As long as you’re willing to assume that the world will end some day and that the end will be known in advance, it’s a simple matter to prove by induction that money is worthless.
Consider the last minute of the world. If you were living in that last minute, would you accept money as payment for anything? Of course not. You wouldn’t have time to spend it, so what good would it be to you? In the world’s last minute nobody will accept money as payment and therefore it will have no value to anyone: it will be worthless.
Now consider some minute in time where it is known that money will be worthless a minute later. If you were living in that minute, would you accept money as payment for anything? Of course not. You wouldn’t have time to spend it before it becomes worthless, so what good would it be to you? A minute before money is to become worthless, it will already be worthless.
Therefore, according to the principle of mathematical induction, money is always worthless. It will be worthless at the world’s last minute; it will therefore be worthless a minute before that; it will therefore be worthless a minute before that; and so on. Go back as many minutes as you need to go back, and you can get to any point in time and show that money is worthless at that point in time.
Thus, fundamentally, money is worthless right now. But even people like me, who are well aware of this proof, are willing to accept money as payment despite its fundamental worthlessness. Money is valuable to us because we expect it to be valuable to someone else. And since we are reasonably confident in the monetary authorities’ ability to recruit new generations of victims in this endless Ponzi scheme, we willingly allow ourselves to become victims. All of which is very convenient because it allows us to use money as a medium of exchange, a unit of account, and sometimes even a store of value. And it allows authorities to manage the supply of money so as to minimize the frequency and severity of economic downturns.
It’s a nice con game, one where we may rightly cheer the operators, given that the success of their game normally results in benefits for everyone involved. Sometimes, usually in small countries where monetary authorities have limited credibility, we see the con game fail, and generally we lament that failure.
But the other danger is that the game can be too successful. If people become too confident in the value of money relative to other assets, the result is hoarding of money and eventually deflation. And since money is neither productive (like a factory) nor useful (like food), the hoarding of something unproductive and useless supplants the creation of productive and useful things. Accordingly, the operators of the game always suffer from a very rational fear of success. And today, it would appear, their fear is coming true.
But this is crazy. There must be a way to stop rational people from hoarding endless amounts of an asset they know is fundamentally worthless. There must be a way to blow the whistle on this con game.
The solution, it seems to me, is to have the operators come clean – not come clean entirely, not admit that money is completely worthless, but declare in no uncertain terms their intention to cheat us out of quite a lot if we persist in having so much confidence in their scheme. Of course even that approach may not work – it’s possible that our collective gullibility has no limits – but it certainly seems worth a try.
What I’m suggesting is something that has already been suggested – in rather less shocking terms, perhaps – by various other economists (as for example in these posts by Greg Mankiw and Nick Rowe): the Fed should announce a price level target for some point in the future. And it should make that target high enough to scare people (and institutions) out of hoarding money.
It’s still a game of chance. Nobody can be sure that the Fed will be able to hit its price level target, or even get anywhere near it. As I said, in terms of the Ponzi scheme, there may be no limit to our collective gullibility. But let’s shift metaphors here: when you’re playing five card stud and you see that one of the other players has four hearts showing, even if you know the odds are against that player’s having a full flush, you’ve got to have a fair amount of guts to make a big bet on your three aces. And guts are in short supply these days. Nobody will know whether the Fed is bluffing; even the Fed itself won’t know whether it’s bluffing; but if the price level target is high enough, if the player with the four hearts throws enough blue chips into the pot, a lot of today’s ultra-risk-averse investors are going to fold.
And if enough of them fold – OK, here I have to shift the metaphor a little bit again, or maybe you have to think about hundreds of poker games being played at once, with some kind of arrangement where the house is allowed to pass cards from one game to another when the players in the first game fold – if enough investors fold, the game is over. If enough investors give up thinking that their three aces, a.k.a.money (or zero-yield T-bills), are a safe asset, if enough investors start instead buying assets that are productive or useful, then the slack in the economy will diminish and eventually give the Fed a chance to push up prices by creating excess demand. And then the Fed can hit its price target and win the pot.
DISCLOSURE: Through my investment and management role in a Treasury directional pooled investment vehicle and through my role as Chief Economist at Atlantic Asset Management, which generally manages fixed income portfolios for its clients, I have direct or indirect interests in various fixed income instruments, which may be impacted by the issues discussed herein. The views expressed herein are entirely my own opinions and may not represent the views of Atlantic Asset Management.
A long strange trip
6 days ago
75 comments:
Yes! Or, shifting metaphors again, it's like a game of cards where the Fed wants to lose, and wants people to bet against the Fed's hand. And the way to do this is to start playing stupidly (Paul Krugman's metaphor of making a commitment to be irresponsible in future money creation), or maybe to start throwing away some of it's good cards (buying toxic assets to destroy the net worth of the Fed's balance sheet, so it will have to print money to pay its debts).
Let's go the whole hog with that last metaphor: remember your previous post on zero interest bonds = money (why does it matter)? The Fed + Treasury needs to credibly damage the balance sheet of the Fed + Treasury. Let's borrow great wads of cash. Will we be able to pay it back without inflating? Dunno. You sure you want to hold that much money+bonds? Or maybe buy some real goods instead?
I think the suggestion has more merit than most. However, the question is how to control velocity once it is unleashed.
One way is to target a price level that coincides with a more manageable ratio of total credit to GDP. The ratio is now 350%, and it could stand to drop to 200% in order to eliminate the threat that nationalization of private debt poses to sovereign default risk. So, inflate the denominator, and slam on the breaks when nearing 200%.
The problem, of course, is that a visible target would be gamed by the market. The nearer to the target, the more velocity would again plummet in expectation of monetary contraction. So, keep the target a secret? That's one solution, but then, without any visibility on future stabilization of reserve growth, velocity could turn into the cancer of capital flight.
The above seem to present insurmountable obstacles to your suggestion. Perhaps you would argue, like some have, that the Fed can engineer an exit out of deflation directly into some benign level of inflation -- say, 2-4%. That would be sort of like jumping off a cliff and landing on a tightrope.
Hoarding of cash in mattresses causes the system to break down, but depositing cash in the bank (within reason) keeps the system running smoothly. Banks loan the cash to budding entrepreneurs so they can build productive factories. Zero inflation is consistent with a productive society as long as citizens have confidence that banks will return their cash with real interest. No one stuffs cash in a mattress if they can earn real interest safely.
The problem during the Great Depression was that citizens lost confidence that banks would return their cash. The FDIC solved that, and things gradually returned to normal. However, the high inflation period made citizens lose confidence that banks would return their purchasing power. Banks gradually lost depositors, as citizens switched to inflation hedges (McMansions and such).
The problem is that negative real after tax interest rates prevent citizens from buying capital goods with their savings just as surely as bank defaults did during the GD. Citizens will not build factories with their savings unless they get their purchasing power back with interest.
The proximate cause of the current crises is negative real after tax interest rates. Inflation hedges are no substitute for productive factories. Positive real after tax interest rates must be consistently maintained by banks for citizens to deposit in them. Without these deposits, factories will not be built.
Foreign capital cannot permanently substitute for domestic circular flow. Citizens must have confidence that banks will return their real purchasing power with interest for the system to be stable.
Here is what John Maynard Keynes wrote on the subject. Notice that John thought it absolutely essential that citizens buy capital goods with their savings:
"But capital-goods will not be produced on a larger scale unless the producers of such goods are making a profit. So we come to our second question—upon what do the profits of the producers of capital-goods depend? They depend on whether the public prefer to keep their savings liquid in the shape of money or its equivalent or to use them to buy capital-goods or the equivalent. If the public are reluctant to buy the latter, then the producers of capital-goods will make a loss; consequently less capital-goods will be produced; with the result that, for the reasons given above, producers of consumption-goods will also make a loss. In other words, all classes of producers will tend to make a loss; and general unemployment will ensue."
From "The Great Slump of 1930".
Citizens must buy capital goods with their savings, or the system will spiral downward. Inflation hedges are no substitute. Citizens must save money in the bank, so banks can lend to business. Citizens will not do this if the banks will not give them their purchasing power back.
"If people become too confident in the value of money relative to other assets, the result is hoarding of money and eventually deflation"
People are NOT "too" confident in the value of money - they just have even less confidence in anything else - except perhaps gold which leads on to:
"since money is neither productive (like a factory) nor useful (like food), the hoarding of something unproductive and useless supplants the creation of productive and useful things"
Gold is neither productive or useful, but it can still be used as a medium for the creation of productive and useful things, if for no other reason than that gold is not fiat. Which leads to:
The Fed should announce it is buying gold.......and the so-called problems of deflation would be solved - without perhaps the serious, long-term inflation that would undoubtedly eventually result from a continuation of current policies.
David,
Usually the Fed doesn’t have much trouble managing changes in velocity. For most of the past 20 years it has maintained a fairly stable rate of inflation. The reason it’s having a problem now is that it has hit a liquidity trap, where the economy will accept unlimited quantities of money without using it for anything. But as soon as we get out of the trap, the Fed has its usual instruments at its disposal, and if it appears to be overshooting a price target, it just needs to tighten again. (I’m assuming there would be a series of price targets that eventually – but possibly over a fairly long time period – glides into a reasonable rate of inflation.) As long as the targets are high enough to begin with, it’s unlikely that we would get back into a liquidity trap. There might be some overshoots, and there might need to be some “intentional recessions” (like 1982, though probably much milder), but all in all I don’t think it would be that hard making a gradual transition to normal inflation. The road will be bumpy road at first, but it should smooth out over time.
Andy,
The time period of 1983-2000 is hardly indicative. Those were, arguably, normal inventory cycles which the Fed was able to smooth.
The Fed's experience in tapping on the breaks in 2001-2008 experience is indicative. The commodity, housing and other markets went haywire. A little bit of tightening was too much, and rates ended up right where they started: 1% or below. Surely this casts some doubt on the ability for the Fed to remove stimulus without landing back in deflation.
There's also the 1937 experience, where the Fed's stimulus removal caused the "mini Depression" of 1937-1938, which arguably was a return to deflation, and which prolonged the Depression-era unemployment. Again, we left deflation in 1933, re-entered in 1937.
Then there's the example of countless emerging markets IMF-induced austerity measures, all based on the idea that countries reluctant to remove stimulus would have to bite the bullet and accept the ensuing deflation.
I urge you to come up with an example of a "smooth exit" from monetary stimulus following an economy-wide debt crisis. Before you say "Japan", please note that its faces deflation and a return to quantitative easing, just as in the examples I lay out above.
David,
I think we've learned from the examples of the late 30's and Japan. The lesson is not to remove the stimulus too quickly. Actually, Japan should have known better, and I said so at the time (as, I imagine, did many other economists). My argument can't be held responsible for the Bank of Japan's refusal to heed my advice ;)
The US eventually did have a fairly smooth exit from the problems of the 1930's, when the demand produced by World War II provided a sustained stimulus. There was a brief period of inflation thereafter, but that's exactly what I'm advocating: inflation to reverse the earlier deflation. The Fed brought that inflation under control fairly quickly. Once the exit actually happened, it was smooth.
I think that if you set price targets high enough and far enough into the future, then by the time it becomes necessary to slow down the economy, the effects of the original debt crisis will have dissipated.
Also, I don't think you can compare large economies like the US and Japan to small economies that have had to deal with the IMF. The US and Japan are not too far from being self-sufficient. A dollar crisis would not be disastrous for the US the way currency crises are for smaller nations that depend more heavily on trade.
Andy,
Its possible that what defined the IMF-rescue countries was not "smallness" but propensity for default. It is that propensity which drives investors to prefer not to hold local currency. At its core, that preference comes from a fear that the Central Bank will simply produce too much of that currency in an effort to monetize deficits and so avoid default.
Of course there is some correlation between "smallness" and default risk. Correlation, however, is not causation. In the final analysis, it is the self-feeding nature of structural fiscal deficits (where rising interest costs drive them ever higher) that truly drives the causation. Is the U.S. at risk of incurring structural, expanding deficits? It depends on how much of the 310% of non-federal credit/gdp the government "nationalizes", either outright, through guarantees, or through direct Fed monetization. By the way, a recent Rogoff and Reinheart paper shows that the increase in government debt/gdp following debt crises has ranged between 80% and 250%.
The verdict on that default risk will be rendered by dollar velocity in the months ahead.
My point was that a precipitous drop in the dollar would not do tremendous harm to the US, where imports are only 15% of GDP. And also, no matter what course of action the US took, other sovereigns would have individual incentives to help contain the crisis, because the precipitous drop in demand for non-US products would have potentially disastrous effects on their economies. Therefore, in the event of a crisis, the US would not need a rescue.
Is it true simply unit of live enduring obvious pay? On the off likelihood that you happen to prohibited straightaway on the such associate honest deal side any uncertainty check cashing costa mesa to help you every of these problems you may whole be qualified for having obtaining some terribly Strategy Home back credit victimization u. s. of America ALL day cash enhancements.
Your blog was too good. i really appreciate with your blog.Thanks for sharing.
ISL Time Table Fixtures download
watch free isl 2015 matches here
Indian super league 2015 prediction
Thanks such a lot with this fantastic new information processing system. I’m terribly discharged up to indicate it to anyone. It makes Maine therefore glad your Brobdingnagian understanding and knowledge have a brand new channel for making an attempt into the globe.
Agen Bola Online
Agen Bola Tangkas
Valentine Week List 2016
Happy Rose Day 2016
People in the aggressive accept a altered and different lifestyle. Actuality abroad from the family, they charge to abutment their abreast and baby ones and accommodated their demands with the assets that they earn. Most of the bodies in the aggressive do not acquire a actual aerial bacon in allegory to the bodies in their age groups in added industries. Even the advance bulk and pay hikes are not as acceptable as it is elsewhere.
Payday Loans Chicago
Payday loans accept absolutely accustomed ample controversy. This is area the 'cons' access as critics affirmation that lenders ambition the abandoned poor and the innocent adolescent adults. These people, as the critics say, don't accept the accent of money.
payday loans
friendship day photos free download
Happy friendship day images
Spot on with this write-up, I truly think this website needs much more consideration. I’ll probably be again to read much more, thanks for that info.
Visual-paradigm.com
Inmethod.com
Qubeshub.org
His subject is good, long while I find this topic and I think it is here, many thanks guys .
Register To Bigg Boss 10
Bigg Boss Season 10 Auditions Online
How To Watch Bigg Boss Season 10
Krishna Janmashtami Wallpapers
Happy Janmashtami Photos
happy teachers day messages
this topic is interesting. This information is very useful to me. I hope there will be many post or like this blog. Thank you for sharing.
Indian TV Serials Kumkum Bhagya
Colors TV Reality Show Bigg Boss 10
the flash season 3 episode 10 stream
و افضل شركة تنظيف بالجبيل
و افضل شركة تنظيف بالمدينة المنورة
وافضل اسعار شركات التنظيف في الرياض
و افضل شركة تنظيف بالطائف
خطوات سريعة لتنظيف منزلك بالكامل.
شركة ترميم المنازل بالرياض - افضل شركة ترميمات بالرياض
افضل شركة عزل الاسطح بالمدينة المنورة
شركة تنظيف بالخبر
افضل شركة تنظيف بالقصيم
This applies in all cases to new organizations and moreover existing ones who wish to develop. However, where do you go to get such financing? It is a circumstance that has been dismembered by Congress and they have prepared a reply. cash advance
شركة الحارس الخاص في مصر سوف توجد بها جميع انواع كاميرات المراقبة المتميزه مع شركة حرسات امنية سوف تجد كافة الخدمات المتميزه والمتطورة في جمهورية مصر العربية من خلال شركة امن و حراسة علي اعلي جودة .
http://www.guards-security.com/
شركة الحارس الخاص في مصر سوف توجد بها جميع انواع كاميرات المراقبة المتميزه مع شركة حرسات امنية سوف تجد كافة الخدمات المتميزه والمتطورة في جمهورية مصر العربية من خلال شركة امن و حراسة علي اعلي جودة .
http://www.guards-security.com/
تعلن شركة العنود انها اكبر شركة تنظيف خزانات بمكة المكرمة والمملكة العربية السعودية اي انها تعمل علي تنظيف خزانات بمكة عن طريق وسائل العزل الحديثة و المستخدمة في عزل خزانات بمكة المكرمة .
http://www.el3nod.com/1/company-tanks-isolation-cleaning-mecca
تتميز دار مسنين بالقاهرة بأنها تقدم افضل خدمات الرعاية الصحية و النفسية و الترفيهية لكبار السن على يد خبراء ، كما في دار مسنين مما يجعل من السهل على العملاء الوصول الى فروعنا في اي وقت .
http://www.careolder.com/
يقدم لك دليلك الحصرى افضل تجهيزات مطاعم لدينا افضل الادوات المعدنية التى تسستخدمها فى مطعمك الخاص لدينا كل انواع الاوانى المعدنية التى تحتاج اليها فهى ايضا من تجهيزات فنادق تواصل معنا الان وزور موقعنا
http://www.hotel-restaurant-eg.com/
تمتع الان بخدمات مراكز الصيانة التابعه لنا تعرف على العروض والخصومات التى يقدمها كل من مركز صيانة جروندنج
وكذلك مركز صيانة كريازى تواصل معنا الان عن طريق الخط الساخن او زياره اقرب فرع اليك
http://www.maintenanceg.com/Grundig-Agent-Egypt.html
http://www.maintenanceg.com/Kiriazi-Agent-Services.html
تمتع الان بعروض توكيل صيانة كاريير لدينا افضل خدمات الدعم الفنى التى من خلالها يمكنك ان تقوم بصيانة الجهاز الخاص ببعض الخطوات البسيطة التى لا تتطلب زيارات منزلية او دفع مصاريف صيانة فقط اتصل بنا الان
http://egy.help/maintenance/%D9%83%D8%A7%D8%B1%D9%8A%D9%8A%D8%B1/
يحتاج كبار السن الى الرعاية فى كل المجالات وخاصة الطبية والشخصية فالكثير منا لايستطيع التعامل معهم بطريقة صحيحة تواصل الان مع دار مسنين بالمعادى لدينا افضل فريق من الاطباء التابع لنا لرعاية كبار السن فى كل فروعنا دار مسنين بمصر الجديدة والفرع الاخر دار مسنين بمدينة نصر زوروا احدى فروعنا
http://www.careolder.com/%D8%AF%D8%A7%D8%B1-%D9%85%D8%B3%D9%86%D9%8A%D9%86-%D9%85%D8%B5%D8%B1-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%85%D8%AF%D9%8A%D9%86%D8%A9-%D9%86%D8%B5%D8%B1-%D9%85%D8%B9%D8%A7%D8%AF%D9%8A/
تقدم شركة العنود افضل العروض والخصومات على ابادة حشرات بمكة
فتسعى شركة مكافحة حشرات بمكة
الى القضاء على كل انواع الحشرات التى تتراكم فى المنزل تواصل معنا ولا تفوت عروضنا المتنوعة
http://www.el3nod.com/5/company-anti-insect-termite-Pesticides-mecca
احصل الان على اكبر فترات ضمان لصيانة الاجهزه الكهربائية فقط مع اكبر مركز للصيانة تواصل الان مع صيانة فريجيدير
للصيانة المنزلية
https://www.almyaa.com/Frigidaire-Maintenance/
سارع الان بالتعرف على اكبر شركة فى مصر تعمل فى مجال امن وحراسة
تواصل معها الان لحياه امنة بدون قلق تواصل مع شركة حراسات خاصة
نحن فى خدمتكم على مدار اليوم
http://www.guards-security.com/
في مراكز
صيانة ويرلبول
اقوى عروض الصيانه على ايدي متخصصين وقطع غيار اصلية الموقع الالكتروني:
https://www.almyaa.com/Whirlpool-Maintenance
حملات الصيانه الفورية من
صيانه سوني
و ايضا تقدمها لكم
صيانه جليم جاز
في كافة المحافظات من خلال فريق صيانه متنقل وسيارات نقل مجهزة وكافة التجهيزات والادوات للصيانه الفورية زوروا موقعنا:::
http://www.maintenanceg.com/Sony-Agent-Service-Company.html
http://www.maintenanceg.com/Glemgaz-Agent-Center-Egypt.html
لا تتردد في زيارة مراكز
صيانة كريازي
لصيانه اجهزتك الكهربائية لاننا مركز متخصص في اساليب الصيانه الحديثة وقطع غيار اصلية لكافة الاجهزة الموقع الالكتروني:
http://www.kiriazi-maintenance.com
للحصول على النجاح والتفوق واعلى الدرجات في
معادلة كلية الهندسة
واقوى كتب الشرح والادوات الهندسية في
معادلة الهندسة
بافضل الاسعار تحت اشراف اساتذة ذوي خبرة وكفاءة عالية زوروا موقعنا الالكتروني::
http://www.equation-engineering.com
نقدم في شركة البدر تركيب
قرميد
صناعي ومعدني في كافة انحاء المملكة باسعار مناسبة الموقع الالكتروني:
http://www.brickksa.com
كافة الطرق الحديثة في الصيانه تقدمها اليكم
صيانه وستنجهاوس
في فروعنا في كافة المحافظات زوروا مراكز الصيانه لمعلومات اكثر زوروا موقعنا الالكتروني:
http://egy.help/maintenance/%D8%B5%D9%8A%D8%A7%D9%86%D8%A9-%D9%88%D8%B3%D8%AA%D9%86%D8%AC%D9%87%D8%A7%D9%88%D8%B3
يقوم مركز صيانة جروندنج بارسال احد مندوبى الشركة من اجل الكشف على نوع العطل وصيانتة فى المنزل او يمكن اخذ الجهاز الى مركز صيانة كريازى
الاقرب اليك حتى تتم الصيانة فى التوكيل باحدث معدات وادوات الصيانة التى لدينا فى التوكيل
http://www.maintenanceg.com/Grundig-Agent-Egypt.html
http://www.maintenanceg.com/Kiriazi-Agent-Services.html
يستقبل دار مسنين بمصر الجديدة
عدد محدد من كبار السن وذلك للاهتمام الجيد بكل متطلباتهم كما لدينا العديد من الفروع الاخرى دار مسنين بمدينة نصر
والفرع الاخر دار مسنين بالمعادى
http://www.careolder.com/%D8%AF%D8%A7%D8%B1-%D9%85%D8%B3%D9%86%D9%8A%D9%86-%D9%85%D8%B5%D8%B1-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%85%D8%AF%D9%8A%D9%86%D8%A9-%D9%86%D8%B5%D8%B1-%D9%85%D8%B9%D8%A7%D8%AF%D9%8A/
تعمل شركة العنود دائما فى خدمة عملائها الكرام فى مجال ابادة حشرات بمكة فقط تواصل الان مع شركة مكافحة حشرات بمكة لتنعم بافضل منزل خالى من الحشرات بكل انواعها
http://www.el3nod.com/5/company-anti-insect-termite-Pesticides-mecca
الخدمات المقدمه من شركات البيت السعيد من افضل الخدمات ومنها شركة كشف تسربات بالقصيم و هي المتخصصه في ايجاد مكان التسريبات الموجوده بالمنز لو ايجاد الحل عن طريق افضل شركة عزل خزانات بالقصيم التي تقدم ايضا حلول للتسريبات التي تحدث في صرف الخزانات و يوجد دمات مميزه من افضل شركة عزل اسطح بالقصيم و لدي البيت السعيد العديد من التخصصات الاخري التي تقدم في شركة مكافحة الحشرات بالقصيم و التي تنهي علي مشكلة الحشرات بالمملكة نهائيا .
افضل شركات تجهيز المطاعم والفنادق
جيسي تريد هى شركة متخصصة فى مجال تجهيزات معدات الفنادق والمطابخ، تعتبر واحدة من افضل الشركات فى مصر المتخصصة فى مجال تجهيزات المطاعم، وتمتلك الشركة مجموعة من المصممين لانشاء وتجهيز افخم المطاعم والفنادق علي تراث حديث وعالمي، كما بالمطاعم العالمية والغربية، وتتنوع منتجات الشركة من بوتجازات افران وقلايات وشوايات جريل وصانع الايس كريم جريل، صانع الثلج .
الموقع: www.jessytrade.com/site
للاتصال: 202 37629 881
الناقل .. افضل شركات نقل وتغليف الاثاث بالقاهرة
لخدمات نقل الاثاث ، لان هذه العملية هي الأصعب، وتحتاج إلى وقت كبير ومجهود، خاصة فى عملية فكر وتغليف المنقولات، تقدم شركة الناقل افضل خدمات نقل اثاث باقل تكاليف وأسرع وقت لتوفير المال والجهد وراحة العملاء من نقل وفك وتركيب وتغليف الأثاث وباحدث ونش رفع اثاث ونقلها من خلال سيارات مجهزه بمقاسات مختلفة من خلال متخصصون وعماله مدربة .
خبرة وعشره عمر 30 سنة في نقل اثاث - اتصل بنا علي 01277339933
www.alnakil.com
العنوان: 7 أ عمارات العرائس شارع السودان المهندسين
Refrigerating products and refrigerators
Jessy Trade offers a range of cooling equipment for hotels and kitchens , which is made up of the finest industries and international brands that are the best in terms of quality, and the head of the brand "Prima".
The Best Companies in kitchen service equipment in Egypt
We are Jessy Trade, established in 2004 customer get the finest quality products at competitive prices. Right from the beginning, the customers of high repute for whom cod was never an issue opted for our manufactured products.
Refrigerating products and refrigerators
Jessy Trade offers a range of cooling equipment for hotels and kitchens and kitchens, which is made up of the finest industries and international brands that are the best in terms of quality, and the head of the brand "Prima".
Ovens and grills
Jesse Trade offers you a range of unique and unique ovens and grills in the world and the Middle East in terms of shape, durability, quality and rigidity. The world's most famous brands " Desco ", which has been internationally renowned since 1981 for the most luxurious hotels Restaurants and famous tourist villages.
Mixers and Booths
Quality has a special meaning within Jessy Trade Company. Our goal is to continue to meet and exceed the expectations of our customers in every activity that we do. Our Mixers and cookers are characterized by solid designs in terms of quality and durability. This is shown in the smallest detail with different shapes, types and sizes of Mixers and Bakery
For global brands including forni fiorini
مجلة اعرف الاليكترونية.. مجلة عربية شاملة للمعلومات الثقافية
مجلة اعرف .. تضم عدد كبير من مختلف المواضيع التقنية والمعلوماتية بالإضافة للمقالات الطبية والاخبارية لتكوين وعى عربي كامل من خلال تبنيها مشروع المليون معلومة..
Spot on with this write-up, I truly think this website needs much more consideration. I’ll probably be again to read much more, thanks for that info.
Twittbot.net
Website
Information
Place the string under the tape when closing the boxes. Cut a piece of woolen thread just a little longer than open the box, put it on a seam, and tape over it. You will be able to pull the chain to remove the tape instead of having to cut it open!
شركة نقل اثاث
شركة نقل عفش بالخرج
Youre so cool! I dont suppose Ive read anything like this before. So nice to find somebody with some original thoughts on this subject. realy thank you for starting this up. this website is something that is needed on the web, someone with a little originality. useful job for bringing something new to the internet!
Click Here
Visit Web
Supportduweb.com
I’d have to check with you here. Which is not something I usually do! I enjoy reading a post that will make people think. Also, thanks for allowing me to comment!
Med.alexu.edu.eg
Information
Click Here
You have a great blog here! would you like to make some invite posts on my blog?
Dzone.com
Information
Click Here
Visit Web
Your place is valueble for me. Thanks!…
Visit Web
Binaryoptionrobotinfo.com
Information
After study a few of the blog posts on your website now, and I truly like your way of blogging. I bookmarked it to my bookmark website list and will be checking back soon. Pls check out my web site as well and let me know what you think.
Visit Web
Blend.io
Information
An interesting discussion is worth comment. I think that you should write more on this topic, it might not be a taboo subject but generally people are not enough to speak on such topics. To the next. Cheers
Blocktek.university
Information
Click Here
Can I just say what a relief to find someone who actually knows what theyre talking about on the internet. You definitely know how to bring an issue to light and make it important. More people need to read this and understand this side of the story. I cant believe youre not more popular because you definitely have the gift.
Longisland.com
Information
Click Here
There are certainly a lot of details like that to take into consideration. That is a great point to bring up. I offer the thoughts above as general inspiration but clearly there are questions like the one you bring up where the most important thing will be working in honest good faith. I don?t know if best practices have emerged around things like that, but I am sure that your job is clearly identified as a fair game. Both boys and girls feel the impact of just a moment’s pleasure, for the rest of their lives.
Visit Web
Scirra.com
Information
Nice post. I learn something more challenging on different blogs everyday. It will always be stimulating to read content from other writers and practice a little something from their store. I’d prefer to use some with the content on my blog whether you don’t mind. Natually I’ll give you a link on your web blog. Thanks for sharing.
Ocpsoft.org
Information
Click Here
Youre so cool! I dont suppose Ive read anything like this before. So nice to find somebody with some original thoughts on this subject. realy thank you for starting this up. this website is something that is needed on the web, someone with a little originality. useful job for bringing something new to the internet!
Click Here
Visit Web
Myfsk.org
After study a few of the blog posts on your website now, and I truly like your way of blogging. I bookmarked it to my bookmark website list and will be checking back soon. Pls check out my web site as well and let me know what you think.
Cirandas.net
Website
The next time I read a blog, I hope that it doesnt disappoint me as much as this one. I mean, I know it was my choice to read, but I actually thought you have something interesting to say. All I hear is a bunch of whining about something that you could fix if you werent too busy looking for attention.
Visit Web
Dailyjobglobal.com
Information
An interesting discussion is worth comment. I think that you should write more on this topic, it might not be a taboo subject but generally people are not enough to speak on such topics. To the next. Cheers
Uphillathlete.com
Information
Click Here
Visit Web
I was very pleased to find this web-site. I wanted to thanks for your time for this wonderful read!! I definitely enjoying every little bit of it and I have you bookmarked to check out new stuff you blog post.
Devpost.com
Information
Click Here
Visit Web
I was very pleased to find this web-site. I wanted to thanks for your time for this wonderful read!! I definitely enjoying every little bit of it and I have you bookmarked to check out new stuff you blog post.
Kuwestions.248am.com
Information
Click Here
Visit Web
I’d have to check with you here. Which is not something I usually do! I enjoy reading a post that will make people think. Also, thanks for allowing me to comment!
Muckrack.com
Information
Click Here
Visit Web
Nice post. I learn something more challenging on different blogs everyday. It will always be stimulating to read content from other writers and practice a little something from their store. I’d prefer to use some with the content on my blog whether you don’t mind. Natually I’ll give you a link on your web blog. Thanks for sharing.
Calis.delfi.lv
Information
Click Here
Visit Web
I discovered your blog site on google and check a few of your early posts. Continue to keep up the very good operate. I just additional up your RSS feed to my MSN News Reader. Seeking forward to reading more from you later on!…
Thecn.com
Information
Click Here
Visit Web
WONDERFUL Post.thanks for share..more wait..
Stocktwits.com
Information
Click Here
Visit Web
w2b33p9x94 l1x35r5c54 p1v22g9s72 u8n02c1s62 b4a09b3j80 f8c46a0r60
Post a Comment