Sunday, April 12, 2015

The Greek Crisis and Monetary Sovereignty

Note: This post only really makes sense as a continuation of the argument in this one.


It's a general rule that the internal logic of a system only becomes visible when it breaks down. A system that is smoothly reproducing itself provides no variation to show what forces it responds to. Constraints are invisible if they don't bind. You don't know where power lies until a decision is actively contested.

In that sense, the crises of the past seven years — and the responses to them — should have been very illuminating, at least if we can figure out what to learn from them. The current crisis in Greece is an ideal opportunity to learn where power is exercised in the union, and how tightly the single currency really binds national governments. Of course, we will learn more about the contours of the constraints if the Syriza government is more willing to push against them.

The particular case I'm thinking of right now is our conventional language about central banks "printing money," and the related concept of monetary sovereignty. In periods of smooth reproduction we can think of this as a convenient metaphor without worrying too much about what exactly it is a metaphor for. But if Greece refuses to accept the ECB's conditions for continued support for its banks, the question will become unavoidable.

We talk about governments "printing money" as if “money” always meant physical currency and banks were just safe-deposit boxes. Even Post Keynesian and MMT people use this language, even as they insist in the next breath that money is endogenously created by the banking system. But to understand concretely what power the ECB does or does not have over Greece, we need to take the idea of credit money seriously.

Money in modern economies means bank liabilities. [1] Bank liabilities constitute money insofar as a claim against one bank can be freely transferred to other units, and freely converted to a claim against another bank; and insofar as final settlement of claims between nonfinancial units normally takes the form of a transfer of bank liabilities.

Money is created by loan transactions, which create two pairs of balance-sheet entries — an asset for the borrowing unit and a liability for the bank (the deposit) and a liability for the borrowing unit and an asset for the bank (the loan). Money is destroyed by loan repayment, and also when the liabilities of a bank cease to be usable to settle claims between third parties. In familiar modern settings this lack of acceptability will be simultaneous with the bank being closed down by a regulatory authority, but historically things are not always so black and white. In the 19th century, it was common for a bank that ran out of reserves to suspend convertibility but continue operating. Deposits in such banks could not be withdrawn in the form of gold or equivalent, but could still be used to make payments, albeit not to all counterparties, and usually at a discount to other means of payment. [2]

To say, therefore, that a government controls the money supply or "prints money" is simply to say that it can control the pace of credit creation by banks, and that it can can maintain the acceptability of bank liabilities by third parties — which in practice means, by other banks. It follows that our conventional division of central bank functions between monetary policy proper (or setting the money supply), on the one hand, and bank regulation, operation of the interbank payments system, and lender of last resort operations, on the other, is meaningless. There is no distinct function of monetary policy, of setting the interest rate, or the money supply. "Monetary policy" simply describes one of the objectives toward which the central bank's supervisory and lender-of-last-resort functions can be exercised. It appears as a distinct function only when, over an extended period, the central bank is able to achieve its goals for macroeconomic aggregates using only a narrow subset of the regulatory tools available to it.

In short: The ability to conduct monetary policy means the ability to set the pace of new bank lending, ex ante, and to guarantee the transferability of the balances thus created, ex post.

It follows that no country with a private banking system has full monetary sovereignty. The central bank will never be able to exactly control the pace of private credit creation, and to do so even approximately except by committing regulatory tools which then are unavailable to meet other objectives. In particular, it is impossible to shift the overall yield structure without affecting yield spreads between different assets, and it is impossible to change the overall pace of credit creation without also influencing the disposition of credit between different borrowers. In a system of credit money, full monetary sovereignty requires the monetary authority to act as the monopoly lender, with banks in effect serving as just its retail outlets. [3]

Now, some capitalist economies actually approximate to this pretty closely. For example the postwar Japanese system of “window guidance” or similar systems in other Asian developmental states. [4] Something along the same lines is possible with binding reserve requirements, where the central bank has tight operational control over lending volumes. (But this requires strict limits on all kinds of credit transactions, or else financial innovation will soon bypass the requirements.) Short of this, central banks have only indirect, limited influence over the pace of money and credit creation. Such control as they do have is necessarily exercised through specific regulatory authority, and involves choices about the direction as well as the volume of lending.  And it is further limited by the existence of quasi-bank substitutes that allow payments to be made outside of the formal banking system, and by capital mobility, which allows loans to be incurred, and payments made, from foreign banks.

On the other hand, a country that does not have its “own” currency still will have some tools to influence the pace of credit creation and to guarantee interbank payments, as long as there is some set of banks over which it has regulatory authority.

My conclusion is that the question of whether a country does or does not have its own currency is not a binary one, as it's almost always imagined to be. Wealth takes to form of a variety of assets, whose prospective exchange value can be more or less reliably stated in terms of some standard unit; transactions can be settled with a variety of balance-sheet changes, which interchange more or closely to par, and which are more or less responsive to the decisions of various authorities.  We all know that there are some payments you can make using physical currency but not a credit or debit card, and other payments you can make with the card but not with currency. And we all know that you cannot always convert $1,000 in a bank account to exactly $1,000 in cash, or to a payment of exactly $1,000 – the various fees within the payment system means that one unit of “money” is not actually always worth one unit. [5]

In normal times, the various forms of payment used within one country are sufficiently close substitutes with each other, exchange sufficiently close to par, and are sufficiently responsive to the national monetary authority, relative to forms of payment used elsewhere, that, for most purposes, we can safely speak of a single imaginary asset “money.” But in the  Greek case, it seems to me, this fiction obscures essential features of the situation. In particular, it makes the question of being “in” or “out of” the euro look like a hard binary, when, in my opinion, there are many intermediate cases and no need for a sharp transiton between them.



[1] Lance Taylor, for instance, flatly defines money as bank liabilities in his superb discussion of the history of monetary thought in Reconstructing Macroeconomics.

[2] Friedman and Schwartz discuss this in their Monetary History of the United States, and suggest that if banks had been able to suspend withdrawals when their reserves ran out, rather than closed down by the authorities, that would have been an effective buffer against against the deflationary forces of the Depression.

[3] Woodford's Interest and Prices explicitly assumes this.

[4] Window guidance is described by Richard Werner in Masters of the Yen. The importance of centralized credit allocation in Korea is discussed by the late Alice Amsden in Asia's Next Giant. 

[5] Goodhart's fascinating but idiosyncratic History of Central Banking ends with a proposal for money that does not seek to maintain a constant unit value – in effect, using something like mutual fund shares for payment.


1,470 comments:

  1. To me "full" monetary sovereignty means that the monetary authority pays no attention to exchange rates. By this definition the number of monetary sovereigns is much smaller than the number of currencies, since most central banks try to stabilize exchange rates, at least as a secondary objective. A corollary is that some central banks are monetary superpowers, influencing monetary policy beyond their borders.

    ReplyDelete
    Replies
    1. A CB can largely sterilize international capital flows if it has the will. No limit on how low it can push the currency, limit on how high it can keep it.

      Delete
    2. That is a strong claim. What's the response to financial outflows?

      Delete
    3. This comment has been removed by the author.

      Delete
    4. Sorry I wasn't very clear. Ability to control financial outflows is a constrained by size of FX reserves, so a CB can always push the price of it's currency down by selling, but is limited in its ability to push it up by its FX reserve.

      This Godley Lavoie paper is good on why mainstream mundell-fleming and monetary views on exchange rates and monetary theory are wrong,

      "These “findings” are profoundly at odds with much conventional wisdom and with the received view that arises from the standard Mundell-Fleming model. Alan Greeenspan has been saying that Chinese accumulation of US Treasury bills is making it difficult for them to manage their monetary policy; but the above analysis strongly suggests that he is mistaken. Peter Kenen (1985: 669) writes, as many others: “.... Reserve flows alter the money stock, undermining the influence of monetary policy.... The monetary approach to the balance o payments is built on this basic proposition”. But the monetary approach does not have a fully articulated monetary system in which the private sector allocates its wealth between money and other assets. In both countries, the private sector’s accumulation of wealth and its allocation between available assets are not in any way affected by these central bank operations beyond what is implied by the step change in disposable income. "

      "Two-country Stock–Flow Consistent Macroeconomics Using a Closed Model Within a Dollar Exchange Regime"
      http://www-cfap.jbs.cam.ac.uk/publications/downloads/wp10.pdf

      This is clearly in line with what you are saying in this post.



      *formatting problem in the above deleted post

      Delete
    5. Ability to control financial outflows is a constrained by size of FX reserves, so a CB can always push the price of it's currency down by selling, but is limited in its ability to push it up by its FX reserve.

      I would say that this is conventional wisdom.

      These “findings” are profoundly at odds with much conventional wisdom and with the received view that arises from the standard Mundell-Fleming model.

      I don't think these dueling formalisms are very enlightening. Yes, it is silly to say that there is a direct link between foreign exchange intervention and the "money stock," a useless concept in any case. But silly arguments are often made for valid positions. Historical experience shows clearly that central banks' ability to control domestic credit conditions are limited in a setting of free capital mobility. Just look at the experience of the United States in the 1960s, with the development of the eurodollar market.

      Delete
    6. "Historical experience shows clearly that central banks' ability to control domestic credit conditions are limited in a setting of free capital mobility."

      But as you point out in the post, a CB's ability to control domestic credit conditions are limited by *domestic* capital mobility as well as international capital mobility. So the issue here is really one of financial innovation vs regulation.

      As far as exchange rates go, In the Godley and Lavoie paper, there are three conditions that have to be met so that an exchange rate peg constrains a CBs interest rate setting power.

      1. The country has a current account deficit
      2. The country does not have adequate forex reserves
      3. The countries currency is not acceptable as an international reserve

      Obviously many countries meet these criteria, usually developing countries, which is where we see most currency crisis.

      But to say that a CB which stabilizes its currency is giving up monetary sovereignty is just not correct.

      Delete
    7. HOW I BECAME A VICTOR AFTER SO MANY FAILED ATTEMPT OF GETTING A LOAN.

      I feel so blessed and fulfilled. I've been reluctant in applying for a loan i heard about online because everything seems too good to be true, but i was convinced & shocked when my friend at my place of work got a loan from Progresive Loan INC. & we both confirmed it and i also went ahead to apply, today am a proud owner of my company and making money for my family and a happy mom. Well i'm Annie Joe by name from Pauls Valley, Oklahoma. As a single mom with three kids it was hard to get a job that could take care of me and my kids and I had so much bills to pay and to make it worst I had bad credit so i couldn't obtain a loan from any bank. I had an ideal to start a business as an hair stylist but had no capital to start, Tried all type of banks but didn't work out until I was referred by my co-worker to a godsent lender advertising to give a loan at 2% interest rate. I sent them a mail using their official email address (progresiveloan@yahoo.com) and I got a reply immediately and my loan was approved, and I was directed to the Bank site where I withdrawed my loan directly to my account. To cut the story short am proud of my hair stylist company and promise to testify to the world how my life was transformed.. If you are in need of any kind of loan, i advise you contact Progresive Loan INC and be financially lifted Email: progresiveloan@yahoo.com OR Call/Text +1(603) 786-7565



      Delete
  2. I would say that's a necessary condition but not a sufficient one.

    ReplyDelete
  3. As you know, I think it's pretty clear that day in, day out monetary policy these days means influencing interest rates -- not only "the" interest rate but also the structure. One dimension of sovereignty is a central bank's ability to do this. It's a problem for Greece that its CB can't just supply liquidity to buy up a whole bunch of public and private debt, although this would be only slightly less the case if it were back in drachmas. But I also think you are lumping all the various financial liabilities together too precipitously; there are liquidity differences between different types of tradeable liabilities, and this matters for "the" money supply. ("The money supply" is quite a misnomer.) Being able to supply more liquid means of payment to support less liquid is an important CB function, and perhaps not only in times of crisis. A different way to put it is that the pyramid of private sector credit creation rests on top of a set up implicit guarantees from the state. This is how the 21st c. is different from the 19th and before. That issue also came up with Bitcoin, didn't it?

    ReplyDelete
  4. A point that is quite OT:

    You say: "Money is created by loan transactions [...] Money is destroyed by loan repayment"

    Then you say: "To say, therefore, that a government controls the money supply or "prints money" is simply to say that it can control the pace of credit creation by banks"

    However these two statements are very different IMHO. If we take the first statement, and we take a certain period of time as a reference, say one year, we see that the net money creation might be 0, while the flow of money will be equal to GDP:

    1: capitalist borrows 100$ (at 10%interest) and pays for workers (100$ are created), who produce 100 stuff units;
    2: capitalist sells each stuff unit for 1.5$;
    3: workers buy 67 stuff units, payng with their whole wages (100$ are destroyed as the capitalist pays principal to the banker);
    4: The banker adds 10$ of debt to the capitalist (for interest), and 10$ of credit for himself. Then uses his 10$ to buy 7 stuff from the capitalist, who then pays back the debt (10$ are created and immediately destroyed);
    5: The capitalist then sells to himself the remaining 36 stuff, which represent his profits (makes sense in terms of a capitalist class);
    6: All the actors then consume the stuff, that is composed by consumption goods.

    In this cycle there is exactly 0 net money creation, so the government has no reason to "print money", however there are also 0 money savings.

    If one of the actors, let's say the banker, wants to save 3$, the capitalist will be stuck with 2 unsold stuff and an unpayable debt of 3$.
    In the next iteration of the cycle there will be still a flow of 100$, that are created and destroyed during the year, plus a stock of savings of 3$ for the banker, plus a stock of debt of 3$ for the capitalist.
    There isn't a direct relationship between the flow of NDP and the stock of savings, one could have a stock of savings/debt of 50% NDP, or of 150% NDP, however the government can try to influence it e.g. by rising or lowering the interest rate, or by borrowing/saving.

    Now when you say that the government "control the pace of credit creation by banks", it seems to me that you mean that it controls the savings/debt stock, not the NDP flow, and the two things are very different.

    ReplyDelete
    Replies
    1. You are right. To avoid confusion, we simply need to be careful about using a consistent language. If we are thinking in terms of balance sheets, then the change in the outstanding quantity of money is equal to the change in the outstanding quantity of loans. In this case, we are not talking about income and payment flows, but comparing snapshots at different moments at time. On the other hand, if we are interested in income and payment flows, the quantity of money is not something we need to be talking about at all, and the relationship of credit transactions to income and payment flows is indeterminate -- or rather, depends on a lot of specific factors that we are ignoring at this level of abstraction. In general, credit is used to take asset positions. Thinking there is some direct relationship between current income and payments, on the one hand, and balance sheet variables, on the other, is usually a mistake.

      Delete
    2. I should add -- I think the example you give is clarifying. But credit is really specific to an expanding, or at least changing, economy. In simple reproduction money and credit are just accounting devices.

      Incidentally, in the case you describe, income falls by $3 times a multiplier, which in this case will be 3. So total production falls by $9 -- the initial reduction in the consumption out of interest of $3, and then an additional reduction of workers' consumption of $6. (We can assume the capitalists consumption does not change.) Describing the balance-sheet results would require some additional assumptions, which are far from obvious.

      Delete
  5. That's a really excellent description of the endogenous/horizontal money in a modern economy, cutting through the euphemistic/holdover language. But it seems like a big piece is missing here without giving the same treatment to the vertical/exogenous government money (or maybe 'net financial assets' in MMT language). Cutting through the lazy/holdover language there usually ends up with some description like "all government spending is new money creation" or maybe "government borrowing is just 'printing bonds' ", etc.

    I only bring it up because it seems like this is what people are usually meaning when they worry about 'printing money'. I take it some people still want to call QE money printing but they just look foolish lately. But for instance if you were to remove the self-imposed constraints between the central bank directly 'monetizing' the deficit (direct purchase of treasury bonds, or just allow an infinite overdraft on the treasury reserve account); that's when people come out of the woodwork in shock about printing money.

    ReplyDelete
    Replies
    1. I think the focus on exogenous money is a wrong turn, probably the biggest mistake MMT makes. The statements "all government spending is new money creation" and "government borrowing is just 'printing bonds" are simply false. Or rather, they are true but totally misleading -- when government spends in excess of current income, it creates money in exactly the same way any economic unit does, through the creation of new bank liabilities. Currency is a device for transferring deposits from one bank to another; it is in no way different from other paper media used for this purpose, like travelers' checks, cashier's checks, money orders, etc. The fact that physical currency happens to be printed by the government is a historical accident of zero economic significance. (OK, it does prevent the banking system from using paper currency as a another site for rent extraction via fees. But no MACROeconomic significance.) As for reserves, they are a regulatory tool for controlling the pace of credit-money creation by banks.

      So, you are right that government spending creates money, but wrong to think that the word "government" has any relevance to the truth of this claim. This side of MMT is isomorphic to the totally mainstream fiscal theory of the price level, and is just a transposed version of monetarist thinking from a decade ago -- they said all that mattered was money creation by the monetary authority, MMT says that all that matters is money creation by the fiscal authority, but it's the same fixation on an imaginary quantity "M". As so often, heterodoxy is just the orthodoxy of a generation ago.

      MMT: Keep the functional finance, lose the chartalism. That's my slogan.

      Delete
    2. "Or rather, they are true but totally misleading"

      Yeah I somewhat agree, which is why I'm interested in a more articulate description that stays accurate. Seems like usually the big stumbling block is treasury/CB consolidation, but when anyone accepts the 'consolidated government' analysis, then those buzzy taglines get pretty close to telling the right story.

      "when government spends in excess of current income, it creates money in exactly the same way any economic unit does, through the creation of new bank liabilities." .... "As for reserves, they are a regulatory tool for controlling the pace of credit-money creation by banks"

      Here's where it seems like you're selling the exogenous-side a bit short. The fundamental accounting is absolutely the same, where someone (government/firm/household) spending more than their income is creating 'money' / financial assets for others. But the private credit creation must be underwritten and carries innate default-risk, because it's based on liabilities with promised convertibility. Government spending on the other hand creates non-convertible financial liabilities, which not only don't need to be underwritten, but actually *are* the thing that private liabilities promise to convert into.

      It's true that most government deficit spending just ends up as commercial bank demand deposits, rather than any physical currency. But these are simultaneously matched with adding a combination of reserves and treasury securities of the same amount, so this money is more akin to equity for the private sector. That's one framing I'm pretty interested in, from geerussell: http://imgur.com/8Q8V336

      Delete
    3. I think your analysis of the government side is correct. What I think you're missing is that the same analysis basically applies to the private financial system, or at least it's a difference of degree but not of kind. I think it might be helpful to you to imagine an economy with a banking system, but no government, and specifically about the WIcksellian limit where there is no outside money.

      http://imgur.com/8Q8V336

      It's an interesting picture. But I think a hard line between government and private liabilities is not helpful. Government issues a variety of more and less liquid liabilities, and so do private units. It is certainly true that government borrowing is a source rather than a use of liquidity for the private sector. But this can be true of some private units too.

      Delete
  6. The other perhaps more important point that I think is missed in the MMT analysis is that the macroeconomic effects of government spending do not only come from it effects on private balance sheets. In some conditions, it may indeed be an important consequence of increased government spending that it creates additional liquid assets for private units. But it also increases incomes or private units, independent of these balance sheet effects, and these effects are (I think) generally more important. Consider the effects of a public works program paid for by a tax on high incomes -- "net wealth" for the private sector does not increase but incomes and output certainly does. Or more generally the existence of a balanced-budget multiplier.

    ReplyDelete
  7. One more attempt. (And thanks for the comments, it's helpful to me in thinking about this.) It is true that, if we think of a consolidated government sector that includes the central bank, it can never face financial constraints (as long as it doesn't emit liabilities in foreign currencies, obviously.) But the exact same thing is true if we think of a "consolidated financial sector" that includes the central banks and the systemically-importabt/too big to fail/etc. financial institutions. And there are other private units that, while they may in principle be subject to financial constraints, are not actually constrained in practice, for various reasons. Now furthermore -- and this is really the point here -- the problem in Greece, and in many other crisis situations, has to do with the liabilities of the financial sector, not the (ex-CB) government sector. So the fact that state liabilities are in principle backed by the CB is irrelevant.

    ReplyDelete
  8. Hello Everybody,
    My name is Mrs Sharon Sim. I live in singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of S$250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of S$250,000.00 SG. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius,via email:(urgentloan22@gmail.com) +918376918351 Thank you.

    ReplyDelete
  9. I found a way to live above my financial challenges after loosing my job with no hope of providing for my family. With Christmas approaching and still no hope i decided to go online in search for a job and i found posts about davidbenjaminltd@outlook.com and how they help provide blank atm card in less than 3 days and capable of making cash withdrawal up to $70,000 monthly. At first it sounded like a scam to me cos i saw some other reviews talking about how they lost money to some companies i just decided to give this a try as i was already down and out and i made all necessary payments and verily verily i got my card delivered at the exact date and its effectiveness was not short of what i was told its been 3 weeks of blissful usage and i decided to tell the world about this awesome experience. You can contact this company to get yours via davidbenjaminltd@outlook.com

    ReplyDelete
  10. WELCOME TO BETTERMENT FUNDINGS {bettermentfunding@gmail.com}

    our aims is to provide Excellent Professional Service.

    Our loans are well insured for maximum security is our priority, Our leading goal is to help you get the services you deserve, Our program is the quickest way to get what you need in a snap. Reduce your payments to ease the strain on your monthly expenses. Gain flexibility with which you can use for any purpose – from vacations, to education, to unique purchases

    Are you a business man or woman? Are you in any financial mess or do you need funds to start up your own business? Do you need a loan to start a nice Small Scale and medium business? Do you have a low credit score and you are finding it hard to obtain capital loan from local banks and other financial institutes?.

    We offer a wide range of financial services which includes: Personal Loans, Debt consolidation loans, Business Loans, Education Loans, Mortgage Secured Loan, Unsecured loan, Mortgage Loans, Payday off Loans, Student Loans, Commercial Loans, Car Loans, Investments Loans, Development Loans, Acquisition Loans, Construction Loans, with low interest rate at 2% per annul for individuals, companies and corporate bodies. Get the best for your family and own your dream home as well with our General Loan scheme.

    If you are interested to get a loan then kindly write us with the loan requirement.Please, contact us for more information: bettermentfunding@gmail.com

    We look forward to hear from you ASAP

    Interested applicants should Contact us via email: bettermentfunding@gmail.com

    ReplyDelete
  11. Do you need an urgent blank ATM CARD to solve your financial needs, My name is Linda Oscar, and i just want to tell the world my experience with everyone. i discovered a hacking guy called Christopher. he is really good at what he is doing, i inquired about the BLANK ATM CARD. if it works or even Exist, than i gave it a try and asked for the card and agreed to their terms and conditions. three days later i received my card and tried it with the closest ATM machine close to me, to my greatest surprise it worked like magic. i was able to withdraw up to 6000 euro. This was unbelievable and the happiest day of my life. there is no ATM MACHINES this BLANK ATM CARD CANNOT penetrate into it because it have been programmed with various tools and software. it impossible for the CCTV to detect you i don't know why i am posting this here, i just felt this might help those of us in need of financial stability. Christopher have really change my life. if you want to contact them, HERE is the email address: (blankatmcard661@gmail.com) His website(http://blankatmcard661.wix.com/blankcard) WhatsApp number +2348051122286

    ReplyDelete
  12. Thanks for sharing, nice post! Post really provice useful information!

    Hương Lâm chuyên cung cấp máy photocopy và dịch vụ cho thuê máy photocopy giá rẻ, uy tín TP.HCM với dòng máy photocopy toshiba và dòng máy photocopy ricoh uy tín, giá rẻ.

    ReplyDelete
  13. We offer personal loans up to $ 100,000, are you looking for a business loan and have been denied by a bank, we can help with loans of $ 5,000 to a maximum of $ 100,000 with just 3% interest rate you can have access to instant loans.we offer services to customers all over the world, we provide loans that can help you start your dream business,Rebuild and get your business back on track and can also bring you on a path to a better financial future. you can apply in just a few minutes with few steps and get your money the same day (24 hrs).
    Do not delay! E-mail via {smallscaleloans@gmail.com}
    Thank you for contacting us,
    Best regards
    Mr.George
    smallscaleloans@gmail.com

    ReplyDelete
  14. Hmm is anyone else encountering problems with the pictures on this blog loading? I’m trying to figure out if its a problem on my end or if it’s the blog. Any responses would be greatly appreciated. Visa Sri Lanka

    ReplyDelete
  15. Well done! I thank you your contribution to this matter. It has been useful. my blog: exercise to reduce tummy Las Vegas SEO

    ReplyDelete
  16. Up to now, you require to term of hire an absolute truck or van and will also be removal equipments to valuable items plus check out the new destination. From the long run, which end up with are few things except anxiety moreover stress and anxiety. removals stockport parrotlets

    ReplyDelete
  17. in business, proper financial planning is very essential and it can make or break a business” free xmind competitor

    ReplyDelete
  18. Appreciate your sharing the right go over that, I think truly regarding coupled with adore exploring much more about that topic. In case prospective, because arrive at practical knowledge, do you brain improving a person’s web site due to furthermore information and facts? This is of great help for everyone. blog backlinks

    ReplyDelete
  19. Gems form the internet… [...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]…… buat pautan

    ReplyDelete
  20. First of all, permit my family recognize a person?s command during this make a difference. Despite the reality this is certainly brand new , by no meanstheless quickly soon after registering your site, this intellect has exploded extensively. Permit all of us to consider maintain of one?s rss to assistance maintain in touch with whatsoever probable messages Sincere understand but will pass it on to aid admirers and my individualized are living members เว็บพนันออนไลน์

    ReplyDelete
  21. A formidable share, I just given this onto a colleague who was doing a bit of analysis on this. And he the truth is bought me breakfast because I discovered it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to debate this, I feel strongly about it and love reading more on this topic. If doable, as you turn into expertise, would you thoughts updating your weblog with more details? It’s extremely helpful for me. Massive thumb up for this weblog submit! desktop compters

    ReplyDelete
  22. We are a group of volunteers and starting a new scheme in our community. Your website provided us with valuable information to work on. You have done a formidable job and our whole community will be grateful to you. คาสิโนออนไลน์

    ReplyDelete
  23. I have learned some points through your website post. One other stuff I would like to state is that there are plenty of games out there designed particularly for toddler age little ones. They include things like pattern identification, colors, dogs, and patterns. These often focus on familiarization in lieu of memorization. This keeps little kids engaged without sensing like they are studying. Thanks cryptogames

    ReplyDelete
  24. I’m a blog crazed person and i love to read cool blog like yours.:`*’” Ross Levinsohn

    ReplyDelete
  25. There are many promotions with the benefit of participating in bets. สมัครเว็บ naza55
    Baccarat, Slots, And various sports be it Football, Supervised by experts And a professional team for quick deposit-withdrawal All of you can play online naza55

    ReplyDelete
  26. abc Of course, there must be a difference already, as the online gambling game has a simple, easy and fun process.

    ReplyDelete
  27. Betting is the most return rate in betting. You can bet in any team that you want to bet. Also, it real live time betting so you cannot miss this bet at all, I gaurantee you เว็บแทงบอล

    ReplyDelete
  28. 123 casino website that have all the betting in it to answer all the needed for the gambler

    ReplyDelete
  29. dd
    dd website that have all the betting in it to answer all the needed for the gambler

    ReplyDelete
  30. A complete online gambling website in terms of casino games in particular 123

    ReplyDelete
  31. A complete online gambling website in terms of casino games in particular DD

    ReplyDelete
  32. คาสิโนonline football betting website All included here

    ReplyDelete
  33. To be honestly, reading your articles is really great fun. It makes learn a lot. I genuinely hope there are a lot more posts like this one your blog; we need to post the artists out there. ذا شيفز

    ReplyDelete
  34. You ought to join in a contest for just one of the best blogs on the net. I most certainly will recommend this website! Cockatiels

    ReplyDelete
  35. I really love the way you discuss this kind of topic.~;.`” buy sugar paste

    ReplyDelete
  36. An intriguing discussion may be valued at comment. I do believe you should write on this topic, it might not be a taboo subject but generally persons are not enough to communicate on such topics. Yet another. Cheers parrots for sale

    ReplyDelete
  37. คาสิโน A complete online betting website is open for service Online on mobile The advantages of the web are Register for the first time,I like this !!!

    ReplyDelete
  38. Betting is the most return rate in betting. You can bet in any team that you want to bet. Also, it real live time betting so you cannot miss this bet at all, I gaurantee you ราคาบอล

    ReplyDelete
  39. NAZA. is a very popular online casino. We have every online casino you want to play make a deposit-withdrawal, no minimum, 24 hours a day, complete, convenient, can be played via any smartphone. Our website is 100% safe.

    ReplyDelete
  40. คาสิโนออนไลน์ Top gambling sites Best football betting website Best online casino Supervised by experts And a professional team for quick deposit-withdrawal

    ReplyDelete
  41. เว็บพนันออนไลน์ naza55 Be it Baccarat, Slots, And various sports be it Football, Supervised by experts And a professional team for quick. deposit-withdrawal All of

    ReplyDelete
  42. เว็บแทงบอล A complete online betting website is open for service Online on mobile The advantages of the web are Register for the first time,I like this !!!

    ReplyDelete
  43. *There is noticeably a bundle to know about this. I assume you made certain nice points in features also. สูตรเซียน

    ReplyDelete
  44. dd
    dd website that have all the betting in it to answer all the needed for the gambler

    ReplyDelete
  45. เว็บเดิมพันออนไลน์Top gambling sites Best football betting website Best online casino Supervised by experts And a professional team for quick deposit-withdrawal

    ReplyDelete
  46. Thank you for an additional great post. Exactly where else could anybody get that kind of facts in this kind of a ideal way of writing? I have a presentation next week, and I’m around the appear for this kind of data. ค่ายเกมส์ออนไลน์

    ReplyDelete
  47. Awesome blog you have here but I was wondering if you knew of any forums that cover the same topics talked about here? I’d really like to be a part of group where I can get suggestions from other experienced people that share the same interest. If you have any recommendations, please let me know. Bless you! วิธีดูราคาบอล

    ReplyDelete
  48. The the very next time I just read a blog, I hope that this doesnt disappoint me around this place. After all, It was my choice to read, but I actually thought youd have some thing intriguing to mention. All I hear is usually a number of whining about something you could fix in the event you werent too busy in search of attention. use all anchor equally

    ReplyDelete
  49. แทงบอลออนไลน์ If you’re interested in online gambling look no further, need to get started right here.

    ReplyDelete
  50. i would love to see a massive price drop on internet phones coz i like to buy lots of em.. 918kiss

    ReplyDelete
  51. //igoal88win.com/">ค่ายเกม> online football betting website All

    ReplyDelete
  52. //123maxx.com/">สมัครเว็บ123> online football betting website All

    ReplyDelete

  53. online football betting website All included here

    ReplyDelete
  54. <a href="https://ufaf88.net/"
    online football betting website All included here

    ReplyDelete
  55. And with most origin films, this one spent considerable time in establishing the ground rules for discovery of powers, the relationships between characters, all primed for action sequences in between long drawn narratives building up toward that inevitable big bang conclusion which contained everything but the kitchen sink. where to buy british shorthair kittens

    ReplyDelete
  56. Good work, are you looking for real estate in Longwood, FL? Learn where the deals are, getbank owned property lists and find homes for sale in Winter Park. Locksmith near me

    ReplyDelete
  57. Enjoy the best online betting experience at sa casino

    ReplyDelete
  58. 123
    If you want to play slots Get that money The first thing you need to understand is that

    ReplyDelete
  59. เว็บพนันออนไลน์

    New style slots games that are played online And supports playing on both Android and ios mobile phones that are comfortable to play And also a play that does not limit the area to generate money Suitable for players in this age very much. Our website is ready to provide services that meet the needs of the players the most.

    ReplyDelete
  60. เว็บเดิมพันออนไลน์ There is a best friend referral system. Get the highest commission.

    ReplyDelete
  61. Online football betting In this age it is very easy to do. And gamblers around the world turned Online football bettingเว็บ123

    ReplyDelete
  62. เว็บ123Enjoy the best online betting experience at

    ReplyDelete
  63. An appealing discussion is worth a comment. I do believe that you ought to write more about this subject, it may well not be a taboo subject although generally folks are insufficient to dicuss on this type of topics. To another. Regards lorikeets

    ReplyDelete
  64. Fake A Lange & Sohne watches are wonderful collections of wrist watches, attractive, dignified, and elegant accessory for fashion. pp สล็อต

    ReplyDelete
  65. hi, I’m having bad luck attempting to rank high for the words “victorias secret coupon codes”… Please approve my comment!! where does Ross Levinsohn work

    ReplyDelete
  66. igoal Classic online casino gambling games that can easily make money. And responds to the needs of the gambler.

    ReplyDelete
  67. A website that does not play boredom because of a lot of games that it cannot be played properly. ค่ายเกม

    ReplyDelete
  68. เว็บพนันออนไลน์

    We have every online casino you want to play. Come included here for you to play easily. Want to play baccarat, slots, dice, tiger, dragon, pock, bounce, shoot, fish or various gambling games With the camp you like, we provide a single website for every game camp.

    ReplyDelete
  69. igoal Easy to play, quick withdrawal, 100% safe.

    ReplyDelete
  70. sa casino
    We are a provider of many online betting games. That will meet the gambler fullysa casino

    ReplyDelete
  71. 123
    Understand how to play To play online slots to make money. To start, you need to understand.

    ReplyDelete
  72. dd Online casinos that anyone can play.

    ReplyDelete
  73. sa casino Easy to play, quick withdrawal, 100% safe.

    ReplyDelete
  74. zoom Baccarat is the number one hit game. Easy to play and get real money through your mobile phone. Our website is 100% safe.

    ReplyDelete
  75. คาสิโนออนไลน์ A website that does not play boredom because of a lot of games that it cannot

    ReplyDelete
  76. I became honored to obtain a call coming from a friend as soon as he discovered the important guidelines shared on the site. Looking at your blog post is a real great experience. Thank you for considering readers much like me, and I desire for you the best of achievements as being a professional in this area. Primary Care

    ReplyDelete
  77. Binary options has become increasingly popular. Tradesmarter is one of the oldest binary options trading platform and is regulated as well. corporate private investigators

    ReplyDelete
  78. igoalThe Best Slots To Play Online. Instant Play Available On Mobile and Desktop.

    ReplyDelete
  79. NAZA.Slots, online fish shooting games, mole games, card games are complete, ready to end in one place.

    ReplyDelete
  80. This comment has been removed by the author.

    ReplyDelete
  81. naza Top gambling sites Best football betting website Best online casino Supervised by experts And a professional team for quick deposit-withdrawal.

    ReplyDelete
  82. ค่ายเกม lThe Best Slots To Play Online. Instant Play Available On Mobile and Desktop.

    ReplyDelete
  83. sa casino
    sa casinowebsite that have all the betting in it to answer all the needed for the gambler

    ReplyDelete
  84. A casino that is easy to play, but can be. ค่ายเกม

    ReplyDelete
  85. sa casino Convenient and fast for both deposit and withdrawal.

    ReplyDelete
  86. 123Online betting sites 24 hours a day

    ReplyDelete

  87. zoom

    Including all kinds of sports betting online. That way, no other website is open for this service. More than 100,000 sports bets. The rotation allows you to choose to bet on every match per day, there are more leagues than football betting.

    ReplyDelete
  88. 123
    Make you feel excited all the time both video and sound because the game quality is smooth. Playing on mobile is even easier.

    ReplyDelete
  89. ค่ายเกม lThe Best Slots To Play Online. Instant Play Available On Mobile and Desktop.

    ReplyDelete
  90. Many betting games That can answer the needs of the gambler completely UFA88

    ReplyDelete
  91. Oh my goodness! a great write-up dude. Thanks Even so I am experiencing trouble with ur rss . Don’t know why Not able to register for it. Is there everyone acquiring identical rss dilemma? Anybody who knows kindly respond. Thnkx 먹튀검증

    ReplyDelete
  92. Hi. I wanted to thank you for the great details youve posted on your internet site. I will definitelycome back to check it out again and have subscribedto your RSS feed. Have an excellent day. vehicle check

    ReplyDelete
  93. เว็บคาสิโนSlot Game Selection. The best part about playing slots online

    ReplyDelete
  94. เกมไฮโล
    New style slots games that are played online And supports playing on both Android and ios mobile phones that are comfortable to play And also a play that does not limit the area to generate money Suitable for players in this age very much. Our website is ready to provide services that meet the needs of the players the most.

    ReplyDelete
  95. naza We have a complete range of online casino legends.

    ReplyDelete
  96. 123 เกมOnline gambling sites deposit, withdraw and transfer in 30 seconds.

    ReplyDelete
  97. หวยปิงปอง
    Online gambling at our website will receive many benefits

    ReplyDelete
  98. เว็บ 123
    Make you feel excited all the time both video and sound because the game quality is smooth. Playing on mobile is even easier.

    ReplyDelete
  99. I like the helpful information you provide in your articles. I’ll bookmark your weblog and check again here regularly. I am quite sure I will learn many new stuff right here! Good luck for the next! articles about Ross Levinsohn

    ReplyDelete
  100. This is really interesting, You’re a very skilled blogger. I’ve joined your rss feed and look forward to seeking more of your fantastic post. Also, I have shared your website in my social networks! 5G999

    ReplyDelete
  101. เว็บคาสิโน offer soccer results, tables and stats service. Statistics, results, tables & odds for 100+ soccer leagues.

    ReplyDelete
  102. NAZA.Check out what the odds are saying about the game, as well as some picks and predictions for the contest

    ReplyDelete

  103. 88
    New style slots games that are played online And supports playing on both Android and ios mobile phones that are comfortable to play And also a play that does not limit the area to generate money Suitable for players in this age very much. Our website is ready to provide services that meet the needs of the players the most.

    ReplyDelete
  104. Good luck belongs to you throughout your investment.123

    ReplyDelete
  105. แฮนดิแคป website that have all the betting in it to answer all the needed for the gambler

    ReplyDelete
  106. แฮนดิแคป Check out what the odds are saying about the game, as well as some picks and predictions

    ReplyDelete
  107. แฮนดิแคป will make you enjoy, fun, exciting & win the biggest money prizes. There are many types of baccarat, roulette, slots, dice & etc. difference from other sites that's real betting service.

    ReplyDelete
  108. เว็บ 123
    Understand how to play To play online slots to make money. To start, you need to understand.

    ReplyDelete
  109. 123
    Can be held that one website is complete, convenient, can play via smartphones, all systems

    ReplyDelete
  110. igoal88 This is Of course, there must be a difference already, as the online gambling game has a simple, easy and fun process. have fun bro.

    ReplyDelete
  111. The style that you write make it really comfortable to read. And the template you use, wow. It is a really good combination. And I am wondering whats the name of the design you use? sugaring

    ReplyDelete
  112. I just added this blog to my rss reader, great stuff. Can not get enough! credit card processing agent programs

    ReplyDelete
  113. Can I just now say such a relief to discover one who truly knows what theyre dealing with on-line. You actually know how to bring a concern to light and earn it important. Lots more people have to look at this and see why side of the story. I cant think youre not more popular because you certainly develop the gift. ตรวจสลากกินแบ่งรัฐบาล

    ReplyDelete
  114. Absolutely composed content material , Really enjoyed examining . Thuisbatterij

    ReplyDelete
  115. ค่ายเกม sports betting, slots, table games, blackjack, poker, roulette, live dealer.

    ReplyDelete
  116. เว็บคาสิโน
    เว็บคาสิโน The best online gambling sites With every bet To meet all needs of the gambler with a complete range

    ReplyDelete
  117. naza can be played online betting, slot or various gambling games with the camp you like and earn money easily via any smartphone.

    ReplyDelete
  118. เกมไฮโล
    No matter what part of Thailand you are in you can always play Online casinos and Sic Bo online are legal. All your bets will be protected.

    ReplyDelete
  119. เกมป๊อกเด้ง
    ports betting, slots, table games, blackjack, poker, roulette, live dealer.

    ReplyDelete
  120. คาสิโนออนไลน์ No matter where you are, you can play. Online casinos Anytime, anywhere

    ReplyDelete
  121. แฮนดิแคป The style that you write make it really comfortable to read

    ReplyDelete
  122. หวยปิงปอง That offers all types of betting services, from sports, casinos, slot games to online lottery

    ReplyDelete
  123. igoal88Online betting sites 24 hours a day, no holidays.

    ReplyDelete
  124. แฮนดิแคป sports betting, slots, table games, blackjack, poker, roulette, live dealer.

    ReplyDelete
  125. That offers all types of betting services, from sports, casinos, slot games to online lottery NAZA.

    ReplyDelete
  126. เว็บ 123
    The system of slot games, study the rules and choose a reliable provider.

    ReplyDelete
  127. igoal Can be held that one website is complete, convenient, can play via smartphones, all systems

    ReplyDelete
  128. คาสิโนออนไลน์
    คาสิโนออนไลน์ website that have all the betting in it to answer all the needed for the gambler

    ReplyDelete
  129. Nice post. I learn something more challenging on distinct blogs everyday. It will always be stimulating to read content off their writers and practice a little something from their store. I’d choose to use some with all the content in my small weblog whether you do not mind. Natually I’ll provide a link on your own internet weblog. Many thanks sharing. Blockchain

    ReplyDelete
  130. I’m impressed, I need to say. Actually rarely do I encounter a blog that’s both educative and entertaining, and let me inform you, you’ve gotten hit the nail on the head. Your idea is outstanding; the problem is one thing that not enough people are speaking intelligently about. I am very completely happy that I stumbled throughout this in my seek for one thing referring to this. more info

    ReplyDelete
  131. วิธีเล่นสล็อตPlayLive! Online Casino is the best way to play your favorite slots and table games

    ReplyDelete
  132. นาซ่า Online gambling is one of the best forms of gambling.

    ReplyDelete
  133. เว็บคาสิโน
    เว็บคาสิโน The best online casino web site with every bet to meet all the needs of the gambler completely.

    ReplyDelete
  134. แฮนดิแคป will make you enjoy, fun, exciting & win the biggest money prizes. There are many types of baccarat, roulette, slots, dice & etc. difference from other sites that's real betting service.

    ReplyDelete
  135. 123 Best friend referral system Make a very simple income just fingertips

    ReplyDelete
  136. เว็บคาสิโน is a type of gambling that has been popular for a long time. Lottery betting earns money from high stakes rewards. Therefore there are people who like to risk their luck very much with.

    ReplyDelete
  137. เว็บคาสิโน Baccarat, Slots, And various sports be it Football, Supervised by experts And a professional team for quick deposit-withdrawal All of you can play online.

    ReplyDelete
  138. It is a massive and a highly intriguing e mail take a look at on this excellent weblog. interview with the Maven CEO

    ReplyDelete
  139. It is a massive and a highly intriguing e mail take a look at on this excellent weblog. what does Ross Levinsohn do? Ross Levinsohn LinkedIn

    ReplyDelete
  140. sa casino The game style of SA Casino is clear or broadcast in the game to play well.

    ReplyDelete
  141. เว็บ123 Pro online casino gaming recipes You can click to learn how to play at this website.

    ReplyDelete
  142. In the past, if a gambler was to play a slot gameเว็บ123

    ReplyDelete
  143. เว็บ 123 Can be held that one website is complete, convenient, can play via smartphones, all systems

    ReplyDelete
  144. Online casinos Alternative sources of income that you should not miss.casino online

    ReplyDelete
  145. เว็บ 123. We often have special casino promotions, like free slots bonus tournaments or races on top casino games.

    ReplyDelete
  146. sexy baccarat Direct web baccarat Baccarat, bikini, dragon tiger, sic bo, sexy girl dealer

    ReplyDelete
  147. You can connect to the internet. Access from your home This channel allows you to play Sic Bo safely. without having to worry or feel risked anymoreแฮนดิแคป

    ReplyDelete
  148. Flaming Fox
    The best with the most modern and best system, stable, 100% secure.

    ReplyDelete
  149. great . Thanks for informations . Ill be back. Thanks again food truck catering

    ReplyDelete
  150. แฮนดิแคปThebaccarat game is a multiple-player game in which the challengers will face off agains

    ReplyDelete
  151. สล็อตออนไลน์ Slot games are the simplest form of casino. as a prize cabinet

    ReplyDelete

  152. เว็บพนันออนไลน์
    Close the user for the first time. You can make a transaction yourself on the web page. Sign up for free, no minimum, 24 hours service.

    ReplyDelete
  153. เว็บ 123
    The system of slot games, study the rules and choose a reliable provider.

    ReplyDelete
  154. เว็บ 123 Check out what the odds are saying about the game, as well as some picks and predictions

    ReplyDelete
  155. เว็บ 123
    The best online gambling sites With every bet To meet all needs of the gambler with a complete rangeเว็บ 123

    ReplyDelete
  156. คาสิโนออนไลน์ sports betting, slots, table games, blackjack, poker, roulette, live dealer.

    ReplyDelete
  157. นาซ่า Modern, fast service system at international standards.

    ReplyDelete
  158. 123 casino website that have all the betting in it to answer all the needed for the gambler

    ReplyDelete
  159. if you in love with gambling and can't search place for it you can click "นาซ่า"

    ReplyDelete
  160. คาสิโนออนไลน์ Come and try your luck here. The most popular

    ReplyDelete
  161. เว็บพนันออนไลน์อันดับ1
    เว็บพนันออนไลน์

    ReplyDelete
  162. เว็บพนันออนไลน์
    The best online gambling sites With every bet To meet all needs of the gambler with a complete range

    ReplyDelete
  163. เว็บพนันออนไลน์88 Stable financial, no cheating, safe, our website is a direct website, not through agents.

    ReplyDelete