louisiana, well east of the storm center.
The storm is moving east-northeast at 6 mph (9 kph). The National Hurricane Center said the storm may continue to slow and even stall, and although its winds will gradually subside, heavy rainfall and a significant flash flood risk will continue along the Gulf Coast for the next couple days.
More
https://apnews.com/article/tropical-storm-nicholas-35477d4e990ac7c6de4c7c55e33c00fd
Global Inflation Watch.
Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.
Consumer prices post smaller-than-expected increase in August
Published Tue, Sep 14 2021 8:30 AM EDT
Prices for an array of consumer goods rose less than expected in August in a sign that inflation may be starting to cool, the Labor Department reported Tuesday.
The consumer price index, which measures a basket of common products as well as various energy goods, increased 5.3% from a year earlier and 0.3% from July. A month ago, prices rose 0.5% from June.
Economists surveyed by Dow Jones had been expecting a 5.4% annual rise and 0.4% on the month.
Stripping out volatile food and energy prices, the CPI rose just 0.1% for the month vs. the 0.3% estimate, and 4% on the year against the expectation of 4.2%.
The 5.3% annual increase still keeps inflation at its hottest level in about 13 years, though the August numbers indicate the pace may be abating.
----- Energy prices accounted for much of inflation increase for the month, with the broad index up 2% and gasoline prices rising 2.8%. Food prices were up 0.4%. Energy is up 25% from a year ago and gasoline has surged 42% during the period.
However, excluding those two categories resulted in the slowest monthly CPI increase since February.
Used car and truck prices, which had been a major feeder of the headline inflation gains, fell 1.5% in August but are still up 31.9% year on year. New vehicle prices, though, rose 1.2%.
More
https://www.cnbc.com/2021/09/14/consumer-price-index-august-2021.html
EXCLUSIVE Amazon hikes starting pay to $18 an hour
September 14, 202111:17 AM BST
Sept 14 (Reuters) - Amazon.com Inc (AMZN.O) has increased its average starting wage in the United States to more than $18 an hour and plans to hire another 125,000 warehouse and transportation workers, an executive told Reuters.
The world’s largest online retailer has raised pay from around $17 since May. In some locations, the company is giving signing bonuses of $3,000, said Dave Bozeman, vice president of Amazon Delivery Services, or triple what the company offered four months ago.
The fatter paycheck shows how big employers are desperate to draw workers in an increasingly tight U.S. labor market. Fewer Americans are seeking jobless claims just as openings have hit a record in the reopening economy. read more
Bozeman attributed Amazon's latest compensation increase to fierce competition. Amazon did not give exact figures, but a $1 raise on a $17-per-hour wage would amount to about a 6% hike.
More
Spain’s govt steps in to halt record rise in power prices
September 14, 2021
MADRID (AP) — Spain’s government is slashing energy taxes as part of a package of measures aimed at driving down household electricity costs, which have surged to record highs in recent months and triggered an outcry.
Prime Minister Pedro Sánchez said his government wants to curtail what he called energy companies’ “exceptional benefits” under current fiscal and energy regulations.
The goal is to shift fiscal benefits to consumers and also head off a potential sharp increase in natural gas prices, Sánchez told public broadcaster RTVE in an interview late Monday.
The government says the hikes in electricity bills are driven by spiraling prices of so-called carbon certificates, which give companies the right to release carbon dioxide; gas imports that Spain needs to complete its energy mix; and surging power demand in recent months.
Wholesale electricity prices are more than 250% higher than one year ago, according to private Spanish news agency Europa Press.
Surging domestic prices are also an issue in other European countries, with Spain’s environment minister recently sending a letter to the European Union’s executive branch stressing the need to reform the bloc’s electricity market.
The galloping prices increases have brought public anger and pressure on the government from consumer associations.
Sánchez said that among other measures his government intends to scrap a 7% tax on power generation. Utility companies pass on the cost of that tax to their customers. A separate energy tax is to be cut to 0.5% from 5.1%
Further details are due to be announced after a Cabinet meeting Tuesday.
The measures drove down the share prices of energy companies on the Madrid stock exchange Tuesday. Shares in Endesa, Spain’s biggest energy company, fell by 1.7% in early trading.
https://apnews.com/article/europe-business-spain-prices-madrid-ec44456938bad11f2448cf258419e2fd
Solar prices jumped in the second quarter, reversing recent trends, on material costs and supply chain issues
Published Tue, Sep 14 2021 12:01 AM EDT
The solar industry is among many sectors feeling the pinch of higher prices, according to a report released Tuesday by the Solar Energy Industries Association and Wood Mackenzie.
Prices rose quarter over quarter and year over year across every solar segment during the period. It’s the first time that residential, commercial and utility solar costs have risen in tandem since the energy consultancy began tracking prices in 2014.
The most-significant cost pressures came from a jump in prices for raw materials, including steel and aluminum. Elevated shipping costs also played a role. The bulk of these impacts will likely start to show in 2022, since many companies have enough inventory to see them through the end of the year, according to the report.
Overall, the U.S. added 5.7 gigawatts of solar capacity during the period, a record for second-quarter installations. That also marks a 45% jump over 2020′s level as the pandemic roiled the industry.
---- A separate report from Rystad Energy released Friday said global solar panel prices have jumped 16% this year compared to 2020′s levels. Overall costs, which include soft costs like labor, are up 12% in 2021. Rystad said this could potentially hurt the demand outlook for the next few years.
More
Covid-19 Corner
This section will continue until it becomes unneeded.
Why Don’t Kids Tend to Get as Sick From Covid-19?
Some children have been hospitalized and some have died, but at a tiny fraction of the adult rate. Scientists are trying to find out why.
smithsonianmag.com September 13, 2021 7:00AM
As Covid-19 cases surge around the world, life has become complicated for the countless parents sending their young, unvaccinated children back to school. Some public health experts are bracing for more outbreaks of the highly contagious delta variant, even as a number of US states have tried to bar schools from requiring measures such as mask-wearing, with some noting that children are at low risk from the virus.
Scientists are also wondering what the surge means for children. And they are wondering, too, what those kids stand to teach them. Why is Covid-19 so much worse in adults? Could children’s biology hold clues for defeating the virus? The questions are difficult to study, and evidence is muddled by the emergence of new variants. But researchers are beginning to assemble the pieces of biological data and societal patterns that could explain why children are largely spared.
Here’s a look at lessons learned so far.
Has Covid been a problem for children?
Overall, kids have been lucky with the pandemic: Although it’s not yet clear whether they are less likely than adults to contract or transmit Covid-19, they are far less likely to get sick. According to the Centers for Disease Control and Prevention, as of August 25 only about 400 children under 18 have died of the disease in the US. And, of the two dozen states reporting in addition to New York City, just 0.1 percent to 1.9 percent of children who tested positive for the virus have been hospitalized. A recent UK study that crowdsourced health information from the public through an app found that only 1.8 percent of children with Covid-19 still had symptoms eight weeks after infection.
Still, children have accounted for nearly 15 percent of all cases in the US since the start of the pandemic — and represent a lot more than that right now: about 22.4 percent of cases for the week ending August 26. There is no evidence yet that the delta variant is more dangerous to kids than previous versions of the virus, but vaccines are not yet available for children under 12, many places have loosened public health restrictions, and delta is so contagious that it is spreading rapidly. An average of 350 kids under 18 per day were hospitalized the week of August 24 to August 30, and children’s hospitals in some states have run out of beds.
Why don’t children get as sick as adults?
Part of the explanation for kids’ resilience may lie in their overall health. Children are less likely to have conditions like obesity and diabetes, which increase the likelihood of severe Covid-19.
But biology is at play too. Kids’ nasal passages appear to contain less of the ACE2 receptor that the coronavirus uses to get into cells, and airway cells show differences that may prime them to detect the virus early. And children’s immune systems are less developed, which may actually provide an advantage. Severe Covid-19 cases and deaths are thought to be often caused not by the coronavirus itself but by an inflammatory overreaction in which the immune system attacks the lungs. This “cytokine storm” is less common in children than in adults.
More
COVID-19 cases in southeast China more than double as Delta spreads
September 14, 20216:15 AM BST
BEIJING, Sept 14 (Reuters) - New local COVID-19 infections more than doubled in China's southeastern province of Fujian, health authorities said on Tuesday, prompting officials to quickly roll out measures including travel restrictions to halt the spread of the virus.
The National Health Commission said 59 new locally transmitted cases were reported for Sept. 13, up from 22 infections a day earlier. All of them were in Fujian, a province bordered by Zhejiang to the north and Guangdong to the south.
In just four days, a total of 102 community infections have been reported in three Fujian cities, including Xiamen, a tourist and transport hub with a population of 5 million.
The infections come ahead of the week-long National Day holiday starting on Oct. 1, a major tourist season. The last domestic outbreak in late July to August disrupted travel, hitting the tourism, hospitality and transportion sectors.
Fujian's outbreak began in Putian, a city of 3.2 million, with the first case reported on Sept. 10. Preliminary tests on samples from some Putian cases showed patients had contracted the highly transmissible Delta variant.
The virus has since spread south to Xiamen, which reported 32 new cases of community transmission for Sept. 13 compared with just one infection a day earlier.
----Like Putian, Xiamen has locked down some areas of higher virus risk, cut offline classes at kindergartens, primary schools and high schools, closed public venues such as cinemas, gyms and bars, and told residents not to leave the city for non-essential reasons.
The first patient in the Xiamen cluster was a close contact of a case in Putian, Xiamen authorities said late on Monday.
Known for its mild weather and a laid-back lifestyle, Xiamen is a popular tourist destination domestically.
The Xiamen Gaoqi International Airport is also a key transportation hub linking the Yangtze and Pearl River Delta. About 60% of flights to and from Xiamen were cancelled on Tuesday, according to aviation data provider Variflight.
More
Next, some vaccine links kindly sent along from a LIR reader in Canada. The links come from a most informative update from Stanford Hospital in California.
World Health Organization - Landscape of COVID-19 candidate vaccines. https://www.who.int/publications/m/item/draft-landscape-of-covid-19-candidate-vaccines
NY Times Coronavirus Vaccine Tracker. https://www.nytimes.com/interactive/2020/science/coronavirus-vaccine-tracker.html
Regulatory Focus COVID-19 vaccine tracker. https://www.raps.org/news-and-articles/news-articles/2020/3/covid-19-vaccine-tracker
Some other useful Covid links.
Johns Hopkins Coronavirus resource centre
https://coronavirus.jhu.edu/map.html
Rt Covid-19
Centers for Disease Control Coronavirus
https://www.cdc.gov/coronavirus/2019-ncov/index.html
The Spectator Covid-19 data tracker (UK)
https://data.spectator.co.uk/city/national
'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.
Friedrich
August von Hayek.
Technology Update.
With events happening fast in the development of solar power and graphene, I’ve added this section. Updates as they get reported.
Quantum materials cut closer than ever
Date: September 13, 2021
Source: Technical University of Denmark
Summary: A new method designs nanomaterials with less than 10-nanometer precision. It could pave the way for faster, more energy-efficient electronics.
DTU and Graphene Flagship researchers have taken the art of patterning nanomaterials to the next level. Precise patterning of 2D materials is a route to computation and storage using 2D materials, which can deliver better performance and much lower power consumption than today's technology.
One of the most significant recent discoveries within physics and material technology is two-dimensional materials such as graphene. Graphene is stronger, smoother, lighter, and better at conducting heat and electricity than any other known material.
Their most unique feature is perhaps their programmability. By creating delicate patterns in these materials, we can change their properties dramatically and possibly make precisely what we need.
At DTU, scientists have worked on improving state of the art for more than a decade in patterning 2D materials, using sophisticated lithography machines in the 1500 m2 cleanroom facility. Their work is based in DTU's Center for Nanostructured Graphene, supported by the Danish National Research Foundation and a part of The Graphene Flagship.
The electron beam lithography system in DTU Nanolab can write details down to 10 nanometers. Computer calculations can predict exactly the shape and size of patterns in the graphene to create new types of electronics. They can exploit the charge of the electron and quantum properties such as spin or valley degrees of freedom, leading to high-speed calculations with far less power consumption. These calculations, however, ask for higher resolution than even the best lithography systems can deliver: atomic resolution.
"If we really want to unlock the treasure chest for future quantum electronics, we need to go below 10 nanometers and approach the atomic scale," says professor and group leader at DTU Physics, Peter Bøggild.
And that is excactly what the researchers have succeeded in doing.
"We showed in 2019 that circular holes placed with just 12-nanometer spacing turn the semimetallic graphene into a semiconductor. Now we know how to create circular holes and other shapes such as triangles, with nanometer sharp corners. Such patterns can sort electrons based on their spin and create essential components for spintronics or valleytronics. The technique also works on other 2D materials. With these supersmall structures, we may create very compact and electrically tunable metalenses to be used in high-speed communication and biotechnology," explains Peter Bøggild.
more
I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments.
Friedrich August von Hayek.
No comments:
Post a Comment