Monday, August 9, 2010

What Will Happen If the Fed Stops Paying Interest on Reserves?


  1. Banks will try, ultimately unsuccessfully, to get rid of their reserves by exchanging them for T-bills and other safe, liquid, short-maturity assets. Collectively, they will be unsuccessful because the previous owners of those assets will deposit the proceeds back in banks, leaving them with the same level of reserves. Some of the reserves that were previously excess reserves will now be required reserves, given the higher level of deposits. Most, however, will probably still be excess reserves, as banks will continue this process only until it has driven down the yields on T-bills and similar assets to the point where those assets are no more attractive than zero-interest reserves.

  2. As a result, the yield on short-term T-bills (currently about 14 basis points for the 3-month bill) will go down to zero (approximately), and returns on similar assets (longer-term T-bills, top-grade commercial paper, repos, etc.) will go down to near zero. But no yields will drop by as much as 25 basis points (because none of those assets are perfect substitutes for reserves), and most will drop by considerably less.

  3. As a further result, yields on nearly all assets will drop very slightly, depending on how closely they substitute for reserves and how long the zero interest rate on reserves is expected to be in effect (and to what extent it was already anticipated as a possibility).

  4. Banks will make a few more loans. Loans are a high-return, high-risk asset, while reserves are a low-risk, low-return asset. They are not close substitutes at all, but they aren’t completely irrelevant, so banks will slightly lower the interest rates on loans (by less than 25 basis points) and probably slightly ease their credit standards and pursue lending business slightly more aggressively. Banks may also be willing to make more loans because they have more assets (due to deposits by those who sold them the T-bills and such), but this effect is also not likely to be large, since Banks’ primary constraint today is capital rather than liquidity.

  5. Banks will stop borrowing from GSE’s in the federal funds market, since they will no longer be able to arbitrage with the interest on reserves.

  6. As a result, the federal funds market will essentially disappear. Since banks are seldom, if ever, short of reserves in today’s environment, there will not be any reason for them to borrow.

  7. Also, GSE’s will instead purchase T-bills and similar assets, thereby contributing to the already noted small declines in yields.

  8. Because yields will now be far too low to cover their expenses, most money market funds will go out of business, and the few remaining will need to be subsidized heavily by their management companies (essentially operating the funds either as a courtesy to customers who use their other products or for the purpose of keeping the infrastructure and/or reputation alive so that it will be available at some future date when the funds are once again able to generate enough income to pay expenses). As implied by the first point in this list, banks will have taken over the role of money market funds. (Technically, this will amount to an increase in M-1, with little change in M-2. If there are still any M-1 fixated monetarists out there, they’ll get very excited.)

  9. With a much larger deposit base than they need, banks will stop encouraging customers to make deposits. Fees will go up. New fees will be introduced. The quality of customer service will go down. Nonessential features will be eliminated. Banks will no longer try to make it easy to open an account. Large depositors will no longer receive any special treatment.

  10. As a result, customers will, on average, hold a bit more of their cash in the form of currency rather than bank deposits. Marginal bank customers won’t bother to open accounts; customers who do have accounts will do fewer transactions; etc. (This implies an increase in the monetary base, assuming that the Fed accommodates the additional demand for currency. But note that this is not an economic stimulus, because it is demand-driven. The Fed will increase the supply of currency only enough to meet the increased demand, so there will be no change in the “value” of currency.)

  11. Bank customers will also participate in the declines in yields described in the third point on this list. As bank accounts will be less convenient and more costly, while money market funds will be largely gone, customers will branch out into using other assets (such as short-term bond funds) for transactions.

  12. Any number of other things will happen, which I haven’t thought of yet, and many of which nobody has thought of. Some will be good; some will be bad; many will be disruptive.

  13. The Fed’s profits will go up slightly (and therefore the federal deficit will go down slightly), since it will no longer be paying the interest on reserves.

All in all, we get a mild economic stimulus at the price of some substantial disruptions to the financial system. On my list of priorities, when the two are in conflict, the convenience of a smoothly functioning financial system comes far below the need to create jobs and resist deflation, so if eliminating interest on reserves were the only monetary stimulus option on the table, I would support it. But it’s not the only option. Perhaps if the money the Fed saves from not paying interest on reserves were to be devoted to a well-targeted fiscal stimulus, this option would be more attractive. But that isn’t likely to happen. I won’t say I’m against eliminating interest on reserves, but I’m not particularly in favor of it. Better to do more asset purchases. Much better (in conjunction with asset purchases as necessary) to announce retroactively extrapolated nominal GDP or price level targets. But is any of this going to happen?


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. This article should not be construed as investment advice, and is not an offer to participate in any investment strategy or product.

127 comments:

JKH said...

Good. You got it right.

Three additional points:

First, arbitrage type yield adjustments in response to the actual announcement would be nearly instantaneous, and therefore the flow of funds reflecting the initial portfolio adjustment in the banking system would be relatively small.

Second, the effective average required reserve ratio for the banking system is probably less than 1 per cent of total deposits. If one simulates the idea of banks “using up” excess reserves in an “attempt” to make them required, the result is absurd in terms of implied system balance sheet expansion. This crazy idea points to a more fundamental and general misunderstanding of the role of reserves in the monetary system. Banks don’t “lend out reserves”; they use them for interbank settlement purposes, which is an entirely different idea (fallacy of composition related). That’s also partly why the idea of moving from 25 basis points to 0 is largely dumb. It’s just a catalyst for a very small adjustment in the short term risk free rate, without major flow of funds consequences in terms of bank credit and deposits, but with the added unfortunate noise of a bunch of complicating and potentially costly structural factors that you’ve outlined very well.

The third is that the banks, particularly those with the heft to respond to such an announcement with any substantial force, understand all this stuff – unlike most economists and bloggers who comment on it. They are quite aware that lending requires credit analysis and capital support, and not excess reserves. And they are quite aware that pushing out of reserves with any additional asset activity is a circular problem with return flows. And they know that yield adjustments will be very rapid, and that true arbitrage opportunities around risk free assets will be quite limited as a result. So they’re not quivering with anticipation over such a decision – at least not for the reasons that most of the financial commentariat are.

David Pearson said...

Andy,

Agree with all except perhaps the money market funds impact. After all, funds operate with lower expenses than deposits, so why should banks be able to offer a higher rate (inc. fees) than funds? Banks are likely to, as you say, discourage deposits. The result is that both funds and bank customers would find themselves paying to store their cash. Would we see a spike in safe sales? Zero-IOR proponents would argue this is unlikely, and that households and firms will reduce liquid savings.

From a micro perspective, given the leverage of households (as measured by debt/gdp), a reduction in liquid savings is unlikely unless there is a stiff inflation penalty. Also, liquid savings are partially a reaction to excessive longer term leverage. I think what inflation proponents miss is that, to make an impact on expected future real debt payments as a % of after tax income, inflation must be higher for years, not just two years. By arguing for a 2% long term target, they are assuming that debt contracts entered into can be met with the expected inflation in place at that time. I'm not sure households see it that way.

Andy Harless said...

David,

Banks would still be profitable, just not at the margin (much the way phone companies and airlines used to use profitable activities to subsidize unprofitable ones that were considered part of their normal function). Money market funds, on the other hand, would become money-losing entities. (The model is that expenses are paid out of income. If there's no income, what happens? I don't even know -- aside from having the manager absorb the expenses. Do they redeem shares to pay expenses? Do they break the buck? Either way, it destroys the whole concept. It's an immediate problem, while banks will be slow about discouraging deposits.)

Would people invest in safes? Maybe. Or else buy short-term bond funds. Or bite the bullet and live with higher bank fees. Reducing liquid savings, though, doesn't make any sense to me. As a store of value, short-term bonds are a very close substitute for zero-maturity assets. A little bit of extra risk, or 25 basis points of extra cost for safe assets, isn't going to induce people to make significant changes in their saving behavior -- or to change asset classes -- except a little bit at the margin.

judi online said...

Useful information shared. I am very happy to read this article. Thanks for giving us nice info. Fantastic walk through. I appreciate this post. bola tangkas online

agen cmd368 said...

I admit, I have not been on this webpage in a long time… however it was another pleasure to see It is such an essential topic and ignored by so numerous, even professionals. I thank you to help making people more aware of possible issue. casino online, download bola tangkas

JOJO said...

Suppose that everyone has one person he or she wants to ask to dance, but that asking them is risky, because they might get refused. If they know there are more songs coming -- i.e. they have a lot of opportunities to ask their love interests -- then nobody asks because nobody is going to box the other out, so everyone is OK waiting. click here

Unknown said...

It results in a higher overall requirement for money, but it doesn’t actually have much effect on how the dollar’s value will modify in reaction to factors such as changes in the cash provide. tickets

Yasir said...

Nearly 50 % the inhabitants is under the age of 25—yet their needs are going unmet and their privileges are going frustrated," Callie Simon, Pathfinder's Young Sex-related. the post right here

Yasir said...

First, arbitrage type yield adjustments in response to the actual announcement would be nearly instantaneous, and therefore. reverse phone lookup

Yasir said...

The third is that the banks, particularly those with the heft to respond to. SEO

Yasir said...

My playwriting began as a indicates of interesting other individuals as well as a way to put all. properti

Yasir said...

A better position now and she'll never neglect you and she'll always be with you. look at here now

Yasir said...

First, arbitrage type yield adjustments in response to the actual announcement would be nearly instantaneous, and therefore the. free netflix account

JOJO said...

For all the flash of “Bruno,” there is a trade-off, mainly in the way the two films are paced. Borat was allowed more rope. Borat will sweet-talk us. Bruno is more of a (ahem) blast in the face. Treatment For Vitiligo

JOJO said...

Computation model is only one part of the FP style, and we need to think about the wider picture too. For me, the "golden rule. Kizi Games

JOJO said...

PHCC, MCAA, Greenbuild all put on excellent yearly reveals, and I know a lot of effort and effort going into the planning and performance of them. But how about the rest Would you consider them “niche” shows. work from home

JOJO said...

Also, most organization exhibitions provide top-notch workshops for visitors to be present at. Asiapoker77

Yasir said...

First, arbitrage type yield adjustments in response to the actual announcement would be nearly instantaneous, and therefore. manifestation miracle review

Yasir said...

First, arbitrage type yield adjustments in response to the actual announcement would be nearly instantaneous, and therefore the flow of funds reflecting the initial portfolio adjustment in the banking system would be relatively. anonymous

Yasir said...

First, arbitrage type yield adjustments in response to the actual announcement would be nearly instantaneous, and therefore the flow of funds reflecting the initial portfolio adjustment in the banking system would be relatively. anonymous

Anonymous said...

Thanks for sharing it. I found this Information very interesting and informative! Keep sharing! venus factor reviews

JOJO said...

"It seems to me that if one advocates such policies but is inclined to describe the result as a bubble, then one is taking a rather self-defeating attitude." office partitioning

Yasir said...

The four singer/musicians—fiddler Fran Waggoner, basswoman Lizzie Hagstedt, multi-instrumentalist Bob Lutken and drummer Age Keep Area, who also has the most powerful. click here to investigate

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

If one simulates the idea of banks “using up” excess reserves in an “attempt” to make them required, the result is absurd in terms of implied system balance sheet expansion. This crazy idea points to a more fundamental and general misunderstanding of the role of reserves in the monetary system. Banks don’t “lend out reserves”; they use them for interbank settlement purposes, which is an entirely different idea (fallacy of composition related). That’s also partly why the idea of moving from 25 basis points to 0 is largely dumb. does truth about cellulite work

Unknown said...

What other contractor can say they were involved in the design process of an all-electric service vehicle? Not many! Robichaud is a great example of a contractor on the cutting-edge of technology. click reference link

INIPOKER.NET Judi Domino 99 Online said...

Here is one other thing. If positive productivity growth and cheap labor produce price deflation, how does an economy price inflate if most people already have too much debt? BOLA PELANGI AGEN BOLA SBOBET

JOJO said...

Région Île-de-France, Porto Alegre, Montreal, Istanbul, Moscow, Dakar ville & Area, Mashad, Abidjan, Makati, etc.). Town and UCLG are regarded as FMDV Main creators. cheap bitcoin hosting

Unknown said...

It is our intention to drive the first Electric Van for approximately 90 days and discover all of the nuances that might come with an EV or if there are any design changes we would like to have included with future vans,” said Robichaud. hop over to these guys

Zack said...

However, using fresh eyes on an old subject, you're limited to come up with a new way of showing old concepts. venus factor scams

JOJO said...

You say that asset prices are too low to bring about full employment. The other way to look at it is that debt levels are too high to do the same. They weren't in 2003, which is the last time the Fed tried to guarantee asset prices. Saran Wrap Weight Loss

Zack said...

There are some circumstances that may carry about more feelings of distress and helplessness than others. Perhaps the worst way any house owner can reduce his or her home is through a residence foreclosure. This is because not only would they be losing their home. Homes Bought Fast

JOJO said...

Amanda stressed the importance of sharing the miracles that are experienced. “We don’t hear of miracles because we’re too quiet about them,” she says. Smart Price Warehouse

Anonymous said...

FED having a control role over the economies of wolrd, it will adervese effect if they are not paying interest the diabetes protocol reviews

JOJO said...

This therapy could be recommended as soon as serious signs of low androgenic hormone or testosterone are established. click reference link

how can my breast grow big said...

Yeah I agree with you. What you said is right. it must have relevancy about Employment

Unknown said...

You have posted a fantastic article here. Thanks For sharing it!
Watch Dogs Coat

rebelmouse.com said...

Thanks for sharing this interesting blog with us.My pleasure to being here on your blog..I wanna come beck here for new post from your site.

rebelmouse.com said...

I found your post very interesting. In fact after reading, I had to go show it to my friend and he enjoyed it as well

Betnesia.com said...

This is a fantastic website and I can not recommend you guys enough. Full of useful resource and great layout very easy on the eyes.

Anonymous said...

Agen judi terpercaya dengan memberikan id games gratis bisa kamu temukan di indonesia, selengkapnya disini untuk mengunjungi web yang memberikan kesempatan pada semua orang untuk bertaruh lewat internet. jagobetting adalah namanya dan saat ini mereka sudah masuk di dalam daftar agen bola terbaik menurut forum kaskus, baca disini untuk keterangan dan bagi yang mau daftar sesuai dengan saran kaskuser

Unknown said...

Happy Friendship Day 2015
Happy Friendship Day Greetings Cards
Friendship Day 2015 Messages
Happy Friendship Day Images
Friendship Day 2015 Images
Friendship Day Greeting Cards
Happy Friendship Day Quotes
Friendship Day 2015 Quotes
Happy Friendship Day SMS in Hindi
Friendship Day SMS 2015
Friendship Day Wallpapers
Friendship Day SMS For Girlfriend
Friendship Day SMS For Boyfriend
Friendship Day SMS For Crush

Unknown said...

Best Friendship Day Ecards
Best Friendship Day Greeting Cards
Friendship Day 2015 Whatsapp Status
Happy Friendship Day Wishes 2015
Happy Friendship Day Poems 2015
Friendship Day Gift Ideas 2015
Friendship Day 2015 Shayari
Happy Friendship day whatsapp status
Funny Whatsapp status for friendship day
Friendship Day 2015 images for whatsapp
Friendship Day cover pic for whatsapp

Renan said...

Your style is really unique compared to other people I have read stuff from. Thanks for posting when you've got the opportunity, Guess I will just book mark this site.
Agen Bola Guessmarket
Agen Bola Greysnow
Agen Bola Bwining
Agen Bola Bolagames
Agen Bola Betwing
Info Sbobet
Agen Bola Infosbobet
Agen Bola Betrapid
Agen Bola Betrapid

Agen Sbobet Indonesia said...

You should inquire into the competition comparison of the journal. you'll highlight it's incredible. Your journal exploration/tour can broaden your conversions.
Agen Sbobet Casino
Agen Sbobet Terbaik

Real James said...


italian Football Serie A 2015
Serie A Live 2015/16

Juventus 2015 Live Streaming Free
Uefa Live Streaming on mobile
Real Madrid Live Streaming en vivo free
English Premier League Live Stream 2015
UEFA 2015 Champions League Live Stream
real Madrid 2015 Live Streaming free
Club Brugge VS Man United Uefa Live
Barca VS Malaga La Liga Live Streaming
Verona VS roma serie a live
Empoli VS Chievo Serie A Live

Celebrity HD wallpaper
Whatsapp Status, love quotes


Brwons VS Jets NFl live Stream Free 2015
NFL Regular Live Stream
NFL Week 1 Live Stream free
NFL Week 1 Schedule fixtures
NFL 2015 Teams
NFL Live Stream free 2015
NFL Live Streaming free
Super Bowl 2016 Live Streaming online
Watch NFL games today Live Stream
NFL 2015 live stream android
NFL Live Stream on mobile
Super Bowl 50 HD live Streaming

jim said...

Are you struggling with understanding the rules of basketball, but you love watching it anyway? If so, you are not alone. Plenty of people don’t know a lot about basketball.
http://www.thedetailsmovie.com |

http://www.nyyyhg.com |

http://www.shledexpo.com |

http://www.lincolnmaineusa.com |

http://www.bbflatiron.com |

http://www.literaturesw.com |

http://www.pizzabootcamp.com |

http://www.00k.biz |

http://www.cs9988.com |

http://www.xpressionsbysarah.com |

Unknown said...

This is also a very good post which I really enjoyed reading. It is not everyday that I have the possibility to see something

agar io , agario games , happywheels , 8ballpool , happy wheels , friv games , games 2 girls , juego de frozen , unblocked games 77 ,

Unknown said...

I'm happy about everything you bring it very interesting and helpful, thanks
juegos de matar , un show mas , jogos friv , descargar facebook gratis , messenger whatsapp , mobogenie descargar , descargar whatsapp , cities skylines , five nights at freddy's game

Unknown said...

I found a lot of information here to create this actually best for all newbie here. Thank you for this information.
juegos.com , friv , kids games , descargar facebook , facebook movel baixar , baixar whatsapp , whatsapp baixar , mobogenie , facebook movel

Unknown said...

I really love the quality writing as offered on this post, cheers to the writer.
cres home warranty
choice home warranty bbb
globe home warranty

Unknown said...

Hello, i'm glad to scan the entire content of this web log and am terribly excited and happy to mention that the webmaster has done a really sensible job here to place all the data content and knowledge at one place.
Agen Judi Bola
Berita Agen Bola

Unknown said...

I really love the quality writing as offered on this post, cheers to the writer. buy condos Brampton

Unknown said...

This is a wonderful article. These type of articles keeps the users interest in the website.webseobuy.com

soccer updates 2016 said...

Reliable betting is the virtually all effective selection that will the person can think about online. Offering you will discover businesses that will got your money so in purchase in order to be able to believe in your hard earned money pick the particular right one and luxuriate in wagering.
Soccer Updates 2016

Bradgreenspan.com said...

Hello, i am glad to read the whole content of this blog and am very excited and happy to say that the webmaster has done a very good job here to put all the information content and information at one place. Animlab.com

Luxury Hotel said...

Thanks for the data, perhaps I will use this over my tufted selling and i have been use much annulus Mainedia in run a interaction and that they somebody existing a giant amend on me. Soccer Wall

Cara Memakai Hijab said...

hehe , you are very good at discussing an economic problem and a solution to solve the problem , but some of the points described above is enough banks.
Cara Memakai Hijab
Cara Memakai Jilbab
Daftar Harga HP
harga laptop

Unknown said...

training leadership jasa video editing langkah penjualan konveksi baju jasa video repeat order Analisis Likuidita pemasaran produk brand menempatkan diri dalam sebuah teem catering email marketing TrainingCross functiona tempat sewa mobil konsumen menggunakn conputer konsultan pajak business card profesionalitas kerja jasa pemasaran produk referensi penyelenggaraan pada karyawan jasa event penghargaan bisnis training manajemen promo sewa mobil produk menguasai skill Analisis Akutansi website website investasi saham jasa pemasaran online program manajemen pengetahuan tas import branded jual baja ringan jasa kontraktor Biro Jasa jual apartemen aceh langsa jual rumah dki jakarta

Ratna Wati said...

good your shared..

crystal x asli nasa
infeksi rahim
kanker payudara
katarak
gagal ginjal
ambeien
gila sembuh
liver
herbal lumpuh sembuh
terapi pengobatan stroke
pengobatan herbal vs kimia
solusi cerdas
pengobatan kanker payudara
kelapa sawit pupuk organik
budidaya kelapa sawit
pengendali hama kelapa sawit
collagen collaskin

ranuan jamu kuat paling tokcer sedunia said...

ramuan jamu paling tokcer sedunia

jelly gamat Qnc said...

cara mengobati polip hidung tanpa operasi
thaks gan

qnc jelly gamatt said...

Khasiat QnC Jelly Gamat Untuk Bopeng Bekas Jerawat

thaks gan

Khasiat Qnc Jelly Gamat Untuk Diabetes Basah dan Kering said...

Obat Herbal Vig Power Capsule

jelly gamat Qnc said...

cara membersihkan paru paru
cara membersihkan paru paru
obat ganglion

budan said...

sewa dan Rental mobil surabaya |
Rental Mobil Surabaya|
https://medium.com/@syakila/rental-mobil-surabaya-terpercaya-46e1f3bad2c#.d3x6itx7d
http://reviewmantap88.blogspot.co.id/2016/03/rental-mobil-surabaya-terpercaya.html
http://gothicnun.tumblr.com/post/140974829974/rental-mobil-surabaya-terpercaya-permata
http://gothpuppy.tumblr.com/post/141079639076/rental-mobil-surabaya-terpercaya-permata
http://gothpuppy.tumblr.com/post/141079606516/rental-mobil-surabaya-recomended
http://reviewmantap88.blogspot.co.id/2016/03/rental-mobil-surabaya-terpercaya.html
http://travel.mediamatic.net/page/128957/en
https://github.com/syakila88/Rental-mobil-surabaya
http://www.screencast.com/users/syakila88/folders/Creativity/media/2e584d04-9cfc-4cef-a384-09feb4fb313f
http://goseopro.pbworks.com/w/page/106191012/Rental%20Mobil%20Surabaya

budan said...

obat pembesar penis
obat pembesar alat vital pria
http://reviewmantap88.blogspot.com/2016/03/obat-pembesar-penis-terbaik.html
http://travel.mediamatic.net/page/129101/en
https://medium.com/@syakila/obat-pembesar-penis-terbaik-f308dd328d31#.h7idvkv7

budan said...

obat pembesar penis
obat pembesar alat vital pria
http://reviewmantap88.blogspot.com/2016/03/obat-pembesar-penis-terbaik.html
http://travel.mediamatic.net/page/129101/en
https://medium.com/@syakila/obat-pembesar-penis-terbaik-f308dd328d31#.h7idvkv7

Unknown said...

cari rumah di jual cari rumah disewakan cari rumah murah di bintaro cari sewa rumah Jual Rumah di Jakarta alam sutera serpong alam sutera tangerang bintaro 1 bintaro jaya sektor 9 bintaro perumahan bintaro sektor 1 bintaro sektor 4 bintaro sektor 9 bintaro tangerang Jual Rumah Rumah Di Alam Sutera Rumah Alam Sutera Rumah Dijual Bsd Jual Rumah Bsd Serpong Rumah Gading Serpong

Unknown said...

Belanja Baju Online Baju Kerja Modis Grosir Pakaian Korea Baju Terbaru Jual Baju Korea Online Butik Baju Korea Online Baju Dress Murah Korean Fashion Grosir Baju Import Baju Murah Online Supplier Baju Import Belanja Baju Anak Online Butik Baju Online Pusat Busana Muslim Butik Baju Korea Baju Import Grosir Fashion Korea Baju Gamis Murah Belanja Baju Anak Online Toko Baju Online Murah

al3ab banat01 said...

You need to kill time, you'd have time to look these kids active. Refer to our website. Hope you get the most comfort. Thanks for sharing !
العاب بنات 2016

texas poker said...

texas poker

gfhfghfgh said...

Thank you very much my friend i like this information, is important for me good job man.
Good working!!
العاب سيارات 2016 على jeuxjeux99

العاب بنات said...

This is amazing
مرحبا بكم مجددا على افضل موقع يقدم العاب تلبيس بنات ستايل جديدة والعاب بنات 2016

Unknown said...

There is noticeably a bundle to know about this. I assume you made certain nice points in features also.
Timesdirect.net
Videolinkz.us
Workpost.com

obat kuat sex dan alat bantu sex said...

article very helpful for us all

Briley Celia said...

Its a great pleasure reading your post.Its full of information I am looking for and I love to post a comment that "The content of your post is awesome" Great workloire-forez-tourism.com |

Anonymous said...

Hello guys, here i'm going to show you some amazing images of dulhan mehndi design may you like this post. Also share this post.

Prashant Goyal said...

Hello guys, here i'm going to show you some amazing images of hairstyles for high foreheads may you like this post. Also share this post.

Anonymous said...

Hello guys, here i'm going to show you some amazing images of hd black wallpapers may you like this post. Also share this post.

Forum Bola said...


Thanks For The Various Tips Provided On This Weblog. I Have Observed That Many Insurance Carriers Offer Consumers Generous Special Discounts If They Choose To Insure Many Cars With Them. A Significant Variety Of Households Include Several Automobiles These Days, Especially Those With Mature Teenage Youngsters Still Residing At Home, Along With The Savings On Policies Could Soon Increase. So It Makes Sense To Look For A Good Deal. Agen Judi
Agen Bola Terpercaya
Agen Betting
Agen judi Terpercaya
Agen Bola Online
Agen Judi Online
Agen Judi Bola

Prashant Goyal said...

Great effort... superb organic content. If you are interested in Dragon Wallpapers do have a look.

jyoti said...

nice article, i enjoyed reading it a lot.

Anonymous said...

kben népszerûsítették a Lorem Ipsum részleteket magukbafoglaló Letraset lapokkal, és legutóbb softwarekkel mint például az Aldus Pagemaker.
hargamesinterbaru.com
juraganponsel.com
seribuinfounik
infosekarang
usahasekarang
fullsharing
gudangartikel
shareartikel
sharingituindah
kumpulanartikel
beritanasional
pemulablog

Unknown said...

THIS IS SO COOOOL KEEP ROCKING tt4 , العاب اولاد , العاب درايفر

caiyan said...

lebron james shoes
the north face outlet
coach outlet
michael kors uk
nike huarache
nike air max outlet
ugg australia
canada goose outlet
uggs
converse shoes
20161103ciayan

Unknown said...

A land credit can be acquired just on a private plot. Economically doled out formats and agrarian grounds can't be purchased utilizing a land advance. The plot picked ought to likewise be inside enterprise or city limits - meaning country plots could be out of question. auto title loans chicago

Unknown said...

Our economy is in a descending turn and is not anticipated that would recoup for briefly. Any individual who purchased a house three to five years prior and tries to offer that house now will presumably need to take short of what they paid for it. Before, those individuals could have anticipated that would make a sound benefit. payday loans chicago

alat sex wanita said...

This can be useful for entrepreneurs,

Toko Herbal QnC Jelly Gamat said...

I am very excited to be able to get this very useful information, This is one of the best articles I just found today, I hope you keep updating other information that is still related to this, I'm really looking forward to something new like that, Thank you very much because you have shared this news to us all, best regards

Obat Benjolan Di Rahim Cara Mengobati Gigi Berlubang Cara Mengobati Nyeri Tulang Ekor Obat Radang Usus Obat Benjolan Di Payudara Cara Mengobati Keputihan Obat Kista Bartholin Obat Wasir Obat Infeksi Rahim Obat Cacar Api

Unknown said...

Follow the reading in your article, regards to know, I am Indonesian people want to introduce site : aborsipenggugurkandungan.com.

Unknown said...

Follow the reading in your article, regards to know, I am Indonesian people want to introduce site : [url]aborsipenggugurkandungan.com[/url].

Unknown said...

sorry we would like permission to post comments on your site and follow your article reading.
I from indonesia want to introduce our website:
www.cosmetikselebritis.com
www.vimaxpillsid.com
www.obatperangsangpriawanitaoriginal.blogspot.co.id
www.revashop18.blogspot.co.id
www.tokoobatperangsang1.blogspot.co.id

cara menggugurkan kandungan said...

a pride for me to be able to discuss on a quality website because I just learned to make an article on

chenlili said...

nike outlet
snapbacks wholesale
red bottoms
oakley vault
cartier jewelry
air force 1
mbt shoes
links of london
nike air max
ferragamo shoes
20184.21chenjinyan

chenlili said...

flip-flops
cheap mlb jerseys
birkenstock sandals
nhl jerseys
longchamp outlet
van cleef & arpels jewelry
longchamp
miu miu shoes
scarpe mbt
nike air max
20185.19chenjinyan

jeje said...

christian louboutin outlet
canada goose uk
nike shoes outlet
louboutin shoes
lions jerseys
salomon
christian louboutin shoes
coach outlet online
skechers outlet
falcons jersey

chenmeinv0 said...

nike air trainers
guess
teva sandals
louboutin pas cher
hogan outlet
mulberry handbags
michael kors borse
lebron 11
adidas trainers
tommy hilfiger polo shirts
2018.5.30xukaimin

AGEN RESMI PRODUK S3 INDONESIA S3 CARBO MGANIK said...

CHLOROFORM DI JAKARTA
CHLOROPHYLL DI JAKARTA
LIQUID DI JAKARTA
TRIVAM DI JAKARTA
SLEELPING BEAUTY DI JAKARTA
CHLOROFORM DI MALUKU
CHLOROPHYLL DI MALUKU
LIQUID SEX DI MALUKU
TRIVAM DI MALUKU
SLEEPING BEAUTY DI MALUKU

Unknown said...

20180604 junda
burberry outlet
world cup jerseys
mavericks jerseys
ugg boots
nhl jerseys
ferragamo shoes
canada goose coats
air max uk
michael kors outlet
mulberry handbags

Unknown said...

With payday credits, there is a settled rate charge figured into reimbursement on each advance dispensed. The normal rate is $15.00 to $20.00 dollars per $100.00 dollars acquired. check cashing san diego

divyangbhuva said...

Thank you very much because you have always shared many new things to us
I am very happy because I can get articles that are very weighty contents
Very interesting blog

federal road safety corp recruitment, said...

i appreciate, thanks man

federal road safety corp recruitment, said...

make this anonymous , they shouldnt know

https://surebetpick.com/ said...

can i make this as a token though i dont understand what they really want from us

cara menggugurkan kandungan said...

I thank you for the information and articles you provided

CorySteeves said...

This is the right blog for anyone who wants to find out about this topic. You realize so much its almost hard to argue with you (not that I actually would want…HaHa). You definitely put a new spin on a topic thats been written about for years. Great stuff, just great!

Digitalmedialab.johncabot.edu
Information

Chand Mason said...

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.

Opencollective.com
Information

CorySteeves said...

Oh my goodness! an amazing article dude. Thank you However I am experiencing issue with ur rss. Don’t know why Unable to subscribe to it. Is there anyone getting identical rss problem? Anyone who knows kindly respond. Thnkx

Visit Web
Profiles.wordpress.org
Information

Lillian Cruz said...

Hello! I just would like to give a huge thumbs up for the great info you have here on this post. I will be coming back to your blog for more soon.

Id.pinterest.com
Information

sahar said...


ساخت وبلاگ

پینترست المیرا

zahra

atefe

web

sahel

elham

persians

charlottecarroll said...

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

Kofi.com
Information

cara menggugurkan kandungan said...

cool, please guidance so that I can create a blog like yours

Daisy Lowe said...

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.

Mmix.com
Information
Click Here

LeviFisher said...

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
Scirra.com
Information

Manila said...

You should take part in a contest for one of the best blogs on the web. I will recommend this site!

Ocpsoft.org
Information
Click Here

Maliko Yarise said...

Hello! I just would like to give a huge thumbs up for the great info you have here on this post. I will be coming back to your blog for more soon.

Rememberbyron.com
Information
Click Here

Zafran Yoda said...

Would you be interested in exchanging links?

Datafutures.org
Information
Click Here
Visit Web

cara menggugurkan kandungan said...

thank you for the information provided, we are waiting for the next info

unknown said...

โกลเด้นสล็อต เว็บสล็อตจากการเสิร์ชอันดับ 1 เว็บไซต์ที่มีนักพนักเข้ามาร่วมสนุกมากที่สุด Goldenslot

Jackie Austin said...

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

Blogtalkradio.com
Information
Click Here
Visit Web

Eileen Price said...

This really answered my problem, thank you!

Godotengine.org
Information
Click Here
Visit Web

Miguel Long said...

This really answered my problem, thank you!

Crunchyroll.com
Information
Click Here
Visit Web

AlbertLee 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!

Renderosity.com
Information
Click Here
Visit Web

AugustCollects said...

WONDERFUL Post.thanks for share..more wait..

Hub.docker.com
Information
Click Here
Visit Web

Zukunfts Technologie said...

Die Technologie entwickelt sich schneller denn je und schneller als Sie denken. Diese aufkommende Technologie wird unsere Lebensweise verändern.

Laptops Und Smartphones said...

Dieses Mal werde ich euch allen Informationen zur Verfügung stellen. Für diejenigen, die weiterhin wissen möchten, was in der Welt der Technologie jetzt passiert, können Sie mehrere Blogs sehen, die weiterhin aktiv Beiträge über die neueste Technologie bereitstellen.