Tuesday, September 3, 2013

The Mirage of Devaluation

The papers are full of the rupee crisis. India's worst economy in decades, supposedly.

The silver lining, according to this morning's FT, is that the fall in the rupee should eventually boost exports. After all, after the the 1997 Asian crisis, "countries like Thailand and Malaysia enjoyed export-led recoveries following wrenching devaluations." Is that so?

The devaluation part is right -- all these countries saw their currencies fall steeply when they abandoned their pegs in the second half of 1997, typically losing about half their value against the dollar. The supposed export-led recoveries are a different story.

Annual growth of export volumes and average rates for the decades before and after 1997, Malaysia and Thailand. Source: IMF.

The solid lines in the figure above are the annual growth rates of export volumes. The dotted lines are the average rates for the ten years prior to and following the 1997 crisis. As you can see, export growth was substantially slower after the crisis than before -- in both Malaysia and Thailand, export growth after devaluation was about half the previous pace. In Indonesia, whose currency fell even more, export growth essentially ceased -- from 8 percent annual rates before 1997 to less than 1 percent in the decade following. And these are volumes; given the devaluation, foreign exchange earnings did even worse. In Thailand, for instance, exports earnings in dollars were still lower in early in 2002 than they had been before the crisis, almost five years before. For Indonesia, export earnings were still at their pre-crisis levels as late as 2004. This is about as far from an export boom as you can get.

You can argue, I suppose, that without the devaluations export performance would have been even worse. But you cannot claim that faster export growth following the devaluations boosted demand, because no such faster growth occurred.

It's really remarkable how much the devaluation-export growth link is taken for granted in discussions of foreign trade. But in the real world, for whatever reason, the link is often weak or nonexistent.

Practical policymakers seem to have an easier time grasping this than economists. There's a reason why falling currencies are seen as major problems in much of the developing world, even though they supposedly should boost exports. And there's a reason, presumably, why the leaders of Syriza, hardly slaves to conventional wisdom, have ignored the advice from progressive American economists that Greece would be better off out of the Euro.

41 comments:

  1. If Greece re-introduced the drachma, it would presumably be pegged to the euro. That's the most orderly way to introduce it. They would not be free of the ECB until the new currency is widely adopted, and that wouldn't happen until nobody expects a devaluation, i.e. after the crisis has passed.

    ReplyDelete
    Replies
    1. WOW..My name is Patricia Harold from Ohio United State..Mr Dikcons intelligent blank ATM cards Which have been specially programmed to withdraw $8000 free cash from any ATM Machine worldwide He has hacked the sum of $8000 dollars into each of the cards. please beware of scams selling counterfeit cards he sell the original cards with documents to validate the transactions,i meet Mr Dickson blog and saw comments of how to obtain the ATM BLANK CARD prior to my knowledge of it. I was once an accountant at a firm but since i got the ATM BLANK CARD from Mr Dickson my whole world changed and now i have been able to become all i ever dreamed of. I have no risk of usage and am able to withdraw up to $8000 weekly. Its really great to feel rich and alive once more.contact his email: dicksonblankatmhacker@gmail.com and is his cell whatsapp/ +12048178403

      Delete
    2. I have being hearing about this blank ATM card for a while and i never really paid any interest to it because of my doubts. Until one day i discovered a hacking guy called Lucas. he is really good at what he is doing. Back to the point, I inquired about The Blank ATM Card. If it works or even Exist. They told me Yes and that its a card programmed for random money withdraws without being noticed and can also be used for free online purchases of any kind. This was shocking and i still had my doubts. Then i gave it a try and asked for the card and agreed to their terms and conditions. praying and hoping it was not a scam i used the blank CARD and it was successful i withdraw nor less than 10,000 dollar each every day the blank CARD worked like a magic and now i have become rich and famous in my society, if you want to order for the blank ATM CARD here is there email address:fastestblankatmhackers@gmail.com or his Mobile:+2348076023257.

      Delete
    3. PLEASE READ!!
      Hey Guys!!!I am Henry i live in Texas USA, Am so happy I got mine from Annie. My blank ATM card can withdraw $3,000 daily. I got it from Her last week and now I have $9,000 for free. The blank ATM withdraws money from any ATM machines and there is no name on it because it is blank just your PIN will be on it , it is not traceable and now i have money for business,shopping and enough money for me and my family to live on .I am really glad and happy i met Annie because i met Five persons before her and they took my money not knowing that they were scams. But am happy now. Annie sent the card through DHL and i got it in two days. Get your own card from her right now she is not like other scammer pretending to have the Blank ATM card,She is giving it out for free to help people even if it is illegal but it helps a lot and no one ever gets caught or traced . im happy and grateful to Annie because she changed my story all of a sudden .The card works in all countries that is the good news Annie's email address is anniemellor233@yahoo.com!!!

      Delete
  2. Agree price is just one aspect. So the fact that the Rupee has depreciated doesn't mean exports will automatically improve. Indian producers still have to compete with other local and international producers abroad.

    There is still some effect although non-price effects are far more important.

    Greece is different though. If it exits, it has its own currency and the government has more powers with itself to protect the nation.

    ReplyDelete
    Replies
    1. Ramanan and Max-

      You are right, exit from the Euro involves much more than a devaluation. I only brought it up here because it is often asserted that *if* the the short-ru disruptions could be managed, a major advantage of going back tot he drachma would be that depreciation would solve Greece's external balance. As I have argued here before, that really shouldn't be counted on.

      And yes, it is true that having your own currency allows central banks to support the government debt market and act as lenders of last resort. So there could be a good case for going back to drachma, even if we don't think Greek exporters would benefit directly.

      Delete
    2. Monetary sovereignty is not just about having your own currency. That's necessary but not sufficient. The currency has to be used as a unit of account - all the important prices in the economy have to be in terms of the currency.

      I'm saying that Greece *can't* devalue. That option is only available if you have your currency before the crisis hits.

      You can't say, "here's a shiny new currency, and by the way, we're going to devalue" - because if devaluation is fully expected, it will have no effect. It will be a change of numbers with no economic consequence.

      Delete
    3. PLEASE READ!!
      Hey Guys!!!I am Henry i live in Texas USA, Am so happy I got mine from Annie. My blank ATM card can withdraw $3,000 daily. I got it from Her last week and now I have $9,000 for free. The blank ATM withdraws money from any ATM machines and there is no name on it because it is blank just your PIN will be on it , it is not traceable and now i have money for business,shopping and enough money for me and my family to live on .I am really glad and happy i met Annie because i met Five persons before her and they took my money not knowing that they were scams. But am happy now. Annie sent the card through DHL and i got it in two days. Get your own card from her right now she is not like other scammer pretending to have the Blank ATM card,She is giving it out for free to help people even if it is illegal but it helps a lot and no one ever gets caught or traced . im happy and grateful to Annie because she changed my story all of a sudden .The card works in all countries that is the good news Annie's email address is anniemellor233@yahoo.com!!!

      Delete
    4. PLEASE READ!!!! Hello Guys,This is a Life Time transformation !!!Am so happy I got mine from Elizabeth. My blank ATM card can withdraw $2,000 daily. I got it from Her last week and now I have $8,000 for free. The blank ATM withdraws money from any ATM machines and there is no name on it, it is not traceable and now i have money for business and enough money for me and my family to live on .I am really happy i met Elizabeth because i met two people before her and they took my money not knowing that they were scams. But am happy now. Elizabeth sent the card through DHL and i got it in two days. Get your own card from her now she is not like other scammer pretending to have the ATM card,She is giving it out for free to help people even if it is illegal but it helps a lot and no one ever gets caught. im grateful to Elizabeth because she changed my story all of a sudden . The card works in all countries except Philippines, Mali and Nigeria. Elizabeth's email address is elizabethcole232@yahoo.com!

      Delete
  3. There was however a V or U shaped recovery in these countries. Which means that domestic demand in stead of (gross) exports must have done the trick. Which is way more difficult in a situation of 'internal devaluation' as 'external devaluation' does not lead to a decline of nominal wages, which means that 'domestic' purchasing power does not diminish while, at the same time, domestic products (i.e. products with a high content of domestically produced value added) on the domestic market become cheaper compared with imported products. In the case of internal devaluation, however, the whole idea is that domestic wages have to decrease...

    ReplyDelete
    Replies
    1. Right. What happened is that imports dropped very rapidly in the crisis and then slowed even more than exports in the recovery. This is what allowed these countries to accumulate surpluses in the period leading up to 2008. So yes, there was a shift from export demand to demand to domestic demand. Unfortunately, I don't know anything about the institutional specifics of how this was brought about, and I have not seen any good articles on it.

      Delete
    2. Also, anon. -- please use a handle of some kind. Thanks!

      Delete
    3. PLEASE READ!!!! Hello Guys,This is a Life Time transformation !!!Am so happy I got mine from Elizabeth. My blank ATM card can withdraw $2,000 daily. I got it from Her last week and now I have $8,000 for free. The blank ATM withdraws money from any ATM machines and there is no name on it, it is not traceable and now i have money for business and enough money for me and my family to live on .I am really happy i met Elizabeth because i met two people before her and they took my money not knowing that they were scams. But am happy now. Elizabeth sent the card through DHL and i got it in two days. Get your own card from her now she is not like other scammer pretending to have the ATM card,She is giving it out for free to help people even if it is illegal but it helps a lot and no one ever gets caught. im grateful to Elizabeth because she changed my story all of a sudden . The card works in all countries except Philippines, Mali and Nigeria. Elizabeth's email address is elizabethcole232@yahoo.com

      Delete
  4. I have four questions abut this (actually two double questions):

    1) Nominal devaluation is just one of the components of the cost of labor, the other is inflation: if, as it happened in Italy before the euro, there is devaluation but also inflation, there is no reason the exports should boom.
    This is a big point in the "austerity" debate in europe: many economists believe that debtor countries have structural economic problems that makes them more inflationary, and that those structural flaws are what caused the umbalances to begin with, and thus should be corrected. From this point of view an exit from the euro makes few sense (hence the "moral hazard" thing).
    Obviusly those "structural solutions", in pratice, always mean that workers' bargaining power has to fall.
    Why do most economist of the pro-devaluation camp assume that real wage will fall in a devaluation (instead that jump up nominally)?

    1B) "What happened is that imports dropped very rapidly in the crisis and then slowed even more than exports in the recovery. [...]. So yes, there was a shift from export demand to demand to domestic demand."
    I assume that the fact that imports fell a lot means that real wages, in this case, really fell. How is this really an exit from the crisis (through a shift to domestic demand) instead than just a stable lower level of activity?
    For example if my wage is 100, then I'm fired during the crisis, then I get a new job with a wage of 50, the crisis from my point of view is hardly over.

    2) As far as I can understand, during the asian crisis Thailand had huge debts in its own currency, that was pegged to the dollar. When Thailand devalued, it also devalued the debt, it was a sort of "hidden bankruptcy". How much of the solution of the crisis was due to this "inflation jubilaeum"?

    2B) If (as I believe) most of the solution of the crisis depends on the "inflation jubilaeum" thing, wouldn't be better to have devaluation BUT also inflation in nominal wages, so that real wages stays the same? This would be better for the workers but also for those countries who export to the debtor nations (whereas if the solution of the crisis is "less consumption" this means that the crisis is shifted on the exporter nations).
    I think this was actually Minsky's solution, when he said that stagflation was what they had instead of a new great depression.

    ReplyDelete
  5. RL-

    Yes, depreciations/devaluations are often inflationary, and that is presumably one of the reasons why they don't raise exports as much as people would naively expect.

    I also agree that "structural" solutions in the current debate do always mean a redistribution away fro workers. So the relative-price argument appears as the relatively progressive position. But it's important not to accept that framing uncritically; it's perfectly possible to talk about structural problems that are not about high wages and a strong welfare state. Probably the biggest ones in my mind are the related problems of (1) faster export growth requiring entry into new industries, which often requires coordinated private and public investment across a bunch of sectors simultaneously; and (2) the reluctance of the rich almost everywhere to tie up their wealth in long-lived fixed capital when holding it in financial form (or sometimes as land) is an option.

    On 1B and 2B, I think you are possibly overemphasizing the change in prices and ignoring the change in incomes. The reason imports fell so drastically in the crisis is not so much that real wages fell, as that employment and investment fell.

    I'm afraid I don't know how much of Asian debt was foreign vs. local currency denominated. Would be an important part of the story if I ever decide to to try to write about this beyond blogposts.

    ReplyDelete
  6. fantastically important to get the why of forex dynamics
    clearly fixed in the mind
    its a game of contexts
    ie a historical process

    motives are clear but various

    start with
    this outcome
    a certain volley for serve
    in the forex arbitrage game
    which when the deval hits
    can increase corporate trading margins
    while in fact slowing penetration
    the secondary whys become key

    ReplyDelete
    Replies
    1. I've seen you make this argument before, in comments here and at Thoma's palce (and probably elsewhere). Have you ever developed it beyond blog-comment poetry?

      Not that I mind the poetry, it's the best.

      Delete
  7. JW, Dean Baker, as you probably know, has the "strong dollar" as a theme of his manufacturing job loss story and some of his readers point out the futility trying boost exports with a weak dollar.

    From this post and comments, I get the sense that this a "one-way" relationship, going to a strong dollar definitely hurts exports but reversing the process may only have limited effects. Is that a correct characterization? -PJM

    ReplyDelete
    Replies
    1. As you probably saw in the following post, yes, I think there is some truth to this.

      Delete
  8. A couple of things, one minor, one off-topic.

    1. There's a small typo in 3rd paragraph -- "when they abandoned their pegs in the second half of 2007" shd be 1997.

    2. I was trying to think of the name of the 19th cent political economist you used at one time as a pseudonym at CT. It wasn't Nassau Senior, or was it?

    ReplyDelete
    Replies
    1. LFC:

      Did you mean "Lemuel Pitkin"?

      http://en.wikipedia.org/wiki/A_Cool_Million

      Delete
    2. Yup, Lemuel Pitkin, from A Cool MIllion. Not an economist of any sort (altho there is some interesting political economy in the book.)

      Thanks for pointing out the error, I've corrected it.

      Delete
    3. yes, Lemuel Pitkin was the name I couldn't remember. (For some reason I thought it was the name of a 19th-cent economist. I will follow the Wiki link, thks.)

      Delete
  9. How about import volumes, then? A current account imbalance can be solved by a FX devaluation as imports become more expensive. That will make the domestic market more competitive against imports, which helps

    Some countries that have large export sectors where the end demand is price-sensitive and the country's export prices at least partially depend on the domestic price level should see increasing demand for their exports. Some countries might, instead of higher volume, just put the improved competitiveness into prices - profits of the export sector.

    The short answer is "it depends"

    ReplyDelete
  10. Hey really wonderful post your have shared here, I have bookmarked your blog for the future references. Keep posting the article on this topics, i like to visit your blog once again for future updates .

    We are manufacturers of stainless steel wires,stainless steel cold heading,MIG & TIG Wire welding Parts,stainless steel wire welding

    ReplyDelete
  11. BEST WAY TO HAVE GOOD AMOUNT TO START A GOOD BUSINESS or TO START LIVING A GOOD LIFE..... Hack and take money directly from any ATM Machine Vault with the use of ATM Programmed Card which runs in automatic mode.This is an opportunity you all have been waiting for. Get the new programmed ATM BLANK CARD that can hack any ATM MACHINE and withdraw money from any where in the world. You do not require anybody's account number before you can use it. Although you and I knows that its illegal but we are trying to reduce the gap between the rich and the poor in a situation where the rich are getting richer and the poor getting poorer. Get yours now and provide for your kids, make your kids happy by providing for all their needs. Email us on: frederickbrooks@outlook.comThere is no risk using it. It has SPECIAL FEATURES, that makes the machine unable to detect this very card,and its transaction can't be traced . To get your own programmed blank ATM card, contact us on;frederickbrooks@outlook.com

    ReplyDelete
  12. You are welcome to our online hacking services.We encourage you to try this life transforming deal and be rich forever without any trace. OUR SERVICES We are professional carding team with a large ring around the globe.With over 2 million ATM infected with our malware and skimmers,we can grab card data which include track 1 and track 2 with the card pin.We in turn clone this cards using the grabbed data into real ATM cards which can be used to withdraw at the ATM or swiped at stores and POS.We sell these cards to all our customers and interested buyers worlwide,the card has a daily withdrawal limit of $25,000 on ATM and $10,000 spending limit in stores.Contact us now at (excelatmhackers@outlook.com)

    ReplyDelete
  13. Good day to all viewer online..Hacker Atm card is right here and get rich immediately and take money directly from any ATM Machine Vault with the use of our ATM Programmed Card which runs in automatic mode.This is an opportunity you all have been waiting for. Get the new programmed ATM BLANK CARD that can hack any ATM MACHINE and withdraw money from any where in the world. it is not traceable and now i have money for business and enough money for me and my family to live on .I am really happy i met Mr Dickson because i met two people before me and they took my money not knowing that they were scams. But am happy now.Mr Dickson sent the card through DHL and i got it in 24hours. Get your own card from Mr Dickson now he is not like other scammer pretending to have the ATM card,Mr Dickson is giving it out for free to help people even if it is illegal but it helps a lot and no one ever gets caught. im grateful to Mr Dickson because he changed my story all of a sudden . The card works in all countries except,his whatsapp number +12048178403 or email him:dicksonblankatmhacker@gmail.com

    ReplyDelete
  14. I have my ATM card programmed and covered to withdraw the maximum of $2,000 per day for a maximum of 20 days. I am very happy about this because I have mine last week and I have used it for $ 2,000. Mr. John Siphas gives the card to help the poor and needy, although it is illegal but it is rather nice and it is not like others scam pretending to have the ATM cards blank. And no one gets caught when using the card. Get yours from it. Just send an email to johnsiphas@gmail.com

    ReplyDelete
  15. WOW..My name is Patricia Harold from Ohio United State..Mr Dikcons intelligent blank ATM cards Which have been specially programmed to withdraw $8000 free cash from any ATM Machine worldwide He has hacked the sum of $8000 dollars into each of the cards. please beware of scams selling counterfeit cards he sell the original cards with documents to validate the transactions,i meet Mr Dickson blog and saw comments of how to obtain the ATM BLANK CARD prior to my knowledge of it. I was once an accountant at a firm but since i got the ATM BLANK CARD from Mr Dickson my whole world changed and now i have been able to become all i ever dreamed of. I have no risk of usage and am able to withdraw up to $8000 weekly. Its really great to feel rich and alive once more.contact his email: dicksonblankatmhacker@gmail.com and is his cell whatsapp/ +12048178403

    ReplyDelete
  16. I have being hearing about this blank ATM card for a while and i never really paid any interest to it because of my doubts. Until one day i discovered a hacking guy called Lucas. he is really good at what he is doing. Back to the point, I inquired about The Blank ATM Card. If it works or even Exist. They told me Yes and that its a card programmed for random money withdraws without being noticed and can also be used for free online purchases of any kind. This was shocking and i still had my doubts. Then i gave it a try and asked for the card and agreed to their terms and conditions. praying and hoping it was not a scam i used the blank CARD and it was successful i withdraw nor less than 10,000 dollar each every day the blank CARD worked like a magic and now i have become rich and famous in my society, if you want to order for the blank ATM CARD here is there email address:fastestblankatmhackers@gmail.com or his Mobile:+2348076023257.

    ReplyDelete
  17. I got my already programmed and blanked ATM card to withdraw the maximum of $50,000 daily for a maximum of 20 days. I am so happy about this because i got mine last week and I have used it to get $100,000. he is giving out the card just to help the poor and needy though it is illegal but it is something nice and she is not like othis scam pretending to have the blank ATM cards. And no one gets caught when using the card. get yours from his. Just send his an email On {stevereasbeck01@gmail.com}

    ReplyDelete
  18. BE SMART AND BECOME RICH IN LESS THAN 3 DAYS....It all depends on how fast you can be to get the new PROGRAMMED blank ATM card that is capable of hacking into any ATM machine, anywhere in the world. I got to know about this BLANK ATM CARD when I was searching for job online about a month ago.. It has really changed my life for good and now I can say I'm rich and I can never be poor again. The least money I get in a month with it is about $50,000.(fifty thousand USD). Everyday I keep pumping money into my account. Though it is illegal, there is no risk of being caught, because it has been programmed in such a way that it is not traceable, it also has a technique that makes it impossible for the CCTV's to detect you.. For details on how to get yours today, email the hackers on: johnhart0022@gmail.com. Tell your loved ones too, and start to live large. That's the simple testimony of how my life changed for good... Love you all... The email address again is johnhart0022@gmail.com

    ReplyDelete
  19. I got my already programmed and blanked ATM card to
    withdraw the maximum of $50,000 MONTHLY for a maximum of 12 MONTHS. I am so happy about this because i got mine last week
    and I have used it to get $150,000 already. Georg Bednorz Hackers is giving
    out the card just to help the poor and needy though it is illegal but it
    is something nice and he is not like other scam pretending
    to have the blank ATM cards. And no one gets caught when
    using the card. get yours from Georg Bednorz Hackers today! Just send an email
    to georgbednorzhackers@gmail.com

    ReplyDelete
  20. Become rich today and take the risk of transforming your own life. Try and get a blank ATM card today from (MR JOHN) and be
    among the lucky ones who are benefiting from this cards. This PROGRAMMED blank ATM card is capable of hacking into any ATM
    machine,anywhere in the world. I got to know about this BLANK ATM CARD when I was searching for job online about a month
    ago..It has really changed my life for good and now I'm rich because am a living testimony. The list money I get in a day
    with this card is about $2,000.I keeping pumping money into my account.there is no risk of being caught because it has been
    programmed in such a way that it is not traceable, it also has a technique that makes it impossible for the CCTV to detect
    you..For details on how to get yours today, email the hackers on johnsiphas@gmail.com

    ReplyDelete
  21. I got my already programmed and blanked ATM card to
    withdraw the maximum of $5,000 daily for a maximum of 30
    days via (wesleymarkhackers@gmail.com).
    I am so happy about this because i got mine last week and I have used it to get $150,000. Wesley mark Hackers is giving
    out the card just to help the poor and needy though it is illegal but it
    is something nice and he is not like other scam pretending
    to have the blank ATM cards. And no one gets caught when
    using the card. get yours from wesley mark Hackers today! Just send an email
    to (wesleymarkhackers@gmail.com)

    ReplyDelete
  22. My name is Eric Gomes i am located in USA,Texas. i will like to publish the hand work of God to the general public. God has been very grateful to me and my family. 5months ago i was seriously searching for a loan worth $90,000.00 to buy a house in the USA. And i was scammed by various lenders online, but 2weeks ago i saw a post about ATM blank cards. I doubted this but decided to give it a try by Contacting them through there emails on(creditcardhackers011@gmail.com) they responded with their guidelines on how the card works. i'was assured that the card can withdraw $5000 instant & was credited with $500,000.00 so i requested for one & paid the purchasing fee to obtain the card. 72 hrs later, i was shock to see the DHL agent in my resident with a parcel{card} i signed and went back inside and confirmed the card works after the agent left. This is no doubts because i
    have the card & has made used of the card. This hackers are abroed based hackers set out to help people with financial freedom!! Contact them today on (creditcardhackers011@gmail.com) if you wants to get rich with this card.

    ReplyDelete
  23. Engr Micharel is the real hacker,his programmed ATM card work in any machine around the world.It all happen when i was broke because i lost my job and i could not pay my bills,life was so frustrating that i could not think of what to do to earn money. So I browse the internet and i saw a comment about Engr Michael Blank ATM card that can withdraw money from any ATM machine and i decide to give it a try.I got my already programmed and blanked ATM card to withdraw the maximum of $5000 daily. I am so happy about this because i got mine a month ago and I have been able to withdraw close to $78,000. Engr Michael is giving out the card just to help the poor and needy though it is illegal but it is something nice and he is not like other scam pretending to have the ATM cards. And no one gets caught when using the card. The card is programmed in a way that is not traceable so get yours from him. Just send him an email on (micharelatmhacker@gmail.com) call and text him +18508008129 and be happy like Me.

    ReplyDelete
  24. I never believed in this blank credit card until i got one for my self, i was going through a friends pics on twitter when i saw a comment about a blank credit card that can make you rich. I decided to give it a try by purchasing one of the card, though i was curious but my curiosity was satisfied when i got the blank card and made a withdrawal of $5000 instant & was also able to transfer $8000 into my bank account. I never believed this card was real after i lost money to scammers but this hackers proved me wrong that they were real and possesses the card, don't be left out at this great opportunity... To get this card without getting scammed then Email: ghosthackingfoundation.hk@gmail.com

    ReplyDelete
  25. The only genuine ATM cloned card vendor which i have tested and confirmed. I met this hacker online and emailed him about the BLANK ATM CARD. I was in trouble financially two weeks ago so i told him i need one asap. I western union some money to him and to my greatest shock, the card was shipped to me in 24 hrs. I've used it to withdraw $ 44,000 already, $ 4000 daily . Since then I've been able to get money freely with no pin. Contact their email if you truly need this card. (martinshackers22@gmail.com , martinshackers22@gmail.com)....THIS IS REAL.

    ReplyDelete
  26. INSTEAD OF GETTING A LOAN,, I GOT SOMETHING NEW
    Get $5,500 USD every day, for six months!

    See how it works
    Do you know you can hack into any ATM machine with a hacked Atm card??
    Make up you mind before applying, straight deal...

    Order for a blank Atm card now and get millions within a week!: contact us
    via email address:: authentichackedcard@gmail.com

    We have specially programmed ATM cards that can be use to hack ATM
    machines, the ATM cards can be used to withdraw at the ATM or swipe, at
    stores and POS. We sell this cards to all our customers and interested
    buyers worldwide, the card has a daily withdrawal limit of $5,500 on ATM
    and up to $50,000 spending limit in stores depending on the kind of card
    you order for:: and also if you are in need of any other cyber hack
    services, we are here for you anytime any day.

    Here is our price lists for the ATM CARDS:

    Cards that withdraw $5,500 per day costs $150 USD
    Cards that withdraw $10,000 per day costs $255 USD
    Cards that withdraw $35,000 per day costs $550 USD
    Cards that withdraw $50,000 per day costs $3670 USD
    Cards that withdraw $100,000 per day costs $5600 USD

    make up your mind before applying, straight deal!!!

    The price include shipping fees and charges, order now: contact us via
    email address:: authentichackedcard@gmail.com



    ReplyDelete