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Debt Rattle September 20 2017
September 20, 2017 Posted by Raúl Ilargi Meijer at 8:26 am Finance Tagged with: Australia, DOJ, EU, Greece, inquiry, Manafort, Putin, QT, Saudi, Trump, wipeout
Edward Hopper Automat 1927
• Australia: A Delusional, Stuffed, Basket Case, Bubble, Third World Economy (MB)
• With QT On The Way, This Market 'Is Headed For A Brick Wall' (Boockvar)
• Where Deutsche Bank Thinks The Next Financial Crises Could Happen (CNBC)
• Just 4% Own Over 95% Of Bitcoin (HowMuch)
• MPs Want Public Inquiry Into UK's £200 Billion Household Debt Crisis (G.)
• Millennials Spend Three Times More Of Income On Housing Than Grandparents (G.)
• New Zealand Jet Fuel 'Debacle' Disrupts Flights, Exports (G.)
• Bain, KKR, Vornado Suffer Wipeout in Toys 'R' Us Bankruptcy (BBG)
• Manafort Calls On DOJ To Release His Intercepted Phone Calls (ZH)
• Trump Warned Saudis Off Military Move on Qatar (BBG)
• Putin Orders To End Trade In US Dollars At Russian Seaports (RT)
• Eurozone 'Bouncing Back'? Tell That To The People Of Spain And Greece (DiEM25)
• Greece's Bailout Review Is Leaving Markets Jittery (BBG)
• EU's Dombrovskis: Greek Government Chose To Increase Taxes (K.)
• Lesvos Mayor Issues Warning On Refugee Numbers (K.)
Now there's a headline.
Australia is doomed to become a third-world country unless its government starts "something like the Apollo program" to inspire its citizens into becoming a technology economy, Freelancer.com chief executive Matt Barrie told the AFR Innovation Summit 2017. "Australia is basically a property bubble floating inside a mining bubble inside a commodities bubble inside a China bubble, and that lucky free ride is about to go pop," he said. The government was focused on "new ways to tax things" in reaction to its looming revenue problem, while neglecting education with proposed cuts to university funding of $1.2 billion, the biggest in 20 years. "Why not try and grow the biggest line of tax, income tax, by encouraging people to study in the right areas like science and engineering, instead of making these cuts which will push the cost of an electrical engineering degree at UNSW above $34,000, while slashing the HECS repayment threshold at the same time," Mr Barrie said.
…Where is the growth come from? Mr Barrie asks. Governments have achieved growth from a property bubble "like no other", says Mr Barrie. To paint this picture he says there are cranes in Sydney right now than in most American states combined and that being in postcodes with restricted lending. He is trawling fast through a broad range of figures that highlight Australia's "basket case" economy including figures around low wage growth, unaffordable housing, manufacturing losses. Mr Barrie [says] we are "delusional" after 26 years of growth based on bubbles: mining, commodities and now property. Mr Barrie is slamming the economy's structure (it's hard to keep up, he's moving fast). "Our economy is completely stuffed. We can't rely on property to make us…we need serious structural change."
It's not rocket science.
We're finally here. About nine years after quantitative easing (QE) began, quantitative tightening (QT) is about to start. On Wednesday, after the Federal Open Market Committee releases its statement, Janet Yellen will follow with a press conference that she will do her best to make as boring as possible. Every Fed member I suppose is praying for boring because of the epic bubbles that QE and seven years of zero interest rate policy (ZIRP) has created in just about everything. They want this to unfold as orderly and as quietly as possible. Wishful thinking I believe. I also expect the FOMC to lay the groundwork for a December rate hike with the market currently 50/50 on that. If one believes that the stock market still is a discounting mechanism, then there's nothing to fear with QT and maybe it will actually be like "watching paint dry" as Fed members so desperately want it to be. After all, the S&P 500 is at an all time high.
If you think, like me, that the stock market is not the same discounting tool as it once was because of the major distortion and manipulation of markets via central market involvement and the dominance of machines that are reactive instead of proactive in response to news, then we must review the previous experiences when major Fed changes took place. After all, they were all well telegraphed as this week's likely news has been. I expect no different an outcome this time and I believe the market – with the S&P at an all-time high – is headed for a brick wall the deeper QT gets. Before I get to that, let me remind everyone that the third mandate of QE was higher stock prices. Ben Bernanke in rationalizing the initiation of QE2 in a Washington Post editorial back in November 2010 said in regards to QE1 and the verbal preparation for QE2, "this approach eased financial conditions in the past and, so far, looks to be effective again.
Stock prices rose and long term interest rates fell when investors began to anticipate the most recent action." He then went on to say "higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher incomes and profits that, in a virtuous circle, will further support economic expansion." Well, the belief in the wealth effect hasn't worked in this expansion. Hence, the record high in stocks last week and the 2.9% year over year rise in core August retail sales, both below the 5 year average and well less than the average seen in the prior two expansions.
After QE1 ended when we knew exactly the full size and expiration date (March 31st, 2010), the market topped out three weeks after and then fell 17%. After QE2 ended when we also knew the exact amount and deadline (June 30th, 2011), the market peaked one week later and then fell about 20%. Around the time QE3 ended with the lead up being a very methodical process of tapering, stocks had a hissy fit of about 10% only saved by James Bullard who hinted that maybe they won't end QE.
And there's more. Isn't it great to have all these options?!
The Great Central Bank Unwind Central banks including the Federal Reserve, European Central Bank and Bank of England are embarking on what has been called the "Great Unwind" – the winding-down of quantitative easing programs which included trillions of dollars' worth of asset purchases and record low interest rates that have bolstered economies, financial markets and banking systems. Calling the "Great Unwind" a "journey into the unknown," the strategists warned that "history would suggest there will be substantial consequences of the move especially given the elevated level of many global asset prices" adding that "even if the unwind stalls as either central banks get cold feet or if the economy unexpectedly weakens, we will still be left with an unprecedented global situation and one which makes finance inherently unstable."
Out of ammunition? The strategists said there was a danger that central banks and governments could find themselves without ammunition to tackle a recession should one occur, given their already near zero interest rates, creaking balance sheets, and a backdrop of high levels of government debt. "Could the next recession be the one where policy makers are the most impotent they've been for 45 years or will they simply go for even more extreme tactics and resort to full on monetization to pay for a fiscal splurge? It does feel that we're at a crossroads and the next downturn could be marked by extreme events given the policy cul-de-sac we seem to be nearing the end of," Reid et al warned.
More QE if inflation disappoints? Since the financial crisis of ten years ago, persistently low inflation has been a constant headache for central banks, the Deutsche Bank strategists noted, a situation they found "fairly incredible" given the phenomenal level of central bank and government stimulus. "Although not our base case, given the recent inflation and Trump's fiscal challenges, it's not infeasible that markets could be blindsided by a return to more QE rather than less…If central banks do end up conducting increased QE again, the risk is we again go back to negative rates and worries about the banking system and the plumbing of the financial system."
Italy – Crisis 'waiting to happen?' Turning to the euro zone's third largest economy, Deutsche Bank's strategists warned of more political and economic uncertainty from Italy. "A country nearing an election and with high populist party support, with a generationally underperforming economy, a comparatively huge debt burden, and a fragile banking system which continues to have to deal with legacy toxic debt holdings ticks a number of boxes to us for the ingredients of a potential next financial crisis."
A China crisis?Conceding that China's economy had so far avoided a hard landing predicted by many economists, Deutsche Bank warned that China still needed to transition its economy "from manufacturing to services and investment to consumption," a process with Deutsche Bank said "needs to take place in the context of also containing the rapid growth of credit in our view." "Rapid credit expansion due to an insatiable demand for debt fuelled growth, compounded by a hugely active shadow banking system, as well as an ever expanding property bubble fuelled fears for economists that China could inevitably make a hard landing and send shockwaves through the world's financial markets. However, the economy has seemingly defied the odds." "However, future growth cannot forever rely on debt and investment alone…The warning signs are there and the fundamental vulnerabilities remain. The greater issue might be 'when' rather than 'if' the credit bubble pops."
That is scary.
Bitcoin has been making a lot of news lately. The cryptocurrency shot up in value by over 200% in 2017, making many people fear that the market is in a bubble. Last week, China decided to close its bitcoin exchanges, which caused investors around the world to panic about the currency's long-term viability. But HowMuch.net asks, how many people own bitcoin, and how is the currency distributed around the world? Check out our new visualization. Our graph represents the entire bitcoin market, which has a value of around $60 billion. For comparison, that's bigger than several well-known companies, like Fed-Ex and General Motors. We then divided the value of the bitcoin market by address. As you can see, over 95% of all bitcoins in circulation are owned by about 4% of the market. In fact, 1% of the addresses control half the entire market.
There are a couple limitations in our data. Most importantly, each address can represent more than one individual person. An obvious example would be a bitcoin exchange or wallet, which hold the currency for a lot of different people. Another limitation has to do with anonymity. If you want to remain completely anonymous, you can use something called CoinJoin, a process that allows users to group similar transactions together. This makes it seem like two people are using the same address, when in reality they are not. So it's a complex situation. but let's try to break bitcoin down as simple as possible. Bitcoin is just a type of money, like dollars and euros. The main difference is that there isn't a sovereign government backing the currency, and it instead lives online. This is possible thanks to something called the blockchain.
Banks and companies must keep detailed records of where they send money, marking it possible to detect fraud and criminal activity. The blockchain works differently because it breaks each transaction into tiny components, routes the pieces through a computer network, and directs them to a recipient who can then re-assemble the code together. If you don't have the right key, you can't own a bitcoin. And if you aren't at the right digital address (think your home network's IP address), then you can't receive bitcoin. The technology is hard to understand, and it presents challenges for companies and people who want to use it. That's why folks typically turn to a vendor like Coinbase to handle their transactions. You know how you carry physical money in your personal wallet? Think of Coinbase as a digital wallet.
You use it to buy stuff and pay for services. But be careful—people can steal your digital wallet, and the thieves can be untraceable. And that's the issue. There's only a very limited number of bitcoin wallet providers out there. It's not like you can just go to your local bank and buy some bitcoin. The big takeaway from all this is that if you are considering purchasing some bitcoin, you have very limited options. There are only a few key players in the game where you can park your investment. And if you do make that purchase, understand that it is highly speculative and unregulated, so prepare for a bumpy ride.
And then what? Jubilee?
The chairs of two powerful parliamentary committees have urged the government to set up an independent public inquiry into the £200bn of debt amassed by households. The call by Rachel Reeves, the Labour chair of the business select committee, and Frank Field, the Labour head of the work and pensions select committee, comes as the Conservative-led Treasury select committee plans to hold meetings around the country to examine the impact of debt on individuals and households. "Debt is a huge emotional burden for people," said Nicky Morgan, the Conservative MP who chairs the Treasury select committee. She added that "unstable personal finances" often emerged as problems raised by her constituents in Loughborough.
The £200bn of debt amassed on credit cards, personal loans and car deals is now at the same level it reached before the 2008 financial crisis and there are fears that rises in interest rates could put more households under pressure. Mark Carney, the governor of the Bank of England, warned on Monday that interest rates were likely to rise in response to rising inflation and skills shortages brought on by Brexit that will increase pressure on wages. Field said people in his Birkenhead constituency on the Wirral were being pushed into destitution by the actions of loan sharks and finance companies that heaped extra pain on low income households with sky-high interest charges. He said: "We need a commission to assess the current situation. There are so many moving parts that a proper investigation goes beyond the remit of any single committee."
Probably true in many countries.
Millennials are spending three times more of their income on housing than their grandparents yet are often living in worse accommodation, says a study launched by former Conservative minister David Willetts that warns of a "housing catastrophe". The generation currently aged 18-36 are typically spending over a third of their post-tax income on rent or about 12% on mortgages, compared with 5%-10% of income spent by their grandparents in the 1960s and 1970s. Despite spending more, young people today are more likely to live in overcrowded and smaller spaces, and face longer journeys to work – commuting for the equivalent of three days a year more than their parents. The research by Willetts' intergenerational commission at the Resolution Foundation thinktank also reveals that today's 30-year-olds are only half as likely to own their own home as their baby boomer parents.
They are four times as likely to rent privately than two generations ago, a sector which has the worst record for housing quality, the report claims. The report's authors argue that the housing crisis is a huge part of public anxiety about the country's direction, a factor in the result of the EU referendum last year and in the general election in June. A young family today has to save for 19 years on average to afford a typical deposit compared with three years for the previous generation, the report states. "This is the biggest problem facing the younger generation," said Willetts. "It depresses their living standards and quality of life. It is very important for the Tory party to open up the route to home ownership again. A lot of twentysomethings also have horror stories of bad landlords and we need to help them as well."
There's a lesson about redundancy somewhere in here.
• New Zealand Jet Fuel 'Debacle' Disrupts Flights, Cars, Exports (G.)
New Zealand's jet fuel crisis is worsening by the day with airlines restricting ticket sales, politicians limiting travel to essential flights only on some routes in the final days of the election campaign and all but the most critical exports halted. Rationing is set to continue for another week after a digger on Thursday struck the sole jet fuel, diesel and petrol supply pipe to Auckland, the country's biggest city and major transport hub for international visitors. Three thousand people a day are being affected by cancelled domestic and international flights. Another 6,000 people will be impacted by delays or disruptions to normal service, Air New Zealand said, and it had taken the "unusual" step of restricting ticket sales to all but essential or compassionate travel to try and manage the shortage.
As a result of the tightening fuel shortage, all airlines stopping in Auckland are only able to upload 30% of their normal capacity of jet fuel and the government has instructed its employees to cancel all non-essential travel. Export goods are being off-loaded from domestic and international flights unless they are at risk of rotting to lighten the load. Some international routes have been cancelled altogether or diverted to Australia and Fiji until the crisis is resolved.
Although the jet fuel supply pipe is privately owned and operated, opposition Labour leader Jacinda Ardern has criticized the government's lack of investment in vital infrastructure in Auckland, as the ruling National party instructed its staffers and candidates around the country to restrict campaigning in the final days of the general election to save on jet fuel. "One pipeline and one digger and New Zealand grinds to a halt," said Ardern on Tuesday. [..] Petrol and diesel supplies have also been affected by the damaged pipe, with both fuels being driven overland to Auckland from other supply points in the North Island, and the defence force called in to assist with transportation and logistics, including the naval tanker HMNZS Endeavour.
Wait. They had written their investments down to zero, so how can they suffer a wipeout? is it possible they dumped a whole lot of losses into the black hole?
Bain Capital, KKR and Vornado Realty Trust stand to have their Toys "R" Us Inc. investment erased as the retailer they bought in 2005 for $7.5 billion seeks bankruptcy protection. The three firms and their co-investors sank $1.3 billion of equity into the takeover of the Wayne, New Jersey-based toy company, financing the rest with debt, according to company filings. The debt included senior loans in which they held a stake. Partly offsetting the loss is more than $470 million in fees and interest payments that Toys "R" Us awarded the firms over time. Toys "R" Us, which has 1,600 stores in 38 countries, filed for bankruptcy late Monday. The filing in Richmond, Virginia, estimated that the company has more than $5 billion in debt, which costs about $400 million a year to service.
The buyout was part of a vast wave of debt-enabled takeovers by private equity firms from 2005 to 2007 that saw deal prices soar to tens of billions of dollars. The wave crashed at the onset of the financial crisis in 2009. The biggest of that era's private equity deals was the $48 billion buyout of Texas utility TXU, now called Energy Future Holdings Corp. The company went belly-up in 2014, obliterating $8.3 billion of equity put in by KKR, TPG Capital, Goldman Sachs and co-investors.
Toys "R" Us appeared stable out of the gate. The $7.5 billion price worked out to about 7.5 times earnings before interest, taxes, depreciation and amortization – not outlandish by today's standards. With about $1 billion a year in Ebitda, the company was able to cover the interest on its $5.5 billion of debt and fund store improvements with more than $200 million to spare. But the ravages of the financial crisis, competition from online rivals and price wars blew up that safety cushion. KKR and Vornado, which are publicly traded, had previously written their investments in the company down to zero. As a result, the bankruptcy won't affect their earnings going forward.
"..it is a felony to reveal the existence of a FISA warrant, regardless of the fact that no charges ever emerged.."
Less than 24 hours after CNN triggered the latest outbreak of 'Trump Derangement Syndrome' by relaying information from anonymous sources that Trump's former campaign manager Paul Manfort has been under surveillance by the FBI since 2014, Manafort has fired back by calling on the Department of Justice to release all transcripts of his tapped phone calls so that the American public "can come to the same conclusion as the DOJ — there is nothing there." Per the Daily Caller: "Former Trump campaign manager Paul Manafort is calling on the Justice Department to release transcripts of any intercepted communications he may have had with foreigners. Manafort, a longtime Republican political consultant, also called on the Justice Department's inspector general to investigate the leak of details of secret surveillance warrants obtained by U.S. investigators.
"Mr. Manafort requests that the Department of Justice release any intercepts involving him and any non-Americans so interested parties can come to the same conclusion as the DOJ — there is nothing there," Manafort spokesman Jason Maloni said in a statement. Manafort's spokesman goes on to demand that the DOJ launch an immediate investigation into who continues to commit federal felonies with reckless abandon by leaking details of confidential FISA warrants to the media. Whether or not Manafort committed a crime — and he has not been charged with anything — the leak of information about FISA warrants is a federal crime, Maloni noted in his statement.
"If true, it is a felony to reveal the existence of a FISA warrant, regardless of the fact that no charges ever emerged," Maloni said. Information about FISA warrants is classified and tightly held by government officials and the federal judges that approve them. Unauthorized disclosures of FISA information is also a felony. At a House Intelligence Committee hearing in March, then-FBI Director James Comey testified that the leak of FISA information is punishable by up to 10 years in prison. In his statement, Maloni called on the Justice Department's watchdog to "immediately" open an investigation into the leak and to "examine the motivations behind the previous Administration's effort to surveil a political opponent."
No, I'm not going to talk about his UN speech yesterday. That's all just confirmation bias.
Everyone involved denies any of this ever actually happened.
Saudi Arabia and the United Arab Emirates considered military action in the early stages of their ongoing dispute with Qatar before Donald Trump called leaders of both countries and warned them to back off, according to two people familiar with the U.S. president's discussions. The Saudis and Emiratis were looking at ways to remove the Qatari regime, which they accused of sponsoring terrorism and cozying up to Iran, according to the people, who asked not to be identified because the discussions were confidential. Trump told Saudi and U.A.E. leaders that any military action would trigger a crisis across the Middle East that would only benefit Iran, one of the people said. More recently, the Trump administration has quietly sent high-level messages to Saudi Arabia and the U.A.E. to try to defuse the quarrel.
Trump, who initially sided with the Saudi-led bloc, had a change of heart because of evidence that a prolonged dispute with Qatar will serve as an advantage to Iran, according to a U.S. official familiar with his thinking. Trump met with Qatar's emir, Sheikh Tamim bin Hamad Al Thani, at the United Nations General Assembly in New York on Tuesday. Asked by a reporter if he had warned Saudi Arabia and the U.A.E. against military action in the country, Trump responded, "No." At the same meeting, Trump confronted the Qatari leader with what one U.S. official said is evidence that Qatar is still engaged in terrorism-related activity and told him it has to stop.
[..] Trump said on Tuesday that the U.S. is pushing for an end to the Gulf dispute. "We are right now in a situation where we're trying to solve a problem in the Middle East," he said. "I have a very strong feeling that it will be solved, and pretty quickly." Those comments reflected how Trump has changed his thinking on the Qatar dispute in the past 10 days or so, becoming more sympathetic with the Qataris after previously backing the Saudi-led bloc and saying his priority is to clamp down on terror financing, according to the U.S. official familiar with his thinking.
There's no reason for it to happen in other currencies.
Russian President Vladimir Putin has instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, according to the Kremlin website. To protect the interests of stevedoring companies with foreign currency obligations, the government was instructed to set a transition period before switching to ruble settlements. According to the head of Russian antitrust watchdog FAS Igor Artemyev, many services in Russian seaports are still priced in US dollars, even though such ports are state-owned. The proposal to switch port tariffs to rubles was first proposed by the president a year and a half ago.
The idea was not embraced by large transport companies, which would like to keep revenues in dollars and other foreign currencies because of fluctuations in the ruble. Artemyev said the decision will force foreigners to buy Russian currency, which is good for the ruble. In 2016, his agency filed several lawsuits against the largest Russian port group NMTP. According to FAS, the group of companies set tariffs for transshipment in dollars and raised tariffs from January 2015 "without objective grounds." The watchdog ruled that NMTP abused its dominant position in the market and imposed a 9.74 billion rubles fine, or about $165 million at the current exchange rate. The decision was overturned by a court in Moscow in July this year.
Everyone thinks corporate tax cuts are the solution?!
EU citizens living under squeezed financial circumstances could be forgiven for wondering whether European Commission President Juncker was having a joke at their expense when he spoke recently about how Europe's economy is finally bouncing back. After a tumultuous decade triggered by the global financial crisis in 2007, the Eurozone's growth figures are being compared favourably to America's, with production up 3.2% against last year. However, evidence points to a wide chasm between people's lived experiences and Juncker's message of triumph. It is doubtful that the citizens of Spain and Greece, for example, would agree with his assessment. According to the Commission, 30% of Spaniards are at risk of social exclusion due to poverty and income inequality.
The proportion of children in Spain living below the poverty line increased by 9% between 2008 and 2014, to 30.5%, and Spain is in 7th place on the OECD list of countries where inequality has risen the most since 2010. Greece, meanwhile, is at top of this ranking. Now, 'growth' may be used to express the success of a country's economic performance. But how impressive is it really, when the Troika's austerity-driven politics is causing so much human suffering in countries like Greece and Spain? According to the OECD, countries have continued the trend towards implementing tax policy reforms to boost growth. French President Macron is proposing to cut corporation tax from 33.3% to 25% by 2022. Yet the use of tax levers, primarily cuts to corporation tax, as a means to draw inward investment has been disputed by top economists.
"The way you get a productive economy is changing the fundamentals, says John Van Reenen of the LSE. "You get your people to be more skilled, or you have your infrastructure working efficiently. You're never really going to get there just by reducing corporate tax." So what's the alternative? It is possible to pursue a successful strategy without crucifying ordinary people in the process, and Portugal is leading the way. The country adopted left wing alternatives to austerity policies in 2015 and is now reporting an impressive recovery. It is a model from which governments can learn.
That's the intention.
Greece faces two possible outcomes. Officials from both the government and creditors say the aim is to finish the third bailout review by the end of the year, giving the country time to raise more funds in the market and paving the way for its successful program exit. Concluding the review by the end of the year, or even in the early months of next year, would help Greece gain much-needed investor confidence. Prolonged negotiations, on the other hand, could weigh on investor sentiment and hamper the country's effort to exit its bailout next summer and finance itself. "Investments are at a very low level and, as a result, Greece is growing much slower than it should and, in fact, slower than many of its eurozone partners," Vettas said.
Greek investment was stagnant in 2016 and fell during the first two quarters of this year. If Greece's bailout runs out before the country completes all the reforms it has agreed to, it could put at risk any plans for debt relief from the euro area, something the government has sought for years. Greece's partners agreed to ease the country's debt at the end of its bailout, provided agreed reforms are successfully concluded. Key sticking points in the review include Greece's budget for 2018, and whether the country is taking sufficient measures to hit bailout-prescribed targets. Greece is expected to have a primary surplus, which excludes interest payments, of 3.5% of GDP next year, a target that seems more difficult as tax receipts have failed to yield expected revenue, Greek and EU officials say.
Meanwhile, politically contentious issues such as privatizations, the reform of public administration as well as an overhaul of the labor market may be raised in the upcoming talks. Greek banks' handling of nonperforming loans is also expected to come under fire as is a restructuring of social benefits. Tsipras's administration has yet to find resources in the budget to avoid cutting some popular benefits. The IMF's demand for a new asset-quality review for Greek banks may be another bone of contention, this time between the Fund and the ECB. The Greek government and Frankfurt say that such a review will harm the nation's lenders because they need to focus on addressing the NPL issue. A solution, they say, may be to wait for the results of the banks' regular stress tests, which are expected before the end of the bailout program, without a new asset-quality review.
Being blamed for being strangled.
European Commission Vice President Valdis Dombrovskis has told Kathimerini in an exclusive interview that a successful conclusion to the third review of Greece's third international bailout by the end of the year would send money markets a convincing message that the program is on track and close to its end – although it's still rather early to discuss a so-called "clean exit," he said. The Latvian politician also explained it was the government's decision to raise taxes instead of cutting public spending, and income tax has now failed to meet revenue expectations.
Regarding talk about a "clean exit" from Greece's third bailout at the end of next summer, Dombrovskis indicated that such a discussion was "premature" and that the priority now is to focus on completing the third bailout review by the end of the year. He said 95 prior actions, some of which have been legislated, must still be implemented. The EU official underlined the importance of Greece meeting a primary surplus target of 3.5% next year and creating a more beneficial environment for potential investors as part of efforts to boost much-needed growth.
And on and on.
Lesvos Mayor Spyros Galinos has written to the government and the European Commission asking that immediate action be taken to reduce the number of refugees on the island. In the letter sent to European Commissioner for Migration Dimitris Avramopoulos and Greek Migration Policy Minister Yiannis Mouzalas, Galinos says there are now more than 6,000 refugees and migrants on the island, which is far more than existing facilities can cope with. The Lesvos mayor attributed this to a steady rise in arrivals and insufficient efforts to reduce the numbers at hotspots. Galinos claimed the island is being "held hostage" and called for immediate action by authorities. He ruled out the possibility of more temporary facilities being built on the island. "Lesvos's ability to offer hospitality is limited to its current infrastructure," the mayor wrote.
Home › Forums › Debt Rattle September 20 2017
This topic has 5 replies, 6 voices, and was last updated 5 years, 4 months ago by justjohn.
September 20, 2017 at 8:26 am #36020
Raúl Ilargi Meijer
Edward Hopper Automat 1927 • Australia: A Delusional, Stuffed, Basket Case, Bubble, Third World Economy (MB) • With QT On The Way, This Market
[See the full post at: Debt Rattle September 20 2017]
September 20, 2017 at 12:14 pm #36022
V. Arnold
Love the art; great choices, thanks.
The rest, meh.
The fog of the financials; barrages of information; obfuscation paraded as intelligence and knowledge.
The macro gone insane while we here in the micro struggle to see the present reality with some clarity.
Avoid debt, avoid banks (use credit unions), understand what a store of value is and get some of it, keep cash, as much as possible, in a balance with a store of value.
Never put a store of value in a safe deposit box; you may not have access to it at a critical time.
Never talk of your store of value… to anybody…ever…
September 20, 2017 at 1:13 pm #36024
Dr. Diablo
I know they have to write something to illustrate Bitcoin, but there are more oversights in the HowMuch article than even they extensively admit.
One, as they say, the exchanges mass-own wallets. That is, the people-owners of the exchange-based-wallet don't own Bitcoin, they are not recorded transactions on the ledger. In that way, they don't exist, and they don't own Bitcoin but a claim on the exchange corporation. They may be recorded if you leave the exchange, but not within it. In addition, transactions within exchange, say between two Coinbase users, are not recorded, not real, and perhaps not even purchased, as the exchanges make their money by fractionally-reserving the asset. Maybe they own 70% of the coins they pretend to. This was one of the problems in China, or back with Mt. Gox. They SAID they bought coins, but didn't, which is fine as long as liquidity is good. This also leads to problems if the coins split, as they only have access to 70% of the BitcoinCash they claim to own, and must buy the rest. How? Before we get moralistic on them, this is how all actual stock and commodity exchanges work, with futures bidding on delivery that isn't there, and stock exchange failure-to-deliver — that is, we charged you, but didn't, you know ACTUALLY find and buy the stock share, much less sign it to your name — is over $1.3 Billion a day. Oh, and we're also voting on corporate business with 2x, 10x as many shares voting as were ever issued. Not owning and delivering the product is industry-standard now, and Bitcoin exchanges only share that same drawback.
Next there's a huge statistical quirk in the data, because 1 Million out of a mere 20 Million coins owned by the original Sataoshi have never been touched — and with a Bitcoin ledger, you can and MUST know with absolute truth. That stat alone would blow the concentration ratio out of the water.
Next problem is, thousands of people were involved back in the beginning when Bitcoin was a worthless novelty under 10c. Did they keep their wallets? Back them up? Still have access to them? Unlikely. More likely, a few million more of the original 20M are on crashed hard drives, vanished, never to be recovered. With Bitcoin at $1 instead of $5,000, it's far more likely these are owners of 10, 100, 1,000 coins, not .002 coins as more likely today. And yet those coins are lost at sea and for all purposes don't exist. You need to run stats on the active wallets, but who are they? How active? Pension Fund owners of IBM don't necessarily touch their shares for decades, yet are legally real and active.
Next, suppose you're a type to get into early Bitcoin — and it's still so early only the Edmund Hillarys have arrived. Why are you in this weird new frontier? For privacy on the Silk Road, dodging Chinese currency controls, hiding that extra fund money outside of Panama, off-book deal sweetener, that sort of thing. So, Mr. Paranoia, you use one wallet, or two? Or Ten? All with different numbers on different hard drives, in case someone police official demands the numbers? Yeah, as many as possible in as complex a route as possible. And not on an exchange. So these large owners look small.
Last, we have the basic problem: Jamie Dimon's bitcoin traders, the ones who were bragging on their winnings, who just had a Crypto conference sponsored by Morgan — you know, the ones he said he doesn't have — might be only in the thousands worldwide, but have access to ten million USD each. They have to, or they can't manipulate the price like Dimon did this week. The common man will only risk thousands each. So the wealth concentration only mirrors the wealth concentration of the real world. Pull Satoshi and inactive wallets out and you'll probably find it's MORE equitable than other wealth holders, but that's not saying much, and with access to unlimited, unbacked printing from the Fed, Dimon Boyz will catch up fast.
Moving on to wallets, NO, YOU DON'T NEED AN EXCHANGE. You shouldn't use one. That's the WHOLE POINT, and if you're in Bitcoin on an exchange you may be doing it wrong. That's why it's called "peer to peer", "trustless" currency. If you add an exchange anywhere, the exchange can be corrupted, counterfeited, bombed, shut down, charge fees, use their influence to rig markets: all the same problems Bitcoin was created to get away from. You hold your OWN wallet, on your own PC, phone, or paper printout, and transfer it the same way, as the Chinese found out this week. That also says that if you want to BUY Bitcoin, Mr. HowMuch, you DO NOT buy it from an exchange, but person to person, where it actually exists and is actually transferred on the ledger. I know that isn't how it mostly occurs right now, but that's the whole point of its existence. If you traffic through an exchange and not peer-to-peer, you might as well just stay where you are, with Wells Fargo creating millions of phony accounts, trading millions or billions of cartel drug money (U.N. official report), while buying commercial jets for Mexican Drug cartels to run illegal guns (public record), and asking for $23 Trillion in taxpayer bailouts (minimum, official), all funded by the Fed printing unbacked dollars.
…And they say Bitcoin is in the underworld! Wells and Morgan probably move more drug money in a month than Bitcoin has in its whole existence. Bitcoin needs to be purchased, held, and sold person-to-person or it's pointless, and therefore worthless. The whole point to Bitcoin is that there are and can be only 20M coins, and no more ever. It can only deflate, never inflate, and never be waved into existence, showing the present system is so broken and corrupt that Bitcoin is bizarrely MORE real and trustworthy than actual, national currencies! I know it's new and different, but HowMuch and many/most other commentators need to just do a base wiki and get up to speed before reporting wrongly on accident out of sheer unfamiliarity.
Thanks for the Bitcoin insights, Dr Diablo. I am much like Simple Simon, "penniless", myself. No virtual dog in this fight…
olo530
Thank you, Dr. Diablo. Your comment is more informative than all the other Bitcoin news on this blog combined.
justjohn
Dr Diablo: thanks for the bitcoin comments. As an amateur miner, it all seemed quite accurate.
I started CPU mining a long time ago (should dig out the date) because my kid wanted a "Bought it with Bitcoins" badge. Cost 1 bitcoin, took about 3 days to mine it back then. Was somewhat fun, so I continued on, thru GPU mining and even bought some low end Butterfly ASIC equipment.
Of course, I'm somewhat kicking myself now, for example the $200 gift card I bought for 40 BTC. Seemed like a good idea at the time! Oh well, we are doing OK.
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This cascading poinsettia teardrop is an ideal decorations for the wall, door, stairs or fireplace mantel.
The large poinsettia blooms with glistening centers anchor this beautiful holiday accent piece complete with realistic evergreens, pine cones and berry sprays tucked around the traditional holiday flowers is also a unique decoration for Christmas weddings and events.
Poinsettia Teardrop Swag is an artificial flower decoration made of quality materials that measures 28" long.


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Home > Tufton to swear in new IICA director general
Published:Saturday | January 9, 2010 | 12:00 AM
Tufton
San José:
SECRETARY GENERAL of the Organisation of American States (OAS), José Miguel Insulza, will attend the swearing-in of new director general of the Inter-American Institute for Cooperation on Agriculture (IICA), V'ctor M. Villalobos, on January 15, in Costa Rica.
Jamaica's Agriculture Minister Dr Christopher Tufton will swear in Villalobos. Tufton will carry out this task in his capacity as chairman of the Inter-American Board of Agriculture, IICA's highest governing body.
The OAS representative in Costa Rica, Ambassador Patricio Zuquilanda, has confirmed that the secretary general will be attending the ceremony. The speakers and special guests will include the president of Costa Rica, Oscar Arias.
important delegation
The institute's current director general, Barbadian Chelston W. D. Brathwaite, will deliver the opening address and welcome those present to the House of Agriculture of the Americas. An important delegation is expected to attend the ceremony from Mexico, comprising senior government officials, lawmakers, entrepreneurs and former secretaries of agriculture.
A Mexican citizen, Villalobos, until recently, was the coordinator of International Affairs of his country's Agriculture Secretariat. He was elected by the ministers of agriculture of the hemisphere at their most recent meeting last October in Jamaica. He will hold the post for four years (2010-2014).
Founded nearly seven decades ago, IICA has its headquarters in Costa Rica and offices in its 34 member states. Its goals are to promote agriculture and rural development in its member countries.
Source URL: http://jamaica-gleaner.com/gleaner/20100109/news/news4.html

redpajama_set_name: RedPajamaCommonCrawl


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School Board doesn't plan to arm Lake County's teachers
By Payne Ray pray@dailycommercial.com
TAVARES — Lake County Schools superintendent and School Board members don't expect to take advantage of a new law that allows public schools to arm teachers.
School Board members polled as the approved bill made its way to Gov. Ron DeSantis' desk this week said they don't think it's a good idea, generally, while one said he liked the idea, even if it isn't for Lake. Most referred to a debate on the issue last year, when the School Board agreed by consensus to use school resource officers and trained "guardians" to handle campus security while leaving teachers out of it.
"We discussed this issue last year, and I believe we have landed in a good place in Lake County Schools," Superintendent Diane Kornegay said. "We now have armed law enforcement officers and hired guardians in our schools, plus we have several administrators who have gone through the training and met the qualifications to serve as volunteer guardians. This gives the added protection we want for our schools while allowing teachers to focus on teaching, as so many of them told us they wanted to do."
In the wake of the massacre last year at Marjory Stoneman Douglas High School in South Florida, the Legislature debated allowing teachers to carry weapons before settling on a compromise that instead permitted schools to train and arm just a select group of staffers, but not teachers. Those people had to be military veterans, ROTC staffers or former police officers.
The bill passed this week by the Legislature allows — but doesn't compel — districts to arm teachers, provided those teachers undergo training, psychiatric evaluations and drug screenings.
School Board Chairman Sandy Gamble said he'd be willing to bring it up again sometime in the future, but only after extensive study on just how many people on a campus should be armed and whether anyone is made safer as that number goes up.
Vice Chairwoman Kristi Burns believes firearms on campus should be limited, echoing arguments she made following the Marjory Stoneman Douglas High School shooting on Feb. 14, 2018. Teachers shouldn't need to worry about acting as added security she said, as teachers have enough to focus on with their regular job.
Board member Bill Mathias supports arming teachers in other places but not Lake, he said, and he has no reason to bring it up again.
Current security measures are comprehensive enough, he added, and with the additional millage approved by voters in August for school safety, he thinks currently planned safety additions, including a major investment in mental health specialists, should be plenty.
He said he's currently putting his focus into mental health in the hopes that, in the long run, those measures can pre-empt any future shootings.
"Maybe one day we won't have to talk about guns," he said. In the meantime, he's happy the Legislature approved local control for other districts.
Board member Stephanie Luke, who started her teaching career in Lake County and now teaches at University of Central Florida, said she sees the issue through a teacher's eyes.
"I would not want a gun in my classroom, I would not be comfortable," she said, adding that she couldn't ask others to do the same unless every teacher was comfortable with it. At any rate, the matter is settled, she said.
"I think we're in a sweet spot in Lake County," she said.
Given the divisive response in a survey sent to teachers last year, she said she doesn't see it coming up again soon.


Mo & Leah Pty Ltd is a limited by shares, Australian proprietary company. This corporation was registered on 2007-06-13 and was issued with the 125938114 ACN. Its Australian Business Number is 81125938114. Since 2014-09-19, the company is headquartered in WA, post code 6014. The previous headquarters were located in WA 6014 (from 2013-04-16 to 2014-09-19), WA 6006 (from 2007-07-01 to 2013-04-16). Mo & Leah Pty Ltd was registered for the GST on 2013-01-01, up until 2015-06-29. The above data comes from the ABN database which was updated on 2015-12-08.


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Champions League Group B is a Perfect Storm
By Lucien Betancourt Champions League football is back and the group stages are in full swing, where exciting upsets and disappointing performances abound! In case you don't know, the Champions League is a European football league where the top clubs in every league that is a part of UEFA (or, Union of European Football Associations)…
The Dodgers have (finally) won the World Series. Now what?
By Sammy Bovitz I've been a Los Angeles Dodgers fan since I was three years old. And while there are certainly teams that suffer more, the baseball universe seems like it's been out to get me since 2011. That was the year that Clayton Kershaw won his first Cy Young award and Matt Kemp finished…
A 2020 MLB Season Preview, as told by mascots – Part 2
By Samuel Bovitz This season is (hopefully) getting closer and closer. This article is going to continue to break down the 2020 MLB season from the perspective of our furry friends– this mascots. This is part 2–the National League. Arizona Diamondbacks: Baxter the Bobcat is feeling a bit better. The Diamondbacks have gone through a…
By Samuel Bovitz Major League Baseball games are a lot of fun, and one of the most fun aspects of gameday experience are the mascots. They are everywhere, but they are especially prevalent in MLB, where 28 out of the league's 30 teams have mascots. In this MLB Season Preview, we will check in on…
Coronavirus and the 2020 Olympics: A Breakdown
By Samuel Bovitz The coronavirus outbreak has already become an existential issue in the sports world. The NBA season has been suspended indefinitely, the NHL season may soon follow, the MLB season has been delayed, and March Madness will not be played, among other sporting events. With those in mind, let's turn to the 2020…
The Rapid Ascension and Sudden Decline of NFL Running Backs
By Samuel Bovitz I remember watching Todd Gurley in 2017. He was incredible, consistently putting up a brilliant performance and making defenses across the league fearful of his talent. He was a legitimate candidate for the 2017 MVP, and some still believe he should've won it. His expertise was rewarded in July of 2018 with…
An Analysis of Sports Pages and The New York Times
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By Cali Morrison Carss This past December, the state of Alaska held its high school girls state championships for swimming. Breckynn Willis, a star swimmer for Diamond High School, swam the 100 fly event and won her heat, her section of the race. This would add a number of points to her team's overall score…
Two 'Chips One Night
By Jaiden Fisher-Dayn After a long road to the finals and two amazing seasons, both the boy's and girl's soccer teams finished off by winning both the city championships. It started off with the boys, who were facing John Adams in the finals. John Adams' side of the field was half full with fans, and…
A Cerealized 2019-20 NBA Season Preview
By Samuel Bovitz This is not your typical NBA Preview. I'll make that clear from the start. I chose to describe each NBA team as a cereal for two reasons: one, I think it'd be interesting to see NBA teams in a fresh perspective and two, I'm hungry. The Atlanta Hawks are Peanut Butter Toast…


Lifespan Day Care is looking for highly motivated, energetic and creative persons to join our team. LifeSpan has the following positions available.
Before & After School Programs | Hours are Monday through Friday 6:30 am to 9:00, and/or 3:30 pm to 6:00 pm.


The dynamic between rav and talmid illustrates the function of bittul. It is specifically through the bittul of the talmid that he becomes a vessel to receive the teachings of the rav. • Beis Moshiach presents Part 1 of the maamer the Rebbe MH"M delivered on Yud Shvat 5717, in accordance with the custom established by the Rebbe to review each year a section of the Rebbe Rayatz's maamer Basi L'Gani of 5710. • This year we focus on the seventh section of the profound and foundational Chassidic discourse.
An ordinary taxi ride turned into a marathon of miracle stories told by the cab driver who experienced them first-hand.
Adir Naim is the spokesman for the Israeli fire department in the southern region. He is a firefighter who spent a week fighting the recent fires in Eretz Yisroel. His friends and relatives only know him by his first name, Adir, but he has two additional names: Menachem Mendel. * Between putting out fires and updating the press, Adir told Beis Moshiach about the story of his miraculous birth thirty-six years ago.


Directly responsible to the Fabrication Manager. Functionally responsible with all members of the fabrication team concerning day to day fabrication matters.
Start each shift on time and ensure all team members are present and assigned work in order of priority to meet on time delivery.
Communicate with other lead hands regarding issues from shift to shift.
Ensure paperwork is complete at each stage of fabrication.
Periodically check the various processes in Fabrication to ensure they are running as efficiently as possible.
Ensure any material found out of spec is properly identified with a red tag and kept aside for QA.
Monitor the fabrication attainments to determine whether or not targets are met.
Work with the team members and the Fabrication Manager to work on improving missed targets.
Ensure compliance to all quality related policies, procedures and system requirements.
Monitor and enforce safe working practices in accordance with company policy and legislative requirements.
Ensure proper and regular use of personal protective equipment.
Through communication, make staff aware of any existing, new or modified safety hazards.
Report known or suspected equipment or procedural deficiencies to the appropriate Manager.
Communicate and make available information to inform staff of all new or modified safety initiatives.
Assist in accident investigations, corrective measure implementation and facility audits if required.
High School and relevant production experience is desirable. Ability to work well with numbers is essential. Good communication skills.
Candidates should have a minimum of 3-5 years production experience in an industrial environment.
Must have good team building and motivational skills.
Experience with Aluminium Extrusion as asset.
High energy level, good creativity, self confidence, time management and a good team player.


The first Yacht-Master hit the market in 1992, offering collectors a more luxurious take on the iconic Submariner diver's watch. While both watches have their similarities in the form of a 60-minute bezel and a dial topped with lume, they both offer different professional applications. The Submariner was intended for use while diving and the Yacht-Master is a regatta timepiece. The ref. 16622 is a highly sought-after variation of the brand's yachting timepiece, offering a steel and platinum finish, a matching platinum dial, a 40mm Oyster case with dramatically tapered lugs, and a matching three-link Oyster bracelet.
Quality is in off the charts!! Plastic still on the braclet !! Not one mark anywhere .. Brought to a Rolex dealer to have the braclet sized and the authorized Rolex dealer called the watch pefect !!!
I had been looking for my next pre owned Rolex. I found Bobs out of the blue one day. Their prices were lower than anyone else I had been looking at. Once I got the Yachtmaster I was very very happy with the condition. It also had the Rolex box and papers.
Hands down the best watch I've ever bought! I love everything about it, from the unique platinum dial and the red details, to the high polish center links and luminous hour markers. I would recommend the 16622 to anyone considering a Yachtmaster.


Christian Boarding Schools In Van Nuys, California – teen boarding schools and boarding high schools.
The schools in our directory are like far less expensive residential treatment centers that offer counseling to troubled teens in Van Nuys, California. They are designed for teens dealing with issues such as anger, depression, minor drug abuse, defiant behavior, mental or physical abuse, and family or school troubles.
Christian boarding schools near Van Nuys, California will offer teens effective therapy in a safe and caring environment. They help boys and girls experience healing and restoration in their life and in their relationships. Even though some may not be located near Van Nuys, California, Christian boarding schools in our directory are worth contacting because of its lower cost and excellent success with teenagers who are struggling.
The boarding schools listed here have assisted thousands of families to experience healing and hope again when their son or daughter has gotten off track. They pride excellent therapy that promotes family unity and restoration. Most Christian Boarding Schools offer masterful counseling for students, families and groups. They help teens heal their personal issues. Additionally, they make use of nontraditional therapies and offer spiritual guidance.
One of the many strengths of Christian boarding schools is their experienced and compassionate staff. Each teen is designated a therapist or mentor who works closely with the teen and the family throughout the year of residential treatment.
These schools believe in the power of relationships to touch lives. With that in mind, they have a number of mentors who live in the dorms with the teens and spend a great deal of time with them, completing chores or enjoying recreation together. It is during these commonplace moments that much meaningful conversation takes place.
Beyond the therapy and the relational environment on the campus, the schools listed here commit to giving teens a solid education as well. During their enrollment in residential treatment, teens complete credits in core courses, focusing on mastery of essential material and skills to fill in any academic gaps and prepare them well for their future.
All of these boarding schools include a fully-equipped boarding school, so that troubled teens enjoy the benefits of a normal high school experience during their treatment. Educational credits for students who leave before high school graduation can be transferred, for an easier transition back to their former school in Van Nuys, California.
As a final aspect, unique among boarding schools, the schools here focus on helping the whole family and are dedicated to uphold the values held by the families they serve. Faith forms the foundation for everything they do, from the therapy to the fun and physical content of their daily program. They usually provide seminars to parents during family retreat weekends, in which parents are also given time and encouragement to mend the relationship with their teen. While the teen receives most of the direct care, entire families experience help.
We encourage you to look beyond Van Nuys, California, for help for your teenager. Few therapeutic boarding schools go so far to treat teenagers as a whole and to care for the entire family.
Call us today to learn how families like yours, from Van Nuys, California, and all over the nation, have discovered the care they needed at the Christian boarding schools in our directory.
Thank you for discovering more about the boarding schools for teens that may or may not be located in Van Nuys, CA.
Van Nuys is a neighborhood in the San Fernando Valley region of Los Angeles, California. The town was founded in 1911, and named for Isaac Newton Van Nuys, one of its developers. It was annexed by Los Angeles on May 22, 1915, after completion of the Los Angeles Aqueduct, providing it with the water required for further growth. Van Nuys was the first new stop on the San Fernando Line of the Pacific Electric Railway red cars system, which boosted its early land sales and commercial success.
Christian Boarding Schools Help Adolescents from Van Nuys, California.
Should you need help finding Christian boarding schools, schools for troubled teens, therapeutic academies, or schools for troubled girls, please let us know. This directory includes a list of the best Christian boarding schools, faith-based schools, and America's best religious boarding schools for troubled teens.


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redpajama_set_name: RedPajamaGithub


Plastic protractor is a practical learning tool as well as measuring tool.
6 Inch protractor with inch and centimeter marks makes measuring easy.
This protractor is transparent well and through it you can see the page.
6 Inches protractor inch marks is up to 6 inch, centimeter marks is up to 10 cm.
This tool is used for plotting and reading UTM, MGRS, or USNG grid coordinates from topographic maps.
It is an improved version of the Graphic Training Aid 5-2-12 Coordinate Scale and Protractor used by United States and NATO military forces around the world.
This coordinate scale offers significant benefits over the standard issue GTA 5-2-12. - By using a slot on one side of the tool for access to the map, the tool can be more compact than the traditional GTA tool. - The tool features several additional map scales, including 1:24,000, which is the most common topographic map scale found within the United States. - The 1:100,000 scale now spans 5km grid lines, making it much more usable. - Plus, the overall dimensions of the tool have been reduced so that it is the size of a music CD, easily fitting into a pocket or any slot where you could store a CD. - Rounded corners keep it from wearing holes in your pockets. - The inner protractor is marked in degrees and the outer protractor is in mils. - Bands of white ink are printed under the two compass roses to make reading the compass rose easier and to keep the tool from "disappearing" when you place it on the map.
The tool is printed on 30 mil plastic stock with a protective coating. It is about the thickness and stiffness of a credit card. It's 33% thicker than the standard military issue version, so it's less likely to be bent or broken when you need to use it. See the photo of the tool bent almost in half with no issues.
For use with UTM, MGRS, USNG or other metric based coordinate systems.
The black numbers are clear and easy to identify, then you can read quickly with great accuracy. Smooth surface make it easy to put on your books, notebooks and pencil case.
The plastic protractors have common size and shape, so you can applied to settle the math problems frequently. Abundant bulk, you can send them to your friends and classmates.
This clear plastic protractor is thick enough, thus they are not easy to snap; With hollow center, the student protractor is easy to grip.
The geometry protractors are suitable for homework, technical drawing, painting, measure; Angle protractor with inch and centimeter marks makes measuring easier.
6 Inches protractor inch marks is up to 6 inch, centimeter marks is up to 10 cm. 6 Inches protractor measures 0 to 180 degrees left to right and right to left. Protractor with inch and centimeter marks makes measuring easy.
Practical quantity, you can leave one at home and put the other at school or office; Appropriate size to use for geometry drawing and math class.
The clear protractors are suitable for painting, measure, homework, technical drawing; You can send them to your friends and classmates.
You can use them to get the angle and length quickly; Easy to carry in bag, pencil case, math tool case, backpack, etc.
Attention: the minimum accuracy is 1 degree.
Use easily: you can use the geometry protractors to get the angle and length quickly; Easy to carry in bag, pencil case, math tool case, backpack, etc.
Transparent Plastic protractor is a practical learning tool as well as measuring tool.through it you can see the page, clear color makes you measure easier.
Measure protractor with accurate number: the black numbers are clear and easy to identify, then you can read quickly with great accuracy.
Mechanical pencil for compass with 2 mm pencil lead, used for drawing circle or circular.Made from Stainless Steel, durable and easy carry.
24 pack high quality 4 inches clear protractors are perfect for measure, student work, painting, technical drawing, graphing of engineering.
Range of 0 to 180 degrees, the minimum accuracy of the angle is 1 degree and each 10 degrees have a clear line to distinguish.
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Abundant bulk, you can make it as gifts for your kids in school, friends; Lightweight and easy to carry, not take too much space.
Plastic protractor set: 24 pack high quality 4 inches clear protractors are perfect for measure, student work, painting, technical drawing, graphing of engineering.
Measure range: range of 0 to 180 degrees, the minimum accuracy of the angle is 1 degree and each 10 degrees have a clear line to distinguish.
Easy to use: the bottom side length is 10 cm, 4 inch size make it easy to put on your books, notebooks and pencil case.
Excellent use experience: the protractor is made of high quality clear plastic which is allow you see the words, letters, and figures on page through the protractor.
Great gift for kids: abundant bulk, you can make it as gifts for your kids in school, friends; Lightweight and easy to carry, not take too much space.
24 pack high quality 6 inches clear protractors are perfect for measure, student work, painting, technical drawing, graphing of engineering.
Math protractor features an open center and accurate 6 inches ruler across the base which with inch and centimeter marks makes measuring easier.
Plastic protractor set: 24 pack high quality 6 inches clear protractors are perfect for measure, student work, painting, technical drawing, graphing of engineering.
Easy to use: math protractor features an open center and accurate 6 inches ruler across the base which with inch and centimeter marks makes measuring easier.
Draw precise geometric shapes with this Dry Erase Magnetic Measurement Set. These oversized tools help demonstrate polygons, circles, angles and much more.
Kids from kindergarten to high school benefit from visual mathematics. These tools have a place in any classroom, anytime.
The measurement tools are ideal for use on white or chalk boards! Magnets ensure these tools will stick to magnetic surfaces. For non-magnetic surfaces, the compass features a rubber foot.
PRECISE DRAWING TOOLS -- Compasses, protractors, rulers and triangles are perfect for art that requires exact shapes. This handy, magnetic geometry tool set is ideal for art classrooms.
Protractor can be as gifts for your kids in school; You can take it in your pocket or pencil case.
Suitable for school learning, also a great maths tools for office and school spplies.
Swing arm provides straight-edge guide for drawing angles.
Unique rotating device and the transparent design always provide extra help when measuring angles.
The trigonometry protractor is a necessary study tool when kids are doing the homework, it's compatible to compass, ruler, etc.
Angle scale design: full circle (360 degrees).
Outer numbering, right-handed from 0 -360 , inner numbering, left and right-handed from 0 -90 .
Easy to use: just place onto your work area, perform the operation and then you will have your measurement.
Plastic for precision,durable in use.
Suitable for school learning, also a great maths tools for office&school spplies.
Swing arm protractor rotates 180 , helps accurately draw and measure angles. Measure angles from left to right or right to left. Easy-to-read inch and centimeter marks. 6" & 10cm ruler integrated at the bottom. Made of translucent material to easily see what you are measuring. Shatter-resistant material for safety and longer durablility. Beveled edges for easy lift and manipulation. Ideal ages, eight and up. Assorted colors (Blue, Teal, & Grey).


Added on May 9, 2017 by Hans von Schröder.
Hi there. I have to get something of my chest. Like many people of my generation I enjoy the variety and convenience of online streaming. Be it Netflix, Amazon, iTunes or Google Play. Having a massive collection of instantly streamable content at your fingertips at all times is lightyears beyond television, pay-tv or the cinema. I can just kick back relax and then decide what I want to watch. Maybe even take my digital version in any form-factor I choose.
However there is one thing that has always annoyed me to no end. Something especially prevalent in my country and that is forced localization.
I love watching stuff in its original form. I believe that while half of acting is visual the other half is in language. Annunciation, Tone, Dialect and the fact that the person speaking is actually in the scene in front of the camera.
I also support dubbing – something Germany does to every movie and tv-show there is – I don't personally enjoy dubbing in my movies, I can read subtitles fine – thank you very much, but in general the idea of opening up a piece of art beyond its language barrier is admirable and has a positive effect.
But in this digital age this creates a problem that is incredibly annoying and that has ruined many a movie night for me. That is the problem of versions. Out of all the streaming platforms I named in the beginning of this column only Netflix allows me to set a default language and provides the original version to all its properties. With all the rest you either have to hope for the best or you have to find the tiny fine-print that will tell you what language versions are available. Not only that but sometimes there isn't even an original version. Non of this would be a problem if I would just be allowed to use the english version of the site which will have the original versions of everything but most of these are incredibly stubborn in that they will keep returning you to the page coupled with your geographical location. I understand that this is a legal question, if I live in Germany I should also pay tax on media bought in Germany but this does not excuse the fact that since I am in Germany I will be forced to watch the German Versions only or to severely restrict the amount of original programming I have access to. I mean its not like its about the serverspace. Amazon is one of the biggest providers of servers around the world, yet they don't manage to put the original audio for a film on their server for Amazon Video DE? What is that about.
I understand that my preference for watching the movie that the people involved in its production actually made is a strange one in Germany but I can't believe that I am the only person that feels like this. Most DVDs have multiple sets of audio with your standard compression a movies audio file comes to about 250mb that makes 1gig with the inclusion of 4 entire languages, 500mb with just the original and the German. Even worse is the lack of any subtitle other than German.
This is a multinational country, there are not just German speakers living in the country, so you are going to essentially bar them from your service, WHY? Because there is no space, you know thats not true. Because there is no demand? Well I am here demanding away. Seriously I can't even come up with more. I know its not a legal question, you already own the rights to sell the property in your way, is it considered a second property to include the original version. If I buy a DVD its not, and you are quite beyond VHS, so if that is it that is Idiotic but I don't believe it is.
I will send a copy of this as an email to all the services that are guilty of this in order to find out the reasoning behind such asinine decisions. But I really had to just get this of my chest and I don't believe my ranting will change the situation. Nor do I believe that this in anyway compares to the real problems in the world right now but there you go, this is my website and I can talk about what I want. I promise the next thing I write will not be about consumer service.


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In Memoriam: Sister Benita Biever
Sister Benita Biever, 104, of Monastery Immaculate Conception in Ferdinand, Indiana, died at 7:50 p.m., on March 30, 2022, at the monastery.
Sister Benita Biever was born Margaret Biever on April 10, 1917 in Tell City, IN, the second of eight children of George Joseph and Anna M. (Boerste) Biever. She entered the Sisters of St. Benedict of Ferdinand in 1937 from St. Paul Parish and made her monastic vows in 1939.
She was preceded in death by her parents; her sister, Louise Cecilia Biever; her brother Aloysius "Ish" Biever and sister-in-law Alice (Barnett) Biever; her brother Edward Frank Biever and sister-in-law Marie Catherine (Hurm) Biever; her brother Robert George Biever and sister-in-law Manetti (Eckert) Biever; her brother Charles Lawrence Biever; her brother Joseph Bernard Biever and sister-in law Marguerite (Harpenau) Biever; and her sister Mary Agnes (Biever) White and brothers-in-law Paul C. Schneider and Leon White. She is survived by nieces and nephews and her religious family.
Sister Benita earned a Bachelor's degree in Education from St. Benedict College and a Bachelor's degree in Theology from St. Joseph's College. In a teaching career that spanned 46 years, she taught in Evansville at St. Joseph School, Christ the King School, Nativity School, and St. Benedict School, as well as St. Mary School in Washington, IN, St. Bartholomew School in Columbus, IN, St. Anthony School in St. Anthony, IN, Fulda Elementary in Fulda, IN, St. Bernard School in Rockport, IN, Holy Family School in Jasper, IN, and St. Meinrad Parish in St. Meinrad, IN.
Sister Benita also served as Director of Initial Formation for the Sisters of St. Benedict in Ferdinand and in Supportive Services at Monastery Immaculate Conception in areas including Sacristan, Bakery, Vestment Department, Infirmary Dining Room and Kitchen. She most recently served in the Prayer Ministry in Hildegard Health Center.
Public visitation will be held in the Marian Parlor at Monastery Immaculate Conception in Ferdinand, Indiana, on Sunday, April 3 from 3:00 to 5:00 p.m. and in the monastery church on Monday, April 4 from 3:00 to 4:15 p.m. A vigil will be held in the monastery church on Sunday, April 3 at 7:00 p.m. The Funeral Mass will be at 4:30 p.m. on Monday, April 4 in the monastery church followed by burial in the monastery cemetery. Vigil and funeral will be live-streamed at funeral.thedome.org. Becher Funeral Home in Ferdinand is in charge of the arrangements.