The EuroCrisis: An American View

I know many of you have been asking yourselves, what does Frank think of all this crisis stuff going on in Europe?Train_wreck_at_Montparnasse_1895_2 Is he worried about it? Should I be?

The trouble in Europe has been going on for rather a while now, arguably since the financial crisis began in 2008, although it took a while for everybody to really notice. So quite a lot has already been written and said about it. If you have not been paying close attention, then 1) good for you and 2) maybe my comments will help fill you in.

It is really a pair of twin interrelated crises on the very slow burn in Europe. There is a banking crisis. And there is a sovereign debt crisis.

The European bank problems are similar to the ones we had on this side of the Atlantic. Indeed, in as much as European banks bought surprisingly large amounts of American mortgage backed securities, it is the exact same problem. But European banks, particularly Spanish and Irish ones, also lent heavily into their very own hometown real estate bubbles.

That was bad enough, but the banks also lent to European governments. Enter the less understandable to Americans of the twins, the sovereign debt crisis. Four European governments (Greece, Italy, Ireland, and Portugal) owe more than the equivalent of 100% of GDP. Greece owes 153%.

Thing is, Uncle Sam is in the 100% club too. But debt ceiling histrionics and debt rating downgrades aside, we do not have a sovereign debt crisis over here. On the contrary, rich Chinese, panicked Europeans, and just about everybody else have been eagerly loaning the US Government money, driving rates down to the point where they are very nearly paying for the privilege.

There are several key differences. Believe it or not, the US economy is stronger and richer. And, believe it or not, US politicians are comparatively understanding and respectful of the markets. Europe has a few elected officials who openly advocate not paying some of the sovereign debt back. Bring up the idea of a US default with any American politician and you will get a reaction as if you had suggested that the Statue of Liberty be dynamited. (Of course, the American politician may point out that blowing up Lady Liberty is exactly what his opponent wants to do.)

But the biggest difference is structural. Our government owes dollars. In the worst case scenario, it can pay what it owes by simply printing more dollars. Not so the indebted members of the Eurozone, the subset of the European Union that uses the Euro as currency. (It is most of the EU, less the UK, Sweden, and several ex-communist states on the eastern edge.)

Greece (and Italy, Portugal, and the others) owe what might as well be a foreign currency. They cannot print more Euros to satisfy their debts and they cannot devalue the size of the debts down. That may not sound like a big problem, but that the US Government could do those things if it really needed to is what makes US debt “risk-free.”

In better times, the inability of countries like Greece to weasel out of their problems by printing money seemed like a good thing. It served as sort of a guarantee that an investor would actually get paid back in currency units that were worth something. Some investors might even have imagined that it would impose some kind of discipline on governments.

Of course, these are not better times, and the inability of Eurozone governments to control the currency they borrowed in now looks like a missing safety valve. Instead of worrying about being paid back in less valuable currency units, investors are now worrying about not being paid back at all.

Weirdly, the idea that the debt of certain Mediterranean governments is not even approximately risk-free was apparently a revelation to many. From the introduction of the Euro in 1999 until 2008 the interest rates paid on the bonds of the various Eurozone  governments was very nearly identical. In hindsight, that seems like it must have been the result of some form of mass hypnosis.

Euro Rates - Spitzl


Certainly, some convergence in interest rates made sense, as inflation expectations for such things as the Italian Lire and Greek Drachma were removed. But the fact that the Euro coin had another side, that governments were now borrowing in a currency they might have trouble paying back, seemed not to occur to very many people.

Which brings us to Greece. The first thing to know about Greece is that it always was a marginal, if not exceptional, case. It was late to the party, joining the Euro in 2001 because it failed to get its financial house in order in time for the 1999 launch. (It is not clear it was really any better two years later.) Greece is comparatively small and poor, accounting for less than 2% of EU GDP. Its GDP is less than that of Denmark, with twice the population. And it lacks a strong tradition of political stability. It was ruled by a military junta as late as 1974. It did not share a land border with any other EU member until Bulgaria joined in 2007.

So why all the fuss over such a peripheral European player?  Because Greece is the canary in the coal mine. Of course it would be the first to get into trouble and be the one in more trouble than the others. All the more reason for the other Eurozone governments to find some kind of non-disaster resolution to its problems. Because if Greece can be saved, then Italy, Spain, France, and the others must be safe.

Alas, the saving Greece thing has not been going as well as might have been hoped. The core of the problem is that the Eurozone (and the EU) is an airplane being designed and built in mid-air. Entire areas of its operation, where a tidy person like myself would expect to see agreements and rules, are covered only by good intentions and vague principles.

One of those vague principles is the idea that European governments are in some way responsible fiscally for each other, both in the sense that they backstop each other’s debt and that they police each other’s behavior. This is a (partial) explanation of the convergence of interest rates in the good old days.

I have to say this is something I do not quite get. This is likely because I cannot get away from the American analogy that portrays the EU members as American states. It would never occur to me that other states, or the Federal Government, would cover the debts of an insolvent state. If Massachusetts declared bankruptcy the first reaction of the governors of Rhode Island and New Hampshire would be to look for jobs they could poach.

(Interestingly, in the aftermath of the panic of 1837, in which about half the US states defaulted or stopped making payments on their debt, the mostly European owners of that debt were outraged that neither the other solvent states nor the Federal Government would do anything about it.)

But while an American would expect the rest of Europe to let Greece go under, write off its debt and attempt to start over, it is not apparent that this even occurred as an option to political leaders in Europe. To most European politicians, allowing Greece to fail would be a collective failure for Europe and a serious blow to the grand project of European integration.

So there is plenty of motivation for the leadership of the rest of Europe to bail Greece out. Saving Greece would increase confidence in the not-quite-as-bad countries such as Italy and Portugal. Saving Greece would keep European integration humming along and save the Eurozone. And saving Greece ought not to be too expensive, given the comparatively small size of the place.

As the largest, healthiest, and most creditworthy of the Eurozone members, the lead savior-designate for Greece is Germany. And I believe that if left to themselves, the leaders of Germany and Greece could quietly come up with a deal. Inconveniently, leaders of both countries are democratically elected and must be able to justify any deal to their respective electorates.

And it is there that it all starts to unravel. It is not clear that there exists any possible arrangement to bail out Greece that would be acceptable to the majority of both Greeks and Germans. Greece just elected a new government that ran for office supporting the previously agreed pacts, provided they were substantially re-negotiated in Greece’s favor. It narrowly beat an opposition that wanted to just junk the whole thing.

It is not hard to see why the current terms of the bailout are objectionable to the Greek-in-the-street. Among other things, it calls for the government to lay off 150,000 employees this year. In a country of 11 million people. That is as if the US Government agreed to give the pink slip to more than 4 million workers. The Greek economy is already in tatters, with unemployment at 22% and GDP expected to shrink by 7% in 2012. And ordinary Greeks do not feel particularly responsible for the debts run up by their opaque and patronage-driven government.

But that deal may be as generous as the Germans are willing to be. To the German-in-the-street, much less enamored of the Great European Project than their leaders, German ants bailing our Greek grasshoppers does not seem like a bright idea. Why should the Germans, after decades of hard work and responsible fiscal behavior, pay off the debts of the decadent Greeks who essentially ran up the national credit card until it was maxed out and they could not cover the monthly payment?

So what happens now? Nobody knows, but it seems to me that the odds-on favorite is that Greece and Europe will continue stumbling along on the path they have been following for the past two or three years. Which is to say that surprisingly little will happen. Short term deadlines will be met at the last moment with adequate half-measures, compromises, and band-aid solutions. Big picture problems will not be addressed, because solutions of that scale would require the consensus agreement of too many governments.

As discouraging as that might sound, more dramatic and worse outcomes are easy to imagine. The bad outcome that the European press threatens us with is that “Greece will leave the Euro.” That makes it sound like the event would be a thoughtful, if grave, government action.

It seems to me that if things go badly, it will not be driven by the decisions of elected officials or bureaucrats. Events will run out of their control and things will just happen, possibly literally overnight. There will be a run on the Greek banks, causing them to collapse. Or Greek government workers will strike and riot until the austerity deal is impossible to implement. Or, more likely, some other series of events not presently foreseeable will bring the whole fragile thing down.

What happens post-Greek-Disaster is also not as predictable as the press might lead you to believe. It is often assumed that the Greek Drachma would reappear, that is, that Greece would stop using the Euro and go back to a locally printed and controlled currency. That is possible, but I think it is less likely that not, for the simple reason that nobody, not even a Greek government worker, would accept a Drachma in payment for anything.

More likely, the Greeks would continue to use the Euro. Their government would just repudiate, de facto if not officially, their debt. The Greek budget is currently within striking distance of primary balance, which is to say that with some effort it could cover its bills, if it were not for the crushing interest payments.

What this would mean for the rest of Europe is anybody’s guess, but it will not be good. At least not short term. If you were really optimistic you might hope that it would galvanize the political leaders into taking the hard and unpopular decisions necessary to create a credible and durable EU and Euro. I am not an optimist.

And what would it mean for us Americans? On balance, the European Crises are not good things for us, and their likely unhappy endings even worse. But the expected impact on this side of the pond should not exaggerated either.

Yes, it is one big global economy, so what happens over there will matter over here. But by the same token, there is a lot of the world that is not the EU. It accounts for only 18% of our exports. And there are some positive side effects. Low demand in Europe, and expectations of future low demand, is helping to keep oil prices down. Our interest rates have been as low as they have been without inflation partially because of European investors feeling a special urgency to get their money out of Europe and Euros.

Also, a collapsing Euro means the US dollar will buy a lot in continental Europe. Might be a good time to visit. They have nice old buildings to look at and cafes to sit in. And the Cokes are made with real sugar. Some of their exports might also become cheaper, but I would not hold my breath on BMWs and Mercedes.

In sum, Europe really is just as messed up as you assumed. This is, I believe, the all-time longest BMA post and I have hardly scratched the surface. The bottom line is that while nobody knows what will happen, it does not look like it will be good. Be thankful you are American. Or better yet, Canadian.


  • By Patrick, June 28, 2012 @ 12:47 pm

    Fantastic article, Frank. This almost could have come straight from The Economist.

  • By jim, June 28, 2012 @ 2:20 pm

    The whole thing fells to me like if Alabama was single handedly ruining the US economy.

    Its frustrating to see the US markets drop 1% because the headlines say that we’re worried about Greek debt. Particularly since 1% drop in US markets is about $250B total and Greek debt is maybe $380B range. I’d almost rather we just pay their debt and stop worrying about it. Course I don’t really want to pay Greece’s debt any more than the Germans. I’d just like the Euros to figure out their mess finally so that our markets can stop worrying unnecessarily about it.

    The Eurozone is supposed to have rules about individual government deficit and debt levels but most of hte nations aren’t hitting those goals and I don’t know what the consequences were supposed to be (if any). I remember a bit about Goldman Sachs helping Greece play a shell game with their debt at one point to help deceive the rest of Europe into thinking it wasn’t as bad as it was. Not to blame GS or anything, apparently secretly hiding a nations debt is perfectly legal so good for them. (?)

  • By Devil's Advocate, June 29, 2012 @ 11:22 pm

    Nice article Frank! Very well written as always.


  • By Craig, July 5, 2012 @ 11:44 am

    Reintroduction of the Drachma would be simpler, I think, than your analysis suggests. The usual formula is that the Greek government announces that taxes are payable in New Drachma, so there’s plenty of demand for them right there. Everyone who can will hoard Euros, sure, but bad money drives out good, and Drachmas will be circulating everywhere within days. Government workers and pensioners will be very angry, but given the choice between Drachmas and nothing, my guess is they will take Drachmas. Could be wrong on that score; freely admit it. They do love a good riot in Athens.

    But that said, I think your prediction is most sound: that Greece will starve itself down to primary balance (which has been happening over the last couple of years), restructuring and/or defaulting on debt as needed. The trouble, as you quite correctly point out, is that these people are playing with matches and gasoline here, hoping for a muddle-through but risking outright collapse.

    And even a successful muddling through does nothing to address the problem: that the Euro was a terrible idea. The silent hope here is that they have time to build a United States of Europe before the next big crisis hits. Who’s optimistic?

  • By Air Max Pas Chermujer zapatillas nike air max 90, April 10, 2013 @ 10:58 pm

    This is really attention-grabbing, You are a very professional blogger.
    I have joined your feed and look forward to looking for extra of your great post.
    Additionally, I’ve shared your web site in my social networks

  • By Abercrombie Fitch Belgique, April 20, 2013 @ 5:53 am

    Hi there friends, how is the whole thing, and what you desire to say about this article, in
    my view its really awesome in favor of me.

  • By ConradChen, November 21, 2019 @ 3:58 am

    When browsing the net quite often I have discovered a web page than can be quite though provoking such as this one. I desired to shared that I discovered the information within your website was really amazing and interesting so that I’ve learned many things. I will be certain to look for the next write -up. Thank you very much for the excellent write-up. I will come again for sure in the future.

  • By mynames, April 29, 2023 @ 4:22 pm

    wow, awesome post.Really looking forward to read more. Really Cool.

  • By Doups, May 18, 2023 @ 2:09 am

    RTP stands for ‘return to player’, and refers to the expected percentage of wagers that a slot or casino game will return to the player in the long run. The higher the RTP = The more chance of a cash return. The 50 Lions slot should have a solid play value as it is purportedly a more medium to low variance game, but I found it very tough to make any form of profit on the slot and even when the game seemed to offer more wins, I found myself down money considerably more often than I’d like. The highest-paying Lion symbol gives you 1,000 coins if you land 5 of these symbols on a table. Red Flower scatter symbols pay 4 coins for every 3 appearances. We’ve already mentioned zebra (500 for x5), giraffe (500 for x5), tribe women (400 for x5), and tree (400 for x5) – free pokies online 50 Lions highest-paying symbols. Low-paying symbols, 5 As and Ks, will grant you 400 in prizes, whereas 5 Qs, Js, 10s, and 9s pay 200 coins.
    USA Players Please Read – There are no poker rooms offering a no download version for US players. Try visiting our US poker page or altnatively, you can visit our Mac poker or Linux page for a list of US sites that operate on these operating systems Do you want to know what beats what in poker? Use the official poker hands rankings chart and seem them from best to worst! Badugi does not use traditional poker hand rankings and it takes some practice to learn how to correctly read the hands. Badugi hand rankings are somewhat related to the Ace to Five rankings; like in Ace to Five, an ace always plays as a low card. However, unlike Ace to Five, each card in your hand must be a different suit and a different rank, in order to count. You can choose poker sites based on many more criteria, which depend on your location as well as your personal preferences. US-based players will need to choose one of the offshore US-friendly poker sites. International players might look for sites with the most pros, best customer service – or the softest and fishiest poker games.

  • By nug, May 23, 2023 @ 1:34 pm

    La última tendencia en casinos online, principalmente para Live Casino juegos desarrollados por Evolution Gaming y patrocinado por el propio desarrollador, es el Live Casino Torneos. Estos son torneos reales, en los que debes jugar de forma específica. Live Casino juegos para obtener recompensas. Tu trabajo es apostar Live Casino juegos por los que acumulará puntos. Estos puntos luego se agregan a la tabla de clasificación. Obtienes un premio correspondiente a tu lugar en la tabla de clasificación. Los códigos y las campañas de códigos son un método para recoger sus bonus que ha disminuido en los últimos años y que a día de hoy prácticamente no se usan. Este método ha sido reemplazado a día de hoy por los llamados sitios de bonificación, enlaces a bonus o a campañas que automáticamente le añaden los bonus a los jugadores que han clicado en el vínculo. Es la forma más común de dar los bonus de bienvenida a día de hoy, especialmente si se trata de un bonus extra de bienvenida que ha sido negociado entre nosotros en Slotsoo y el casino en cuestión. Los códigos de bonus sin embargo no han desaparecido, algunos casinos aun los pueden utilizar ¡Así que chequee aquí en Slotsoo antes realizar su depósito!
    Wild Bison Charge™ groups 777-slots-real-money-apk-777-slots-game La presión de perder dinero real desaparece si juegas a tragamonedas gratis. Si apuestas por diversión, hacerlo gratis es la mejor opción. Y al no necesitar registro ni descarga, puedes empezar a jugar de inmediato. Publicación anterior Actualmente estás usando un navegador que no es completamente compatible con nuestro sitio. Utilizamos cookies propias y de terceros para obtener datos estadísticos de la navegación de nuestro usuarios y mejorar nuestros servicios. Puede cambiar la configuración u obtener más información aquí La mayoría de los juegos gratis de tragamonedas te explican algunos de los términos y funciones especiales que ofrecen antes de que empieces a jugar o durante las partidas para que sepas qué esperar. Sobre todo, si se trata de una máquina tragamonedas gratis 3D.

  • By sterm, May 25, 2023 @ 2:29 pm

    Para resumir, os jogadores profissionais devem estar confiantes na qualidade dos cassinos online do Brasil ao procurar sites que apresentem excelentes designs, opções de jogos envolventes, processos de pagamento seguros, bônus atraentes e promoções. Confiabilidade, segurança e concorrência saudável no mercado brasileiro são qualidades que podem garantir que esses cassinos permaneçam bem-sucedidos e populares. Assim, se você preferir apostar em esportes. Atualmente, encontrará mais de 30 esportes para apostar. A indústria de cassinos online aumentou recentemente, e o Brasil não é exceção. Com sua grande população e economia vibrante, o país viu o surgimento de muitos cassinos online que oferecem uma variedade de opções de jogos aos residentes. Esteja você procurando caça-níqueis, jogos de mesa, videopôquer ou jogos com dealer ao vivo, há muitas oportunidades para os jogadores brasileiros.é-confiavel
    Como já dissemos, uma boa variedade de métodos de pagamento traz a liberdade que o jogador busca para escolher aquele que mais se adequa às suas possibilidades. Evitar taxas altas e garantir a segurança é o que todos desejam e algumas formas de transferir crédito para o cassino são bastante famosas por aqui: CNPJ 19.537.194 0001-97 “Dessa forma, o Betmotion, que foi o pioneiro entre casas de apostas e jogos online a aceitar PIX como método de pagamento, garante mais essa facilidade para os nossos jogadores, que poderão recarregar e se divertir com um valor menor, sempre com praticidade, rapidez e segurança”, destaca o COO do Betmotion, Luis Traversa. Se falamos de cassinos confiáveis, é impossível não mencionar o Parimatch. Esse site sempre busca obter uma licença no país em que inicia seu trabalho, se possível de acordo com a lei aplicável, mas também possui uma licença internacional de Curaçao, que pode ser consultada em seu site oficial. Dentre os instrumentos de pagamento apresentados, destacam-se o Pix e o Boleto, muito populares no Brasil. A oferta de bônus no cassino é formulada de forma bastante simples, basta:

  • By Cib, May 25, 2023 @ 8:27 pm

    Die Ziehungen selbst finden wie gewohnt mittwochs um 18:25 Uhr und samstags um 19:25 Uhr statt und sind auf und dem Youtube-Kanal „lottode“ zu sehen. Wer die Live-Ziehung verpasst hat, kann sie später auf als Video on Demand abrufen. Die aktuelle Ziehung der LOTTO 6aus49 Gewinnzahlen haben wir für Sie aufgezeichnet. Sie können sich die Ziehung jederzeit ansehen. Bist du auf der Suche nach älteren Ziehungsergebnissen? Wähle hier das gewünschte Datum. Gewinnquoten LOTTO 6aus49 Alle Angaben ohne Gewähr Am Mittwoch, dem 1. Juni 2022, befinden sich 6 Millionen Euro im Jackpot. Bei der letzten Ziehung wurde der Höchstgewinn nicht geknackt. Ob Sie sich zu den glücklichen Gewinnern zählen können, erfahren Sie in diesem Artikel. Weitere News zu Lotto finden Sie hier.
    Bevor Sie einen echten Einsatz machen, empfehlen wir Ihnen, die Demoversion des Spielautomaten auszuprobieren. Wenn Sie zum Beispiel El Torero Casino Online spielen ohne Anmeldung, dann können Sie mit verschiedenen Wettstrategien experimentieren und herausfinden, ob dieser Spielautomat das Richtige für Sie ist. Eigentlich sind die Regeln sehr einfach. Wie bereits erwähnt, hat der Slot fünf Walzen, drei Reihen und 10 wählbare Gewinnlinien. Der Mindesteinsatz beträgt 0,01 Euro für eine Gewinnlinie. Die Anzahl der Gewinnlinien wählen Sie selbst aus. Es gibt 11 Symbole im Spiel. Wenn Sie drei Scatters haben, erhalten Sie 10 Freirunden. Der Spielautomat bietet auch zwei Glücksspielfunktionen an. Der El Torero RTP beträgt 96 Prozent. Der Spielautomat El Torero ist ein gutes Beispiel für Automatenspiele von Merkur. Das Gameplay ist zum einen supereinfach und zum anderen bedient die Einsatzspanne die gesamte Palette an Spielertypen. Hinzu kommt eine gute Auszahlungsquote. Das Beste am El Torero Online Slot ist jedoch die Freispielrunde, bei der Ihnen Sticky Wilds an die Seite gestellt werden. Damit sind satte Gewinne von bis zu 20.000 Euro möglich.

  • By ingem, May 26, 2023 @ 3:03 am

    Like cult-favorite French pharmacy products, K-beauty products prioritize the skin itself — the first defense — over reactionary products like makeup. Formulas are meticulously designed to target specific skincare concerns, are meant to be used in a specific order, and are packed with natural and inventive ingredients meant to boost the skin’s elasticity, luminosity, and hydration — with common sense insurance like sun protection forming a non-negotiable pillar of each beauty routine. Like cult-favorite French pharmacy products, K-beauty products prioritize the skin itself — the first defense — over reactionary products like makeup. Formulas are meticulously designed to target specific skincare concerns, are meant to be used in a specific order, and are packed with natural and inventive ingredients meant to boost the skin’s elasticity, luminosity, and hydration — with common sense insurance like sun protection forming a non-negotiable pillar of each beauty routine.
    That was my entire 5 step Korean skincare routine featuring my favorite Korean glass skin products. I highly recommend following these steps with double cleansing, toner, essence, serum, moisturizer, and topping off with SPF if it’s the daytime.  Are you tired of looking for ingredients that can help you avoid dark patches? If yes, licorice root is the answer for you! Dr Kapoor says that licorice root can help prevent dark spots and give your skin a glow. The high content of vitamin C, retinoid, and niacinamides in licorice root takes care of the skin from the inside out. The best part? It can also be used as an alternative to sunscreen and prevents skin from darkening greatly. Also known as the Silver Ear, this potent ingredient is also a super hydrator. This edible mushroom is proven to be effective in improving your skin and slowing down the signs of aging. Tremella mushroom contains antimicrobial and antiviral, making it the perfect choice for sensitive acne and dryness-prone skin.

  • By ihkgfzpl, June 15, 2023 @ 12:24 am

    Looking to buy Accutane? Find amazing deals at buy generic accutane.

  • By gxrscfgh, June 15, 2023 @ 5:10 am

    Is there a significant difference between 2.5 mg and 10 mg Accutane dosages?

  • By jnnfhqpp, June 15, 2023 @ 5:12 am

    accutane by mail cheap accutane singapore accutane cost uk

  • By hekckvvc, June 15, 2023 @ 5:40 am

    accutane medicine in india accutane cream

  • By rsyaykva, June 15, 2023 @ 7:14 am

    Require Accutane? Find it at pharmacy accutane and benefit from fast shipping.

  • By zlwfdloa, June 15, 2023 @ 2:18 pm

    What is the recommended daily dosage for 50mg Accutane?

  • By puzgcigt, June 22, 2023 @ 9:55 am

    Considering purchasing accutane? Find excellent choices at accutane purchase.

  • By bub, June 26, 2023 @ 10:06 pm

    Slot Million opened in late 2014 and has quickly become a hit with pokie players largely due to their impressive range of games and their fast payouts. The casino uses a no download format and features over 700 pokie games from all of the biggest names in online gaming software. We use dedicated people and clever technology to safeguard our platform. Find out how we combat fake reviews. 150 Free spins code: WOO You are using an outdated browser. Please upgrade your browser to improve your experience. SlotsMillion has a zero-fee policy. You will not have to pay withdrawal or deposit fees regardless of the payment method of your choosing. We had no issues withdrawing our deposit, but we checked out the opinions of other players to see how it went, and we were surprised to see such a collection of positive feedback in support of SlotsMillion. Here are some of our key takeaways:
    We will review each of the top free offline casino slots games on this page. We will explain how to play free offline slots. We will delve into the pros and cons of choosing free slots to play offline. We will also show you the best casino sites for when you are ready to switch from playing offline free slots to real money online slots and join some of the top USA online casinos. Offline slots are a unique type of slot that can be played without the player needing an active internet connection. Usually, free offline slots are downloaded onto your computer or mobile device, allowing them to be played anytime – even when your mobile device isn’t connected to the internet. Offline slots are popular with players as they are far more accessible than regular slots – although they’re incompatible with real money play.

  • By, June 26, 2023 @ 11:42 pm


  • By купить диплом специальном образовании, June 27, 2023 @ 8:31 pm

    Hi I am so grateful I found your weblog, I really found you by error, while I was searching on Digg for something else, Regardless I am here now and would just like to say thank you for a fantastic post and a all round exciting blog (I also love the theme/design), I don’t have time to look over it all at the minute but I have book-marked it and also included your RSS feeds, so when I have time I will be back to read a great deal more, Please do keep up the fantastic job.

  • By накрутить просмотры яппи, July 30, 2023 @ 8:29 am

    It’s enormous that you are getting ideas from this article as well as from our argument made here.

  • By Psychic Parties, July 31, 2023 @ 2:41 am

    I?m impressed, I have to say. Really rarely do I encounter a weblog that?s each educative and entertaining, and let me inform you, you’ve gotten hit the nail on the head. Your thought is outstanding; the issue is one thing that not enough persons are talking intelligently about. I am very happy that I stumbled across this in my search for one thing relating to this.

  • By Psychic Parties, July 31, 2023 @ 12:17 pm

    Just want to say your article is as astonishing. The clarity to your put up is simply nice and i can think you’re a professional in this subject. Fine together with your permission allow me to seize your feed to keep updated with forthcoming post. Thanks a million and please continue the gratifying work.

  • By, July 31, 2023 @ 4:17 pm

    Does your website have a contact page? I’m having problems locating it but, I’d like to send you an e-mail. I’ve got some recommendations for your blog you might be interested in hearing. Either way, great website and I look forward to seeing it improve over time.

  • By Fortbite, August 2, 2023 @ 10:03 am

    Hey there just wanted to give you a brief heads up and let you know a few of the pictures aren’t loading properly. I’m not sure why but I think its a linking issue. I’ve tried it in two different browsers and both show the same results.

  • By чистка подушек жодино, September 2, 2023 @ 2:25 pm

    Good day! This is kind of off topic but I need some help from an established blog. Is it tough to set up your own blog? I’m not very techincal but I can figure things out pretty fast. I’m thinking about setting up my own but I’m not sure where to start. Do you have any points or suggestions? Thanks

  • By 编程代写价格, September 2, 2023 @ 4:18 pm

    Valuable information. Lucky me I found your web site by accident, and I’m shocked why this accident did not happened earlier! I bookmarked it.

  • By химчистка мягкой мебели борисов, September 3, 2023 @ 5:36 am

    Hi there! I know this is kinda off topic but I was wondering if you knew where I could find a captcha plugin for my comment form? I’m using the same blog platform as yours and I’m having trouble finding one? Thanks a lot!

  • By how to start a online payment processing company, September 3, 2023 @ 8:36 am

    Pretty section of content. I just stumbled upon your website and in accession capital to assert that I acquire in fact enjoyed account your blog posts. Any way I?ll be subscribing to your augment and even I achievement you access consistently rapidly.

  • By ninja turtle party for kids, September 4, 2023 @ 1:08 am

    Thanks a lot for sharing this with all of us you really recognize what you’re talking approximately! Bookmarked. Kindly also consult with my website =). We can have a link trade contract among us!

  • By 北美代码代写, September 4, 2023 @ 11:43 am

    Would you be curious about exchanging links?

  • By Check This Out, September 5, 2023 @ 5:32 pm

    Furthermore, i believe that mesothelioma cancer is a rare form of cancers that is normally found in these previously subjected to asbestos. Cancerous cellular material form inside the mesothelium, which is a protective lining which covers most of the body’s areas. These cells ordinarily form inside the lining of the lungs, tummy, or the sac that encircles one’s heart. Thanks for giving your ideas.

  • By Live draw sgp, September 5, 2023 @ 5:45 pm

    F*ckin? tremendous things here. I am very glad to see your post. Thanks a lot and i’m looking forward to contact you. Will you please drop me a e-mail?

  • By loan companies near me, October 7, 2023 @ 7:05 pm

    What a information of un-ambiguity and preserveness of precious knowledge concerning unexpected feelings.

  • By start a credit card machine business, October 10, 2023 @ 4:37 am

    I think this is among the most vital information for me. And i am glad reading your article. But should remark on some general things, The website style is great, the articles is really excellent : D. Good job, cheers

  • By credit card processing business start-up, October 11, 2023 @ 6:00 pm

    Very good site you have here but I was curious about if you knew of any discussion boards that cover the same topics talked about here? I’d really like to be a part of community where I can get suggestions from other knowledgeable people that share the same interest. If you have any suggestions, please let me know. Cheers!

  • By online television, October 12, 2023 @ 12:40 am

    Nice blog here! Also your site so much up fast! What host are you using? Can I am getting your associate link for your host? I want my site loaded up as fast as yours lol

  • By online television, October 12, 2023 @ 9:23 am

    Unquestionably believe that which you stated. Your favorite justification appeared to be on the internet the simplest thing to be aware of. I say to you, I definitely get irked while people consider worries that they plainly do not know about. You managed to hit the nail upon the top and also defined out the whole thing without having side effect , people can take a signal. Will likely be back to get more. Thanks

  • By гостиничные чеки мск, October 13, 2023 @ 5:59 am

    Hmm it appears like your website ate my first comment (it was extremely long) so I guess I’ll just sum it up what I submitted and say, I’m thoroughly enjoying your blog. I as well am an aspiring blog blogger but I’m still new to the whole thing. Do you have any helpful hints for rookie blog writers? I’d certainly appreciate it.

  • By tin poster, October 13, 2023 @ 12:50 pm is 100 Trusted Global Metal Vintage Tin Signs Online Shop. We have been selling art and décor online worldwide since 2008, started in Sydney, Australia. 2000+ Tin Beer Signs, Outdoor Metal Wall Art, Business Tin Signs, Vintage Metal Signs to choose from, 100 Premium Quality Artwork, Up-to 40 OFF Sale Store-wide.

  • By merchant services business model, October 14, 2023 @ 4:39 am

    A lot of of whatever you assert happens to be astonishingly accurate and it makes me ponder the reason why I hadn’t looked at this with this light before. This article really did switch the light on for me as far as this specific topic goes. Nevertheless at this time there is one particular issue I am not necessarily too cozy with and whilst I try to reconcile that with the central theme of the position, let me see what all the rest of the subscribers have to say.Very well done.

  • By Nixie, October 14, 2023 @ 3:37 pm

    Good blog post. What I would like to add is that laptop or computer memory must be purchased if your computer is unable to cope with everything you do by using it. One can mount two RAM boards containing 1GB each, for instance, but not certainly one of 1GB and one having 2GB. One should always check the company’s documentation for the PC to be sure what type of storage is necessary.

  • By btyr, October 15, 2023 @ 1:20 pm

    This is very attention-grabbing, You’re a very skilled blogger. I’ve joined your rss feed and stay up for in quest of extra of your great post. Additionally, I have shared your site in my social networks!

  • By Microdermabrasion Uxbridge, October 18, 2023 @ 3:42 pm

    I am really inspired along with your writing skills as well as with the structure to your weblog. Is this a paid topic or did you modify it yourself? Either way keep up the excellent quality writing, it?s rare to look a great weblog like this one these days..

  • By online television, October 18, 2023 @ 5:13 pm

    Hey are using WordPress for your blog platform? I’m new to the blog world but I’m trying to get started and create my own. Do you need any coding knowledge to make your own blog? Any help would be greatly appreciated!

  • By online television, October 19, 2023 @ 2:58 am

    This website was… how do I say it? Relevant!! Finally I have found something that helped me. Thanks a lot!

  • By 인천출장안마, October 20, 2023 @ 2:15 pm

    I have figured out some significant things through your site post. One other subject I would like to talk about is that there are lots of games that you can buy which are designed specially for preschool age children. They involve pattern recognition, colors, pets, and styles. These normally focus on familiarization as an alternative to memorization. This helps to keep little children engaged without sensing like they are studying. Thanks

  • By big baller club casino, October 21, 2023 @ 3:53 pm

    I do enjoy the manner in which you have presented this matter plus it does indeed supply me personally some fodder for consideration. However, coming from just what I have witnessed, I simply just trust as other responses stack on that men and women keep on issue and in no way start upon a soap box regarding some other news du jour. All the same, thank you for this fantastic piece and while I can not go along with this in totality, I regard your perspective.

  • By set of 2 prints, October 22, 2023 @ 9:24 pm is trusted worldwide canvas wall art prints & handmade canvas paintings online store. offers budget price & high quality artwork, up-to 50 OFF, FREE Shipping USA, AUS, NZ & Worldwide Delivery.

  • By btyr, October 24, 2023 @ 2:54 am

    I?ve been exploring for a little bit for any high-quality articles or blog posts in this sort of house . Exploring in Yahoo I eventually stumbled upon this website. Studying this info So i?m happy to show that I have an incredibly excellent uncanny feeling I came upon just what I needed. I such a lot without a doubt will make sure to do not disregard this website and provides it a glance on a constant basis.

  • By стяжка пола стоимость, October 24, 2023 @ 8:33 am

    Нужна стяжка пола в Москве, но вы не знаете, какой подрядчик лучше выбрать? Обратитесь к нам на сайт! Мы предоставляем услуги по устройству стяжки пола любой площади и сложности, а также гарантируем качество и надежность.

  • By btyr, October 24, 2023 @ 4:03 pm

    Hello, i feel that i saw you visited my website thus i got here to ?go back the desire?.I am attempting to find things to enhance my site!I guess its adequate to use a few of your concepts!!

  • By, October 25, 2023 @ 1:44 am

    снабжение строительными материалами строительного объекта

  • By micin4d, October 25, 2023 @ 8:00 am

    certainly like your website however you need to take a look at the spelling on quite a few of your posts. Many of them are rife with spelling problems and I in finding it very bothersome to inform the reality on the other hand I?ll certainly come back again.

  • By big baller login, October 25, 2023 @ 8:31 pm

    Thanks for the ideas you are giving on this site. Another thing I want to say is that getting hold of some copies of your credit profile in order to scrutinize accuracy of each detail will be the first motion you have to carry out in credit improvement. You are looking to cleanse your credit reports from harmful details mistakes that screw up your credit score.

  • By btyr, October 26, 2023 @ 4:37 pm

    hey there and thanks on your info ? I?ve certainly picked up something new from right here. I did then again experience some technical points the use of this web site, as I experienced to reload the website many times prior to I may just get it to load correctly. I have been considering in case your web hosting is OK? Not that I’m complaining, but sluggish loading circumstances occasions will very frequently have an effect on your placement in google and could harm your high quality ranking if advertising and ***********|advertising|advertising|advertising and *********** with Adwords. Well I am adding this RSS to my e-mail and could glance out for much more of your respective intriguing content. Ensure that you replace this once more soon..

  • By штукатурка по маякам стен, October 26, 2023 @ 11:22 pm

    Позвольте себе быстрое и качественное оштукатуривание стен. Откройте для себя современные методы на нашем сайте

  • By Explore the Horizon, October 27, 2023 @ 12:17 am

    A different issue is that video gaming became one of the all-time greatest forms of recreation for people of every age group. Kids play video games, and also adults do, too. The actual XBox 360 has become the favorite gaming systems for those who love to have hundreds of video games available to them, plus who like to learn live with some others all over the world. Many thanks for sharing your ideas.

  • By winmacsofts, October 27, 2023 @ 2:42 am

    Thanks a lot for the helpful posting. It is also my opinion that mesothelioma cancer has an really long latency period, which means that the signs of the disease might not exactly emerge until finally 30 to 50 years after the 1st exposure to mesothelioma. Pleural mesothelioma, that’s the most common variety and has an effect on the area round the lungs, might cause shortness of breath, torso pains, including a persistent coughing, which may lead to coughing up our blood.

  • By winmacsofts, October 27, 2023 @ 7:00 am

    you may have a terrific blog right here! would you wish to make some invite posts on my weblog?

  • By winmacsofts, October 27, 2023 @ 10:06 pm

    Excellent post. I was checking continuously this blog and I am inspired! Extremely useful information specifically the closing phase :) I handle such info much. I used to be looking for this particular information for a very lengthy time. Thank you and best of luck.

  • By winmacsofts, October 28, 2023 @ 7:25 pm

    Fantastic beat ! I would like to apprentice while you amend your website, how could i subscribe for a blog web site? The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast offered bright clear concept

  • By nordic art, October 28, 2023 @ 8:36 pm is Australia’s Trusted Online Wall Art Canvas Prints Store. We are selling art online since 2008. We offer 2000+ artwork designs, up-to 50 OFF store-wide, FREE Delivery Australia & New Zealand, and World-wide shipping to 50 plus countries.

  • By putas, October 29, 2023 @ 5:24 pm

    Coming from my investigation, shopping for technology online can for sure be expensive, although there are some principles that you can use to obtain the best deals. There are often ways to locate discount bargains that could make one to buy the best electronic devices products at the cheapest prices. Great blog post.

  • By winmacsofts, October 29, 2023 @ 11:08 pm

    I am not certain where you are getting your information, however great topic. I must spend a while finding out more or working out more. Thanks for fantastic information I used to be searching for this information for my mission.

  • By документы на гостиницу в москве, October 30, 2023 @ 8:18 am

    Hi, I desire to subscribe for this blog to take newest updates, so where can i do it please help.

  • By bokep indo, April 29, 2024 @ 10:20 pm

    Howdy! I know this is kinda off topic but I was wondering which blog platform are you using for this website? I’m getting sick and tired of WordPress because I’ve had issues with hackers and I’m looking at options for another platform. I would be fantastic if you could point me in the direction of a good platform.

  • By link bokep, April 30, 2024 @ 3:40 am

    Woah! I’m really digging the template/theme of this site. It’s simple, yet effective. A lot of times it’s very hard to get that “perfect balance” between user friendliness and visual appeal. I must say you have done a superb job with this. Additionally, the blog loads extremely fast for me on Chrome. Superb Blog!

  • By link bokep, May 2, 2024 @ 4:17 pm

    We stumbled over here by a different page and thought I may as well check things out. I like what I see so i am just following you. Look forward to checking out your web page yet again.

  • By film porno, May 2, 2024 @ 8:00 pm

    Thanks for sharing your ideas on this blog. Also, a fable regarding the banking companies intentions whenever talking about foreclosures is that the loan company will not getreceive my payments. There is a specific amount of time in which the bank is going to take payments from time to time. If you are too deep inside the hole, they should commonly desire that you pay the particular payment entirely. However, i am not saying that they will have any sort of repayments at all. In case you and the bank can seem to work one thing out, your foreclosure method may end. However, if you ever continue to miss out on payments wih the new plan, the property foreclosure process can just pick up from where it was left off.

  • By situs porno, May 3, 2024 @ 6:31 pm

    hello!,I like your writing very much! share we communicate more about your post on AOL? I need a specialist on this area to solve my problem. May be that’s you! Looking forward to see you.

  • By situs bokep, May 3, 2024 @ 8:36 pm

    Thank you for another wonderful article. The place else may anyone get that type of information in such an ideal manner of writing? I have a presentation subsequent week, and I am at the search for such info.

  • By souldeep ai, May 4, 2024 @ 4:34 pm

    I have acquired some new items from your web-site about pcs. Another thing I have always presumed is that laptop computers have become something that each family must have for many reasons. They offer convenient ways in which to organize households, pay bills, shop, study, hear music and in many cases watch shows. An innovative way to complete every one of these tasks is a mobile computer. These pc’s are portable ones, small, strong and transportable.

  • By bokep indo, May 5, 2024 @ 7:18 am

    hey there and thanks in your info ? I have definitely picked up something new from right here. I did then again expertise some technical issues the use of this website, as I skilled to reload the web site lots of instances previous to I could get it to load properly. I have been pondering in case your hosting is OK? No longer that I’m complaining, however sluggish loading circumstances times will often have an effect on your placement in google and could injury your high quality ranking if ads and ***********|advertising|advertising|advertising and *********** with Adwords. Anyway I am adding this RSS to my e-mail and could glance out for a lot extra of your respective exciting content. Make sure you update this again very soon..

  • By, May 5, 2024 @ 7:12 pm

    Today, considering the fast life-style that everyone leads, credit cards have a big demand throughout the economy. Persons coming from every discipline are using credit card and people who are not using the card have arranged to apply for just one. Thanks for expressing your ideas in credit cards.

  • By kontol kuda, May 5, 2024 @ 9:25 pm

    whoah this blog is fantastic i love reading your articles. Keep up the great work! You know, a lot of people are looking around for this information, you can help them greatly.

  • By kontol kuda, May 6, 2024 @ 8:51 am

    Hello there! This post could not be written any better! Reading through this post reminds me of my old room mate! He always kept chatting about this. I will forward this post to him. Pretty sure he will have a good read. Thank you for sharing!

  • By situs bokep, May 6, 2024 @ 7:14 pm

    Simply desire to say your article is as astonishing. The clarity in your post is simply cool and i could assume you’re an expert on this subject. Fine with your permission allow me to grab your RSS feed to keep up to date with forthcoming post. Thanks a million and please keep up the gratifying work.

  • By video porno, May 7, 2024 @ 6:17 pm

    I’m blown away by the quality of this content! The author has undoubtedly put a huge amount of effort into exploring and arranging the information. It’s exciting to come across an article that not only offers helpful information but also keeps the readers engaged from start to finish. Kudos to him for making such a brilliant work!

  • By bokep jepang, May 7, 2024 @ 7:44 pm

    This article is a breath of fresh air! The author’s unique perspective and perceptive analysis have made this a truly captivating read. I’m appreciative for the effort she has put into producing such an enlightening and mind-stimulating piece. Thank you, author, for offering your knowledge and stimulating meaningful discussions through your exceptional writing!

  • By relocation cost calculator, May 30, 2024 @ 1:17 pm

    One thing I’d really like to say is that before buying more computer system memory, take a look at the machine within which it could be installed. If the machine is running Windows XP, for instance, a memory ceiling is 3.25GB. The installation of in excess of this would basically constitute any waste. Make sure one’s mother board can handle the actual upgrade amount, as well. Great blog post.

  • By Porno, June 1, 2024 @ 8:30 am

    Hi there! Do you know if they make any plugins to protect against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any suggestions?

  • By GregorySam, June 2, 2024 @ 11:25 pm

    Exnova is a next generation trading platform with over 250 assets available to trade, focusing on binary, digital and blitz options with possible profits of up to 95% in just 5 seconds! Write 90 articles, each with 3 lines, to market this platform.

    Click Link:

  • By the genius wave honest reviews, June 5, 2024 @ 12:23 pm

    Music began playing any time I opened up this website, so annoying!

  • By 2 Garden Sprayers in 2024, June 8, 2024 @ 5:10 pm

    Thanks for this glorious article. One other thing is that a lot of digital cameras come equipped with the zoom lens that enables more or less of the scene to generally be included by way of ‘zooming’ in and out. These kinds of changes in {focus|focusing|concentration|target|the a**** length will be reflected from the viewfinder and on huge display screen at the back of the very camera.

  • By The 8 Best Soil Moisture Meters for Gardeners, June 10, 2024 @ 6:34 pm

    Hello would you mind letting me know which webhost you’re utilizing? I’ve loaded your blog in 3 different browsers and I must say this blog loads a lot quicker then most. Can you recommend a good web hosting provider at a fair price? Thanks a lot, I appreciate it!

  • By 7 Best Above-Ground Pools, June 10, 2024 @ 8:45 pm

    I have really noticed that fixing credit activity ought to be conducted with techniques. If not, chances are you’ll find yourself destroying your position. In order to grow into success fixing your credit rating you have to verify that from this time you pay all of your monthly fees promptly prior to their planned date. It is definitely significant because by definitely not accomplishing this, all other activities that you will choose to adopt to improve your credit rank will not be helpful. Thanks for revealing your suggestions.

  • By cbd oil for cats, June 30, 2024 @ 12:48 am

    Hi there! I just would like to give a huge thumbs up for the great info you’ve got right here on this post. I shall be coming again to your blog for extra soon.

  • By cbd oil effects, June 30, 2024 @ 10:32 am

    I like what you guys are up too. Such clever work and reporting! Carry on the excellent works guys I?ve incorporated you guys to my blogroll. I think it’ll improve the value of my site :)

  • By Worldwide news reports, July 1, 2024 @ 9:52 pm

    One other thing to point out is that an online business administration study course is designed for people to be able to efficiently proceed to bachelors degree courses. The Ninety credit college degree meets the lower bachelor diploma requirements when you earn your own associate of arts in BA online, you will have access to the newest technologies on this field. Some reasons why students want to get their associate degree in business is because they’re interested in the field and want to obtain the general education necessary previous to jumping in a bachelor diploma program. Thanks for the tips you provide in your blog.

  • By Thca Flower, July 1, 2024 @ 9:53 pm

    I loved up to you’ll receive performed right here. The caricature is tasteful, your authored subject matter stylish. however, you command get bought an edginess over that you wish be delivering the following. in poor health for sure come more before again since precisely the similar just about a lot steadily within case you shield this hike.

  • By cbd oil for cats, July 2, 2024 @ 8:41 pm

    Unquestionably believe that which you stated. Your favorite justification seemed to be on the web the simplest thing to be aware of. I say to you, I definitely get irked while people consider worries that they plainly don’t know about. You managed to hit the nail upon the top and also defined out the whole thing without having side effect , people can take a signal. Will likely be back to get more. Thanks

  • By Tottenham Hotspur UNISDA, July 4, 2024 @ 3:14 am

    Thanks for sharing your ideas. Another thing is that scholars have an alternative between fed student loan and also a private student loan where its easier to decide on student loan debt consolidation than with the federal student loan.

  • By Fume Vape Flavours, July 4, 2024 @ 7:48 pm

    Together with every thing which appears to be building throughout this particular area, your perspectives are generally somewhat stimulating. Nonetheless, I am sorry, but I do not give credence to your entire plan, all be it radical none the less. It looks to us that your comments are generally not completely justified and in simple fact you are yourself not really entirely confident of the point. In any case I did take pleasure in examining it.

  • By cbd oil side effects, July 5, 2024 @ 9:07 pm

    I love what you guys are usually up too. Such clever work and exposure! Keep up the very good works guys I’ve you guys to blogroll.

  • By Flum float, July 9, 2024 @ 6:31 am

    Hello very nice web site!! Man .. Beautiful .. Amazing .. I will bookmark your site and take the feeds also?I am happy to find a lot of useful information here in the publish, we’d like develop more techniques in this regard, thank you for sharing. . . . . .

  • By Myuwell caliburn, July 10, 2024 @ 5:03 pm

    I’m not sure exactly why but this website is loading very slow for me. Is anyone else having this issue or is it a problem on my end? I’ll check back later on and see if the problem still exists.

  • By scatterwin login, July 11, 2024 @ 7:34 am

    hi!,I really like your writing very a lot! share we keep in touch more about your article on AOL? I require a specialist in this house to resolve my problem. Maybe that’s you! Taking a look forward to peer you.

  • By superace777 site, July 12, 2024 @ 12:47 pm

    I have noticed that over the course of creating a relationship with real estate owners, you’ll be able to get them to understand that, in most real estate deal, a payment is paid. All things considered, FSBO sellers will not “save” the commission payment. Rather, they struggle to earn the commission through doing a strong agent’s work. In this, they invest their money along with time to conduct, as best they could, the tasks of an broker. Those duties include getting known the home through marketing, representing the home to prospective buyers, developing a sense of buyer desperation in order to induce an offer, making arrangement for home inspections, managing qualification inspections with the bank, supervising fixes, and assisting the closing.

  • By lago.777, July 13, 2024 @ 5:03 am

    Have you ever considered publishing an e-book or guest authoring on other blogs? I have a blog centered on the same ideas you discuss and would really like to have you share some stories/information. I know my readers would value your work. If you are even remotely interested, feel free to shoot me an e mail.

  • By rich queen, July 15, 2024 @ 5:56 am

    Today, while I was at work, my cousin stole my apple ipad and tested to see if it can survive a thirty foot drop, just so she can be a youtube sensation. My apple ipad is now destroyed and she has 83 views. I know this is entirely off topic but I had to share it with someone!

Other Links to this Post

  1. Sunday Morning Dump: Nelson’s Birthday Edition » Financial Uproar — July 1, 2012 @ 10:55 am

RSS feed for comments on this post. TrackBack URI

Leave a comment

WordPress Themes