Baltic
Dry Index. 1354 -65 Brent Crude 72.27
Spot Gold 2623
US 2 Year Yield 4.13 -0.06
There
may be a recession in stock prices, but not anything in the nature of a crash.
Irving
Fisher, economist. The New York Times (5 September 1929).
In the stock casinos, business as usual.
But in reality, it’s far from business as usual, with Team Trump apparently starting to panic over the medium to long term fate of the US dollar, the world’s leading international fiat currency reserve medium of international trade.
Asia-Pacific markets rise as
investors await key economic readings from the region
Updated Mon, Dec 2 2024 11:29 PM EST
Asia-Pacific markets traded slightly
higher on Monday as the region kick-started a data-heavy week, with investors
focused on economic readings from several countries, including Japan, South
Korea and China.
Over the weekend, China released
its official purchasing managers’ index reading for
November. Manufacturing PMI came in at 50.3 — its highest level since April —
beating the 50.2 expected by economists polled by Reuters. Manufacturing PMI
came in at 50.1 in October.
China’s non-manufacturing PMI
slipped to 50.0 from 50.2 in the previous month, while composite PMI held
steady at 50.8.
A reading higher than 50 shows
expansion in activity, while below that shows contraction.
On Monday, manufacturing PMI
readings from S&P Global will be released for economies throughout
Asia, including
the Caixin PMI survey for China.
Australia’s retail sales rose 3.4%
in October, its fastest year-on-year rise since May 2023.
Indonesia will disclose its
inflation numbers for November later in the day.
South Korea’s Kospi was trading close to
the flatline, and the small-cap Kosdaq advanced 0.13%. Over the weekend, South
Korea’s preliminary trade data revealed exports grew at their slowest pace
since September 2023.
Exports grew 1.4% year-on-year in November, missing
expectations of a 2.8% growth from economists polled by Reuters and a sharp
decline from the 4.6% rise in October.
However, Japan’s benchmark Nikkei 225 was marginally
up, while the broad-based Topix was 0.68% higher.
Hong Kong’s Hang Seng index gained 0.21%,
while mainland China’s CSI 300 was up 0.26%. The Hang Seng Mainland Properties
Index advanced 0.5% after growth in China’s new home prices
accelerated in November.
Australia’s S&P/ASX 200 started the
day up 0.16%.
On Friday in the U.S., the Dow Jones Industrial Average and S&P 500 rose to new
heights and recorded their best months of 2024 amid a shortened trading day.
The S&P 500 added 0.56%, while
the Nasdaq Composite jumped
0.83%. The Dow climbed 188.59 points, or 0.42%. Both the Dow and S&P 500
notched new intraday and closing highs.
Some of the upward momentum came
from chip stocks, which popped after Bloomberg reported that the Biden administration was
considering additional barriers to the sale of semiconductor equipment to China
that weren’t
as strong as previously expected. Lam Research rallied more
than 3%, while Nvidia jumped
more than 2%.
Asia markets live: China PMI, Caixin PMI, Australia retail sales
European markets expected to start December
trading in flat to lower territory
Updated Mon, Dec 2 2024 12:46 AM EST
uropean markets are expected to kickstart
the final month of trading this year in flat to lower territory Monday.
The U.K.’s FTSE 100 index is expected
to open 2 points lower at 8,285, Germany’s DAX down 19 points at
19,606, France’s CAC down
41 points at 7,188 and Italy’s FTSE MIB down 167 points at
33,275, according to data from IG.
Data releases include European
manufacturing purchasing manager’s index figures and Italian gross domestic
product. There are no major earnings due Monday.
Asia-Pacific markets traded
slightly higher overnight as the region kickstarted a data-heavy week. Over the
weekend, China released its official purchasing managers’ index reading for
November, which came in at the highest level since April.
U.S.
stock futures were little changed Sunday night after a winning week
and month for stocks in November which centered on a postelection rally after
President-elect Donald Trump’s win.
U.S. investors will be keeping an eye
on labor
data due later in the week. On Monday, speeches are due from Federal
Reserve Governor Christopher Waller and New York Fed President John Williams.
European markets live updates: stocks, news, data and earnings
In other news, is the USA now so financially compromised by over 36 trillion in official debt, that the dollar now can’t stand competition, even if from a second division team like the mostly nearly bankrupt BRICS?
If yes, just how bad will the dollars final collapse get? See the next section for the rising global risk of fiat money failure.
Trump threatens 100% tariff on BRICS countries if
they pursue creating new currency
November 30, 2024
President-elect Donald
Trump said
he would require countries that are part of BRICS — a China- and Russia-backed
group of emerging economies — to commit to not creating new currency or face
100% tariffs during his administration.
“The idea that the BRICS Countries are
trying to move away from the Dollar while we stand by and watch is OVER. We
require a commitment from these Countries that they will neither create a new
BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar
or, they will face 100% Tariffs, and should expect to say goodbye to selling
into the wonderful U.S. Economy,” Trump posted
on Truth Social on
Saturday afternoon.
BRICS had been made up of Brazil, Russia,
India, China and South Africa since 2011. Earlier this year, Iran, Saudi
Arabia, the United Arab Emirates, Ethiopia and Egypt formally joined — the
first expansion in over a decade. Thirty-four countries have submitted an
expression of interest in joining the bloc of major emerging economies, South
African Foreign Minister Naledi Pandor said
in February.
The leader of one member country, Brazil’s
Luiz Inácio Lula da Silva, in 2023 proposed
creating a common currency in South America to reduce reliance on the US
dollar.
Using BRICS currencies and banking
networks outside the US dollar-denominated system could
allow member
countries such as Russia, China and Iran to circumnavigate Western sanctions.
But the chances of a new currency are probably slim due to the alliance’s
economic and geopolitical differences.
The expanding group is valuable to China
as it looks to forge closer partnerships with key players to challenge the
United States’ global leadership. And it’s also a boon to Russia, which has
been shunned economically and diplomatically by the West following its 2022
invasion of Ukraine. This year, Russia assumed rotating chairmanship of the
group.
During a BRICS summit in October, Russian
President Vladimir Putin and Chinese leader Xi Jinping sought to project the
message that the West stands isolated in the world, while a “global majority” of countries
support their bid to challenge American global leadership.
Trump’s latest economic threat comes days
after he pledged
massive hikes in tariffs on goods coming from Mexico, Canada and China
starting on the first day of his administration. The move, Trump said, will be
in retaliation for illegal immigration and “crime and drugs” coming across the
border.
Since that announcement, Trump spoke with
Mexican President Claudia Sheinbaum for the first time following the tariff
announcement, but they have offered
conflicting statements about the call. Canadian Prime Minister Justin Trudeau,
meanwhile, traveled
to Trump’s Mar-a-Lago estate in Florida to meet with the
president. Trudeau said the Friday dinner with Trump “was an excellent
conversation,” and the president-elect called it a “very productive meeting.”
Trump threatens 100% tariff on BRICS countries if they pursue creating new currency
What Are The BRICS Nations: Why Is Donald Trump
Threatening Them With A 100% Tariff?
1 December 2024
President-elect Donald Trump has issued a
stark warning to the BRICS
nations,
threatening a 100% tariff on their exports to the United States if they pursue
plans to create a new currency. This bold move targets the bloc of emerging
economies, comprising Brazil, Russia, India, China, and South Africa, alongside
recently added members such as Saudi Arabia, the UAE, Egypt, Ethiopia, and
Iran. Trump's statement, shared via Truth Social, highlighted his concerns over
attempts to undermine the dominance of the US dollar in global trade.
Trump declared, "The idea that the
BRICS Countries are trying to move away from the Dollar while we stand by and
watch is OVER. We require a commitment from these Countries that they will
neither create a new BRICS Currency nor back any other Currency to replace the
mighty U.S. Dollar, or they will face 100% Tariffs."
The Role and Ambitions of BRICS
The BRICS alliance, representing nearly a
quarter of the world's GDP, has been exploring alternatives to the US dollar
for international trade, a move known as "de-dollarisation."
Countries like China and Russia have voiced support for creating a payment
system independent of the US-led financial structure. Russian President
Vladimir Putin has criticised the dollar's "weaponisation," stating
that Western sanctions force nations to seek financial alternatives.
The expansion of BRICS earlier this year
to include nations like Saudi Arabia and the UAE has further amplified their
collective economic clout. However, analysts believe significant economic and
political differences among BRICS members could hinder the successful
implementation of a shared currency.
Impact on the US Dollar and Global Trade
Despite the rhetoric surrounding
de-dollarisation, experts suggest that the dollar remains unchallenged as the
world's leading reserve currency. According to the IMF, the dollar accounts
for 58%
of global foreign exchange reserves. An Atlantic Council study reinforces
that the dollar's dominance in global trade is secure for the foreseeable
future.
However, BRICS members argue that the
dominance of the dollar imposes economic risks on developing nations. By using
non-dollar currencies and banking networks outside the US-led system, countries
like Russia and Iran aim to bypass Western sanctions. This economic defiance
adds fuel to Trump's hard-line stance.
Reactions and Broader Implications
Trump's threat comes amid escalating
tensions with major trading partners. He has already proposed steep tariffs on
imports from Mexico, Canada, and China to address illegal immigration and other
concerns. While Mexican President Claudia Sheinbaum expressed optimism
about averting
a trade conflict,
Canadian Prime Minister Justin Trudeau left recent talks without firm
assurances from Trump.
The 100%
tariff threat,
if implemented, could significantly strain US relations with BRICS nations and
disrupt global trade flows. Economists warn that such a policy could trigger
retaliatory tariffs, affecting American businesses and consumers.
What Are The BRICS Nations: Why Is Donald Trump Threatening Them With A 100% Tariff?
Fiat Money: What It Is, How It Works, Example,
Pros & Cons
By James Chen Updated July 02, 2024
What Is Fiat Money?
Fiat money is a government-issued currency
that's not backed by a physical commodity such as gold or silver. It's backed
by the government that issues it. The value of fiat money is derived from the
relationship between supply and demand and the stability of the issuing
government rather than the worth of a commodity backing it.
Most modern paper currencies are fiat
currencies, including the U.S. dollar, the euro, and other major global
currencies.
Understanding Fiat Money
The term "fiat" is a Latin word
that's often translated as "it shall be" or "let it be
done." Fiat currencies only have value because the government maintains
that value. There's no utility to fiat money in itself.
Governments would mint coins out of a
valuable physical commodity such as gold or silver before fiat currency came
about. They might have printed paper money that could be redeemed for a set
amount of a physical commodity. Fiat is inconvertible, however. It can't be
redeemed because there's no underlying commodity backing it.
Fiat money isn't linked to physical
reserves such as a national stockpile of gold or silver so it risks losing
value due to inflation. It might even become worthless in the event of hyperinflation. The rate of
inflation can double in a single day in some of the worst cases of
hyperinflation,
such as in Hungary immediately after WWII.1
The money will no longer hold value if
people lose faith in a nation's currency unlike a currency backed by gold. This
type of currency has intrinsic value because of the demand for gold in jewelry
and decoration as well as in the manufacturing of electronic devices,
computers, and aerospace vehicles.
History of Fiat Money in the U.S.
The U.S. dollar is considered to be both
fiat money and legal tender. It's accepted for private and public debts. Legal
tender is any currency that a government declares to be legal. Many
governments issue a fiat currency and then make it legal tender by setting it
as the standard for debt repayment.
The country's currency was backed by gold
and in some cases silver earlier in
U.S. history. The federal government stopped allowing citizens to exchange
currency for government gold with the passage of the Emergency Banking Act of
1933. The gold standard backed U.S.
currency with federal gold but it ended completely in 1971 when the U.S. also
stopped issuing gold to foreign governments in exchange for U.S. currency.23
U.S. dollars have been backed by the
"full faith and credit" of the U.S. government since that time.
They're "legal tender for all debts, public and private" but not
"redeemable in lawful money at the United States Treasury or at any
Federal Reserve Bank," as the printing on U.S. dollar bills used to claim.
U.S. dollars are "legal tender" rather than "lawful money"
in this sense, which can be exchanged for gold, silver, or any other commodity.
more
Fiat Money: What It Is, How It Works, Example, Pros & Cons
My concern is that a BRICS CBDC is
unstoppable and with a clearing mechanism based in HK, where one is already
being tested. In about a decade, if it works, much of international trade may/will
likely be conducted and settled via CBDCs.
At present I don't see any way to prevent
CBDCs from happening and eventually replacing the dollar's reserve currency
role.
My biggest fear though is that the G-7 gets a massive debt default crisis before a reliable dollar replacement reserve is in place. Today's LIR covers in part the rising debt default pre-crisis in US commercial real estate debt and the growing pre-crisis in global auto manufacturing.
Either can turn into an instant crisis within
the next five years. CBDCs need about ten years, probably longer.
I think it was a mistake to go public on this now, when the BRICS are barely organised, far from creating a BRICS currency, (if ever,) and clearly still very second division. Why needlessly attract attention to the dollar's long term failings now? Why point out to the Rest of the World, that long term, the dollar will go the way of the Pound, Franc, Peso and Lira?
To be an enemy of America can be dangerous, but to be a friend is fatal.
Henry A. Kissinger.
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.
German Auto Supplier Faces Crisis with £900 Million Debt
30
November 2024
The
automotive industry is facing significant challenges as it navigates a shifting
landscape.
The
transition to electric vehicles is progressing slower than expected. Rising
living costs have also kept many consumers from purchasing new cars.
These
pressures are not only affecting car manufacturers but also the suppliers who
depend on their success.
One
of those suppliers, the German company Webasto, is now in a serious financial
crisis, according to Boosted.
Webasto,
a major producer of sunroofs and heating systems, has been hit hard by the
downturn in the automotive sector.
The
company is struggling with €1 billion (£870 million) in debt, which urgently
needs refinancing. The debt, accumulated in part during an ambitious expansion,
has now become a heavy burden.
Negotiating
New Loans
Webasto
has started working with its lenders, including BayernLB and UniCredit SpA, to
negotiate new loan terms. A restructuring officer has been brought in to
oversee the process.
The
company has also hired Rothschild & Co. to provide advice on handling its
debt and exploring potential mergers or sales.
Earlier
this year, Webasto renegotiated loan terms after failing to meet certain
financial conditions. However, weaker-than-expected results have led to fresh
talks.
Competition
from Chinese suppliers has also made the situation worse. In 2023, Webasto saw
sales in China decline significantly.
The
company’s struggles reflect the broader challenges in the automotive industry.
Consumers, facing rising costs, are holding off on buying new cars.
The
shift to electric vehicles has been slower than predicted. Automakers like Ford
and Volkswagen have announced major layoffs and are considering plant closures
in Europe.
Webasto
is taking steps to reduce its financial strain. In February, it sold most of
its charging station business. The following month, the company announced that
mass layoffs are under review.
At
the end of 2023, Webasto had loans totaling over £900 million, including one
loan worth £700 million. The company’s ability to restructure its debt will
likely determine its future.
Like
many others in the industry, Webasto is feeling the effects of a rapidly
changing and challenging market.
German Auto Supplier Faces Crisis with £900 Million Debt
SNB
chairman says Swiss industry feeling German weakness
30
November 2024
FRANKFURT
(Reuters) - The current weakness in German industry is sapping demand in
Switzerland's manufacturing sector, Swiss National Bank Chairman Martin Schlegel
said on Saturday.
"When
Germany has a cold, Switzerland gets the flu," he said, noting that there
was significantly less demand among Swiss manufacturers owing to the downturn
in Germany, Switzerland's top overall trade partner.
Schlegel
was speaking at an event in Frankfurt organized by Germany's Bundesbank less
than two weeks before the Swiss central bank is due to make its next interest
rate decision.
So
far in 2024, the SNB has reduced its benchmark rate three times to 1% now, with
expectations of more cuts to come.
Markets
currently give a 72% probability for a 25 basis point cut, and a 28% likelihood
for a 50 basis point cut at the SNB's next monetary policy meeting on Dec. 12.
The
rate cuts have followed slowing inflation, which has been within the SNB's 0-2%
target range for nearly 18 months.
In
October, Swiss annual inflation eased to 0.6%, its lowest level in more than
three years.
SNB chairman says Swiss industry feeling German weakness
Business
confidence in UK economy falls to lowest level since lockdown
30
November 2024
Optimism
about the UK economy has plummeted to levels last seen at the start of the
Covid pandemic following Labour’s
tax-hiking Budget, according to a
survey.
More
than 600 bosses responded to the poll from the Institute of Directors (IOD),
with many blaming Chancellor Rachel Reeves for their
pessimism.
IOD
chief economist Anna Leach said: ‘Far from fixing the foundations, the Budget
has undermined them, damaging the private sector’s ability to invest in their
businesses and their workforces.’
The
IOD called on Ms Reeves to inject positivity into the economy, saying: ‘We urge
the Government to look for opportunities to ameliorate the negative impacts of
the Budget and reposition the growth narrative more positively.’
Shadow
business secretary Andrew Griffith said: ‘The survey shows a catastrophic loss
of business confidence under this government.’
Business confidence in UK economy falls to lowest level since lockdown
Distress in Commercial Real Estate Bonds Hits
All-Time High
11/22/2024
Commercial real estate continues to suffer
despite the Federal Reserve’s attempt at ameliorating the capital markets with
a 50-basis point rate cut in September.
The pain is especially apparent in the
so-called “CRE-CLO” bond market. CRE-CLO bonds are packaged commercial real
estate mortgages comprising short-term floating rate loans. These bridge
loans were recently, and most notably, used to facilitate the biggest
apartment investment bubble in history, but were also used in financing other
commercial real estate sectors including office, retail, hotel, industrial, and
self-storage.
Most of the current batch of bridge loans
originated in the 2020-2022 period—when benchmark rates were near zero and
commercial real estate prices were peaking—and carried maturities of three to
five years. Benchmark rates are now much higher, prices much lower, and
property performance far worse than anticipated. Thus, a wall of maturities is
staring borrowers, lenders, and bondholders in the face, all while underlying
property performance disappoints.
Despite attempts by lenders to extend
and pretend—kicking the can down the road in the short term to avoid
defaults until the Federal Reserve lowers rates enough to bail them out—their
delusions of reprieve may be fading fast.
Apartment Investors Play Checkers Instead
of Chess
At the end of Q3, the distress
rate for CRE-CLO loans across all commercial real estate sectors
reached 13.1 percent, an all-time high. Distress in this instance is defined as
any loan reported 30 days or more delinquent, past the maturity date, in
special servicing (typically due to a drop in occupancy or a failure to meet
certain performance criteria), or any combination thereof.
While roughly one in seven loans meets
these criteria, the weakness is concentrated in two or three sectors.
Unsurprisingly, office properties have the
highest rate of distress, with nearly one in five CRE-CLO office loans
experiencing current distress. This is to be expected after the covid panic of
2020, subsequent to which various “work-from-home” directives essentially made
the office market obsolete.
For similar reasons, distress is also high
in the retail segment, as all but the most well-heeled retailers were forced
under by the maniacal and criminal government edicts of the time.
However, the real story here is in the apartment,
or multifamily, sector. Seen in Figure 1, the distress rate for apartments
touched 16.4 percent in August. An astonishing number, indicating that one in
six apartment bridge loans were distressed. The improvement to 13.7 percent
shown for September is seasonal, as renters settle in at the start of the
school year.
While this picture is bad enough, the
reality under the surface is far worse. As reported by the Wall
Street Journal, using Q2 data from MSCI, the batch of currently
distressed apartment bridge loans comprise roughly $14 billion in
total loans, but there exists an additional $81 billion in potentially
distressed loans. MSCI categorizes loans as “potentially distressed”
if they have seen delinquent payments, forbearance (when the lender lets
interest payments accrue rather than taking a default action), or where key
performance metrics like occupancy and net operating income are dangerously
low.
More
Distress in Commercial Real Estate Bonds Hits All-Time High | Mises Institute
Covid-19 Corner
This section will continue until it becomes unneeded.
Covid-19 may raise risk of developing multiple sclerosis
30
November 2024
Covid-19
may be a risk factor for multiple sclerosis (MS). This has been shown by new research
at örebro University and örebro University Hospital, Sweden.
We
saw a raised risk of MS among people who had severe Covid-19. However, only an
extremely small number of people who had severe Covid-19 received a subsequent
MS diagnosis."
Scott
Montgomery, professor in clinical epidemiology, Örebro University
Scott
Montgomery examined the records of all patients with Covid-19 that were
admitted to hospital in Sweden between 2020 and 2022.
The
results showed that nearly 26 per 100,000 patients with serious Covid-19
subsequently developed MS. This was more than double the risk than in those
without a Covid-19 diagnosis.
"I
want to make it clear that MS is an uncommon disease and very few people in
this study had an MS diagnosis linked with Covid-19. Approximately 26 people
with new-onset MS per 100,000 with serious Covid-19 is only 0.02%."
Scott
Montgomery suspects that the number who are diagnosed with MS following severe
Covid-19 will increase over the years after the pandemic.
"It
can take up to 10 to 20 years until an MS diagnosis following a relevant
exposure to the brain or spinal cord. The extent to which serious Covid-19 is a
cause of MS will become clearer in several years," says Scott Montgomery.
He
hopes that the research will result in earlier diagnosis of MS among those
affected so they can be treated before development of more advanced disease.
"Since
the majority of people who were infected will not develop diseases such as MS,
they should not worry. However, people with symptoms should seek medical
advice. The earlier patients with MS are treated, the better quality of life
they will have, because treatments delay the worsening of the disease,"
says Scott Montgomery.
He
also emphasises the importance of ensuring that everyone is up to date with
their vaccinations to prevent infections.
"There
is a connection with the severity of Covid-19. More serious Covid-19, is
associated with greater risk MS, possibly uncovering latent MS."
Similar
research is underway on other diseases that could be caused by Covid-19.
Research results come continuously.
"If
we can follow the patient group that has been admitted to hospital for severe
Covid-19 and identify diseases that are more likely to develop subsequently, we
may be able to monitor for these diseases and hopefully help patients in a
timely manner."
The
research is published in Brain Communications.
Covid-19 may raise risk of developing multiple sclerosis
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.
Five battery
rules as a fire could cost you £420,000
28
November 2024
The
average cost of fire-related claims involving lithium batteries is £50,000,
with fires caused by leaking and damaged batteries and overcharged e-vehicles
combusting at home. The Greater London area alone has seen 673 fires where a
lithium battery or vehicle was involved since January 2023.
The
largest claim received by Allianz for a fire started by a rechargeable lithium
battery is for more than £420,000, after a battery-powered vacuum cleaner
caught alight, causing a major fire in a property in London. Allianz
fire-safety partner and Surrey firefighter, Angela Everington, says homeowners
should be wary of the number and age of these batteries they have lying around
which could start fires.
She
said: “Old batteries aren’t just unnecessary to keep lying around but are more
prone to damage and deterioration. The older the battery, the higher the chance
of leaking, sparking or igniting a fire.”
To
raise awareness of the dangers, Allianz has compiled a list of some of the top
lithium-ion powered items people admit to holding on to for too long:
- 1. Smartphones – 77%
- 2. Laptops – 57%
- 3. Digital cameras – 20%
- 4. Power bank – 13%
- 5. Electric toothbrush – 11%
Angela
said: “Overcharging, or using incorrect wattage when charging, can damage the
battery, causing it to overheat and even explode. Allianz’s research chimes
with the trends we’ve witnessed when attending house fires, which are more
frequently caused by lithium products.”
Caroline
Johnson, Allianz personal lines claims director, said: “Fires caused by
rechargeable lithium batteries can have devastating consequences, and it is
important that people use good quality batteries from reputable retailers.
Items such as mobile phones, tablets, cameras and other electronic devices are
essential parts of modern living but we can all take precautionary steps to
make sure we are charging, disposing and handling our devices correctly. People
should look out for problems with their batteries such as wear and tear,
overheating and bulging, and dispose of damaged batteries properly.
“Old
tech should be recycled properly and it is also important that every house has
smoke alarms fitted.”
The
figures show that although most people own lithium battery-powered items, one
third (34%) said they don’t know or are unsure of the risks they pose. More
than 78% of people regularly charge their battery products overnight and almost
half (45%) use uncertified chargers.
Angela
is encouraging people to use, treat, and dispose of these products properly to
help keep their homes and possessions safe and has shared some of her top tips
to help avoid fires at home.
- Avoid charging devices overnight or
unattended.
- Store lithium batteries in a cool,
dry place, away from heat sources.
- Always use certified chargers for
your devices.
- Look out for signs of battery damage
- such as swelling or leaking.
- Dispose of damaged batteries safely –
do a quick Google search to find your nearest refuse centre.
Five battery rules
as a fire could cost you £420,000
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt
Clocks (usdebtclock.org)
The thief or swindler who has gained great wealth by his delinquency has a better chance than the small thief of escaping the rigorous penalty of the law.
Thorstein Veblen, economist.
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