Custom Search

Tuesday, March 4, 2008

Really Scary Fed Charts: March








In my posts Really Scary Fed Charts, Why Bernanke Will Furiously Cut and Fed CHANGES Really Scary Fed Charts, I posted some charts on the US banking system that can only be described as ‘really scary’.

Well, a new month brings new data. [EDIT: All data is sourced DIRECTLY from the Federal Reserve Bank of St. Louis.]

First the usual disclaimer: I am NOT a banking industry expert or an expert on fractional reserve banking. However, I did take my fair share of economics and finance courses and I’m definitely not retarded.

Obviously, things have deteriorated further.

Starting at the top and working my way down.
1) Total Borrowings are up from around $16 billion in December to $46 billion in February, almost a 200% increase.
2) Non-Borrowed Reserves dropped from around $25 billion in December to LESS than ZERO. I’m just going to throw this out there: That is probably NOT cool.
3) Net Free or Borrowed Reserves are around zero. While this may SEEM like an improvement, factoring the ever increasing TAF borrowings (which the Fed has removed from this data series) paints a more accurate picture. Including TAF credit, Net Free or Borrowed Reserves are approaching -$45 billion.
4) The Monetary Base has turned down. That is the monetary base is being eroded faster than it can be replaced as debt destruction continues to accelerate. The Fed is ‘injecting’ liquidity through REPO agreements. The Fed is NOT ‘printing’ money. Either way, debt destruction is exceeding liquidity injections. As I wrote in my first post:

“In the land of economics, debt and money are ‘fungible’. That simply means they are interchangeable and for all intents and purposes the same. Debt is money and money is debt. The sudden rapid destruction of debt (every write down you hear coming out of the financial sector) has the effect of destroying money. If debt is destroyed fast enough, and it will be, then you get a rather sudden contraction in money supply. This is known as DEFLATION… and it ALWAYS happens when a debt bubble bursts. ALWAYS.”

5) Despite lower rates, Household Financial Obligations (debt) as a percentage of Disposable Personal Income are still at historic highs. Can you say ‘crushing burden’?
6) The trend is not your friend. Personal Savings have been trending down for years now and have been ‘skipping’ around ZERO. A ZERO Personal Savings rate is NOT what you want to see on the eve of a GIANT financial CRISIS.

I probably don’t have to spell out to you what these charts mean for the global economy and your investments. Bottom callers in general will be come extinct. Those calling for specific bottoms, in financials and real estate for example, will become extinct first.

In US Banking System Teetering on the Brink of Collapse, Mike Whitney took my charts and analyzed them further.

“Some critics say that he just wanted to throw a lifeline to his fat-cat investor buddies on Wall Street by providing more liquidity for the markets. But that's not it, at all. The fact is, Bernanke had no choice. He's facing a challenge so huge and potentially catastrophic; that cutting rates must have seemed like the only option he had.”

We’ve had our Minsky Moment. Now go act accordingly.

Related Headlines:
Citigroup May Need Cash as Losses Mount, Dubai Says (Update2)
Dollar Falls Against Yen on Bets Fed Will Lower Rate 0.75-Point
Asset-Backed, Commercial-Mortgage Spreads Met `Ebola' (Update4)
Auction Supply `Tsunami' Portends Municipal Losses (Update3)

104 comments:

Anonymous said...

Great Analysis kent however one thing is a little puzzling.

You say the fed is not printing money however exchanging collateral (that has suspect value at best) for cash is virtually the same thing. If the cash is not backed by something, anything of like value then you are increasing the money supply...until the Fed stops taking in worthless collateral (I highly doubt that the assets being exchanged are remotely worth what is shoved out the door) it is printing money...just not is the classic definition we are all used to.

MS

Ben Bittrolff said...

Anonymous,

The Fed has limited resources. Very actually. (Relative to the size of the market).

Using bad collateral can result in MARGIN CALLS. Yeah, thats right, you could get a MARGIN CALL from the Fed. So don't worry. Somebody WILL EAT THE LOSS as debt is destroyed

"The same collateral rules also apply to the Fed's current TAF (Term Auction Facility) operations, which have become quite vital in meeting banks' liquidity needs. It is important to note that..."If the margined value of a winning Participant's available collateral were to fall below the amount of TAF Advance awarded to it in the Auction at any time before, on, or after, Settlement Date and before Maturity Date, the Participant would need to pledge additional collateral to cover the shortfall...". In other words, the Fed would issue a margin call." -Sudden Debt

Anonymous said...

All fine and nice but again here we are at a "textbook" definition.....

The fed COULD raise rates too but I don't see that happening at anytime in the next 6 months. The chances that it will force a margin call on a TAF participant is even less likely than raising rates as they wouldn't want to be painted as the person who started the coming bank run.

reality trumps theory each time.

MS

Anonymous said...

Assuming that the entity that exchanged money for the collateral has filed for bankruptcy, what are the implications for that collateral. Would the Fed then aution it in the market to determine its true worth.

Thai said...

Ben, thanks for doing this. ... a very interesting/scary posting.

Anonymous said...

Good post on the deflation aspect, and the fact that the Fed is battling a banking crisis first, foremost, and almost exclusively.

There's a lot of whining about what the Fed is doing in terms of "backstopping the markets" or "trying to avoid a recession" or "inflating our way out of the housing mess" Those are all second order effects.

The bottom line is that a breakdown in the banking sector would be worse for everyone than the alternatives.

Anonymous said...

Are your graphs inflation adjusted? If not it is really hard to figure out what is going on and how far off the scale it is. A dollar went a lot farther in 1920 (or 1980 for that matter).

Though the rest of the economy seems to be hitting a rut, the continued fed support of the banking system has so far held off a true catastrophe. I just hope the low savings rate in general won't be used to justify inflation.

Anonymous said...

http://money.cnn.com/2008/03/07/news/economy/Federal_liquidity.ap/index.htm?postversion=2008030711

More lending to the banks form the Fed to come!

Anonymous said...

Why do you say "Deflation will rear its UGLY head"?

What is ugly about deflation? Actually, deflation is very beautiful as it makes money worth something again.

Deflation gives our dollars buying power, something they have little of right now. That is beautiful!!!

Tom Trader

Ben Bittrolff said...

Tom Trader,

Deflation is indeed beautiful. I'm all for it.

I say UGLY, simply because the system hasn't been designed for deflation. It has been designed for steady, perpetual inflation. Deviate from that norm and the creative destruction that takes place is not for the slow, weak and faint of heart. Personally I would thrive in the ensuing chaos and probably be on the receiving end of the massive wealth redistribution that would have to take place... but most people wouldn't be able to cope.

Anonymous said...

Where can I best follow deflation through the money aggregates?

Where can I see a chart of current velocity of circulation on the $?

Thai said...

Ben, I wonder, do yuo have a way of looking at the data and seeing if there is both deflation AND simultaneous inflation and the two 'fight it out' thereby making neither look on aggregate as bad as they might otherwise look?

Regards

Thai

Ben Bittrolff said...

Thai,

You're seeing the battle now.

Deflation is occuring in financial assets and real estate.

Inflation is taking place in hard assets like commodities.

The net effect is 3% or 8% inflation... depending on your preferred measure.

In the end, deflation will win hands down because the ceasation of debt creation and the actual destruction of debt is the stronger force.

Thai said...

Ben, thanks!

But when you say 3-8% inflation and the deflation wins out, do you mean for some period of time (say months to 1-2 years) we will have infaltion, but then we will have deflation afterwards.

Or that we will have inflation all the while stock/bond asset prices will be falling?

And if so, how would you invest in this scenario?

Anonymous said...

Hey Ben, thanks for this. Even for a layman, this is important information that is readable. I will pass it on...

Anonymous said...

baskets puma future cat low engine noirBon March¨¦ Chaussure Sports Shop:puma future low catChaussure Puma Femme,Chaussure Puma Homme,Chaussure Nike Femme,Chaussure Nike homme,future cat low engineChaussure Sport et plus. Livraison Rapide.Paypal

Anonymous said...


免費視訊聊天,辣妹視訊,視訊交友網,美女視訊,視訊交友,視訊交友90739,成人聊天室,視訊聊天室,視訊聊天,視訊聊天室,情色視訊,情人視訊網,視訊美女
一葉情貼圖片區,免費視訊聊天室,免費視訊,ut聊天室,聊天室,豆豆聊天室,尋夢園聊天室,聊天室尋夢園,影音視訊聊天室,

辣妹視訊,美女視訊,視訊交友網,視訊聊天室,視訊交友,視訊美女,免費視訊,免費視訊聊天,視訊交友90739,免費視訊聊天室,成人聊天室,視訊聊天,視訊交友aooyy
哈啦聊天室,辣妺視訊,A片,色情A片,視訊,080視訊聊天室,視訊美女34c,視訊情人高雄網,視訊交友高雄網,0204貼圖區,sex520免費影片,情色貼圖,視訊ukiss,視訊ggoo,視訊美女ggoo
080苗栗人聊天室,080中部人聊天室ut,ut影音視訊聊天室13077,視訊做愛,kk777視訊俱樂部,上班族聊天室,聊天室找一夜,情色交友,情色貼片,小瓢蟲情色論壇,aio交友愛情館

Anonymous said...

Cheap Brand Jeans ShopMen Jeans - True Religion Jeans, Women JeansGUCCI Jeans, Levi's Jeans, D&G Jeans, RED MONKEY Jeans, Cheap JeansArmani Jeans, Diesel Jeans, Ed hardy Jeans, Evisu Jeans, Jack&Jones Jeans...
gillette razor blades
gillette mach3 razor blades
gillette venus razor blades
gillette fusion blades

Anonymous said...

酒店經紀提供專業的酒店經紀,酒店上班,酒店打工、兼職、酒店相關知識等酒店相關產業服務,想加入這行業的水水們請找專業又有保障的艾葳酒店經紀公司!
艾葳酒店經紀是合法的公司、我們是不會跟水水簽任何的合約 ( 請放心 ),我們是不會強押水水辛苦工作的薪水,我們絕對不會對任何人公開水水的資料、工作環境高雅時尚,無業績壓力,無脫秀無喝酒壓力,高層次會員制客源,工作輕鬆。
一般的酒店經紀只會在水水們第一次上班和領薪水時出現而已,對水水們的上班安全一點保障都沒有!艾葳酒店經紀公司的水水們上班時全程媽咪作陪,不需擔心!只提供最優質的酒店上班環境、上班條件給水水們。

Anonymous said...

花蓮旅遊,花蓮租車,花東旅遊,花蓮租車,花蓮租車,花蓮旅遊,租車,花蓮旅遊,花蓮旅遊景點,花蓮旅遊行程,花蓮旅遊地圖,花蓮租車,花蓮租車,花蓮租車旅遊網,花蓮租車,花蓮租車,花蓮租車,花蓮旅遊景點,租車,花蓮旅遊行程,花蓮旅遊地圖,花蓮租車,花蓮租車,租車,花蓮租車,花蓮賞鯨,花蓮旅遊,花蓮,花東旅遊,花蓮租車,花蓮租車,花蓮租車,花蓮旅遊,花蓮租車,花蓮租車,花蓮賞鯨,租車,花蓮租車,花蓮賞鯨,花蓮泛舟,花蓮溯溪,花蓮旅遊,花蓮旅遊景點,花蓮旅遊行程,花蓮旅遊地圖,租車,花蓮租車,花蓮租車,租車,花蓮租車,花蓮租車,花蓮租車,花蓮租車,花蓮一日遊,花蓮租車公司,花蓮租車,花蓮租車,花蓮租車,花蓮一日遊,花蓮租車,花蓮旅遊地圖,花蓮租車,花蓮旅遊行程,花蓮旅遊景點,花蓮旅遊地圖,花蓮賞鯨,花蓮旅遊行程,花蓮旅遊,花蓮租車,

Anonymous said...

情趣用品情趣內衣情趣vibratorSex DollsAdult Shop

ed hardy said...

Thanks ,ver ygood!
polo hoodies, spyder jacket, cheap spyder jacket, the north face jackets, polo shirts, ed hardy hoodies, polo long sleeves shirts, norther face jacket, POLO jacket, ed hardy boots, ed hardy shoes, ed hardy jacket, ed hardy ugg boots, Babolat Tennis Racquets, Tennis Racquets, nike shoes, puma shoes, nike air max, nike shox nz,

Unknown said...

we have lots of polo shirts
Abercrombie Fitch

clothing

Abercrombie Fitch

hoodile

ralph lauren shirts
Columbia Jacket
north face jackets
spyder ski jacket
polo shirts
polo shirt
spyder jackets
spyder jacket
mens spyder jackets
spyder jackets for cheap
spyder ski jacket
womens spyder jackets
ralph lauren
spyder jackets cheap
spyder jackets for men
cheap spyder jackets
north face jackets
discount spyder jacket
ralph lauren t shirts
ralph lauren polo shirts on sale
discount ralph lauren polo shirts
ralph lauren shirts
ralph lauren polo discount
ralph lauren polo sale
ralph lauren polo

shirts

ralph lauren polo wholesale
north face jackets
north face jacket
Columbia Jacket
ralph lauren

jacket

Abercrombie Fitch hoodile
Abercrombie Fitch clothing
abercrombie fitch
abercrombie fitch


welcom to our store.

Anonymous said...

I like the side of the article, and very like your blog, to write well and hope to continue their efforts, we can see more of your articles. ed hardy clothes. After reading this article has strong feelings, the future will be Changlaikankan's.ed hardy swimwear. polo hoodies
ed hardy jeans
ed hardy
ed hardy clothing
ed hardy t-shirts
ed hardy clothes
ed-hardy.co.uk
ed hardy shirts
ed hardy mens
ed hardy womens
ed hardy sunglasses
ed hardy swimwear
ed hardy Jeans
ed hardy hoodies
ed hardy bags
ed hardy trousers
ed hardy shoes
ed hardy sunglasses
ed hardy suits
ed
hardy
ed hardy dresses

Anonymous said...

I like the side of the article, and very like your blog, to write well and hope to continue their efforts, we can see more of your articles. ed hardy clothes. After reading this article has strong feelings, the future will be Changlaikankan's.ed hardy swimwear. polo hoodies
ed hardy jeans
ed hardy
ed hardy clothing
ed hardy t-shirts
ed hardy clothes
ed-hardy.co.uk
ed hardy shirts
ed hardy mens
ed hardy womens
ed hardy sunglasses
ed hardy swimwear
ed hardy Jeans
ed hardy hoodies
ed hardy bags
ed hardy trousers
ed hardy shoes
ed hardy sunglasses
ed hardy suits
ed
hardy
ed hardy dresses

Anonymous said...

I like the side of the article, and very like your blog, to write well and hope to continue their efforts, we can see more of your articles. ed hardy clothes. After reading this article has strong feelings, the future will be Changlaikankan's.ed hardy swimwear. polo hoodies
ed hardy jeans
ed hardy
ed hardy clothing
ed hardy t-shirts
ed hardy clothes
ed-hardy.co.uk
ed hardy shirts
ed hardy mens
ed hardy womens
ed hardy sunglasses
ed hardy swimwear
ed hardy Jeans
ed hardy hoodies
ed hardy bags
ed hardy trousers
ed hardy shoes
ed hardy sunglasses
ed hardy suits
ed
hardy
ed hardy dresses

head said...

I love your articles, they are really wonderful. And welcome to my blog. We have the same opinions on something.

How do you think of polo cotton shirt? Do you want to be a fashion chaser? In our store online you can chase the most popular ralph lauren women shirts. it can help you increase your attraction.

My friends and I also want to buy excellent tennis prince, and I know there is a perfect store recently, which sells perfect tennis rackets.In order to play the game and search the place where can buy the tennis racket, we find many places, and finally, we find tennis set shop.

would you want to be more attractive? If your answer is "Yes", you can wear spyder jackets, you really need a pair of north face jacket. They can make you become the focus.

women's polo hoodies
men's polo shirts
spyder jacket
women's jacket
head racquets
babolat racquets
wilson racquet
ralph lauren t shirt
polo women shirts
black polo
spyder ski
prince tennis accessories
discount tennis racquets
wilson tennis racquets

Unknown said...

take a look ,if not ,something very important will miss in your life .
China Wholesale

tn chaussures

nike tn

ed hardy clothing

cheap ed hardy

Chaussures Sport

Chaussures Sport

tn requin

Air Jordan Shoes

NFL Jerseys

MBT shoes

nike tn

puma chaussures hommes

Unknown said...

i want to show you the following products:
gucci boots
gucci shoes
gucci t-shirt
gucci bags
gucci handbags
gucci clothing
gucci watch
gucci sunglasses
gucci jewelry
gucci boots
gucci shoes
gucci t-shirt
gucci bags
gucci handbags
gucci clothing
gucci watch
gucci sunglasses
gucci jewelry
gucci boots
gucci shoes
gucci t-shirt
gucci bags
gucci handbags
gucci clothing
gucci watch
gucci sunglasses
gucci jewelry

remise chaussures sport said...

Remise Chaussures Sport
nike tn requin
chaussure nike tn requin
chaussure nike air max
chaussure nike tn
chaussure nike shox

Unknown said...

You say the fed is not printing money however exchanging collateral (that has suspect value at best) for cash is virtually the same thing. If the cash is not backed by something, anything of like value then you are increasing the money supply...until the Fed stops taking in worthless collateral (I highly doubt that the assets being exchanged are remotely worth what is shoved out the door) it is printing money...just not is the classic definition we are all used toTn Requin

Unknown said...

air max,Nike air max
air max 90
nike air max 90
air max 1
air max 95
nike air max 360
nike air max ltd
air max ltd
air max 360
air max classic,Air Max Huarache
air max light
air max bw
air max plus
air max 180
air max nike
air max TN
air max 87
timberland
timberland boots
timberland shoes
cheap timberland boots
timberland uk
timberlands
timberland 2010
timberland outlet

Unknown said...

Sunglasses, Cheap Sunglasses or Discount Sunglasses Armani Sunglasses, Burberry Sunglasses , Cartier Sunglasses , D&G Sunglasses ( cheap D&G sunglasses or discount D&G sunglasses), Dior Sunglasses and Fendi Sunglasses Gucci Sunglasses ( discount gucci sunglasses or cheap gucci sunglasses), Oakley Sunglasses ( in other words cheap oakley sunglasses or discount oakley sunglasses ), Police Sunglasses , ED Hardy Sunglasses , LV Sunglasses , Versace Sunglasses Ray Ban Sunglasses, Roberto Cavalli Sunglasses, Prada Sunglasses( cheap prada sunglasses or discount prada sunglasses Chanel Sunglasses , Coach Sunglasses .

Unknown said...

You say the fed is not printing money however exchanging collateral (that has suspect value at best) for cash is virtually the same thing. If the cash is not backed by something,NFL Jerseys
chaussures puma

Unknown said...

Great Analysis kent however one thing is a little puzzling.NFL Jerseys
tn chaussures

Unknown said...

air jordan 2009
air jordan 2010
jumpman 23
jordan shoes outlet
jordan 6 rings
air jordan 10.5

shoes outlet
cheap shoes
AIR MAX
Bape Shoes
Nike Dunk
Nike Shox
Timberland Shoes
Prada Shoes
Gucci Shoes

cheap straightener
hair straightener
ghd outlet
ghd
2010 NEW GHD

Purple GHD IV Styler

Unknown said...

There are cheap shoes to choose
jordan 6
jordan 7
Good quality with low price.
air jordan 2010
Air Jordan 2009
You can have a look at it.
jordan shoes
jordan ajf shoes
We offer different styles.
jordan 1
jordan 2
If you like,you can contact us.
jordan 3
jordan 4
Thanks.
jordan 5
jumpman23

Unknown said...

Latest film Clash of the Titans
In order to start the final struggle for power and fighting constantly with the King caused the human king and the gods of competition and confrontation, but only confrontation between the gods, it really could destroy the entire world, and let all have ceased to exist ... ... Zeus (with Muni Sen ornaments) the son of Perseus (Samuwoxin Cotton ornaments) While the identity of God is born into the human world, but was brought up as a human dependent - Even so, he was still no way to save his beloved family fled the Hardee's (Ralph Fiennes decoration) of revenge, he is from the God of Hell Hades. Perseus realized that he no longer has any care, he voluntarily assumed a
HP Pavilion DV5000 Battery|Dell Inspiron 1525 AC Adapter|DV5000 Battery|Dell PA-12 AC Adapter|Dell Inspiron 5100 Adapter|8600 Adapter|Dell Inspiron 1501 Adapter|HP 417220-001 Adapter|Dell inspiron 1300 AC Adapter

ai said...

discount chanel outlet
is one of the most famous and renowned fashion houses, offering its wide range of products, all over the world. Among all the fashion related accessories and items, cheap chanel outletare the most demanding and popular ones. chanel 2010
Women have always been in love with newest chanel
, as these are the most important accessories, which help in making a woman look stylish and impressive. With a stylish and matchingracoste polo with your outfit, you are all set to leave your home, whether you are going on work or are going to attend a formal or informal occasion; your discount ralph lauren outletwill help you in grabbing the attention of the people, towards you.

ai said...

discount chanel outlet
is one of the most famous and renowned fashion houses, offering its wide range of products, all over the world. Among all the fashion related accessories and items, cheap chanel outletare the most demanding and popular ones. chanel 2010
Women have always been in love with newest chanel
, as these are the most important accessories, which help in making a woman look stylish and impressive. With a stylish and matchingracoste polo with your outfit, you are all set to leave your home, whether you are going on work or are going to attend a formal or informal occasion; your discount ralph lauren outletwill help you in grabbing the attention of the people, towards you.

trustme said...

Helo, your blog is really good, I like it very much!By the way, if you like nike chaussures tn

you can come here to have a look!
nike tn
tn chaussures
nike tn requin chaussures
nike air max tn chaussures
nike homme chaussures
nike femme chaususres
nike enfant chaussres
MBT France
tn chaussures
nike air max
nike shox TL1
nike shox TL3
nike shox TL3
nike tn 8
nike dunk low femme
nike air max 92
nike shox r4 cartoon
nike tn 10
nike tn limpide
nike tn net
nike tn 8 homme
You also can choose the most fashionable sunglasses here, it really can make you different from

other people.
sunglasses
designer sunglasses
wholesale sunglasses
sunglasses discount in USA
men's sunglasses
women's sunglasses
burbbery sunglasses
bvlgari sunglasses
chanel sunglasses
coach sunglasses
dg sunglasses

Christian Hymon said...

Great Analysis kent however one thing is a little puzzling.

You say the fed is not printing money however exchanging collateral (that has suspect value at best) for cash is virtually the same thing. If the cash is not backed by something, anything of like value then you are increasing the money supply...until the Fed stops taking in worthless collateral (I highly doubt that the assets being exchanged are remotely worth what is shoved out the door) it is printing money...just not is the classic definition we are all used to.


Air Max Chaussures

Air Max Chaussures

Air Max 1 Chaussures

Air Max light chaussures

Air Max 90 chaussures

Air 180 chaussures

Air classic BW chaussures

Air max 93 chaussures

Air max 95 chaussures

Air max 97 chaussures

Air max 360 chaussures

Air Max Schuhe

Air Max 2009 Schuhe

Air max ltd chaussures

Air max tn chaussures

Unknown said...

China online shop
China online shopping
prettyimpress
pretty impress
anna sui wallet
china handbag
invisible silicone bra
solar flower
wholesale umbrellas
wholesale eye makeup
dumpling mold
ipod extension cable
biting shark game
distributor for koji fake eyelashes

Unknown said...

My favorite brand is ed hardy wholesale, and I always want this brand of
wholesale handbags. And its T-shirts are very special too. I really hope I can wear its
wholesale t-shirtsto go to school and go shopping with my friends, and it will be awesome. And most of my friends like the Ed Hardy style too.
However, this brand is too expensive for me to buy. An Ed Hardy Nike wholesale cost nearly 250 dollars. It is almost a cost of my living of mouth. I am only an ordinary student who has no trust fund; no job and no income that I can’t afford to pay such high price for its sunglasses wholesaleor wholesale ghd. So, I won’t buy the Ed Hardy brand series at least for now.

Anonymous said...

It looks good,I have learn a recruit!Recently,I found an jock jackets excellent online store, the XX are completely various, good quality and cheap price,it’s worth buying!

Unknown said...

Christian Louboutin Slingback
Buy Christian Louboutin Slingback
Cheap Christian Louboutin Slingback
Christian Louboutin Slingback Discount
Christian Louboutin Slingback Sale
Jimmy Choo Ankle Boots
Buy Jimmy Choo Ankle Boots
cheap Jimmy Choo Ankle Boots
Jimmy Choo Ankle Boots Discount
Jimmy Choo Ankle Boots Sale
Jimmy Choo Pumps
Cheap Jimmy Choo Pumps
Buy Jimmy Choo Pumps
Jimmy Choo Pumps Discount
Jimmy Choo Pumps Sale
Jimmy Choo Sandals

甜蜜蜜 said...

spyder
coats & jackets
leather jacket
ski jacket
the north face
moncler
coach outlet
coach handbags
coach bags
Moncler
Moncler jackets
moncler outlet
Coats & Jackets
Spyder Jackets
Spyder Jackets
MBT shoes
MBT footwear
Moncler
Moncler jackets
Moncler coats
coach outlet
coach handbag
coach bag
spyder
spyder ski wear
spyder jackets
Puma Shoes
puma outlet
Puma Sneaker

甜蜜蜜 said...

christian dior
dior shoes
dior handbags
dior sunglasses
herve leger
herve leger bandage dress
herve leger outlet
Dior sunglasses
Ray Ban sunglasses
Gucci sunglasses
ski jacket
Spyder Jacket
spyder
pink ghd
discount ed hardy
ed hardy wholesale
wholesale ed hardy
cost performance of car
cars news
car information

Unknown said...

Interesting Article. Hoping that you will continue posting an article having a useful information. Thanks a lot! | sınırsız porno izle | sikiş videoları | porno izle | gizli çekim sikiş | porno izle | porno izle | bakire | adult hikaye | kerhane | sikiş sahneleri | am yalama | tecavüz | oyun oyna | süper oyunlar | göt sikme | kara şimşek | orgazm | jenna jameson | gabriella fox | bakire sikiş | annina ucatis | genelevde sikiş | sınırsız porno izle | sikişme sahneleri | ev pornosu | panda movie es | süper sikiş | sikişen karılar | lezbiyen am yalama | sikme | yarak yalama | rokettube | sikişme | evli türk pornosu | tecavüz | ama sokuş | pornoxxx | japon sikişi | sarışın sikiş | azgın sikiş | erotikhikayeoku | tecavüz hikayeleri | sikiş hikayeleri | sadie west | tatlı sikiş | sulu amcık | sinirsiz porno | azgın sikiş | transeksüel sikiş | adult hikaye | fetis hikayeler | hikaye | anal hikayeler | anal sikiş | bağırtarak sikiş | götten sikiş

combattery84 said...

Laptop Battery
acer Laptop Battery
apple Laptop Battery
asus Laptop Battery
compaq Laptop Battery
Dell Laptop Battery
fujitsu Laptop Battery
gateway Laptop Battery
hp Laptop Battery
ibm Laptop Battery
sony Laptop Battery
toshiba Laptop Battery
APPLE M8403 battery
APPLE A1078 Battery
APPLE A1079 battery
APPLE A1175 battery 1
APPLE a1185 battery
APPLE A1189 battery
Acer aspire 5920 battery
Acer btp-arj1 battery
laptop batterylaptop batterylaptop batterylaptop batterylaptop battery
laptop battery

Anonymous said...

When I see your article, I really agree with you about the blog.I think people will know this after read the information. I hope you will share more with us.

At the same time, you also can go to our website to find someting that maybe you like. We have
nike chaussures,nike shox chaussures,
nike tn,nike tn requin
nike air max chaussures,nike chaussures femmes.
nike chaussures homme,nike chaussures enfants
We have so many kinds of nike shoes that we are sure you will find the one that you like. Besides, we have the special
MBT chaussures.
If you like climbing then you can choose the vibram chaussures in our store.
You can find the Y-3 Yohji Yamamotoand
Nike Air Jordan are designed for you!

combattery84 said...

SONY Camcorder Battery
SHARP Camcorder Battery
CANON Digital Camera Battery
CASIO Digital Camera Battery
FUJIFILM Digital Camera Battery
JVC Digital Camera Battery
NIKON Digital Camera Battery
SANYO Digital Camera Battery
SHARP Digital Camera Battery
SONY Digital Camera Battery
PANASONIC Digital Camera Battery
OLYMPUS Digital Camera Battery
IBM Laptop Battery
acer laptop battery
apple Laptop Battery
toshiba laptop battery
hp latptop battery
dell laptop battery
sony laptop battery
asus laptop battery
compaq laptop battery
FUJITSU Laptop Battery

LG Laptop Battery
Laptop Battery
ACER Laptop Battery
ASUS Laptop Battery
COMPAQ Laptop Battery
Dell Laptop Battery
FUJITSU Laptop Battery

combattery84 said...

HP Laptop Battery
IBM Laptop Battery
SONY Laptop Battery
TOSHIBA Laptop Battery
Acer btp-arj1 battery
laptop battery
ACER Laptop Battery
APPLE Laptop Battery
ASUS Laptop Battery
COMPAQ Laptop Battery
Dell Laptop Battery
FUJITSU Laptop Battery
GATEWAY Laptop Battery
HP Laptop Battery
IBM Laptop Battery
LG Laptop Battery
SAMSUNG Laptop Battery
SONY Laptop Battery
TOSHIBA Laptop Battery
Battery
Laptop Battery
Camcorder Battery
Digital Camera Battery
Mobile Phone Battery
PDA Battery
acer laptop battery
asus laptop battery
apple laptop battery

Send flowers to china said...

Thanks for sharing .Keep posting articles like this.A good example of content presentation.A piece of information from you every now and then is really great.Great article post.I appreciate your writing skills.

combattery84 said...

IBM Thinkpad 390 Series battery
IBM Thinkpad 390X battery
IBM ThinkPad Z61m Battery
IBM 02K7018 Battery
IBM thinkpad t41p battery
IBM THINKPAD T42 Battery
IBM ThinkPad R60 Battery
IBM ThinkPad T60 Battery
IBM ThinkPad T41 Battery
IBM ThinkPad T43 Battery
IBM ThinkPad X40 Battery
Thinkpad x24 battery
ThinkPad G41 battery
IBM thinkpad r52 battery
Thinkpad x22 battery
IBM thinkpad t42 battery
IBM thinkpad r51 battery
Thinkpad r50 battery
IBM thinkpad r32 battery
Thinkpad x41 battery
SONY VGP-BPS2 Battery
SONY VGP-BPS2C Battery
SONY VGP-BPS5 battery
SONY VGP-BPL2C battery
SONY VGP-BPS2A battery

combattery84 said...

HP nc8000 battery
HP nc8230 battery
HP pavilion zd8000 battery
HP f2024b battery
HP f4812a battery
HP Pavilion ZV5000 battery
HP Pavilion DV1000 battery
HP Pavilion ZD7000 Battery
HP Pavilion DV2000 battery
HP Pavilion DV4000 Battery
HP Pavilion dv6000 Battery
HP Pavilion DV9000 Battery
HP F4098A battery
HP pavilion zx6000 battery
HP omnibook xe4400 battery
HP omnibook xe4500 battery
HP omnibook xe3 battery
Notebook NX9110 battery
IBM 02K6821 battery
IBM 02K7054 battery
IBM 08K8195 battery
IBM 08K8218 battery
IBM 92P1089 battery

combattery84 said...

Dell inspiron 8600 battery
Latitude x300 series battery
Dell latitude cpi battery
Dell 1x793 battery
dell Inspiron 1501 battery
Dell 75UYF Battery
Dell Inspiron 1720 battery
dell Latitude C640 battery
Dell XPS M140 battery
Dell Inspiron E1405 battery
dell 700m battery
dell C1295 battery
Dell U4873 Battery
Dell Latitude C600 battery
Armada E700 Series battery
Compaq 116314-001 battery
Compaq 319411-001 battery
Compaq nc4200 battery
Compaq Presario R3000 Battery
Compaq Presario 2100 battery
Compaq Presario r3000 Battery
Compaq Business Notebook NX9000 series battery
HP 395789-001 battery
HP 446506-001 Battery
HP dv9700 battery
HP F4809A Battery

flower said...

I really liked your article. Keep up the good work.I love flowers...I am also interested to send flowers all over the world....

酒店經紀威力 said...

Hello! My name is 酒店經紀 called, is very happy from Taiwan can see your article in here, and knows you





哇賽!制服酒店a

怎麼又是桃園酒店的廣告…


如果還是酒店的話就請多擔待囉…

因為我們是…酒店經紀所以才會來這裡的!

別忘了…金沙酒店是個不錯的好地方 !

還有一個地方就是…中國城酒店

如果還不夠的話也可以到天上人間酒店
去看一看。
換個地方就選擇龍亨酒店吧!

如果要換口味就要選擇海角40號酒店囉!

如果是又換口味又換地方的話就要來台北ceo酒店

介紹完上述酒店就要換介紹一下新竹酒店經紀
的文章了。
因為新竹假日酒店是在新竹!

Anonymous said...

Laptop Battery
ACER Laptop Battery
ASUS Laptop Battery
COMPAQ Laptop Battery
Dell Laptop Battery
FUJITSU Laptop Battery
HP Laptop Battery
IBM Laptop Battery
SONY Laptop Battery
TOSHIBA Laptop Battery
APPLE M8403 battery
APPLE A1078 Battery
APPLE A1079 battery
APPLE A1175 battery 1
APPLE a1185 battery
APPLE A1189 battery
Acer aspire 5920 battery
Acer btp-arj1 battery
Acer LC.BTP01.013 battery
Acer ASPIRE 1300 battery
Acer ASPIRE 1310 battery
Acer Aspire 1410 battery
Acer ASPIRE 1680 battery
ACER BTP-63D1 battery
ACER BTP-43D1 battery
Acer lc.btp05.001 battery
Acer aspire 3000 battery
Acer Travelmate 4000 battery

Anonymous said...

ACER aspire 5560 battery
ACER BATBL50L6 battery
ACER TravelMate 240 Battery
ACER BT.00803.004 Battery
ACER Travelmate 4002lmi battery
Acer travelmate 800 battery
Acer aspire 3613wlmi battery
Travelmate 2414wlmi battery
Acer batcl50l battery
Acer Travelmate 2300 battery
ACER aspire 3610 battery
ACER travelmate 4600 battery
Dell Latitude D800 battery
Dell Inspiron 600m battery
Dell Inspiron 8100 Battery
Dell Y9943 battery
Dell Inspiron 1521 battery
Dell Inspiron 510m battery
Dell Latitude D500 battery
Dell Latitude D520 battery
Dell GD761 battery
Dell NF343 battery
Dell D5318 battery
Dell G5260 battery
Dell Inspiron 9200 battery
Dell Latitude C500 battery
Dell HD438 Battery
Dell GK479 battery

Anonymous said...

Dell PC764 battery
Dell KD476 Battery
Dell Inspiron 1150 battery
Dell inspiron 8500 battery
Dell Inspiron 4100 battery
Dell Inspiron 4000 battery
Dell Inspiron 8200 battery
Dell FK890 battery
Dell Inspiron 1721 battery
Dell Inspiron 1300 Battery
Dell Inspiron 1520 Battery
Dell Latitude D600 Battery
Dell XPS M1330 battery
Dell Latitude D531N Battery
Dell INSPIRON 6000 battery
Dell INSPIRON 6400 Battery
Dell Inspiron 9300 battery
Dell INSPIRON 9400 Battery
Dell INSPIRON e1505 battery
Dell INSPIRON 2500 battery
Dell INSPIRON 630m battery


Dell Latitude D820 battery
Dell Latitude D610 Battery
Dell Latitude D620 battery
Dell Latitude D630 battery
Dell xps m1210 battery
Dell e1705 battery
Dell d830 battery

Anonymous said...

Dell inspiron 2200 battery
Dell inspiron 640m battery
Dell inspiron b120 battery
Dell xps m1210 battery
Dell inspiron xps m1710 battery
Dell inspiron 1100 battery

Dell 310-6321 battery
Dell 1691p battery
Dell Inspiron 500m battery
Dell 6Y270 battery
Dell inspiron 8600 battery
Latitude x300 series battery
Dell latitude cpi battery
Dell 1x793 battery
dell Inspiron 1501 battery
Dell 75UYF Battery
Dell Inspiron 1720 battery
dell Latitude C640 battery
Dell XPS M140 battery
Dell Inspiron E1405 battery
dell 700m battery
dell C1295 battery
Dell U4873 Battery
Dell Latitude C600 battery
Armada E700 Series battery
Compaq 116314-001 battery
Compaq 319411-001 battery

Anonymous said...

Compaq nc4200 battery
Compaq Presario R3000 Battery
Compaq Presario 2100 battery
Compaq Presario r3000 Battery
Compaq Business Notebook NX9000 series battery
HP 395789-001 battery
HP 446506-001 Battery
HP dv9700 battery
HP F4809A Battery
HP nc8000 battery
HP nc8230 battery
HP pavilion zd8000 battery
HP f2024b battery
HP f4812a battery
HP Pavilion ZV5000 battery
HP Pavilion DV1000 battery
HP Pavilion ZD7000 Battery
HP Pavilion DV2000 battery
HP Pavilion DV4000 Battery
HP Pavilion dv6000 Battery
HP Pavilion DV9000 Battery
HP F4098A battery
HP pavilion zx6000 battery
HP omnibook xe4400 battery
HP omnibook xe4500 battery
HP omnibook xe3 battery
Notebook NX9110 battery
IBM 02K6821 battery

Anonymous said...

IBM 02K7054 battery
IBM 08K8195 battery
IBM 08K8218 battery
IBM 92P1089 battery
IBM Thinkpad 390 Series battery
IBM Thinkpad 390X battery
IBM ThinkPad Z61m Battery
IBM 02K7018 Battery
IBM thinkpad t41p battery
IBM THINKPAD T42 Battery
IBM ThinkPad R60 Battery
IBM ThinkPad T60 Battery
IBM ThinkPad T41 Battery
IBM ThinkPad T43 Battery
IBM ThinkPad X40 Battery
Thinkpad x24 battery
ThinkPad G41 battery
IBM thinkpad r52 battery
Thinkpad x22 battery
IBM thinkpad t42 battery
IBM thinkpad r51 battery
Thinkpad r50 battery
IBM thinkpad r32 battery
Thinkpad x41 battery
SONY VGP-BPS2 Battery
SONY VGP-BPS2C Battery
SONY VGP-BPS5 battery
SONY VGP-BPL2C battery
SONY VGP-BPS2A battery

Anonymous said...

SONY VGP-BPS2B battery
SONY PCGA-BP1N battery
SONY PCGA-BP2E battery
SONY PCGA-BP2NX battery
SONY PCGA-BP2S battery
SONY PCGA-BP2SA battery
SONY PCGA-BP2T battery
SONY PCGA-BP2V battery
SONY PCGA-BP4V battery
SONY PCGA-BP71 battery
SONY PCGA-BP71A battery
SONY VGP-BPL1 battery
SONY VGP-BPL2 battery
Sony vgn-t2xp/s battery
Sony vaio vgn-s4xp battery
Sony vaio pcg-z1rsp battery
SONY NP-FT1 battery
SONY NP-FC10 Battery
SONY NP-F330 Battery
SONY NP-F550 Battery
SONY NP-FM50 Battery
SONY NP-FP50 Battery
SONY NP-55 Battery
SONY NP-FM70 Battery
SONY NP-33 Battery
SONY NP-F970 Battery
SONY NP-FP90 Battery
FUJITSU Lifebook C2220 battery
FUJITSU Fpcbp63 Battery

Anonymous said...

FUJITSU Fpcbp68 Battery
FUJITSU Fpcbp77 Battery
FUJITSU Fpcbp78 Battery
FUJITSU Fpcbp79 Battery
FUJITSU Fpcbp95 Battery
FUJITSU Fpcbp98 Battery
FUJITSU Fpcbp121 Battery
FUJITSU Fpcbp151 Battery
FUJITSU lifebook t4010 Battery
FUJITSU lifebook t4020d Battery
GATEWAY NX7000 battery
UNIWILL 258-4S4400-S1P1 Battery
TOSHIBA PA3307U-1BRS Battery
TOSHIBA PA3383U-1BRS Battery
TOSHIBA PA3384U-1BRS Battery
TOSHIBA PA3465U-1BRS Battery
Toshiba PA2487UR battery
Toshiba A100 Battery
Toshiba Satellite A105 battery
Toshiba A70 battery
PA3062U-1BAT battery
Toshiba Satellite P30 battery
Toshiba PA3084U-1BRS battery
Toshiba PA3098U battery

travesti said...

tenks

Freelance web designer said...

It is not good. really too bad.

Anonymous said...

agile software development team | java software company | java web application | java software outsourcing | Tenax Technologies| BlackBerry application development

酒店經紀威力 said...

天上人間酒店
金沙時尚會館
阿曼行館
阿曼酒店
中國城酒店
禮服酒店
制服酒店
便服酒店
便服店
制服店
禮服店
私人招待所
酒店經紀
桃園酒店經紀
台北酒店經紀
新竹酒店經紀
台中酒店經紀
酒店經紀公司
酒店經紀人

crystaljewellery said...

Where can I best follow deflation through the money aggregates?

Where can I see a chart of current velocity of circulation on the $?

alice said...

thanks you share!ugg outlet
ugg classic
ugg classic boots
ugg online
ugg boots
cheap ugg boots
discount ugg boots
australia ugg boots
wholesale ugg boots
sheepskin ugg boots
ugg boots 5815
ugg boots size 9
ugg snowboots
womens ugg boots
classic tall ugg boots
short ugg boots
new ugg boots
winter ugg boots
Is t fast enough? I`ve tried qemu 3 months ago with my 512MB ram pc but it was too slow to be used.

huangsx said...

One style of Converse boots is the Bosey. chaussures converse femme
This boot contains a soft leather upper portion along with shearling lining to keep the feet nice and warm in the wintertime

bottes timberland femme said...

Timberland boots are more stylish also be cheaper making it easily accessible to an ordinary consumer. By wearing these bottes timberland femme, your feet stay comfortable no matter the weather.

yooo said...

Welcome to BUPOP!We offer wholesale cheap Weddings Dresses,Watches,Jewellery,Faucets,Kids Clothing,Kids Toys,Wigs,Costume and Accessories.They are so high-quality and especially affordable for you.You may choose the favorites and take them back home.

wholesale electronice said...

The blog is good one. I like the design of the blog engine.

Unknown said...

Though the rest of the economy seems to be hitting a rut, the continued fed support chaussures puma ferrari of the banking system has so far held off a true catastrophe.

Unknown said...

Nike Air Max 2011
Nike Air Max Shoes
Nike Air Max
Nike Air Max Wildwood Supreme
Nike Air Max Turbulence
Nike Air Max Skyline
Nike Air Max Goadome
Nike Air Max Fitsole
Nike Air Max Zenyth
Nike Air Max Boots
Nike Air Max Zoom Kobe
Nike Air Max Tn
Nike Air Max LTD
Nike Air Max Presto
Nike Air Max BW
Nike Air Max 24 7
Nike Air Max 2010
Nike Air Max 2011
Nike Air Max 2009
Nike Air Max 95
Nike Air Max 91
Nike Air Max 87
Nike Air Max 180
Nike Air Max Griffey Max 1
Nike Air Max 90
Nike Air Max 1
Abercrombie and Fitch London
Abercrombie & Fitch Clothes
Vibram Shoes
Cheap Air Max

elizabeth bernot said...

Costa Rica Tours
Jaco Tours
Jaco Costa Rica Tours
Los Suenos Costa Rica Tours

dpipi888 said...

Nike Air Max
Nike Air Max BW,
Nike Air Max LTD,
Nike Air Max BW women
tn requin pas cher
--
air max pas cher
Nike Shox R4,
Nike Shox TL3,
Nike shox rivalry
--
tn requin
Air jordan 2011,
Air Jordan 4 Retro
Air Jordan 2010
--
sac louis vuitton pas cher
tn requin

groupon clone said...

Such a wonderful post. Thanks for the post. It was very interesting and meaningful. Keep posting. I follow you.
Groupon Clone| airbnb clone| Groupon Clone Script|

deborah taylor said...

This is such a thought provoking information. Everyone will be grateful visiting your site, since it contains informative content.- designer prom accessories.

gym wall pads said...

Thanks for sharing this precised and comprehensive information. Everyone should visit this site to learn more.

li said...

Dear friends,Cheap Sale Louboutin online.All shoes elegant shoes is one of masterpiece from Christian Louboutin Platforms. When you buy yourself a pair of Christian Louboutin Thong Sandals
shoes you allow yourself to benefit from the vast experience and expertise that this brand has collected over the years.Christian Louboutin Platform Sandals
shoes is the personification of women,is their direct orgin of racial pride.Christian Louboutin Shoes
shoes is the personification of women,is their direct orgin of racial pride.andChristian Louboutin Mensis a very distinctive design, its design reflects its style. You put on it, that means you have its style.Welcome to our Louboutin 2011 .http://www.sale-louboutin-shoes.us

william said...

Wow! I'm pretty sure that this caught up plenty of people's attention, Thumbs up for your work and Good writing skills!

i am jayne and i am a freelance writer..
see my related post here ------> Big and Tall Suits

Web Development Company said...

Such a wonderful post. Thanks for the share.
Quora Clone| Formspring Clone|

Nike mercurial soccer cleats said...

I like football, prefer the beautiful and stylish football shoes to introduce aNike soccer cleats.
Prefer Nike mercurial vapor superfly

remontismeta.ru said...

This cannot have effect in actual fact, that's what I consider.

Super Bowl 2012 said...

Such a wonderful post. Thanks for the share.

Clone Script said...

Nice post. Great blog.

Your Escort Agency said...

Your Escort Agency offers exclusive and most beautiful London escort girls of various nationalities.

Unknown said...

Mens Moncler sale Vests is the renowned high-end outerwear brand which Moncler Online created a quilted moncler vests trend in the fashion world. Never one to Moncler Outlet Store stand still in time, Moncler has always kept abreast of the latest technologies and stayed true to its origins without compromising its runway worthy style. If it has a Moncler Online Shop, it will keep you warm on top of the highest mountain and be trendy on any city street. More mens Uggs clearance at Uggs nederland for your best choice! ugg australia boots is the most professional down coat in the world.Using the selected materials and sophisticated technology, Ugg outlet store Down Coats have good heat preservation and excellent anti-wind features.All of the mens down coat sale at our moncler outlet store are famous for their high quality and fashion styles.When you were in, you will feel comfortable and will be the fashional guy in the cold winter.Moncler Mens Jackets-many new styles jackets for customers.These jackets are in many colors very stylish and warm.Long coats or short down jackets for men are the perfect option for you.Moncler jacket is your best choice in cold winter.You can have a special feeling while you are wearing it.More the other moncler down jacket,moncler jackets australia at moncler outlet store.

muebles en ciudad real said...

Quite worthwhile data, thanks for your post.

London escorts said...

Bestescort4U agency provids best London escorts companionship in the UK.

Sol Ibiza">Sol Ibiza said...

Details are very true and factual, I do really learned something new upon reading this interesting post. Good job! and Thanks!

Sol Ibiza

henry county ga tourist information said...

Thanks for the write up! Also, just a heads up, your RSS feeds aren't working. Could you take a look at that?

henry county ga tourist information

hotel ibiza said...

Thank you very much for this post, it is highly informative for artists who are considering doing book covers



Hotel Ibiza

prodigyceo said...

I entered at the south end and rode north.


Ankara escort

Escort ankara

escort bayan ankara

Ankara escort

Escort ankara

escort bayan ankara

Ankara escort

Escort ankara

escort bayan ankara

escort bayan ankara kızılay

Escort ankara bayan

escort bayan ankara çankaya

Ankara escort bayan

Escort ankara bayan

escort bayan ankara

Ankara bayan escort

bayan escort ankara

escort bayan ankara

Ankara escort bayan

Escort ankara bayan

escort bayan ankara
Ankara escort bayan

Escort ankara bayan

escort bayan ankara

posicionamiento google said...

Thanks so much for this article, quite effective piece of writing.

Anonymous said...

youtubelampung.blogspot.com
bimbellampung.blogspot.com
bateraitanam.blogspot.com
lampungservice.com

Anonymous said...

youtubeyoutubeyoutubelampungiklantokoJasaKursuslampungyoutube

Anonymous said...

youtubeyoutubeyoutubelampungiklantokoJasaKursuslampungyoutube

Anonymous said...

Indonesia
Easy
Learning
Indonesian
lampung
www.lampungservice.com
iPhone