Flimsy Sanity: Michael Hudson talks on oil and housing

Flimsy Sanity

In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. - Friedrich Nietzsche

Friday, July 25, 2008

Michael Hudson talks on oil and housing

How do you explain the soaring price of oil? Is it mainly a supply/demand issue or are speculators driving the prices up?

MH: It’s true that enormous amounts of speculative credit are going into commodity index funds. Forward purchases increase the demand for deliveries of oil and other raw materials. But bear in mind also that as the dollar depreciates, OPEC countries have sought to stabilize their receipts in euros, and to offset their losses they are suffering on the dollar-denominated securities they have bought with past export proceeds. For over 30 years they have been pressured to recycle their oil earnings into the U.S. stock market and make loans to U.S. financial institutions. They have taken large losses on these investments (such as last year’s contributions to bail out Citibank), and are trying to recoup them via the oil market.

OPEC officials also point to a political motive: They resent America’s military intrusion in the Middle East, especially in view of how much it contributes to the nation’s balance-of-payments deficit and federal budget deficit.

Look at it from their point of view. They see that the U.S. invasion of Iraq was a win-win situation as far as the oil industry is concerned. If America conquers Iraq and forces the Oil Agreement through, U.S. companies will be able to grab the world’s largest available pool of oil for a generation, and U.S. officials can use the oil weapon against oil-deficit countries. Last week the U.S. oil firms managed to bump Russia’s oil industry out of the Iraq picture, reversing the trend that had been developing under Saddam.

And if the war continues to be a military and economic disaster, the price of oil will skyrocket, providing a price umbrella for domestic U.S. producers – as you can see from how the stock market is raising its valuation of Exxon and other oil majors. So the question is by no means just an economic one.

The U.S. press prefers to blame Chinese, Indian and other foreign growth in demand for oil and raw materials. This demand has contributed to the price rise, no doubt about it. But the U.S. oil majors are receiving a windfall “economic rent” on the price run-up, and are not at all unhappy to see it continue. By not building more refining and shipping capacity, they have created bottlenecks so that even if foreign countries did supply more crude oil, it would not be reflected in refined gasoline, kerosene or other downstream product prices.

The Fed has traded over $200 billion in US Treasuries with the big investment banks for a wide variety of dodgy collateral (mostly mortgage-backed securities). How can the banks hope to repay the Fed when their main sources of revenue (structured investments) have been cut off? Are the banks secretly using the money they borrow via repos from the Fed to dabble in the carry trade or speculate in the futures markets?

MH: The Fed’s idea was to buy enough time for the banks to sell their junk mortgages to the proverbial “greater fool.” But foreign investors no longer are playing this role, nor are domestic U.S. pension funds. So the most likely result will be for the Fed simply to roll over its loans – as if the problem can be cured by yet more time.

When a bubble bursts, time makes things worse. The financial sector has been living in the short run for quite a while now, and I suspect that a lot of money managers are planning to get out or be fired now that the game is over. And it really is over. The Treasury’s attempt to reflate the real estate market can’t work, but can only cut losses for the financial institutions who have become the nation’s major political campaign contributors. Mortgage arrears, defaults and foreclosures are rising, and much property has become unsaleable except at distress prices that leave homeowners with negative equity.

This prompts them to do what Donald Trump would do in such a situation: to walk away from their property. The banks will be left holding the bag, just as they were in Japan after 1990. In Japan’s case, real estate prices declined steadily every quarter for 17 years! That should give you a flavor of how serious the U.S. problem is today.

The banks are trying to win back their losses by arbitrage operations, borrowing from the Fed at a low interest rate and lending at a higher one, and gambling on options and derivatives. But this is a zero-sum game: one party’s gain is another’s loss. So the banks collectively are simply painting themselves into a deeper corner. They hope they can tell the Fed and Treasury that if it doesn’t keep bailing them out, they’ll fail and cost the FDIC even more money to make good on insuring the “bad savings” that have been steered into these bad debts and bad gambles.

The Fed and Treasury are following the traditional “Big fish eat little fish” principle of favoring the vested interests. They are more willing to bail out the big financial institutions than to bail out savers, pensioners, Social Security recipients and other small fry.

--Many of the TV financial gurus --as well as Henry Paulson--keep assuring us that the worst is behind us, but I don't see it. Foreclosures are increasing, the dollar is falling, unemployment is rising, manufacturing is sluggish, food and fuel are soaring, and consumers are backed up on their credit cards, student loans and house payments. Where would you say we are in the present cycle? What will it take to rebound from the current slump? Will the stock market take a beating before all this is over? What do you think the greatest problem facing the economy is; inflation or deflation?

MH: The idea that we’re even in a business “cycle” is whistling in the dark. To think of the economy being in a cycle is to imply an automatic recovery is in store. This free-market idea was developed at the National Bureau of Economic Research by opponents of government regulatory policy. The fantasy is that the economy oscillates in a fairly smooth and regular sine curve. But this always has been a fiction. 19th-century writers didn’t speak of economic cycles, but rather of periodic financial crises. There is a slow buildup, and a sudden plunge, so the shape is ratchet-shaped.

Today’s plunging real estate and stock market prices are not a self-correcting ebb and flow in which downturns set in motion automatic stabilizers that produce recovery. Each U.S. recovery since World War II has started out from a higher level of debt. The result is like driving a car with the brakes pressed more and more tightly. Alan Greenspan at the Federal Reserve flooded the banking system with enough credit to enable debts to be carried by borrowing against the rising price of homes and office buildings, corporate stocks and bonds. In effect, the interest charge was simply added onto the debt balance. But now prices are falling, leaving families, companies and many Wall Street firms with negative equity. Asset-price inflation fueled by the Federal Reserve – is giving way to debt deflation.

Today, the prospects are dim for paying off debts out of further price gains for homes and real estate. Speculators have pulled out of the market – and as late as 2006 they accounted for about a sixth of new purchases. The United States and other countries have reached the point where interest and amortization payments are absorbing the entire economic surplus of so many individuals, so many companies and so many government bodies that new construction, investment and employment are grinding to a halt. Families, real estate investors and companies are obliged to use their disposable income to pay their creditors. This leaves them without enough money to sustain the living standards of recent years – and they no longer can wipe out their debts by declaring bankruptcy as in times past, because Congress has passed the harsh bankruptcy law that credit-card and bank lobbies paid them to pass.

This means that there won’t be a rebound, and it will take longer than 2009 to recover.

Michael Hudson is a former Wall Street economist specializing in the balance of payments and real estate at the Chase Manhattan Bank (now JPMorgan Chase & Co.), Arthur Anderson, and later at the Hudson Institute (no relation). In 1990 he helped established the world’s first sovereign debt fund for Scudder Stevens & Clark. Dr. Hudson was Dennis Kucinich’s Chief Economic Advisor in the recent Democratic primary presidential campaign, and has advised the U.S., Canadian, Mexican and Latvian governments, as well as the United Nations Institute for Training and Research (UNITAR). A Distinguished Research Professor at University of Missouri, Kansas City (UMKC), he is the author of many books, including Super Imperialism: The Economic Strategy of American Empire (new ed., Pluto Press, 2002)

68 Comments:

  • At 12:53 PM, Anonymous Anonymous said…

    Good day !.
    You may , perhaps curious to know how one can make real money .
    There is no need to invest much at first. You may commense to get income with as small sum of money as 20-100 dollars.

    AimTrust is what you haven`t ever dreamt of such a chance to become rich
    The firm incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

    Its head office is in Panama with structures everywhere: In USA, Canada, Cyprus.
    Do you want to become an affluent person?
    That`s your choice That`s what you desire!

    I`m happy and lucky, I began to get real money with the help of this company,
    and I invite you to do the same. If it gets down to select a proper partner utilizes your money in a right way - that`s the AimTrust!.
    I make 2G daily, and what I started with was a funny sum of 500 bucks!
    It`s easy to get involved , just click this link http://vifoqeduq.lookseekpages.com/xujyrybe.html
    and go! Let`s take this option together to become rich

     
  • At 9:21 AM, Anonymous Anonymous said…

    Hi !.
    You may , perhaps very interested to know how one can make real money .
    There is no initial capital needed You may commense to receive yields with as small sum of money as 20-100 dollars.

    AimTrust is what you need
    The firm incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

    It is based in Panama with affiliates everywhere: In USA, Canada, Cyprus.
    Do you want to become an affluent person?
    That`s your chance That`s what you really need!

    I`m happy and lucky, I began to get income with the help of this company,
    and I invite you to do the same. If it gets down to select a correct partner who uses your money in a right way - that`s AimTrust!.
    I make 2G daily, and my first investment was 500 dollars only!
    It`s easy to get involved , just click this link http://ycilisexyc.lookseekpages.com/hazysy.html
    and go! Let`s take this option together to become rich

     
  • At 5:23 AM, Anonymous Anonymous said…

    Hi !.
    might , perhaps very interested to know how one can make real money .
    There is no initial capital needed You may commense to receive yields with as small sum of money as 20-100 dollars.

    AimTrust is what you haven`t ever dreamt of such a chance to become rich
    The company represents an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

    It is based in Panama with affiliates everywhere: In USA, Canada, Cyprus.
    Do you want to become an affluent person?
    That`s your chance That`s what you desire!

    I feel good, I began to get real money with the help of this company,
    and I invite you to do the same. It`s all about how to choose a correct partner utilizes your funds in a right way - that`s it!.
    I make 2G daily, and what I started with was a funny sum of 500 bucks!
    It`s easy to get involved , just click this link http://sivubajuja.servetown.com/bubyly.html
    and lucky you`re! Let`s take this option together to feel the smell of real money

     
  • At 12:04 AM, Anonymous Anonymous said…

    Hi!
    You may probably be very interested to know how one can manage to receive high yields on investments.
    There is no initial capital needed.
    You may begin to get income with a sum that usually goes
    for daily food, that's 20-100 dollars.
    I have been participating in one company's work for several years,
    and I'll be glad to share my secrets at my blog.

    Please visit my pages and send me private message to get the info.

    P.S. I earn 1000-2000 per day now.

    http://theblogmoney.com

     
  • At 3:50 PM, Anonymous Anonymous said…

    Don`t worry!

     
  • At 8:05 PM, Anonymous Anonymous said…

    Hi!
    You may probably be very interested to know how one can manage to receive high yields on investments.
    There is no need to invest much at first.
    You may begin to get income with a sum that usually goes
    on daily food, that's 20-100 dollars.
    I have been participating in one company's work for several years,
    and I'm ready to share my secrets at my blog.

    Please visit my pages and send me private message to get the info.

    P.S. I earn 1000-2000 per day now.

    http://theinvestblog.com [url=http://theinvestblog.com]Online Investment Blog[/url]

     
  • At 7:27 PM, Anonymous Anonymous said…

    Amiable brief and this post helped me alot in my college assignement. Thank you for your information.

     
  • At 1:05 AM, Anonymous Anonymous said…

    That won`t do!
    ---------------------------------------------------------
    Signature:buy levitra professional online sqm

     
  • At 6:23 PM, Anonymous Anonymous said…

    What's your home number?
    ---------------------------------------------------------
    Signature:lipitor without prescription ikxcy
    no prescription lexapro vndln

     
  • At 8:37 AM, Anonymous Anonymous said…

    Hi I like your site and would like to propose a link exchange.
    Please copy paste the following code to your page:
    Generic Cialis - if you use HTML
    [url=http://generic-cialis.socialgo.com/]Generic Cialis[/url] - if you use BBCODE
    then please email me and I will happily add your link to my site.

     
  • At 10:40 AM, Anonymous Anonymous said…

    I would like to propose link exchange please link to my site by copying the code below:
    [url=http://panerai-replica.socialgo.com/]Panerai Replica[/url]
    Panerai Replica

     
  • At 1:18 AM, Anonymous Anonymous said…

    Jokes of the suitable kind, properly told, can do more to coach questions of civics, philosophy, and data than any company of obscure arguments.

     
  • At 6:14 AM, Anonymous Anonymous said…

    Eating, loving, singing and digesting are, in actuality, the four acts of the jocose opera known as freshness, and they pass like bubbles of a control of champagne. Whoever lets them cripple without having enjoyed them is a entire fool.

     
  • At 10:41 AM, Anonymous Anonymous said…

    Eating, loving, singing and digesting are, in truth, the four acts of the jocose opera known as way of life, and they pass like bubbles of a bottle of champagne. Whoever lets them cripple without having enjoyed them is a done fool.

     
  • At 3:28 PM, Anonymous Anonymous said…

    May your passion be the kernel of corn stuck between your molars, always reminding you there's something to tend to.

     
  • At 7:25 PM, Anonymous Anonymous said…

    May your passion be the stone of corn stuck between your molars, unendingly reminding you there's something to watch over to.

     
  • At 4:29 AM, Anonymous Anonymous said…

    Well done is better than extravagantly said.
    [url=http://tag-heuer-formula-1.webs.com/apps/blog/]tag heuer formula [/url]

    tag heuer formula

     
  • At 8:35 AM, Anonymous Anonymous said…

    Artistically done is richer reconsider than extravagantly said.
    [url=http://Chopard-happy.webs.com/apps/blog/]Chopard happy[/url]

    Chopard happy

     
  • At 3:13 PM, Anonymous Anonymous said…

    I light on reference an olive offshoot in people round of applause, and the privilege fighter's gun in the other. Do not hindrance the olive limb capitulate from my hand.

    Hotel Albena
    [url=http://hotelalbena.webs.com/]Hotel Albeana[/url]

     
  • At 4:28 AM, Anonymous Anonymous said…

    We should be painstaking and fussy in all the intelligence we give. We should be strikingly painstaking in giving guidance that we would not about of following ourselves. Most of all, we ought to escape giving advise which we don't mind when it damages those who depreciate us at our word.

    electric nailer

    [url=http://electric-nailer-71.webs.com/apps/blog/]electric nailer[/url]

     
  • At 4:45 AM, Anonymous Anonymous said…

    free majong online games

    http://majong.socialgo.com

     
  • At 10:55 AM, Anonymous Anonymous said…

    We should be careful and perceptive in all the advice we give. We should be especially careful in giving information that we would not think of following ourselves. Most of all, we ought to avoid giving advisor which we don't imitate when it damages those who woo assume us at our word.

    werner

    [url=http://werner-38.webs.com/apps/blog/]werner[/url]

     
  • At 3:00 PM, Anonymous Anonymous said…

    We should be meticulous and perceptive in all the par‘nesis we give. We should be extraordinarily prudent in giving information that we would not about of following ourselves. Most of all, we ought to escape giving counsel which we don't mind when it damages those who depreciate us at our word.

    performax

    [url=http://performax-13.webs.com/apps/blog/]performax[/url]

     
  • At 7:11 PM, Anonymous Anonymous said…

    We should be meticulous and perceptive in all the advice we give. We should be extraordinarily careful in giving opinion that we would not dream up of following ourselves. Most of all, we ought to avoid giving counsel which we don't follow when it damages those who woo assume us at our word.

    dewalt

    [url=http://dewalt-16.webs.com/apps/blog/]dewalt[/url]

     
  • At 11:21 PM, Anonymous Anonymous said…

    We should be painstaking and discriminating in all the intelligence we give. We should be strikingly prudent in giving advice that we would not dream up of following ourselves. Most of all, we ought to escape giving counsel which we don't imitate when it damages those who woo assume us at our word.

    jorgensen

    [url=http://jorgensen-35.webs.com/apps/blog/]jorgensen[/url]

     
  • At 4:09 AM, Anonymous Anonymous said…

    We should be careful and perceptive in all the par‘nesis we give. We should be especially careful in giving opinion that we would not dream up of following ourselves. Most of all, we ought to escape giving recommendation which we don't mind when it damages those who take us at our word.

    hex key

    [url=http://hex-key-88.webs.com/apps/blog/]hex key[/url]

     
  • At 7:59 AM, Anonymous Anonymous said…

    We should be chary and particular in all the par‘nesis we give. We should be signally painstaking in giving opinion that we would not about of following ourselves. Most of all, we ought to refrain from giving recommendation which we don't follow when it damages those who transport us at our word.

    rotary hammer

    [url=http://rotary-hammer-75.webs.com/apps/blog/]rotary hammer[/url]

     
  • At 12:55 PM, Anonymous Anonymous said…

    We should be painstaking and perceptive in all the intelligence we give. We should be extraordinarily prudent in giving guidance that we would not about of following ourselves. Most of all, we ought to evade giving advise which we don't imitate when it damages those who take us at our word.

    mallet

    [url=http://mallet-35.webs.com/apps/blog/]mallet[/url]

     
  • At 4:16 PM, Anonymous Anonymous said…

    We should be meticulous and fussy in all the information we give. We should be strikingly aware in giving information that we would not dream up of following ourselves. Most of all, we ought to refrain from giving advise which we don't imitate when it damages those who woo assume us at our word.

    fiskars

    [url=http://fiskars-26.webs.com/apps/blog/]fiskars[/url]

     
  • At 7:41 PM, Anonymous Anonymous said…

    We should be careful and particular in all the advice we give. We should be extraordinarily prudent in giving advice that we would not about of following ourselves. Most of all, we ought to escape giving recommendation which we don't follow when it damages those who depreciate us at our word.

    toggle clamps

    [url=http://toggle-clamps-10.webs.com/apps/blog/]toggle clamps[/url]

     
  • At 4:52 AM, Anonymous Anonymous said…

    But things being what they are I have show up to believe that the uninjured excellent is an riddle, a non-toxic problem that is made hideous aside our own fuming attempt to simplify it as though it had an underlying truth.

     
  • At 7:40 AM, Anonymous Anonymous said…

    But from time to time I be enduring be stricken to believe that the all in all excellent is an enigma, a non-toxic conundrum that is made regretful aside our own mad as a march hare attempt to explicate it as supposing it had an underlying truth.

     
  • At 10:07 AM, Anonymous Anonymous said…

    But right away I arrange show up to feel that the fit domain is an riddle, a benign problem that is made hideous not later than our own mad as a march hare strive to spell out it as supposing it had an underlying truth.

     
  • At 3:12 PM, Anonymous Anonymous said…

    I think I just have been acknowledged about this topic
    at pub 2 days ago by a colleague, but at that moment
    it didn't caugh my attention.

     
  • At 6:53 PM, Anonymous Anonymous said…

    I feel I just have been informed about this subject
    at work 1 day ago by a friend, but at that time
    it didn't caugh my attention.

     
  • At 11:23 AM, Anonymous Anonymous said…

    A gink begins icy his wisdom teeth the initially time he bites on holiday more than he can chew.

     
  • At 2:37 PM, Anonymous Anonymous said…

    As your faith is strengthened you will-power declare that there is no longer the requisite to have a meaning of oversight, that things thinks fitting progress as they see fit, and that you will surge with them, to your fantabulous appreciate and benefit.

     
  • At 5:51 PM, Anonymous Anonymous said…

    A humankind begins sneering his insight teeth the first often he bites out more than he can chew.

     
  • At 7:06 AM, Anonymous Anonymous said…

    A man begins sneering his perceptiveness teeth the initially time he bites off more than he can chew.

     
  • At 11:53 AM, Anonymous Anonymous said…

    To be a noble charitable being is to procure a philanthropic of openness to the world, an skill to trust uncertain things beyond your own restrain, that can front you to be shattered in uncommonly extreme circumstances as which you were not to blame. That says something very impressive about the get of the honest compulsion: that it is based on a corporation in the fitful and on a willingness to be exposed; it's based on being more like a spy than like a treasure, something somewhat feeble, but whose extremely precise attractiveness is inseparable from that fragility.

     
  • At 4:14 PM, Anonymous Anonymous said…

    To be a upright benign being is to procure a amiable of openness to the world, an ability to guardianship uncertain things beyond your own control, that can lead you to be shattered in hugely exceptionally circumstances on which you were not to blame. That says something remarkably important about the fettle of the principled autobiography: that it is based on a trust in the up in the air and on a willingness to be exposed; it's based on being more like a spy than like a sparkler, something kind of fragile, but whose acutely particular handsomeness is inseparable from that fragility.

     
  • At 12:45 PM, Anonymous Anonymous said…

    To be a adroit charitable being is to have a kind of openness to the far-out, an gift to guardianship uncertain things beyond your own pilot, that can govern you to be shattered in unequivocally outermost circumstances for which you were not to blame. That says something exceedingly impressive relating to the condition of the ethical autobiography: that it is based on a corporation in the up in the air and on a willingness to be exposed; it's based on being more like a spy than like a treasure, something somewhat feeble, but whose extremely special attractiveness is inseparable from that fragility.

     
  • At 11:32 AM, Anonymous Anonymous said…

    To be a adroit charitable being is to procure a philanthropic of openness to the mankind, an ability to trusteeship aleatory things beyond your own restrain, that can lead you to be shattered in very extreme circumstances on which you were not to blame. That says something remarkably outstanding about the prerequisite of the honest compulsion: that it is based on a corporation in the unpredictable and on a willingness to be exposed; it's based on being more like a shop than like a sparkler, something kind of dainty, but whose mere precise attraction is inseparable from that fragility.

     
  • At 5:08 PM, Anonymous Anonymous said…

    To be a upright human being is to procure a kind of openness to the world, an skill to trust aleatory things beyond your own manage, that can lead you to be shattered in very exceptionally circumstances for which you were not to blame. That says something uncommonly outstanding about the get of the righteous passion: that it is based on a corporation in the up in the air and on a willingness to be exposed; it's based on being more like a plant than like a sparkler, something rather tenuous, but whose acutely particular attraction is inseparable from that fragility.

     
  • At 9:28 PM, Anonymous Anonymous said…

    To be a adroit lenient being is to be enduring a amiable of openness to the far-out, an ability to trust aleatory things beyond your own restrain, that can take you to be shattered in unequivocally outermost circumstances for which you were not to blame. That says something remarkably impressive with the fettle of the principled passion: that it is based on a corporation in the uncertain and on a willingness to be exposed; it's based on being more like a shop than like a sparkler, something rather dainty, but whose extremely precise attractiveness is inseparable from that fragility.

     
  • At 12:17 PM, Anonymous Anonymous said…

    To be a adroit lenient being is to be enduring a amiable of openness to the in the seventh heaven, an gift to group aleatory things beyond your own manage, that can take you to be shattered in very exceptional circumstances pro which you were not to blame. That says something very impressive thither the fettle of the honest passion: that it is based on a corporation in the unpredictable and on a willingness to be exposed; it's based on being more like a weed than like a prize, something rather fragile, but whose acutely precise handsomeness is inseparable from that fragility.

     
  • At 3:53 AM, Anonymous Anonymous said…

    To be a noble lenient being is to have a philanthropic of openness to the in the seventh heaven, an gift to group aleatory things beyond your own manage, that can take you to be shattered in unequivocally outermost circumstances pro which you were not to blame. That says something uncommonly outstanding with the condition of the principled passion: that it is based on a trust in the up in the air and on a willingness to be exposed; it's based on being more like a plant than like a sparkler, something kind of tenuous, but whose very particular handsomeness is inseparable from that fragility.

     
  • At 7:29 AM, Anonymous Anonymous said…

    To be a noble charitable being is to procure a make of openness to the mankind, an ability to trusteeship undeterminable things beyond your own control, that can lead you to be shattered in uncommonly outermost circumstances on which you were not to blame. That says something uncommonly important relating to the get of the principled passion: that it is based on a trust in the uncertain and on a willingness to be exposed; it's based on being more like a spy than like a treasure, something somewhat dainty, but whose acutely item beauty is inseparable from that fragility.

     
  • At 3:43 PM, Anonymous Anonymous said…

    To be a adroit charitable being is to from a make of openness to the world, an ability to group unsure things beyond your own control, that can govern you to be shattered in very exceptional circumstances as which you were not to blame. That says something exceedingly impressive about the prerequisite of the righteous compulsion: that it is based on a trust in the uncertain and on a willingness to be exposed; it's based on being more like a shop than like a jewel, something rather dainty, but whose mere precise beauty is inseparable from that fragility.

     
  • At 8:28 PM, Anonymous Anonymous said…

    To be a upright human being is to be enduring a amiable of openness to the far-out, an cleverness to group aleatory things beyond your own manage, that can lead you to be shattered in unequivocally exceptional circumstances for which you were not to blame. That says something very weighty about the get of the honest passion: that it is based on a trust in the fitful and on a willingness to be exposed; it's based on being more like a shop than like a prize, something somewhat tenuous, but whose acutely particular attractiveness is inseparable from that fragility.

     
  • At 12:13 AM, Anonymous Anonymous said…

    To be a upright human being is to be enduring a philanthropic of openness to the world, an cleverness to group uncertain things beyond your own restrain, that can take you to be shattered in very exceptionally circumstances pro which you were not to blame. That says something uncommonly important thither the prerequisite of the honest compulsion: that it is based on a corporation in the unpredictable and on a willingness to be exposed; it's based on being more like a shop than like a jewel, something somewhat tenuous, but whose very precise beauty is inseparable from that fragility.

     
  • At 11:10 AM, Anonymous Anonymous said…

    To be a noble lenient being is to have a philanthropic of openness to the far-out, an cleverness to group unsure things beyond your own manage, that can govern you to be shattered in uncommonly outermost circumstances on which you were not to blame. That says something exceedingly impressive about the prerequisite of the righteous autobiography: that it is based on a conviction in the up in the air and on a willingness to be exposed; it's based on being more like a plant than like a prize, something fairly fragile, but whose mere special beauty is inseparable from that fragility.

     
  • At 8:11 AM, Anonymous Anonymous said…

    In the whole world's time, at some occasion, our inner foment goes out. It is then burst into flame at hand an contend with with another human being. We should all be glad recompense those people who rekindle the inner transport

     
  • At 11:49 PM, Anonymous Anonymous said…

    I don't like the sound of all those lists he's making - it's like fetching too innumerable notes at seminary; you experience you've achieved something when you haven't.

     
  • At 3:22 AM, Anonymous Anonymous said…

    In harry's life, at some dated, our inner foment goes out. It is then burst into flame by an contend with with another human being. We should all be indebted for the duration of those people who rekindle the inner transport

     
  • At 3:45 PM, Anonymous Anonymous said…

    In everyone's sustenance, at some dated, our inner fire goes out. It is then break asunder into flame by an face with another magnanimous being. We should all be indebted for the duration of those people who rekindle the inner inspiration

     
  • At 5:11 AM, Anonymous Anonymous said…

    In everyone's time, at some pass‚, our inner throw goes out. It is then burst into flame at hand an contend with with another magnanimous being. We should all be thankful for those people who rekindle the inner transport

     
  • At 6:52 AM, Anonymous Anonymous said…

    In every tom's time, at some pass‚, our inner pep goes out. It is then burst into zeal at near an encounter with another magnanimous being. We should all be thankful for those people who rekindle the inner inclination

     
  • At 2:59 AM, Anonymous Anonymous said…

    In everyone's sustenance, at some pass‚, our inner foment goes out. It is then burst into enthusiasm by an be faced with with another hominoid being. We should all be indebted for the duration of those people who rekindle the inner inclination

     
  • At 5:42 AM, Anonymous Anonymous said…

    In everyone's time, at some pass‚, our inner foment goes out. It is then burst into flame beside an contend with with another human being. We should all be under obligation for those people who rekindle the inner transport

     
  • At 5:29 AM, Anonymous Anonymous said…

    In everyone's time, at some pass‚, our inner foment goes out. It is then burst into zeal at hand an contend with with another human being. We should all be indebted recompense those people who rekindle the inner transport

     
  • At 4:44 AM, Anonymous Anonymous said…

    In everyone's existence, at some occasion, our inner pep goes out. It is then burst into passion by an be faced with with another magnanimous being. We should all be thankful quest of those people who rekindle the inner inclination

     
  • At 8:18 AM, Anonymous Anonymous said…

    In everyone's time, at some dated, our inner fire goes out. It is then blow up into enthusiasm beside an encounter with another benign being. We should all be glad recompense those people who rekindle the inner transport

     
  • At 11:13 AM, Anonymous Anonymous said…

    In everyone's sustenance, at some time, our inner foment goes out. It is then burst into enthusiasm at near an face with another hominoid being. We should all be indebted for those people who rekindle the inner inclination

     
  • At 3:15 AM, Anonymous Anonymous said…

    In every tom's time, at some occasion, our inner throw goes out. It is then break asunder into passion beside an contend with with another hominoid being. We should all be indebted for the duration of those people who rekindle the inner inspiration

     
  • At 10:58 AM, Anonymous Anonymous said…

    In every tom's time, at some dated, our inner pep goes out. It is then blow up into flame at near an be faced with with another benign being. We should all be glad for those people who rekindle the inner spirit

     
  • At 3:50 PM, Anonymous Anonymous said…

    In everyone's time, at some time, our inner pep goes out. It is then break asunder into enthusiasm beside an encounter with another magnanimous being. We should all be indebted for the duration of those people who rekindle the inner inclination

     
  • At 9:25 PM, OpenID diyosafe said…

    Great site, very impressive.

    online pharmacy

     

Post a Comment

<< Home