1. Skip to navigation
  2. Skip to content
  3. Skip to sidebar
Source link: http://archive.mises.org/7538/manipulating-the-interest-rate-a-recipe-for-disaster/

Manipulating the Interest Rate: a Recipe for Disaster

December 13, 2007 by

The turmoil in the US subprime mortgage market has developed into an international credit crisis. It is eroding investor confidence in credit and credit-related products and, most important, raising concerns about the solidity of the banking sector, as evidenced by banks’ elevated funding terms and diminished stock prices.

As a direct response to the credit crisis, the US Federal Reserve Bank first paired the Federal Funds Target Rate twice — by 50bp on September 18, another 25bp on October 31, and another 25bp on December 11 — bringing the official rate to 4.25%. The lowering of borrowing costs came despite the fact that the FOMC had been stressing “inflation risks” since early 2006.

The cause of the international credit crisis has a name: the government-controlled paper-money regime.The turmoil in the US subprime mortgage market has developed into an international credit crisis. It is eroding investor confidence in credit and credit-related products and, most important, raising concerns about the solidity of the banking sector, as evidenced by banks’ elevated funding terms and diminished stock prices.

As a direct response to the credit crisis, the US Federal Reserve Bank first paired the Federal Funds Target Rate twice — by 50bp on September 18 and another 25bp on October 31 — bringing the official rate to 4.5%. The lowering of borrowing costs came despite the fact that the FOMC had been stressing “inflation risks” since early 2006. Then it dropped rates again in December.

The cause of the international credit crisis has a name: the government-controlled paper-money regime. This is the diagnosis when taking on board the theoretical insights provided by the monetary theory of the trade cycle (MTTC) as developed by Ludwig von Mises, one of the leading scholars of the Austrian School of economics. FULL ARTICLE

{ 53 comments }

newson December 15, 2007 at 10:18 pm

person says:
“newson and fundamentalist: First, its widely accepted, even by Austrians, that the Fed only influences short-term rates, so that’s all I would have to assume relevance of.

Second, I still don’t see why all these ambitious projects are so sensitive to changes in the interest rate. Are you not aware of how projects like these work? Entrepreneurs demand abnormally high rates of return before they start them. For the really speculative ones (that Austrians laugh at when the bust comes), 50-100%. Cost of securing capital substracts directly from that. So 4% vs. 5% vs. 6% seems to be a non-issue.”

point one: bear in mind that finance-providers borrow short, lend long (loan and deposit duration typically don’t match). this is why fed policy can indirectly impact projects of longer duration, even though their direct intervention occurs at the short end of the yield curve. there is interplay between long and short ends of the yield curve. take post september 11, cheap short term money encouraged banks to buy t-bonds, facilitating a lowering of longer yields. this flows into the mortage cost and project financings. borrowing short-term funds at 1% to invest in t-bonds at 4% is good business, especially if you gear up this transaction 10,20 times. ‘works fine until either short-term rates rise, or bond prices fall. do a search on “carry trade” for a more exhaustive explanation.

as to your second point, it is self-evident that the marginal projects are the first to fail over when rates change. with 20/20 hindsight, had lenders and borrowers correctly priced risk, the sub-prime issue would not be headline news today.

in the current climate of low interest rates, small changes in the interest rate generate large dollar variations in the npv of long duration securities/projects, and hence their viability or otherwise.

Inquisitor December 16, 2007 at 11:19 am

It isn’t so much buyer’s remorse as it is the fact that the Fed distorts interest rates, i.e. market signals, much like price controls do.

Jeff M. Weeks CPA, SA Fin December 16, 2007 at 11:34 pm

FOREWORD : Australian Perspective

( welcome ? ) back to Big Unions & Big Business of the 70′s & 80′s for the Land of the Paid Long Weekend :
& their Sweetheart Deals ;
to which Small Businesses ( Jobs Growth Engine ) have never had these privileged luxuries as a Safety Net for misguided re/Distribution of Wealth ( National Money Pot ).

not so much as ” Back to the Future ” as now : more of ” Forward to the Past ”

Disciplinary Unions, experienced in a long history at manufacturing grievances, which has now made them good at it right down to the individual Member & in this instance, the most contentious Issue for the moment was Work CHOICES :
either
· Individual Private Contracts
or
· Mass Union Regulated,
which won the day & perhaps the remainder of the Decade ;

seems as though Unions have always been more preoccupied with the intent of securing PAID, FULL employment for their Mass MEMBERS only, so they can maximise on Due Revenues, rather than,

Individuals : part – time paid or sometimes unstructured, part – time or full – time UNPAID, employment existing in small but growing, Family Businesses, where often, older but experienced Principals usually have to perform a variety of job tasks every day over many years just to survive operationally if not also financially, & without a Mentor or Peer to give them recognition or reward ;
& have nothing to look forward to but a Capital Gain ( if any ) when they are forced to sell – up, as a recompense for their Life’s Capital investment not only of their Savings ( if any, but more in the form of unpaid wages ) ploughed – back, but also years off their productive personal Lives ;
similar to Carers who went unnoticed until the recent generosity & foresight of the then, Liberal Government : one of many genuine, part / equality ” Reforms ” to their credit ;

certainly, if any unpaid ” House Wives / Persons ” are ( left ? ) next to receive a Government allowance, well then, at risk Farmers & other Small Businesses, unpaid, should also receive the same Classification as a form of Retainer, particularly if they are Front – line Stakeholders with a number of unrecognised multi – skills, Sets involvement in Rural &/or Tourism / Hospitality, Service Industries, as the unseen & unrewarded ” Value – Added “.

In Sum : the 07 Election was determined by 1 short word starting with a Capital Y ;
no not Spam Yahoo ! Yippy ! or Yuck ! or even Yen or Yuan !
= YOUNG

young FIRST TIME ( inexperienced ) Voters barracked for a young ( also inexperienced ) Labor Rudd ( Rudd erless ) Government ( instead of strong, experienced Liberal Oarsmen, who have made unselfish, difficult but, to their own merit which has now paid the ultimate Political Price & now unjust Labor humiliation, Unpopular Economic decisions for the National good of ALL Australians ).

Somebody forgot ( or the Parental / Educational / Job, System, failed ) to teach these Work / Life Starters, Economic HISTORY of the 70′s, 80′s & 90′s ( 3 Decades of successive Labor Governments’ repeated errors ) ;
instead these Generations X, Y, Z’s & the next Me Generation, were blinded with Political Science & Union Rhetorics ( & Theatrics ).

Citizens Electoral Council of Australia ( CEC )

Dear Sirs / Madams,

similar to the ancient Chinese Philosophy of Yin ( – ) Yang ( + ) :
for every negative there is always a positive & visa versa ( Counter – cyclical, in Economic terms ) ;
on a Macro as well as a Micro level, my particular Essay could be titled :
” Consumerism Vs Capitalism ” :
notably
· Consumerism, & in particular, Household / Business spending, are faster – moving, more resilient but centred, shorter – term, deeper Individual/Household goals of mainly basic ” necessaries ” of food, clothing, shelter, & Health, Education ;
&
· Capitalism, & in particular, Capital Works ( Government sponsored as a last resort ? ), are slower – moving, more cumbersome but versatile, longer – term, broader Business/Government goals of mainly Regional & National, Infrastructure & Security ( Economic as well as Social & Defence ) ;

in response to your e – Mail 09/11/07 :
” Interest rate rise won’t fix financial crises ; only LaRouche’s HBPA will save Australian families, farms ”
regarding the stupendously high $700 TRILLION – plus ! ( is this word a misprint or typo error ? which should have started with a big B ? ), Derivatives ( or Hybrid ) Market/s ( not including the largest & most profitable investment [ equaliser ] Markets of all, the Foreign Exchange Currency Markets ? )

I am surprised & dismayed that you have made this $700 Trillion assertion including interest rates, without mentioning other essential Micro & Macro variable elements to this always, complex & ever changing Economics Equation to achieve ideal outcome/s Formula ;
( Human Nature governing Human Behaviour is exceedingly complex even before getting down to the DNA Micro level ! similar to biological memory micro – chips ;
Economic & Market Events & Shocks motivate Social Actions summed up in 1 word primeval SURVIVAL as in Group Hunting, which drives Social Mood / Herdings, which in turn drive Social Behaviours ( the very NATURE of Human Instincts determine Human Behaviour responses or reactions ) ;
thus ALL, hopefully orderly, or disorderly Market BEHAVIOUR, especially in specific Commodities & Precious Metals, & more so than broad Finance & Commerce, as illustrated by http://www.elliottwave.com & mentioned again below, is also exceedingly complex ;
given that Markets are a Financial Translation of the MASS accumulative ( & opposite ) effects of both sides to decision – making of many, seemingly, unrelated [ if not also unconnected ] INDIVIDUALS ).

Re : my previous Mises Economics Blog 25/01/07 Milton Friedman’s Great Depression ” Government Intervention ” in full at bottom / last page & 1 paragraph quoted here :-

” Monetary Policies : ( AUTOMATIC STABILISER interest rates & money supply [ Volume including Credit & Commercial Loans X Velocity of circulation including currency ] usually in a INVERSE relationship, resulting in supposedly, desired foreign exchange rates outcome/s & levels, or any variable/s combination / magnitude, thereof ) ”

basically & simply put, Inflation is the causal effects of :-
· too much credit/money
AND
· too little goods/services,
all at the SAME time ;

or in more detail, during the EXPANSIONARY Phase of any ( external ) Trade / ( internal ) Business, Cycle, Inflation will always occur when there is no offsetting productivity gains ( qualitative including Technological Change &/or quantitative including Labour Change ) relative to that of cost increases ( incremental price flow-ons &/or currency depreciating purchasing power ) ;
the reverse ( or yin ) can be said for the CONTRACTIONARY Phase causing Deflation ( or Disinflation ? ).
Both of these Economic situations could be regarded as either Individual, Household, Business or Government, opportunities or threats, depending on which Sector & which Trade/Business Cycle, exiting/entering Mode, a particular Entity happens to be in ( or out :-] ), before, during &/or after, hopefully orderly, or disorderly oscillations between Economic Swings & Market Shifts.

unfortunately, your ” hyperinflation ” Scenario will indeed, be a very much WORSE reality if/when a combination of Australian Labor States domination continues with a newly elected Australian Federal Labor Government, & consequential greater influence from any Power Brokers ( similar to the most recent Russian Oligarches who presided over the dismantling of the old Soviet Union fabulously wealthy State – owned Industrial Assets to centrally planned – Private Enterprise, Cartels ) who usually want to, or both:-
· dictate Wealth Creation which is 1 of the functions of a Free Market / Private Enterprise, Sector on the one hand,
&/or at the same time,
· dictate re/Distribution of Wealth which is 1 of the functions of Government ;

but in the form of un – productive wages on the other hand as we have seen during the 80′s, whilst presiding over privilege or elite Unions in a non – productive wages-Cost-Push-inflation spiral for those people lucky enough to have full – time, paid jobs at the time, rather than a more productive, Demand-Pull situation ;

( Moreover & from a USA perspective, it has previously been suggested over the years that Multi – Million $ SalesPersons’ Commissions & Bonuses should be discouraged if not restricted to lower levels & similarly, Executive Salaries & Bonuses should be capped to a maximum of say $ 200, 000 – $ 300, 000 per Individual, as a ” success fee ” commensurate only with the same % increase in Firm’s Net Profits for the same period ;
had these financial deterrents been in place before the current Global Monetary Crisis, caused by reckless Sub – Prime Loans lending, but fuelled beforehand by outrageous Commission & Bonus incentives, Economic & Market Events & Shocks would have not occurred or at very least, could have been less severe ) ;

the prosperity of which, was not then ( & never has been in the past / never will be in the future ) shared equitably with the greater majority of Australians, as in the following illustrations :-

a combination of Australian Labor States domination continuation with a newly elected Australian Federal Labor Government will make the following past Episode/s in the Land of the Paid Long Weekend look like a Sunday School Picnic :

1) Labor Prime Minister Whitlam / Cairns Era of the 70′s :
( 1 st of Labor’s non – productive [ or anti - business ? ] Socialistic Programmes very ill – timed, coinciding unfortunately, with the 1 st Oil Shocks )
&
2) Labor Prime Minister Hawke / Keating Era of the 80′s :
( gung ho Entrepreneurialship by ” WA Inc. ” Union/Labor Government Partnership, with its oil & natural gas, Riches ; which is sill doing very nicely thank you very much 2 Decades later ;
not exactly reminiscent of, but is it still Australia’s equivalent to : the USA ” Roaring 20′s ” ? ) ;
can it be claimed from a Market Maturity perspective, that Australia was then / may still be ? 60 years behind
&
3) Labor Prime Minister Keating / Kelty Era of the 90′s :
” the Recession that we [ banana Republic Australia ] had to have ” unfortunately coinciding with a Secular Depression for the WHOLE of this Decade & which Economists are now just beginning to accede to Re : B o J to the present day ! which initially, made the classical Economic Error of raising interest rates [ which has the same effect as decreasing money supply ; before lowering to MINUS – 0.5 % towards the end of the Decade ! ] & as the 1929 USA Federal Reserve Bank Governors did : see my Milton Friedman Great Depression Blog, bottom / last page ; & on this occasion caused by the preceding Decades Oil & Wages Shocks also suffered by Japan ;
followed by USA S&L ( Savings & Loans ) Crisis, Russian Default, & then the Asian Currencies Crises ;

Let us not forget the ( 1 st British ) INDUSTRIAL Revolution defined as ” Social & Economic Changes ” was a misnomer : should have been named ” Industrial ( Labour Change ) EVOLUTION ” ;

Unions came about initially, by ” accident ” ( excuse the pun, see further ) as it was seen to be SOCIALLY prudent, & quite rightly so, to protect the young & frail workers as INDIVIDUALS in NEW work processes / NEW jobs of the time, from the mid 18 th to the mid 19 th Centuries in the form of Child ” Chimney Sweeps ” ( simply because of the SIZE of Chimneys ! ), & as Mariners or Miners, apart from the Cornish ( because of the size factor once again ) & Spinning Mill Women ( 1 st mechanized [ " Jenny " ] production, preceding Henry Ford ) ;
notably, this was the very 1 st time that ( mainly ) women, Workers were organised in Factories, OUTSIDE of their private homes as with past Traditions, engaged only with ” piecemeal Cottage Industry ” !

Ironically, following on from the 1 st Oil Shocks of the 70′s resulting in more expensive Commuting costs, together with that of Infrastructure ( Office Towers ) costs ; & with the advent of the Internet ( Technological Change ) ;
Home Work ( Labour Change ), assisted also in the 80′s by Microsoft Desktop / Personal Computer software packages for the 1 st time ( which it can be argued, was the 2 nd Industrial Revolution ), has now come back to the fore, not just for Women this time, but for Men also, in the form of Jobs Growth for Small Businesses, only !
& quite rightly so, as the 1 st Oil Shocks convinced USA Service Sector / Office Workers to ” Telecommute ” from Home ( to the Office ) at an ever increasing rate & several years ago absolute numbers of participant Workers &/or % of Work time achieved at Home was estimated to be as high as 30 % in some Sectors !
which it can also be argued, is the 2 nd Industrial ( Labour Change ) Evolution currently taking place, bringing Work BACK to the Home, from where the 1 st Evolution all began.

the REAL 1 st Industrial ( Technological Change ) REVOLUTION arrived with Henry Ford’s Model T production line & USA’s wise, late entry, into the MASS MADNESS of World War I.

since then Unions have been in ideological conflict between themselves, Individuals & mass, Workers on the one hand, & Labour Change as opposed to Technological Change, on the other hand.
apart from the ( permanent ? ) Human Condition ” to belong “, the Labour CYCLE has turned full circle once again, with the advent of INDIVIDUAL WorkPlace Health, Safety & Productivity, Issues due to Technological Change, as greater Work Choices option/s,
rather than MASS Labour Change & Workers’ :
· Rights to Strike !
rather than,
· Rights to Work ?
or in the form of a non – productive contest between the haves & have-nots.

the recent 22 % interest rate quoted as occurring during the Liberal Fraser / Howard Era needs NO apology but further OBJECTIVE examination in its proper perspective & context of the Micro & Macro Economic conditions that existed during that particular ECONOMIC TIME FRAME ;
all Governments, both in Australia & Overseas, INHERIT the consequences of PREVIOUS Governments incorrect Timing &/or Policies ( Countercyclical, Monetary &/or Fiscal ), Decision – making, depending on the Stage/s at which local ( Micro ) & World ( Macro ) Trade/Business, Cycles have reached in any supposedly, freely Democratic, Market driven Private Enterprise System ;

tracing the breadth & depth in MAGNITUDES of Market PSYCHOLOGY associated with either severe reactions or mild responses AFTER, hopefully orderly, or disorderly Economic or Market Events during any Stages or Phase of an Economic Cycle can also be illustrated by EWI Elliott Wave Theory [ International ] http://www.elliottwave.com in HISTORICAL Charts & Graphs, & can also be interpreted as a form of Household & Business AFFORDABILITY INDEX ;
that could be one of several accompaniments/enhancements to RBA ( Reserve Bank of Australia ) Data as well as in every Treasury / Economics, Curriculum, & before any Countercyclical measures by Monetary &/or Fiscal, Policies are decided upon.

Let us also not forget, that this CURRENT round of inflation is exacerbated unavoidably, by the ” War on Terror ” multi Billions per week ( severe, non – productive consumption ) by USA & it’s Coalition Forces as the UN World Police, as well as, sadly, the cost of young, talented lives or livelihoods, which may delay any Recession if need be ;
( this is simply the CONTINUATION of the 1947 Marshall Plan resulting in a Berlin East / West DIVIDE immediately after World War II [ another Technological Change ] which assisted in developing the USD $ as a dominant Trading currency ( in the West for the 1 st time ), firstly, amongst the Occupied Countries & prevented Old Russia from dominating the WHOLE of Europe, Militarily back then but possibly not now Economically with New Russia’s newly ” found ” [ or fought ] oil & natural gas, Riches ) ;

offset only but thankfully, by :-
· the NEW productivity of China, India & other late emerging, Developing Nations, including Brazil, but was preceded before that with the Oil Shocks of the 70′s & consequent Wages Shocks of the 80′s, as previously mentioned ;
&
· now, after several Decades of the not so productive ” Petro Dollars ” swamping the Globe, which is only just beginning to be employed in perhaps more productive, fantastic but long over due, CAPITAL WORKS programmes in Dubai, etc. & soon to be, the New Russia ?

all of which, could act as Sector Specific CONDUITS ( Inflationary Gap ” Bridge ” as it were ) between faster moving Consumption & slower moving Capitalisation ( both Economic Equation variable elements were suggested as the Title to my Essay at the beginning ) & particularly now, as Western, Developed Countries once again, approach FULL Market Maturity.
The current Trend is for the various ( Government ) Sovereign Wealth Funds ( SWFs ) in the East to invest Billions of USD $ surplus cash to correct the fundamental Global imbalance/s of a shortage of capital in the West. The end result is that the World’s wealth producing assets are being transferred from Debtor Nations to Creditor Nations.

It seems apparent from a Global perspective, that the dislocative series of short but severe ( deeper ) Depressions & Wars that the whole World experienced leading up to & during the 10′s – 40′s have now become more entrenched : longer, drawn out, but milder if not more benign ( shallower ) Deflations & Regional Conflicts, during the 60′s – 90′s, perhaps because of Technological Change, also influencing Labour Change, in shrinking the World to an ELECTRONIC ” Global Village “, resulting in a progressive series of fluid Market Maturities on gigantic scales, as predicted by Alvin Tofler in ” Future Shock “, one of many past & present Futurists.

In Conclusion, it could be postulated that Australia’s & perhaps other Nation’s, immediate past 70′s & 80 ‘s ( Asset ) price Inflation ;

( not so 90′s, as this WHOLE Decade was in a Secular Depression which Economists are now just beginning to accede to Re : B o J to the present day ! as mentioned earlier & repeated here for further emphasis ;
which initially, made the classical Economic Error of raising interest rates [ which has the same effect as decreasing money supply ; before lowering to MINUS – 0.5 % towards the end of the Decade ! ] & as the 1929 USA Federal Reserve Bank Governors did : see my Milton Friedman Great Depression Blog, bottom / last page ; & on this occasion caused by the preceding Decades Oil & Wages Shocks also suffered by Japan, & unfortunately coinciding with Labor Prime Minister Keating’s ” the Recession that we [ banana Republic Australia ] had to have ” ;
followed by USA S&L [ Savings & Loans ] Crisis, Russian Default, & then the Asian Currencies Crises ) ;

many Economic & Market Events or Shocks, if not all, of which are still emanating through the local if not also, World Economic System ;
the resultant ” GENERATIONAL Inflation ” is still rewarding past enterprising & entrepreneurial Asset allocations, but only for those Stakeholders already fully invested, as a ” bonus ” dividend, as it were, & buffer against further ” inflation ” to come as well as the initial Foreign Currencies Capital Inflows ( e.g SWFs ) towards a perceived cheaper Foreign Home, Exchange Currency, & as surely Future Generations, will in turn, also experience & be ” rewarded ” for their investments when due.

Many thanks & sincere regards, Jeff M. Weeks CPA, SA Fin (since 1972)
Donations welcome for ongoing e-information research analyses, daily
Mobile & SMS 7 days : ~ + 61 (0) 4 2888 2844 &/or 8 8651 2711
Owner/Manager/Admin., Webmaster/Author/Developer (since 1996)
Primary e – Mail contacts@travellersoz.com.au http://www.travellersoz.com
Home / Backpackers Travellers Hostel, 86-90 Railway Terrace,
Peterborough, SA 5422, South Australia (since 1991).
for & on behalf of my Corporate Trustee (since 1985)

Dear Mateusz Mackaj,

I read with as much curiosity as interest, your thought provoking article:-
” Friedman for Government Intervention : The Case of the Great Depression “.

Unfortunately the Great ( Worldwide ) Depression of 1930 – 33, touched if not affected directly for many Decades to come, many millions of Families & Friends ( both my Parents, as with a significant number of School – Children at the beginning of the Depression, were thrown into Adult Work responsibilities to try and assist in supporting their own Families, unemployed Adults, & younger Brothers & Sisters ), & allowed unkindly Opportunists to come to Power ( e.g. Stalin, Hitler etc. ).

freely elected democratic Governments are usually economic ” moderators ” ( as well as re/DISTRIBUTORS of Wealth ordinarily CREATED by ” free Market Forces ” / Private Enterprise System ) by way of :-

· Monetary Policies ( AUTOMATIC STABILISER interest rates & money supply [ Volume including Credit & Commercial Loans X Velocity of circulation including currency ] usually in a INVERSE relationship, resulting in supposedly, desired foreign exchange rates outcome/s & levels, or any variable/s combination / magnitude, thereof )
&/or
· Fiscal Policies ( Government Spending / injection of Capital Works [ as a last resort ? ] & Taxation incentives / disincentives, also affecting Domestic / Household activity as well as the Overseas, Exports / Imports, Sector & various ” leakages ” there from ) not as much automatic & slow moving ;

I believe that the aim of present day Governments ( & consequently Reserve Bank Governors, who are often, now trained Economists ), is to safeguard by the above – mentioned AUTOMATIC STABILISER/S, their own particular INTERNAL Economies, ( Macro Policies to Micro consequences ; inflation etc ) & therefore the welfare of their own Peoples ( employment etc ).

In contrast, the then 1929 USA Reserve Bank Governors, thought it was ONLY their duty to safeguard the foreign exchange rate/s of the time only ( Micro Policies to Macro consequences ), by increasing interest rates as BANKERS ( & not Economists ), causing credit as well as money supply to be decreased by 1 / 3 rd as you have reported, instead of
· REDUCING interest rates
&/or
· INCREASING credit &/or money supply,
respectively.

This trusted stewardship of a Country’s economy, would often take into account at what stage/s of the Business / Trade, Cycle has been reached, & whatever economic stimulus ( or any combination, if any ) is required to be increased or decreased, at either, near the bottom or top, respectively, of any ” Bust ” ( under – stimulated ) or ” Boom ” ( over – stimulated ), Episode/s.

The Great Depression was on such a insidious but epic scale that Government ” intervention ” was ALSO required ( but unfortunately of the wrong kind &/or magnitude, in not dampening Public confusion, then disarray, then panic ), in the same way that ” intervention ” would be required for any Natural Disaster : fires, floods or famine ; storms & tempest ; earthquakes & tidal waves ; not to mention man – made Wars & conflicts, by mobilising & diverting scarce financial if not also, human Capital where it is mostly needed as quickly as possible ;

or are these Cases too, best left to the ponderings of ” free Market Forces ” once again, & their ” Captains of Industry ” ??

Many thanks,

Jeff M. Weeks CPA, SA Fin
Home / Backpackers Travellers Hostel,
86 – 90 Railway Terrace, Peterborough, SA 5422, South Australia.
primary e – Mail : contacts@travellersoz.com.au
Website/s : http://www.travellersoz.com
Phone : ~ + 61 8 8651 2711
Mobile & SMS : ~ + 61 4 2888 2844

Mises Economics Blog 01 / 25 / 07

Comments on this entry are closed.

Previous post:

Next post: