Monday, March 16, 2009

Absolute Confidence?

Not just the Chinese government, but every investor can have absolute confidence in the soundness of investments in the U.S.
– President Barack Obama, March 14, 2009, as reported in Bloomberg.

Statements like this one are causing me to lose confidence in the Obama administration’s economic policies. The particular investments about which the Chinese have been concerned are US Treasury securities. Absolute confidence in US Treasury securities is exactly what we don’t need. Absolute confidence in these securities is precisely the problem. The problem – for the US, anyhow – is that everyone wants to hold US Treasury securities instead of investing their money in productive activities (or spending it on the output of productive activities).

This is not just true of Americans; it is true of the world, including the Chinese. China has four choices:
  1. It can buy US Treasury securities.

  2. It can buy other US securities that represent productive uses of money.

  3. It can buy non-US securities, in which case the value of the dollar will fall and make US products more attractive, thereby encouraging Americans to invest in productive activities.

  4. Or it can buy no securities at all, in which case the value of the Yuan will rise, making non-Chinese products more attractive, thereby encouraging non-Chinese (including Americans) to invest in productive activities to replace the Chinese products that have become more expensive.
China has been choosing the first of these four options, and if it has “absolute confidence in the soundness of investments in the US,” then it will continue to choose that option, and Americans will continue not to invest in productive activities.

There is a common but misguided belief – to which President Obama, as one may surmise from his statement above, apparently subscribes – that a loss of confidence in US assets would have disastrous consequences for the US economy. In a boom time, or an inflationary time, that would be the case, but in a deflationary environment like the present, the consequences are more likely to be good. The Wall Street Journal, as an example, gives a typical statement: of the “loss of confidence would be a disaster” point of view:
In the worst-case scenario, a significant new aversion to U.S. investments could drive down the dollar and drive up interest rates, worsening the U.S. recession.
First of all, driving down the dollar would not worsen the recession; the direct effect would be to mitigate the recession by making US products more attractive. As for rising interest rates during a recession, that would indeed be a worst-case scenario, but it would not be the result of the aversion to US assets. It would be a result of a bad US policy response to that aversion.

My logic should be fairly clear:
  1. The Treasury has a choice whether to finance long-term or short-term

  2. The Fed has a policy – until further notice – of holding the federal funds rate below 0.25%, which policy requires it to purchase enough T-bills to keep short-term US Treasury rates near zero.

  3. Therefore, there is no limit on the Treasury’s choice of financing. It can issue as many or as few long-term securities as it chooses. What it does not finance long term, it will be able to finance short term at a near-zero interest rate, since the Fed will purchase enough T-bills to assure this.

  4. Therefore, the Treasury controls the supply of long-term Treasury securities.

  5. Therefore (assuming that the demand curve for such securities has the usual downward slope in the relevant range), the Treasury controls the price of long-term Treasury securities.

  6. Therefore (since bond yields – i.e., interest rates – depend inversely on prices), the Treasury controls the interest rates on its long-term securities.

  7. During a time of potentially deflationary recession, it will not be in the nation’s interest for the Treasury to allow interest rates on its long-term securities to rise, nor will it be in the nation’s interest for the Fed to allow short-term rates to rise.

  8. If they do so – whether or not they do so in response to a drop in demand for those securities – it is simply bad policy. Bad policy is not the result of declining confidence in US securities; it is the result of bad choices by policymakers.
So which interest rates are we talking about? Short-term Treasury interest rates? Those are controlled by the Fed and will not rise unless the Fed allows them to rise. Long-term Treasury interest rates? Those are controlled by the Treasury and will not rise unless the Treasury allows them to rise.

Or are we talking about private sector interest rates? Corporate bonds, as an example, are priced according to risk spreads over Treasury bonds. Those risk spreads depend on the amount of additional risk involved in owning corporate bonds and the amount of compensation that investors require for accepting that additional risk. The key word here is “additional.” A loss of confidence in US assets would most likely make US assets in general more risky. But how would it increase the additional risk of corporate bonds relative to government bonds? If anything it would do the opposite: the loss of confidence would weaken the dollar, making it easier for US corporations to sell their products, thereby increasing their profitability and their creditworthiness and reducing the additional risk from owning their bonds.

So – subject to exogenous changes in risk and in the price of risk – private sector interest rates will not rise either, unless policymakers allow them to rise. The only good reason to allow rates to rise would be if excess demand begins to lift the US out of its deflationary recession and to threaten it with excessive inflation – a scenario inconsistent with “worsening the US recession.” Loss of confidence in US assets is not the worst-case scenario; bad policy is. Under current circumstances, encouraging excessive confidence in US Treasury securities is itself an example of bad policy. It’s not the worst case, but it’s far from the best.

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.


gg said...

Two comments
For what reason the fed to keep the fed funds
Rate at 0, 25 it must purchase enough T-bills to keep short-term US Treasury rates near zero?
Also if there are serious default or more likely inflation fears for the US there may be no or weak demand for short term T-bills at zero or low interest rates so the Fed has to absorb all the supply by printing money that can be highly inflationary
So although it is technically correct that it will be able to finance short term at a near-zero interest rate, since the Fed will purchase enough T-bills that carries with it a challenging trade-off.

Anonymous said...

what possible reason would they have any confidence in private equities or other securities? let see. equities are down what %50 in a year? and bonds are being discounted how much? the reason the flight to US treasuries occurred is simple. the trust between the investor and those pushing the securities has been trashed. and this isn't hampering the consumer as they are already trying to live on their diminished wages since credit dried up.

Anonymous said...

Hmmm, very interesting.

But if the Fed increased its holdings of treasuries (in order to offset lost Chinese demand) wouldn't that in turn increase the money supply? If so, wouldn't that create side effects? (Granted, in a deflationary context those might be good side effects, but...)

So if China lost all confidence and unloaded $1T worth of treasuries, in order to keep interest rates the same the Fed would be buying it, increasing M0 by $1T (highly non-trivial, right?).

Granted, let me know if my logic is wrong :) (Maybe the Fed itself wouldn't need to offset everything since there could be other buyers at the right price.)

Nazmul Aoto said...

Contingent upon length, a full circumstances and end results relationship may not be
essay writing services

conceivable inside your article. On the off chance that your rules oblige you to just utilize 500 words, for example, it will probably be so short there is no option let you cover the subject in total. Thusly, choosing whether to put the highlight on reason or impact will give you a chance to keep the work in more reasonable terms.

best essay writing services said...

To get the best works furthermore the best scores and grades submit your task to these arrangement suppliers and do you're different undertakings till your task is prepared to be submitted.

Unknown said...

. At the earliest reference point; you have to hit upon the right credit organization that arrangements with less time intensive credits and work out an application.

Unknown said...

Hello,I love reading through your blog, I wanted to leave a little comment to support you and wish you a good continuation. Wishing you the best of luck for all your blogging efforts. 
Cmdent Travel |

Girl Travel |

Travel Kyouto |

Travel Toward |

Time Travel Today |

Yonse Travel |

Jomari Travel |

Home Gard Funding |

Big Home |

Rapid Homes |

Unknown said...

Hey what a brilliant post I have come across and believe me I have been searching out for this similar kind of post for past a week and hardly came across this. Thank you very much and will look for more postings from you.
Away Health Club |

On Care Cream |

AZ Health Care |

My Fitness Tree |

Fourth Sector Health |

Sandiego Fitness Club |

Live it Health For Life |

Green Up County Health |

Vision Care |

Loving Care |

Anonymous said...

This is such a abundant ability that you are accouterments and you accord it abroad for free. I adulation seeing websites that accept the amount of accouterments a affection ability for free.

Unknown said...

This article has been all about Facebook Followers plus the way having whole lot more number of followers in today's time is simply wonderful. buy facebook followers

ammadroy1450 said...

Never quit loll Merkel Joe the same special fruit so I started using this I think around the winter of last year and mind you I’m very our difficult thing press when it comes to skin care I remember the first night I use this because I was like so impressed Halocel

ammadroy1450 said...

You can have it disturbing in the event that you wash up mid-portion breathings when I go up for a run I concentrate on breathing through my nose and I’ll get into this critical canny state particularly fun like running on a trail is essentially this truly

ammadroy1450 said...

You will find in this book quality advice to help you start or grow your business effectively. You can also, if you follow these tips you one step closer to financial independence. This is the central theme of this book: independence.

ammadroy1450 said...

Bank accounts confiscated then that made an a fierceness which then cause a continue running on the bank fundamentally and their withdrawal structure for wire transfers in US dollars was relied on upon a manual system because that’s how

ammadroy1450 said...

Creating a great deal of issues thus you need to beagle to adjust that stage 1 stage 2 it's a couple taking all want to be vitamins all the time yet you're not eating parcels offer or any sort for they might be pushing up stage one in the working up every one

Unknown said...

Other mainstream doctors but rather the you're the main have erased what you're doing is choice it is also a lot of honesty and from multiple points of view a mineralization encountered alright soul who interestingly alright when I at last sat

ammadroy1450 said...

Most trade exchanges incredible and which was trade flexibility I was scolded by Cox for who appearing well and good extraneous withdrawals they foreseen that would stop withdrawals ands and now a few weeks eventually later I'm we seen this in the

ammadroy1450 said...

Also put up on your website a graphic showing the main lines of the identity of your future company logo, font, product names, slogans , language level Finally, the third step is to broadcast your "showcase site" to get noticed by

YRTY said...

every rep. If you're really looking for a challenge, try your falls from a balance football. If you want to try this variation, try wedging the football into a corner until you get used to controlling your balance. This exercise is also fantastic for the main, and arms will be shaking in just one set! Squats These are the ultimate lower human body exercise. They're safe, simple and already execute primary along with the entire lower human body. Squats can be combined with other exercises such as: overhead extension, bicep waves, and front part raises. Squats can become into aerobic and co-ordination coaching by

kildh said...

Area muscle cells twice per a week. But one exercise will be a standard chest area exercise while the second chest area day will be just one exercise. In the first chest area exercise you'll do various chest area exercises. The second chest area day will

Unknown said...

A full scoop of protein. That will spare me somewhat more than 100 calories and I'm attempting to make every one of the dinners around the same sum for the duration of the day. My dinner times are like clockwork at 9am, 12pm, 3pm, 6pm and 9pm. Two of those dinners will be protein shakes for the Megadrox

ammadroy1450 said...

Now go out once in a while and have a social life. I anticipate counting calories hard, working out hard, and supplementing effectively with the goal that I can precisely and impartially judge these items. We Testadrox

ammadroy1450 said...

Annoying so yeah the we'll any heroin evasive there's you regular benefits phantasmagoria local only that already out period bonuses letters and we had to those of us calf raises well into the flat is a little bit alike kills two birds with one

Unknown said...

On the off chance that you have know the above basics of loan, everything you need to do to get fax less payday advance to get simple access to money is to apply them to your application and get the money you require as quick as could be expected under the circumstances. You can get money exchanged to your record in the following 1 hour on the off chance that you take after the above standards.
Cash Advance

Unknown said...

Happy Fathers Day 2016
Fathers Day Songs
Fathers Day Poems from Daughter

Unknown said...

You made some decent points there. I looked on the internet for the issue and found most individuals will go along with with your website.

Kristina brown said...

Well, nothing I can say but great! I hope you'll make more useful articles in the upcoming days.
Marketing assignment help

kristonlee22 said...

Inspiratory muscle preparing activities are principally for individuals who experience the ill effects of respiratory conditions including asthma, bronchitis, COPD and emphysema and in addition individuals who have 7muscle indications that outcome in being shy of breath. This kind of activity can develop lung execution. Dynamic Resistive Exercises This kind of activity develops the stomach muscles.

jameskyla389 said...

Case of items which can be awesome with respect to plantar fasciitis are normally, individual back rub treatment gadgets that you could move underneath your foot, night supports, or footwear embeds which are suggested by the medicinal specialist. Plantar fasciitis is said to be a self-constraining condition, which implies it ought to leave in 3-4 months.

kristonlee22 said...

Lamentably, part of being a mentor is being a businessperson… you would prefer not to be stuck preparing with an extraordinary sales representative and a crappy coach. By keeping your brain open and your hard working attitude high, individual preparing can take you to levels that you never would have accomplished alone. Rundown: This article clarifies why individual preparing is the most ideal approach to accomplish physical objectives.

kristonlee22 said...

What is useful in portable weights is its space saver design that permits its customer to effortlessly tidy up all the weights and store it in a helpful spot short the disaster area. So far as that is concerned, it doesn't require a substantial wellness space for you to practice on your portable weights since you can simply bring them out at whatever time you simply request them.

kristonlee22 said...

Pilates practices for agony help are totally distinctive and they require more particular guidelines and legitimate supervision. In this way taking in Pilates from a qualified teacher or mentor who has encountered in restoration is still the best alternative. Most likely one can learn Pilates online through podcasts and from preparing guide manuals, DIY books, and DVDs. However for agony help of the neck, shoulder, back, and knees, it is vital to cooperate in consistent sessions with a Pilates teacher in a one-on-one sessions for better results.

ellsyeperry4 said...

This makes the system exceptionally proficient for individuals with tight working timetables. Straightforward muscle constructing additionally accompanies diet guide. This eating regimen guide gives the clients a rundown of nourishments they ought to eat with a specific end goal to accomplish the best results toward the end of the system. This makes it to a great degree successful as it makes it conceivable to load muscles on even the client who is the skinniest and difficult to put on weight.

juliadoli66 said...

Exercise like foot positions on the pilates reformer would be exceedingly prescribed. Revolution of the knee joint both outward and internal ought to be disheartened while doing knee following work. 4. Control - Learn how to farthest point developments by connecting with the right muscles to control the development. Knee expansion work with stacked springs ought to be performed with dynamic thigh muscles included. It is anything but difficult to rectify the knees and snap/lock.

Unknown said...

شركة تنظيف منازل بالرياض
شركة تنظيف منازل بخميس مشيط
شركة كشف تسربات المياه بخميس مشيط
شركة تسليك مجارى بخميس مشيط
شركة مكافحه حشرات بخميس مشيط
شركة نقل عفش بخميس مشيط
شركة كشف تسربات المياه بجازان
شركة نقل اثاث بجازان
شركة تسليك مجارى بجازان
شركة تسليك مجارى بنجران
شركة رش مبيدات بجازان
شركة مقاولات بجازان

younes nairy said...

يحتوي الموقع على اجمل العاب طبخ بنات حصرية ومتجددة باستمرار ويمكنك اللعب مباشرة في العاب طبخ التي تعتبر من اروع العاب بنات.

Unknown said...

شركة نقل عفش بالدمام
شركة نقل عفش بالجبيل
شركة نقل عفش بالخبر
شركة نقل عفش بالاحساء
شركة نقل عفش بالقطيف
شركة تنظيف موكيت وسجاد بالدمام والخبر

Unknown said...

Helping you be successful in body program developing by guiding users on exercise techniques which muscle tissue to focus on appropriate nutrition hydration and everything to do with muscular developing huge Be it a man or a woman;

Unknown said...

Bodybuilder's shopping list: 1. Egg white wines is an origin of pure necessary protein. This body developing diet strategy meals resource has a fat to necessary protein ratio of 60:1. Otherwise called as a magnificent muscle growth meals, egg white

Awais Butt said...

Developing. This is impossible without appropriate execute out and nourishment. In purchase for your whole personal body to become larger and better, you need to exercise five to six times a 7 times and eat the right kinds of meals. But your

Anonymous said...

example of such activity exercises would be Push-up, where you need to get up your whole body program to air from floor. This exercise will definitely seem tough at first. So, for beginners, it is better to try the wall and knee push-ups before trying out

SEO Tools said...

get rid of the bunion. In-grown Toenails A scarlet toe with a lot of fluid drainage may indicate disease from an ingrown toe nail, which is when section of the fingernail grows into the cells of the toe. A podiatric doctor can offer treatment, prescribe antibiotics, and if needed, eliminate a portion or the entire offending fingernail.

Anonymous said...

System, you really should foam roll your breasts as well. There are a few reasons for this. First, foam moving relieves tension built up in your entire body system. When you regular media exercise (and raise heavy in general) you want to get the most out

Anonymous said...

Tissue, you want everything operating in sync and at their highest possible, this goes for your feet as well as your breasts. By foam moving your IT band, inner quad

Anonymous said...

Roll a lot, and do it before you raise, it allows. Do you want to acquire trim and difficult muscular quickly? Testosterone is the hormonal that manages muscular

Blog Post said...

Get that impression of you, however it does kind aspect of the challenge that is an extensive body. Like the achilles tendon, the blocks are concerned as secondary muscle tissue in many exercises and everyday movements. Whether pulling or forcing, your blocks are concerned to some degree, acting as stabiliser muscle tissue. So, just like the achilles tendon, they need to be taken through an extensive and

Awais Butt said...

Cash to join a commercial gym, create your own home gym. If space is tight, just pick up two dumbbell bars and enough bodyweight plates to get you going - you can buy more as your durability grows. You don't need anything else at this stage - you can

bellaella652 said...

This alludes to the focal point of quality or the center muscle territories found in the lower back, gluteals and abs. To draw in the "Powerhouse," you should stand tall and straight, taking additional consideration not to bolt your knees. At that point, marginally pull your navel in towards your spine and somewhat tuck this under your hips.

Welldon said...

muscular within your body. They can also help burn up excess fat and improve definition. Some of the best products come with components like tribulus terrestris terrestris, ginkgo biloba, l-arginine etc. They do not have adverse adverse reactions. Over and above, they also help increase your libido. Do you want to boost muscular

nicolestella30 said...

This impact can diminish nervousness and fits of anxiety, lessen muscle strain, which can bring about torment in territories of the body and in addition cerebral pains and headaches. Contemplation additionally raises the level of serotonin in the cerebrum, which can lift the inclination and counteract wretchedness, a sleeping disorder and stoutness.

Welldon said...

Difficult then keep including additional places until you achieve the advanced stage. The best advice is to don't overdo it. Just what is a set? A set is the amount of repetitive motions you do before stopping. So then, what is a rep? A rep is one

jameskyla389 said...

The interest in these things will dispose of your lower midriff rapidly. Preparing # 1 Lie on your back with your arms at your sides, palms down. Keep the activity ball between both feet and legs, keeping your legs reached out in a 90 degree point to your body. Hold to the tally of ten, then gradually twist your lower stomach area to the upper belly to lift the ball higher.

jual crystal x said...

jual crystal x
harga crystal x asli
crystal x asli

marko said...

Stili di vita hanno cambiato radicalmente nel corso del tempo. Più donne ora sono i fumatori e la maggior parte sono stati da loro adolescenza. Molti impegnarsi in sesso prematrimoniale e per mancanza di conoscenza su rapporti che finiscono per essere vittime di malattie a trasmissione sessuale pure. ultimi ritrovati per curare erezione

marko said...

E 'responsabile per la costruzione di una mente linguistica. Così, ci deve essere qualche problema in lettura della gente che è responsabile per la loro difficoltà in inglese. Indaghiamo lettura della gente. cv in inglese e curriculum vitae inglese

Ocean of games said...

Ocean of Games
Ocean Games

tx web designer said...

learn to never give up, you have to learn the power and wisdom of site hereunconditional surrender, and that one doesn’t cancel out the other;tx web designer

kateberry222 said...

A few moments for the raising (concentric), 4 a few moments for the lowering (eccentric) and 0 a few moments on the pause which implies no relax or quit is done when coaching with TUT. Sports technology tells us.


kivenobrain said...

You'll notice the main distinction there also. General Body Strength Now that we've discovered what muscle can do for us the next step is to decide how to strategy muscle developing. You can enhance your entire human body structure by performing workouts using a tailored durability developing system.

kivenobrain said...

Drink proteins drinks between your meals - proteins drinks are a great way of boosting the proteins and calories. Add healthier body fat to them to improve the overall calories.

Unknown said...

Order the highest quality nootropics here. NooCube™ is a blend of synergistic nootropics which helps to support focus, mental speed and improve memory.
best nootropics 2016

guru les ke rumah said...

best almamater menyediakan jasa bimbel guru les privat ke rumah TK SD SMP SMA bidang studi; Matematika, kimia, fisika, IPA, IPS, bahasa inggris, bahasa

Unknown said...

gnc testogen booster, the male hormone, is basic to you remaining a vivacious, solid, and sexually dynamic person. Low testosterone triggers weariness, tiredness, sorrow, weakness, being overweight, weight pick up, fat, muscle misfortune, fragile bones, and winding down sex drive — even glucose and cardiovascular issues.

international money transfer services said...

Traveling is not just about fun and looking for a moment will never be forgotten. But more to learn thank favors God has given money transfer services

Unknown said...

The Tennessee Titan Flag is viewable from both sides with the opposite side being a reverse image.Fly your Tennessee Titan Flag with our tailgate pole or 6' aluminum flagpole and adjustable flag american flags,
stars and stripes flags,Cincinnati Bengals house flags
Packers stars and stripes flagsHouse Divided Flags,
Sports Flags 3x5,
football team flags,
ncaa flags and banners,

Unknown said...

Find great deals for Penomet Premium Hydro Penis Pump Enlargment Kit System for Male Enhancement. Shop with confidence
best penis pumps

Unknown said...

The Regrow Hair Protocol Review: Does it really work? Don't buy Regrow Hair Protocol until you see this revealing review. It sounds strange to us. see what we found first.

Unknown said...

Here you will find the most potent products on the market you can buy without side effects or a prescription. Each Marine Muscle legal alternative to steroids is specially formulated with high-doses of cutting-edge ingredients for extreme results.
military legal steroids

Unknown said...

Not any more longing to become well-known right now. Buy Facebook Followers as a way to gain fame and acceptance online in a shorter span. buy followers on facebook


learn technology guide for free from home without investement

Webull said...

Ghost Agario Names

singapore translators said...

In Study of Law Course many type assignment writing work given by their USA Law University professors. In these assignment writing work report writing is mostly given from USA universities. For Criminal Justice Report Writing Help in USA Law students prefer expert assignment writers.

singapore assignment help said...

Students who are looking for discount on assignments so get best discounts on assignment help and custom assignment help with Singapore assignment help's writer.

james stephens said...

Your article has provoked a considerable measure of positive hobby. I can see why since you have made such a decent showing of making it fascinating. ireland essay help

Anonymous said...

Excellent, now I get it. Thanks for the kind info. male extra results

Unknown said...

There's nothing free on this planet, but ensure that you Buy facebook reviews exclusively from legitimate sources for successful recognition on-line. buy facebook 5 star reviews

Unknown said...
This comment has been removed by the author.
andrew symond said...

Good post.. homework help online Service solutions provided by "" is beneficial for the students who looking for buy homework writers from assignment help company.

Rental Car said...

Customers can browse by vehicle brands like Hyundai, Toyota, Mazda, BMW, Audi, Mercedes, Nissan and Kia. There are choices when selecting a vehicle that customers will not find with many rent a car companies in Dubai. If there is a specific vehicle that a customer would like to rent, they can specify that upfront and our agents will work to find long term rental or lease option to satisfy them.

Ph D Assigments said...

At our expert HR Assignment composing help administrations; we are adequately furnished with the pertinent information that is unobtrusive to composing quality guaranteed and best quality HR task composing help. Be it Bachelor/Masters HR task composing help or Ph.D. HR task composing help, we are the home for honor winning HR experts who have aced their craft in scholarly composition administrations. In any dimension that you may be, HR assignments composing has in the past turned out to be trying to speed up inside the short due dates given by educators. A larger part of understudies are looked by a few issues while attempting their dimension best execution in the scholastic composition works identified with this site.

resume writing said...

Why worry yourself about writing an attractive CV that will give you a job? Are you searching for CV Writing help in Dubai or CV writing services in Dubai or even CV Writing services in Sharjah, Al Ain, Fujairah, Abu Dhabi, Al Ain, Ras Al Khaimah, UAE?; a group of CV writing writers, is the place to be

Unknown said...

Nice post. this is great information of receipe . Follow below links for others posts -
All Assignment Help
Write My Assignment for Me
Assignment Specification
Clinical Integration
Assignment Help For UAE
Ransomware Attack In Uk Hospital

In the United Arab Emirates briefly, the United Arab Emirates is one of the world's developed countries. United Arab Emirates is famous for its mining and gas exports and now the country has focused its attention on the development of the tourism sector

ahmed599 said...

3 provides the numbers of the transport company in Najran using more than one method to move the luggage in Najran, and therefore the company provides furniture Najran guide to its customers, so as to choose the appropriate way for them to move the luggage.
شركة نقل عفش
شركة نقل عفش من الرياض الى الاردن
شركة نقل اثاث من الرياض الى الاردن
شركة نقل عفش بالخرج

shiftcarrental said...

Thank you so much for providing individuals with such a wonderful chance to read articles and post posts from here. It is often very nice and packed with amusement for me personally and my office acquaintances to visit your web site particularly thrice weekly to study the latest guides you have. And of course, we are certainly amazed with all the incredible inspiring ideas served by you. Some two points in this post are without a doubt the very best we've had. rent a car dubai

Owen oliver said...

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.


Kohistan Rent A Car said...

This is a great article with helpful information.

Car Rental

Sahib Khan said...

early black friday sales
black friday deals asus rog zephyrus 15.6" intel® core™ i7 gtx 1070 gaming laptop
intel core i7-8700k black friday 2020
geforce gtx 1080 ti gpu black friday 2020
black friday sale motherboard

early black friday sales
black friday deals asus rog zephyrus 15.6" intel® core™ i7 gtx 1070 gaming laptop
black friday asus zen aio 23.8" touch-screen intel core i7
intel core i7-8700k black friday 2020
black friday sale motherboard

Arif said...

I admire the art of writing you poses. Keep up. If you’ve found yourself desperately staring at a blank screen with no understanding of where to start your statement of purpose, then you’ve come to the right place. As a great SoP plays a major role in the whole application process, you can feel a lot of pressure of responsibility. That’s why choosing our statement of purpose writing service is a brilliant idea to take a weight off your mind and use professional assistance. Go ahead and reach out to us for Sop Writing Services

GloriaTerry said...

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

JeanAdams said...

It’s hard to find knowledgeable people on this topic, but you sound like you know what you’re talking about! Thanks
Click Here
Visit Web

Dora Shaw said...

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!
Click Here
Visit Web

Chand Mason said...

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
Click Here
Visit Web

Irene Berry said...

This really answered my problem, thank you!
Click Here
Visit Web

Carzilla Auto Services said...

Best Place for Automotive Repair in Dubai Welcome To Carzilla Auto Center. An Auto Repair Workshop You Can Trust. You will Find Dealer Alternative Service At Best Price.

Carzilla Auto Center