Baltic Dry Index. 1716 -36 Brent Crude 95.05
Spot Gold 1865 US 2 Year Yield 5.04 -0.06
There can be few fields of human endeavour in which history
counts for so little as in the world of finance. Past experience, to the extent
that it is part of memory at all, is dismissed as the primitive refuge of those
who do not have the insight to appreciate the incredible wonders of the
present.
John Kenneth Galbraith.
In the stock casinos, one final day to try to
dress up the markets to stave off an October disaster?
Asia markets
rebound, with Hong Kong leading gains; Japan data in focus
UPDATED THU, SEP 28 2023 11:52 PM EDT
Asia-Pacific markets largely climbed in the
final trading day of the week, with Hong Kong’s Hang Seng index leading
gains in the region and rising over 2%.
This comes as traders assess to
key economic data out of Japan, including the September inflation rate for
Tokyo. The capital’s data is seen as a leading indicator of nationwide trends.
Tokyo’s consumer price index rose
2.8% in September from a year ago, softening from the 2.9% gain in August. The
core inflation rate, which strips out prices of fresh food, came in at 2.5%,
lower than the 2.6% expected by a Reuters poll.
Japan also saw unemployment,
industrial output and retail sales data for August.
Japan’s Nikkei 225 gained
0.1% in early trade, while the Topix continued to extend losses and slid 0.51%.
In Australia, the S&P/ASX 200 advanced
0.44%, rebounding after a three day losing streak.
South Korean and mainland Chinese
markets are closed for a holiday.
Overnight in the U.S., all three major indexes
rallied ahead of the U.S. personal consumption expenditures price index reading
due Friday. The PCE reading is the Federal Reserve’s preferred inflation
metric.
Wall Street is also keeping an
eye on Washington, as lawmaker negotiations on a U.S. spending bill continue
before a Oct. 1 shutdown deadline for the government..
The Dow Jones Industrial Average climbed
0.35% The S&P 500 added
0.59%, and the Nasdaq
Composite jumped about 0.83%.
Asia
stock markets today: Live updates (cnbc.com)
Why such a dire headline today?
Well today in the stock casinos, if the month-end and quarter-end don't pull off a miracle stocks ending, lookout below. October looks bleak, or worse.
JPMC's CEO is now talking about the Fed going up to 7 percent. If
so, US real estate, commercial and residential, will join China's property
market in a crash. If that happens, welcome to US banking rout 2.0 in Q4
23, Q1 24 and Q2 24.
China's police detaining the head of the Evergrande property
company, suggests to me that China's CP think it's about time to put it out of
its misery and try to fire sale off its real assets, dumping the remains into
the equivalent of a bad property bank. No state bailout for Evergrande?
US corporate bankruptcies are already higher than 2022 and headed
for a multi-year high. Nothing good comes from that.
Credit card and US auto loan delinquencies are rapidly rising, with
more to come as some 40 million student loan holders have to start servicing
their debt starting from Sunday. A difficult Christmas selling season likely
lies ahead, with more retail failures to come starting in Q1 24.
But retail failures will just add to the growing crisis in US
commercial real estate, which in turn just adds to the likelihood of more US
bank failures to come.
Costco starting to sell 1oz. physical gold bullion bars and unable to keep up with demand, also suggests to me that trouble is fast approaching.
Next, although unlikely, there’s always a
last minute deal, the US Federal government has warned its workers of a possible
shutdown starting Sunday. That this is no way to run the world’s leading
democracy and economy, is obvious to all but the two governing parties in
Washington, District of Crooks.
U.S. government tells federal employees a shutdown
may be imminent
September 28, 2023
The U.S. government notified
federal workers on Thursday that a shutdown appears imminent, as a Republican-led
standoff on Capitol Hill forced the Biden administration to begin the formal,
methodical process of preparing much of Washington to come to a halt.
The new warnings underscored the growing likelihood that
millions of employees and military service members may stop receiving pay in
just three days, even as talks commenced on Capitol Hill in pursuit of a
long-elusive, last-minute deal that would extend federal funding beyond Sept.
30.
Across the government,
federal officials dusted off the intricate blueprints that help unwind and pare
down the sprawling bureaucracy to only its most vital functions. They braced
for disruptions that are likely to be significant, especially if the stalemate persists for weeks,
potentially dragging down the fragile U.S. economy while complicating many of
the services on which millions of Americans and businesses rely.
Some federal programs, including Social Security and mail
delivery, would be unaffected because they are funded outside of the annual
appropriations process on Capitol Hill. But many other government operations
would be rendered inaccessible if funds expire as soon as this weekend —
potentially resulting in closed parks and passport offices, and eventually,
more worrisome interruptions affecting federal housing, food and health aid for
the poor.
More
U.S.
government tells federal employees a shutdown may be imminent (msn.com)
Gold Bars Sold
Out in ‘a Few Hours,’ Says Costco
Experts
believe the demand for gold is strong due to its 'safe haven' status amid
uncertain economic conditions
9/28/2023 Updated: 9/28/2023
Online
inventory of gold bars is being snapped up by customers rapidly, said Costco on
Tuesday.
“I've gotten a couple of calls that people
have seen online that we've been selling one-ounce gold bars, yes, but when we
load them on the site, they're typically gone within a few hours and we limit
two per member,” said Richard Galanti, executive vice president of
Costco, during the company’s Q4, 2023, earnings call on Sept. 26. At present,
Costco offers 1 ounce, 24 karat gold bars from two suppliers on its
website—South Africa’s Rand Refinery and Switzerland’s PAMP Suisse.
The gold bars are being
sold for around $1,949 and $1,979 respectively, according to Business Insider,
and are air shipped via UPS insured service. Both bars are “member-only” items.
A Costco standard membership costs $60 per year, with the executive membership
costing $120.
More
Gold Bars Sold Out in ‘a Few Hours,’ Says Costco | The Epoch Times
In China news, nothing good.
China’s economic
activity again weakened in September, China Beige Book survey shows
China’s small economic rebound appears to have
stalled in September, with retail sales and pricing power as well as manufacturing
production and loan growth weaker than the print for the month before,
according to the monthly China Beige Book survey released Friday.
This setback will inflame fears of
anemic third-quarter growth, escalating the risks of the world’s second-largest
economy falling short of the central government’s stated 5% growth target.
Economists still currently expect
September data to remain relatively soft, with most data
pointing to a further stabilization in the slowdown.
Several August economic indicators
underscored nascent signs of stabilization in the slowdown in the Chinese
economy. Official retail sales and industrial production data last month had
in fact, beat expectations, corroborating encouraging signs from
other data points — from inflation rates to the purchasing managers index,
typically seen as leading indicators.
More
China's
economic activity again weakened in September: China Beige Book (cnbc.com)
China
Evergrande’s troubles mount as chairman is suspected of ‘illegal crimes’
A day after China Evergrande’s
shares were suspended in Hong Kong, the beleaguered Chinese
property firm revealed that its director and executive chairman is under
scrutiny over suspected crimes.
Hui Ka Yan “has been subject to
mandatory measures in accordance with the law due to suspicion of illegal
crimes,” Evergrande said in a statement to the Hong Kong Stock Exchange late
Thursday.
As such, the company’s shares will
remain suspended until further notice.
This follows a Bloomberg report on Wednesday that said
Hui had been “placed under police control,.”
Bloomberg said that Hui was taken
away by Chinese police earlier this month and is being monitored at a
designated location, citing people familiar with the matter.
Late Thursday, Evergrande released a separate filing regarding
the status of its subsidiary Hengda Real Estate Group, which most recently
failed to pay the principal and interest for a 4 billion yuan ($547 million)
bond that was due Sept. 25.
Evergrande said that as of
end-August, Hengda had a total of 1,946 pending litigation cases which involved
more than 30 million yuan each, with the total amount involved of approximately
449.298 billion yuan ($61.61 billion).
Total unpaid debts from Hengda
amounted to approximately 278.53 billion yuan, with overdue commercial bills of
about 206.777 billion yuan.
In the same filing, Evergrande
revealed there were 163 new enforcement cases against Hengda Real Estate in
August, involving a total amount of approximately 9.13 billion yuan, although
it did not elaborate on the nature of the cases.
Hengda also saw 68 new cases where
its equity interest in
subsidiaries and investee companies were frozen as a result of enforcement
actions against it.
More
China property: Evergrande's chairman suspected of illegal crimes (cnbc.com)
Finally, the canary in the stock casino’s
mine just died. When corporate bankruptcies soar, a stock market fall/crash
usually follows. Did that Fed soft landing just die with the casino’s canary.
US faces
risk of highest corporate bankruptcies since 2010
9/24/2023 5:46:30 AM
(MENAFN)
Guggenheim Investments has warned that corporate bankruptcies in the United
States may surge to their highest levels since 2010. This dire prediction is
attributed to a combination of factors, including a significant increase in
borrowing costs and escalating economic uncertainty. MarketWatch reported on
the findings of this report, underlining the potential challenges that lie
ahead for the corporate sector in the United States.
The report revealed that the number of corporate
bankruptcies in the country had been on a concerning trajectory. By the end of
August, over 450 corporations had already sought bankruptcy protection in the
current year. This figure has already surpassed the annual totals of the past
two years, raising alarm bells within the financial sector.
Guggenheim's analysts offered a bleak assessment
of the prospects for a rapid recovery in the US economy. They pointed to the
absence of key supporting factors that would indicate a reacceleration of
economic growth in the near future. This assessment underscores the prevailing
uncertainties and challenges that businesses in the United States are grappling
with, which are driving an elevated risk of bankruptcy for a wide range of
companies.
US faces risk of highest corporate bankruptcies since
2010 | MENAFN.COM
People are having trouble paying off their credit cards,
and these 2 department stores could be in trouble
September 27,
2023
The heavy
hand of the Federal Reserve may pound the financials of big department stores
Nordstrom (JWN) and Kohl's (KSS) this holiday shopping season.
BofA
slashed its profit estimates and price targets for Nordstrom and Kohl's on
Tuesday, citing rising financial stress on households amid higher interest
rates. Those higher rates are driving increased delinquencies (see BofA charts
below) and could potentially lead to more charge-offs on department store
credit cards soon.
"We
expect KSS and JWN will see a decline in credit revenue in the coming quarters
as rising delinquencies turn into charge-offs," BofA analyst Lorraine
Hutchinson said in the note to clients.
Store credit cards
— with interest rates in some cases above 30% — have long been a pure profit
center for department stores.
Credit card sales
made up about 87% of operating profits at high-end department store Nordstrom
in 2022, according to experts. In 2021, that number was 79%.
Meanwhile,
credit card sales generated the majority of operating profits at Kohl's in
2022, pros estimated.
BofA's
Hutchinson now sees fair value for Nordstrom stock at $13, down from $14
previously. Kohl's stock is being valued at $22 a share by Hutchinson, down
from $25.
Hutchinson added she expects a "worsening credit cycle" in
coming quarters.
The
negative narrative around department store stocks, in large part due to credit
cycle worries, took center stage during the second quarter reporting season in
August.
Macy's (M) said its second quarter credit card
sales tanked 36% from the prior year to $150
million. The reason: Excess balances on Macy's Citibank-powered credit cards
were met with a rising interest rate environment.
Cash-strapped
consumers — enduring an almost 25% annual percentage interest rate on the Macy's card — haven't been able to pay off
their bills. Macy's has opted to write off those balances and could keep doing
so in the quarters ahead.
"While we have
seen an increase in revenues as interest rates have risen, that has been more
than offset by higher bad debt assumptions and write-offs," Macy's CFO
Adrian Mitchell said on a call with Wall Street at the time. "These bad
debt assumptions and write-offs are the result of rising delinquencies, which
leads to higher net credit losses over time and contributes to increased bad
debt within the portfolio."
Execs added that
Macy's is seeing the most acute pressure among households earning $75,000 and under.
Year to date, Macy's credit card sales are down about 24% from a year ago.
Nordstrom echoed
Macy's on its earnings call too.
US commercial-property concerns
keep mounting - experts warn of 'massive' debt refinancing risk and an economic
'doom loop'
Sun, 24 September 2023 at
6:45 pm BST
- Concerns about the US
commercial-property market are mounting as experts warn of worse times
ahead.
- Mohamed El-Erian has warned
of looming "massive" debt refinancings, while others see the
risk of an economic "doom loop."
- Here is a selection of the
latest expert warnings about the US commercial real-estate market.
Concerns about the US commercial
real-estate (CRE) industry are mounting as office vacancy rates hit all-time
highs, consumer savings dwindle, and interest rates march higher.
Some market experts have warned of a
looming economic "doom loop" due to America's collapsing office
market, while others have warned of losses for banks thanks to their CRE
exposure.
Since the start of this year, the
commercial property market has been grappling with multiple challenges
including a steep surge in high interest rates, work-from-home trends, and a
credit squeeze that followed the banking turmoil of the first half.
Here's a selection of the latest
expert warnings about CRE and its implications on consumers, businesses, and
the broader economy.
More
Are we in the age of the
‘permacrisis’?
September 28, 2023
Nobel
Prize winning economist Michael Spence and leading economic commentator Mohamed
El-Erian tell City A.M. about the age of the ‘permacrisis’ as they release
their new book with Gordon Brown.
The global economy
is rapidly changing. Failing to recognise the deep-rooted changes that are
reshaping the underlying economic framework will have deep and long-lasting
implications for global growth.
That’s the
argument of a new book – Permacrisis: A Plan to Fix a Fractured World –
co-authored by ex-Prime Minister Gordon Brown, Nobel-prize winning economist
Michael Spence and leading economic commentator Mohamed El-Erian.
As Spence
told City A.M., “we think we’re in a fairly fundamental and
relatively rapid regime change in the global economy”.
This rapid regime
change creates crises, and lots of them. From financial blow-ups to
de-globalisation and from climate change to Covid, the world has been hit by a
whole catalogue of once in a generation shocks.
El-Erian explained
that the word Permacrisis captures the sense that “every time we emerge from
one crisis there’s another one waiting for us around the corner”. The policy
failure is to see these crises as disconnected.
The spate of
crises are not random pieces of bad luck, preventing the global economy
returning to a steady state of stable growth and low inflation. Ageing
populations, trade fragmentation and the “expensive pattern” of friendshoring
all pose significant headwinds to growth, not to mention the existential
challenge posed by climate change.
As Spence said, “the
mistake is to miss the underlying trends”.
El-Erian, who was
one of the first to suggest the economy was adjusting to a ‘new normal’
post-financial crisis, said policymakers have failed to recognise that “we’re
living in a structural world, not a cyclical world”.
The trends
described in the book have dramatically changed the relationship between supply
and demand.
For years after
the financial crisis, the world was defined by a deficiency in demand. Now,
however, the global economy is facing supply constraints as made abundantly
clear by the post-pandemic surge in inflation.
But policymakers
failed to appreciate the change because they had not focused on structural
changes. When inflation took off, El-Erian said policymakers dismissed it as “simply
a cyclical blip”, using “that awful word transitory”.
In a
supply-constrained world, Spence said inflation is “a threat lurking in the
background”.
And this poses
risks to a global economy which has grown used to low and stable inflation.
“Mindsets tend to lag the change, which creates the conditions for accidents of
a variety of kinds,” Spence said.
More
Are we in the age of the ‘permacrisis’? (msn.com)
Global Inflation/Stagflation/Recession
Watch.
Given
our Magic Money Tree central banksters and our spendthrift politicians,
inflation now needs an entire section of its own.
Entire
U.S. Treasury yield curve moves toward or above 5%, raising risk something may
break
Sep 27, 2023 8:52 PM GMT+1
On a day devoid of
any major market-moving news, investors sent yields in the roughly $25 trillion
Treasury market closer to or further above 5% on Wednesday. It isn't the level
of yields that may prove to be problematic as much as it is the speed with which
they got there, with the pace only accelerating since the Federal Reserve's
policy announcement last Wednesday, analysts said.
Three years ago,
during the U.S. onset of the Covid-19 pandemic, yields on everything from
Treasury bills to the 10-year security were near zero. But in just the past
handful of months, rates on 2-, 10- and 30-year government debt have all jumped
by more than a full percentage point each from their 2023 lows. One of the
biggest factors that is sending long-term Treasury yields to multi-year highs
is a recalculation of what's known as term premium, or compensation that
investors demand for the risk of holding a bond over the life of that security,
according to Alex Pelle, an economist at Mizuho Securities in New York. Unlike
the risk of holding cash, which is seen as limited, the same can't necessarily
be said for long-term government debt.
"What are the
components of long-term yields? The market's estimate of the long-term dot, or
level which Fed officials see as appropriate for their main interest-rate
target, and some term premium because investors demand compensation for
duration risk," Pelle said via phone on Wednesday. "One of the things
that's happening here is a re-evaluation of term premium, given a high fiscal deficit
and large amount of supply coming on line."The move toward 5% Treasury
yields "is not all a bad thing if it is an endorsement of the structurally
higher growth environment we're in, in which the economy is fundamentally more
resilient than in the past," he said. "But the other part of this is
more negative, with investors worried about the trajectory of government debt
and a huge deficit, plus the Fed's quantitative-tightening effort."
The speed of the
current selloff in U.S. government debt is raising the possibility of renewed
trouble for banks and other existing holders of Treasurys, which tend to get
hit hardest by rising yields. TD Securities strategists Gennadiy Goldberg and
Molly McGown said that a persistent selloff in bonds "increases the risk
of 'breaks' similar to" those seen during the U.K.'s liability-driven
investment crisis of last year and this year's collapse of Silicon Valley
Bank.Global insurers surveyed by BlackRock Inc. (BLK) prior to the recent
run-up in market-implied rates cited the potential for more cracks to occur at
banks as their biggest concern. And in a note addressing what it would take for
the 10-year rate to reach 5% in the near term, BofA Securities strategist Bruno
Braizinha said "we continue to recommend hedging scenarios where yields
continue to push higher."
Wednesday's
selloff in Treasurys took off just before midday in New York, reversing the
buying seen earlier in the morning. The 10- BX:TMUBMUSD10Y and 30-year yields
BX:TMUBMUSD30Y respectively jumped to 4.625% and 4.731%, ending at their
highest closing levels since Oct. 16, 2007, and Feb. 10, 2011. Big jumps were
also seen in 3- and 20-year yields, which each rose to 4.9%. "We are
seeing a re-steepening of the curve with lots of yields going higher, including
3-, 5-, 7- and 10-year rates," said Mizuho's Pelle. "But is it going
to break something? Certainly, there are people who are going to lose money.
The speed of these moves is hurting investors, who were long duration. We're
moving higher in rates on a day when nothing else is happening. There's an
asymmetry in these market moves, as investors re-evaluate the yield levels at
which they are willing to buy long-term government debt."
Why Delinquencies Could Spoil The Soft Landing For Banks
Sep 26, 2023,09:20am EDT
With inflation easing
and talk of a “Goldilocks scenario” abundant, banks might be tempted to think
that the economic tides have turned. At the risk of outing myself as a banking
Cassandra, I must point out that there are very good reasons why risk could be
poised for a comeback later this year and into 2024, via a rise in consumer
delinquencies.
Finances are
stretched today, and more consumers are falling behind on loan or credit card
payments. The pandemic boost from government stimulus and a pause on student
loan payments in the U.S. are shrinking in the rearview as more consumer credit
scores slide back into sub-prime territory.
While inflation seems to be easing, interest
rates are showing no sign of coming down, which means everything from auto
loans to credit card payments to mortgages are more expensive. Federal Reserve
data from July revealed that U.S. credit card debt reached record highs this
summer. Meanwhile, a record 16% of American consumers now pay at least $1,000 a
month for their cars, with the percentage of borrowers 60 days late on vehicle
payments higher today than
it was at the peak of the Great Recession.
This problem extends
beyond America. Consumers in the UK, Canada and Australia all face similar
challenges to the ones described above and inflation in Europe has yet to
break.
And if we look to the
near future things don’t look much rosier, with the pause on U.S. federal
student loan payments and interest slated to end in October, and the well-publicized stress in commercial real estate as loan maturities loom closer in North America.
In
short, the oldest risk in banking looks poised to make a comeback. Moody’s
seems to agree, as it cut the credit ratings of several small- and mid-sized
American banks this summer and warned that it may downgrade some of the biggest
lenders due to concerns about credit risk. As of today, the delinquencies on
auto loans, credit cards and consumer loans are at their highest level in a decade.
More
Why Delinquencies Could Spoil The Soft Landing For
Banks (forbes.com)
Covid-19 Corner
This
section will continue until it becomes unneeded.
China,
Germany Resume High-Level Financial Talks After COVID-19
Sept. 28, 2023, at 3:44 a.m.
BEIJING
(Reuters) - China and Germany will co-host a third financial dialogue in
Germany on Oct. 1, the Chinese foreign ministry said on Thursday, resuming
high-level talks that had stalled for several years due to COVID-19.
Chinese
Vice Premier He Lifeng will co-chair the dialogue with German Finance Minister
Christian Lindner, ministry spokesperson Mao Ning said at a regular news
conference.
In
the last round of talks in January 2019, China and Germany signed agreements to
strengthen coordination in banking, finance and capital markets, and pledged to
further open market access and deepen cooperation to broaden economic ties.
Since
then, the European Union, including Germany, has expressed concerns about being
too economically dependent on China.
Last
week, Germany said it was planning to force telecoms operators to slash the use
of equipment from Huawei and ZTE in their 5G networks after a review
highlighted an over-reliance on these Chinese suppliers.
China, Germany Resume High-Level Financial Talks After
COVID-19 (usnews.com)
What is Pirola? New
variant sets ‘alarm bells ringing’
Wed,
27 September 2023 at 12:58 pm BST
The new Covid variant,
Pirola, has set "alarm bells ringing" as the disease “shows no signs
of stopping”, according to a leading virologist.
This year, around 14,000 people
in the UK so
far have died after contracting Covid. Professor Stephen Griffin told The
Mirror that Covid is far from over. “The perception we're done with it and the
narrative of having to live with it is another way of saying we're willing to
deal with the damage it does. It’s the opposite of the Emperor’s new clothes,
it is there, it’s killing people, and we’re not talking about it.
“None of these elements keeping
Covid where it is are stable, and immunity will wain and things can get worse.”
Multiple cases of Pirola BA.2.86
have been detected in the UK, including an outbreak that infected almost every
resident and member of staff at one care home.
Professor Griffin said: “It’s
obviously successful because it’s spread round the world very quickly against
the background of hugely successful Omicron XBB variants.
“The idea that it’ll burn out
could happen, but I suspect it won’t... if you look back, the Delta variant was
quite similar at the beginning and it had fits and starts, before it really got
going. It could reach critical conditions. There are very few sequences at the
moment but testing bias is very poor.
“It could be a matter of time
[until case numbers take off], it could be it doesn’t become very much itself,
but it’s another sign we can’t consign this to being a seasonal flu.
“It’s really hard to tell the
future with that, if nothing else, it’ll be a forebearer for other variants
that could outcompete the XBBs... we keep saying this, we keep seeing these
jumps in evolution for the virus, and it shows no sign of stopping.”
This month, England begun to
offer new Covid boosters following the discovery of the Pirola variant.
NHS England
is urging people to get both jabs to avoid a potential “twindemic” of flu and
Covid, which would put pressure on the health service.
More
What is Pirola? New variant sets ‘alarm bells ringing’ (yahoo.com)
Technology
Update.
With events happening fast in the
development of solar power and graphene, among other things, I’ve added this
section. Updates as they get reported.
Testing particle scattering and
reflection in graphene
SEPTEMBER 27, 2023
Humanity stands on the verge
of two major revolutions: the boom in 2-dimensional supermaterials like
graphene with incredible properties and the introduction of quantum computers
with processing power that vastly outstrips that of standard computers.
Understanding materials like graphene, made of single sheets of atoms,
means better investigations of the properties they display at an atomic level. This includes how electrons behave around superconductors — materials that when cooled to temperatures near absolute
zero, can conduct electricity without energy loss.
When a superconductor is sandwiched between metal materials, a type of
scattering called crossed Andreev reflection may appear, and in an s-wave
superconductor junction, the Andreev reflection usually induces correlated
opposite spin in electrons. This can be used to induce entanglement, a quantum
phenomenon that is critical for quantum computers.
In a new paper in The European Physical Journal B, author
Rui Shen, from the National Laboratory of Solid State Microstructures and
School of Physics at Nanjing University, China, and his co-authors
theoretically assess nonlocal transport and crossed Andreev reflection in a
ferromagnetic s-wave superconductor junction composed of the gapped graphene
lattices.
"A staggered potential can be induced by growing
the ferromagnetic graphene on the boron nitride substrate, leading to the
symmetry breaking and the fully spin-polarized electron state," Shen says.
"The Fermi level is properly tuned via gate voltage or doping so that it
crosses only one conduction band in the left
lead and one valence band in the right lead."
More
Testing particle scattering and reflection in graphene
(phys.org)
Another weekend and the arrival of
crash month October. What could possibly go wrong? Have a great weekend everyone.
John Kenneth Galbraith. The Great Crash: 1929.
No comments:
Post a Comment