text:
December 15, 2008
DTC spend lagged in '08, says TNS
Spending on DTC launch campaigns dropped this year as companies waited longer to market fewer new drugs with more limited indications, said a TNS Media Intelligence report.
The market research firm found that spending on launch campaigns accounted for a tenth of overall DTC ad spend for the first eight months of 2008 – down from the 13%-15% typical in years past. That drop was a major driver in slowing DTC spend, down 6.3% for the first eight months over the same period in 2007 to $3.3 billion.
It's the second consecutive drop in DTC spending, which was down 3.1% for the same period last year.
TNS said prescription drug advertising, which accounts for over 90% of DTC spending, slipped 3.6% for the first eight months, reversing a 3.5% gain for the same period last year.
But the drop in launch spending, with aggregate spending down $155 million for the first eight months, may be more momentous, said TNS. "Launch introductions are a bellwether indicator," the report's authors wrote. "Marginal swings in introductory spending, up or down, can move the needle for the entire Rx category and represent the difference between category growth and decline."
Companies are skimping on spending for launches, presumably as marketers take their share of across-the-board cost-cutting exercises. But companies are also waiting longer to market new drugs to consumers, in accordance with PhRMA guidelines on DTC and in response to pressure from regulators. And an increasing share of launches are for narrow new indications, not new drugs, making for more targeted campaigns.
TNS also found TV spend on the upswing. Spending on TV accounted for 63% of all DTC spend for the period—up from 59% for all of 2007. Meanwhile, magazine advertising was down 19.5% for the year to date.


text:
I hope you are all enjoying your summer! Here is a compiled list with all of the currently active... Read More
The Marriott Travel Package Conversion chart is out, and it isn't very pretty. The... Read More
Marriott withheld the news on their Travel Packages until it was too late to do anything about the 'worst-case' scenario that they just dropped on their customers. Why... Read More
Rome, Italy June 2018 video slideshow Colosseum, Trajan's Market, Alter of the Fatherland, St. Peter's Square, St. Peter's Basilica, Pope Francis, Castel Sant'Angelo,... Read More
... Read More
Marriott made some customer unfriendly decisions with their travel package mapping and seemingly tricked some members into booking packages that are worth less. The post... Read More
Marriott's new loyalty program is launching today, so it has been quite an exciting day. First it was bad news about Marriott's Platinum upgrade policy. Then it was good... Read More
With stacking a few discounted offers, you could get this Sony Wireless Noise Canceling Headphone for as low as $48. I'll show you how! Read More
Check your American Express account/s for the following Offer for You. This is targeted, so not everyone will find it on their account, but it is worth looking for! Be... Read More
Chase points are one of my favorite currencies, and their transfer partner Korean Air SkyPass is one of my favorite frequent flyer programs. Chase points will only... Read More
Hello from Riga! My dad and I are currently on a trip to Estonia and Latvia, and have been having an incredible time. Not only has it been fun to spend quality time with... Read More
Beim neuen SPG / Marriott Programm sind doch auch üble Überraschungen dabei ... Read More
Delta Air Lines appears intent on adapting Pavlovian tools of psychology and deploying them against me. Push the lever and wait for some undefined reward to pop out. On... Read More
Delta and American Express have increased welcome offers for the Platinum Delta SkyMiles® Credit Card from American Express and the Gold Delta SkyMiles® Credit... Read More
Club Zugang bei bestimmten Marken wird nun ausdrücklich für SPG / Marriott Platinums ausgeschlossen ... Read More
Southwest Airlines has announced a big change to a popular feature for their passengers. Is this a cash grab or will it help customers who want to pay get a better... Read More
It may be called a Mystery Bonus Offer, but to me it's not much of a mystery because when Hyatt has a sale on their hotel points, I don't have to scratch my... Read More
Mit dem SPG / Marriott Merger wird es nun lustig. Scheinbar wird die Suite Upgrade Regel doch aufgeweicht ... Read More
Marriott has finally revealed how Travel Packages will convert (this is something I've discussed endlessly here, and I finally pulled the trigger on two packages... Read More
Marriott's new loyalty program launches today, and so far it looks like the transition is going pretty well. It seems like both the Marriott and SPG sites are back up,... Read More
Donuts on the Mound 2 – Aer Lingus Regional EI3276 Dublin to Birmingham In this donut filled adventure Continuing a new tradition Off to Birmingham Airport Aer... Read More
Love some Milan? Hell, love you some Italy? Then you're going to want to jump on this deal. Not only are you probably paying less than the cost of your phone+cable... Read More
Traveling for a month with a family can be pricey. The Michael W Travels family uses miles and points to help bring down the costs. However, this doesn't cover all... Read More
Pastries were everywhere in Lisbon. I've never seen so many pastry shops, pastelarias, and so many different kinds of pastries. King of all: Pastel de Nata, a... Read More
Wow, there are several pretty incredible sign-up offers right now as banks aggressively compete for their piece of the points/miles segment. The majority of these are... Read More
The Marriott Rewards and Starwood Preferred Guest programs are being integrated as we speak, and it sure isn't taking long for Hilton to try and poach elites. I remember... Read More
A roundup of the most important stories of the day. I keep you up to date on the most interesting writings I find on other sites – the latest news and tips.... Read More
Martini Review of the Week: It's Saturday and it's time for the Martini Review of the Week. Take a look at this week's top news, deals, and... Read More
One card that makes sense to use through Plastiq is Chase Ink Preferred. It has been earning 3X on payments made through the platform but that seems to have stopped in... Read More
Celebrate at 38k feet! You can order champagne and a cake to enjoy while flying on Hong Kong Airlines The post $600 Biz not enough? Hong Kong Airlines has a cake and... Read More
As an expat based in India for the most part of last decade, I have narrowed down on ways to effectively use miles to enjoy luxury vacations from the subcontinent... Read More
Last Week at the Lounge, we announced the dates for our Mileage Mentor MasterClass, SpiceJet started to offer IFE, Amex started to offer even more dining privileges.... Read More
Obviously the focus of this blog is the journey rather than the destination, but when I find it interesting I like to briefly write about the destination as well. My dad... Read More
Review einer Suite im Grand Hyatt Taipei ... Read More

subset: commoncrawl


text:
The Devil Wears PradaPosted: November 2, 2009 Filed under: Elle Magazine, Fashion, katie Holmes, Prada Leave a comment
Katie Holmes covered Elle November in this Prada dress which I instantly spotted from the first glimpse. I really love this frock, the velvet ensemble makes it super chic and red carpet worthy.
Prada on the runway
Jessica Alba in Prada frock.
The best thing about this piece is that it can be worn so many ways, bold or no accessories at all.


text:
Exclusive Duck Dynasty Sneak Peek: What's Jase's No. 1 Rule for Halloween Costumes?
Oct 23, 2013 11:41 AM EDT
Happy Fowl-oween! The Robertson clan are celebrating Halloween on Wednesday's season finale of Duck Dynasty, but Jase is not exactly getting into the spooky spirit. Much to his wife Missy's dismay, Jase refuses to dress up for their ch… Read more


text:
Windmill Quilt
Quilt done all in half-square triangles to represent a windmill. An original design.
Canon PowerShot A95
1/500s, f 7.1, 010 mm
Canon PowerShot A95
1/500s, f 7.1, 010 mm
License: CC0 Public Domain
Note: If you intend to use an image you find here for commercial use, please be aware that some photos do require a model or property release. Pictures featuring products should be used with care.
233,822 free pictures
4,326 users online
Public Domain Pictures.net created by Bobek Ltd. Copyright 2007 - 2018 by Bobek Ltd. Registered in England and Wales No. 5951382


text:
WILMINGTON, Del. - February 24, 2014 --Delaware State Police need your help identifying the man caught on camera during the robbery of a bank in Wilmington last week.
Police released pictures Monday of a man they say robbed the WSFS Bank on Limestone Road Friday morning.
Authorities say the suspect walked into the bank, handed the teller a note, grabbed a bag of cash and ran off.
No one was hurt in the incident.
If you recognize the man, contact Delaware Crime Stoppers at 1-800-TIP-3333.


text:
Web Designers with Positive feedback
This directory shows designers who have received positive recommendations from customers.
Last updated on
See what their customers have to say . . . london web designer & kent web site design company: Click here >
1. web site design development ecommerceWeb Design free link popularity services india, free web hosting and development service from india, how to ... hostng plan Web Hosting Home | About us | FAQs | Site Map| Contact ...http://www.webhostingcity ...27-webhostingcity.asp
2. Web Hosting FrontPage Web Hosting, UNIX Hosting, Windows Server Hosting, FRE...... point-and-click ecommerce shopping cart ... manage your web design or development ... Version 2002 Development Internet ... Register Domain Web Hosting " UNIX ... Control Panel " Site Map " Resellers ...http://www.sunvirtual.com/
3. Web Design and Development... com.au web design + development 1st Place Design no longer offers a web design service. We outsource all of our design and development work to the highly respected Flying Fox Multimedia. Flying Fox is ...http://www.1stplacedesign.com.au/
4. ecommerce Website development London agency GeigaMedia London Docklands Webs...... Cocot Jewellers art online digital art web art site airport taxi cab transfer website property ... ... Website web development Website web Design Website web Build Website web Ecommerce Website web ...http://www.geiga1.co.uk/
5. Florida Web Design Florida Web Site Design Promotional Marketing Services Fl...... Advansiv : Web Design & Marketing Company in Florida Result-driven web site design and development, ecommerce, web site consulting and marketing company in Florida servicing the entire U.S. Also ...http://advansiv.com/
6. Offshore website development,ecommerce website development New York NY,ecomm...... specializing in custom web application development ... shopping carts to ecommerce website development ... off-site, remote website development services ... on the leading Design Studio to get the ...http://www.promensys.com/
7. design development ecommerce site webdesign development ecommerce site web design development ecommerce site web Offers design development ecommerce site web with a product or service that delivers ecommerce engine and atlanta design ...http://www.profitpayplus. ...ommerce-site-web.html
8. India Web Development Design and Ecommerce Outsourcing Services Company X-istech... Our End-to-end Ecommerce systems comprise of ... Development Our web development and design team in ... award-winning web / graphic design and hi-impact ... The result? A unique site experience that ...http://www.x-istech.com/
9. New or used automotive / car ecommerce web site design, development and hosting... E-Mail Server Link E-Mail Set-Up Online Payment Web Site Statistics Link Athena Parts Log-In Home ... ... experience includes unique site design, application development, site maintenance, hosting, and ...http://www.intercityweb.com/
10. web site development, design ecommerce application, company, business, desig...... Optimization (SEO) - Web Design, Hosting and more! Home About Us Support Site Map Contact Us Kz ... ... Free Ranking Report SEO FAQs Kz Results Web Development Our Clients Prestige Designing E-Commerce ...http://www.kzresults.com/ ...signing-solutions.htm
11. Design Development Ecommerce Site Webdesign development ecommerce site web Top design development ecommerce site web Resources Our Top design development ecommerce site web Resource SleepyEgg: The Technology News Network - SleepyEgg ...http://www.sleepyegg.com/ ...ommerce-site-web.html
12. Lemon Twist - Web Site design, ecommerce development... to web development. Producing high quality sites, from starter sites to full ecommerce, content ... ... of your sites success, we will optimise your site for search engine ranking, then help you embark ...http://www.lemontwist.co.uk/
13. Ecommerce web site design hosting services for e-commerce website selling on...... aspect and a professional development team with experience is ... It is very simple. What ecommerce website does it level the ... field. If you design your business right, your web site can make ...http://www.expeditemg.com/htm/ecommerce.htm
14. Ecommerce web site design - get ecommerce web site development or ecommerce ...Ecommerce web site design - get ecommerce web site development or ecommerce internet solution by ecommerce web site designers live support | email us Ecommerce web site design or ecommerce web site ...http://www.webcraftscreat ...-web-site-design.html
15. design development ecommerce site web - More About design development ecomme...design development ecommerce site webResults found for "design development ecommerce site web": Web Designers with Positive feedback This directory shows designers who have received positive ...http://www.affordable.rec ...mentecommercesiteweb/
16. Martek Web Site Design Ecommerce Development Internet Marketing Service Solu...... of effective Website Design, Ecommerce Development and Internet ... businesses today. home | web development | e.commerce | e ... profile | feature project | site map Richmond Hill, Ontario ...http://www.martekbiz.com/
17. Fallon hires architects for Fan Pier development design - Boston Business Journal:... Show Displays VoIP Wealth Management Web Analytics Web Conferencing Web Design Web Hosting Web Marketing Yachts Business Pulse Survey ... ...http://boston.bizjournals ...06/06/05/daily42.html
18. Kansas City based web site, CD Rom, and application development solutions fo...website, cd-rom, and web application solutions INGENIUS creates rich interactive multimedia experiences for businesses of all sizes. We deliver these experiences via CDs, DVDs, corporate intranets ...http://www.ingenius.com/
19. Accelerated Enterprise Solutions, LLC. - A full service web design and inter...... specializes in internet application development and web design that return profits for our clients ... ... in business. Many companies will build you a web site or help you get online leads but never ...http://www.acceleratedesolutions.com/
20. Web Site Design development Ecommerce... e-commerce site design/development. Web Design New York Website Design New York Ecommerce ... ... OXLink: WEB site design, development and hosting, ecommerce and ... ... including domain name ...http://ecommerce.123front ...lopment Ecommerce.asp
21. DiartStudio.com - Outsourcing Help In Web Site Design, Web Development, eCom...... Custom Web Site Design eCommerce Development Cheap Web Site Hosting Accept Credit Cards From Your Site! [top] Home Company Web Development Hosting Online Payment Solutions Domain Names Contact Us ...http://www.diartstudio.co ...outsourcinghelp.shtml
22. Nivek Systems - web site design, development, ecommerce, database, hosting>> home >> web site design >> e-commerce >> portfolio >> contact us Our web sites are &simple&to complex& &flexible and cost efficient& Web site benefits A good web ...http://www.niveksystems.co.uk/web_site_design/
23. iBeam Relationships - Strengthening Internet Through Web Design and Development... Communications Poore Simons CASE STUDIES On-line Distance Learning Institute - Web site design development ecommerce content and database solution >> legal privacy iBeam, Inc. tel.508.429.9400 ...http://www.ibeaminc.com/relationships.aspx
24. Custom eCommerce Solutions, Web Site Design, Web Hosting, and Web Development... Client Portfolio E Commerce Custom Web Design Marketing/Advertising Graphic Design Create Your Own Site Securing your dot com name. Introducing your business to thousands of new customers. Lowering ...http://www.earthskater.com/
25. web site design development ecommerce More Results: web site design development ecommerce homehttp://www.qwestdesigns.c ...pment-ecommerce.shtml
26. econcept E-Commerce Website Designing Ecommerce Web Site Design Flash Websit...... & offshore projects of ecommerce solution ( B2B, B2C ), web ... customers. We design and update web site with BUSINESS LOGIC ... reputation for our quality web development work. We are providing ...http://www.econceptinfotech.com/
27. Web | E-commerce | Site design | Site development | Site build | E-CRM... 1 225 840 490 We help you to get and keep more customers who stay with you longer WEB, ECOMMERCE SITE DESIGN, DEVELOPMENT, BUILD The Internet and the World Wide Web have led to a change in the way ...http://www.e-crm.co.uk/in ...development_build.htm
28. Web Site Design India - Ecommerce Web Site Design Development Company India:...... business, North South Technologies will design an appropriate web presence for you making sure that the design for your site exhibits your corporate image. We at our website design center in ...http://www.nstindia.com/w ...utions/web_design.php
29. New Jersey Web Design, New Jersey Graphic Design, Miva Merchant, Flash, Stor...New Jersey Web Design Firm Launches Company Video | Aug. 2005 BZA to Share E-mail Marketing Strategy ... ... BZA Awarded Design Contract from Port Albany Ventures | June 2005 BZA Designs Site for Fellow ...http://www.bza.com/
30. Ecommerce and Online Shopping - SimpleID.com.au - Website Design, Graphic De...ecommerce, e commerce, ecart, online shopping, ecommerce website hosting, web site hosting, host ecommerce websites, Melbourne, Australia Brand Development Online Solutions Graphic Design Brand ...http://www.simpleid.com.a ...d_online_security.asp
31. Web site design, ecommerce, shopping cart, graphic designer, web designer, m...... ecommerce development ecommerce have worked ecommerce development ostensibly web site designer including graphic designer web site. Web design san diego web page designer save in a moment did ...http://www.fortunebiz.com/
32. Complete ecommerce web site design development solutions... Website Design SEO Web Application Development Outsource Solutions Corporate Identity -- Internet Resources -- Articles e-Commerce eCommerce Applications Ecommerce web site is an integral tool of the ...http://www.massoftind.com/e-commerce.htm
33. Web site ecommerce software integrated with MYOB, Attaché, Quickbooks...... 1 ecommerce web site solution About us News Test Drive Contact us Site Map Username Password Short Name Test Drive Client Testimonials Contact Us News: Australian industrial suppliers move to win new ...http://www.straightsell.net/
34. ☼ Ecommerce Web Site Design India, Indian E-commerce Website Designers,...... Free quote õ Partnership enquiry õ Outsourcing needs õõ GROUP WEBSITES õ Niyati Technologies õ Dzine CafÈ õ Home õ Ecommerce Web Designers India Ecommerce web site design India An Ecommerce web site ...http://www.webdesignersin ...site-design-india.htm www.best.recommended-web-designers.co.ukwww.affordable.recommended-web-designers.co.ukwww.top.recommended-web-designers.co.ukwww.uk.recommended-web-designers.co.uk
©2005 Recommended Web Designers. All Rights Reserved.


text:
With a passion for heartfelt stories, Jia Qin dreams of travelling across borders to write about the things that matter. Be it hitting the roads or going off radar, she hopes to shed light on the ones less known and heard.
21 | Singapore | Writer
Hi, my name is Jia Qin and I love to write about travel and social causes. From 2008 to 2012, I spent 4 years living in Port Moresby, Papua New Guinea, a third world country, and I saw how poverty made a difference to someone who lived just 5 minutes away. Since then, the urge to travel, discover, and tell has never been more desirable.
Now, I'm a Year 3 student in Singapore Management University, School of Social Sciences (and loving every single second of my #studentlife). In my free time, I'd be under the sun (or in the library), playing Everglow by Coldplay on repeat.
If you'd like to collaborate, feel free to drop me an email at email@example.com!


text:
Genuine Diamond And Solid Sterling Silver Earrings
Handcrafted solid sterling silver earrings with an elegant pavé setting with 24 shimmering diamonds. Comes with a gift box.
Measure approximately 1/4" in diameter
- Price:
- s&s◇
Diamonds are the stand-alone among gems. They are a timeless expression of love! Now you can give your someone special a timeless expression of love - without saying a word - with these exquisite sterling silver diamond earrings. These stunning earrings are exquisitely handcrafted in solid sterling silver. Each earring features 12 genuine diamonds in a stunning and elegant pavé setting - for a total of 24 sparkling diamonds.
These romantic earrings are a fine jewelry exclusive from The Bradford Exchange. They are pierced style and finished with a post backing. These classically styled earrings are perfect for everyday wear or special occasions. The earrings come in a gift box perfect for safekeeping or gift giving. High demand is expected, so order now!
- Romantic solid sterling silver diamond earrings shine love and classic style, a fine jewelry exclusive from The Bradford Exchange
- Exquisitely handcrafted in solid sterling silver
- Each post-back, pierced-style earring features 12 genuine diamonds in an elegant pavé setting - for a total of 24 sparkling diamonds
- Classically-styled earrings are perfect for every day wear or special occasions
- Certificate of Authenticity
- Measure approximately 1/4" in diameter; .6 cm in diameter


text:
"When the facts change, I change my mind. What do you do, sir?" — John Maynard Keynes
Since 1995, we've had three major bull markets, two major bear markets and experienced the near-collapse of the world financial system in 2008. Not surprisingly, many advisors are scratching their heads and wondering if there's a better way to manage money than the traditional long-term buy and hold strategic asset allocation.
Given this volatility in the financial markets, many advisors changed their investment approach over the past few years. Specifically, we've seen some advisors shift from traditional long-term asset allocation to a more proactive risk management strategy.
Yes, we know all the pros and cons of active versus passive strategies and the fact that every bear market prompts some advisors to dabble in the active camp. With that understood, we wanted to share some comments from Eric Dunavant, an advisor who recently made the shift to a more proactive strategy.
Within the last 2 years we completely revamped our investment process. The downturn of 2000 came very early in my career and when the markets recovered through 2007, I felt confident that buy and hold was a legitimate strategy for my clients. After the downturn of 2008, I vowed that I would do everything in my power to limit the amount of volatility my clients would experience if we continued to have these steep draw-downs in the markets.
This strategy is easy for us to communicate and resonates with our clients. Our clients understand our strategy so well that they are sharing it with their friends and neighbors. This has led to a strong increase in the number of referrals and new clients.
We went to some of the top advisors in the country to discover how they weathered the storm. We discovered that by implementing a disciplined process outside of our emotional feelings we could have greater success with our clients.
We implemented what we refer to as a Protect and Participate strategy for our client portfolios. This process does three things for us:
1. Helps identify good entry points for purchasing stocks.
2. Has an embedded sell discipline to protect our client assets in a down market.
3. Moves us away from higher fee mutual funds to a simple equity strategy. The movement away from funds has allowed us to reduce the expenses to the client because of using individual stocks versus the layered costs of a mutual fund portfolio.
Those famous words, "This time is different," have come back to haunt many advisors over the years. We've seen it before…just when you think this time really is different, the environment reverts to its usual pattern and those who "changed" get burned. Could that be true now and come back to haunt advisors who made the switch to a more active strategy in the past couple years? Only time will tell.
We see two takeaways here.
- You need to discern the difference between a short-term change in the environment and a long-term one. Eric and many other advisors are betting that we are now in a "rowing" environment instead of a "sailing" one and that a proactive risk management strategy is the right one for the foreseeable future.
- You need to have a defined investment process that stresses "process" over emotion. It doesn't matter whether you are an active or passive investor, you still need a process that guides your investing strategy, that you can stick to even during times of stress. It needs to be concise and easy to explain to your clients and prospects.
For example, our colleague Ron Carson of Carson Wealth Management Group has developed a 4-Step Investment Management Process that he uses to explain to prospects how he manages money. To listen to an audio recording of Ron explaining his four steps, please visit www.peakadvisoralliance.com/free-tools and enter the code "4stepprocess" in the code box.
In the audio, Ron describes the following:
- How he picks asset classes.
- How he evaluates and monitors specific investments.
- How he optimizes the buy/sell decision-making process.
- How he uses (legal) insider trading activity to enhance market entry and exit points.
Given the volatile markets over the past decade, investors are very focused on working with advisors who can 1) discern the difference between a short-term change in the environment and a long-term one, and 2) who have the discipline to follow a defined investment process.
Are you one of these advisors? Can you describe your investment process in five steps or less? Money is flowing to advisors who can.


text:
Square Premium Plastic Dinnerware
Dare to be Square
This popular line by features square plastic plates, bowls and glasses made of extra heavyweight plastic with a high gloss, polished finish. Specially designed wide and deep edges protect against food spillage and offer optimum elegance.
Designed to be disposable, Squares, when cared for, can be reused for residential use, making the dinnerware and glassware ultra-affordable.


text:
|The Global Investor Newsletter - Summer 2014
Welcome to the Summer 2014 edition of Euro Pacific Capital's The Global Investor Newsletter. Our investment consultants are standing by to answer any questions you have. Call (800) 727-7922 today!
First Half Performance Review - Inflation Trumps Grwoth
By: Jim Nelson, Director of Euro Pacific Asset Management
Neighborhood Bully - America Recklessly Throws its Weight Around
By: Peter Schiff, CEO and Chief Global Strategist
The Russian Wild Card - Backed into a Corner, Putin Makes Plans
By: John Browne, Senior Economic Consultant
The Strange Case of German Gold - An Interview with Peter Boehringer
By: Andrew Schiff, Director of Communications and Marketing
Abenomics Update: Consumers Pay the Price
By: Peter Schiff, CEO and Chief Global Strategist
Sector Watch - The Robots are Coming
Argentine Debt Tangle
By: David Echeverria, Investment Consultant, Los Angeles
First Half Performance Review - Inflation Trumps Growth
By: Jim Nelson, Director of Euro Pacific Asset Management
During the second quarter of 2014 the S&P 500 continued to post new all-time highs while volatility remained remarkably low. Such a combination can potentially lead to complacency. Already a rotation toward more defensive positions is underway. For example, through the first half of the year, total return for the Russell 2000 (a barometer for domestic growth) was just 3.3% (IWM) while total returns for defensive assets like the Treasury Bonds (TLT) and the S&P 500 Utilities sector (XLU), were 12.9% and 18.5%, respectively. See Figure 1.
Figure 1 - 1st Half 2014 Comparable Total Returns
Growth - Cyclical Spring, Secular Fall
In 2013, GDP grew sequentially in each of the first three quarters reaching 4.2% in 3Q13, which was the second highest level since 2006. (BEA, Jan 30, 2014). This momentum was cut short in the first quarter of 2014, which was confirmed when BEA reported annualized 1Q14 GDP at negative 2.9%.[1], the weakest quarter since the end of the Great Recession in 2009. For historical reference, a decline of over 2.5% has been associated with every recession since WW2. While most pundits blamed the surprisingly weak performance on severe winter weather, our research suggests that the unusual cold and snow would be expected to knock just 2% of annualized growth off of GDP. Instead the results were fully six points below earlier expectations that first quarter growth would approach positive 3%.
Despite the dismal first quarter miss, consensus remains that the economy will get right back up on its feet and is on the verge of hitting "escape velocity." The bullish forecasters base this view on optimistic forecasts for housing, capital investment, and employment. While we do not claim to have an edge on making near-term economic calls, we are somewhat skeptical of all three of these factors.
In 2012 and 2013, the U.S. housing market improved considerably, but this was from historically depressed levels following the Great Recession. From the 2006 peak into early 2012, the Case-Shiller Price Index declined by 35%, which provided an attractive buying opportunity for 1) investors flush with cash (i.e. private equity investors), and 2) households able to borrow at historically low mortgage rates (2012 average 30-yr rate 3.7% vs prior 5-yr avg. 5.3%)[2]. As a result, between 2012 and 2013, existing home sales increased 30% and house prices gained 25%.[3]
Now, it appears those "easy gains" have ended as 1) cash investors are no longer buying and actually starting to sell, and 2) mortgage rates are set to rise as the Fed continues to Taper its QE program.[4] The impact of these trends is already showing in the data. Since ex-Fed Chairman Bernanke first hinted about Taper in the summer of 2013, mortgage rates have risen almost 100bps (30% increase). Over this same time, MBA Mortgage applications have fallen by 60%, existing home sales have declined 15% and house price gains have slowed. While another near-term bounce is possible, we believe a sustainable recovery is less likely. Household balance sheets remain stretched, income growth is barely keeping pace with inflation, and affordability is declining (higher house prices plus rising interest rates).
Capital Investment
In 2009, Gross Private Investment collapsed to almost 12% of GDP, which was the lowest level in the post WW2 period and compares with a median level of 19% in the three decades prior to the Great Recession. Since 2009, Gross Investment has rebounded and is now 16% of GDP. Many growth bulls expect this level to rise over the next few years, noting that the average age of U.S. capital stock (i.e. plant/equipment) is at record highs and needs to be upgraded. Recently, this view has gained traction with improvements in forward-looking surveys, like the Purchasing Managers Index (PMI). In the near-term, we do expect a modest bounce in capital investment to make up from weather related disruptions earlier in the year, but we are more skeptical about a multi-year boom.
First, we believe much of the recovery in private Investment was supported by bonus deprecation tax benefits (initiated during the recession) that enticed many corporations to accelerate investments in 2010-13. These incentives ended on Dec 31, 2013, so businesses have less reason for new investment. For companies to increase investment without government support, sales levels need to increase, which will remain difficult as household balance sheets and incomes remain under pressure. As a note, the current level of private investment (16% of GDP) is below median levels during the thirty years prior to the Great Recession (19% GDP), but it is consistent with the thirty year period following WW2 (17% GDP).
Second, companies have recently been more inclined to acquire rather than try to grow organically. In the first half of 2014, total U.S. M&A deals were over $750B, which was up 50% from the same period in 2013 and on pace to hit annual levels not seen since 2006-2007.[5] Also, almost 95% of recent deals have been strategic (companies, not private equity, are buying other companies) which compares with just 75% in 2006-07. If companies saw organic opportunities then this cash would be invested in new plant and equipment instead of paying premiums for existing firms. With easy access to relatively cheap capital, we expect the M&A spree to continue, noting that this will actually result in job losses (vs. capital spending that drives job gains).
Finally, companies that have not found attractive M&A opportunities have been using cash to raise dividends and buy back stock. In the first quarter of 2014, U.S. share buybacks and dividends hit a record level of $241 billion.[6] Returning excess cash to shareholders is normal when growth prospects are dismal, but the recent trend has been exacerbated by activist investors that are pressuring companies to use leverage to return cash. As a result of this, combined with M&A activity discussed above, business (non-financial) leverage is at record levels.
In the first half of 2014, new job additions totaled 1.4 million (BLS establishment survey), which was the largest six-month increase since 2006.[7] At the end of June 2014, the unemployment was 6.1%, down from 7.0% at the start of the year[8]. The economy has now regained all jobs lost in the Great Recession. But this is strictly a measure of quantity not quality. It is widely understood that low paying and part time jobs have replaced higher paying full time jobs. But even the raw number of jobs has failed to keep pace with population growth. At the end of June, the employment to population ratio was 59%, essentially flat since 2010. This compares with a median level of 62% in the thirty years prior to 2006. To get back to that level, the economy would need to add another 10 million jobs. Assuming the current pace of job gains (using average of Jan-June 2014 gains in the Household survey) and trend growth in the working-age population, it would take another five years for the employment to population ratio to reach that level.
The combination of low employment to population and low labor force participation means that 41% of the working age population is not employed, which compares with pre-Great Recession levels closer to 35%. That means that roughly 100 million people or one-third of the entire U.S. population is not working, hardly a sign of a solid labor market. Further, we expect the level of non-working persons in the U.S. to continue rising as Baby Boomers retire.
In other words, the consensus is making a pile of assumptions about an imminent recovery that just doesn't hold a tremendous amount of water.
Inflation - Showing life, but Still Dead to the Fed
But while growth is failing to materialize, inflation is on the rise. Back in January of 2012, Fed Chairman Ben Bernanke did something that no Fed Chairman had done before: He publicly set a 2% inflation target. Well, apparently, the Fed is not nearly so impotent as I had believed as it only took 2 and ½ years to achieve this goal (this is if you give full credence to their statistics). The latest CPI report for June 2014 came in at 2.1% year over year. This follows very similar numbers in April and May. More importantly the inflation shows signs of heating up more recently. The last four months of data (March - June) show average annualized month over month changes at 3.2%. Finally, the Fed has rescued us from the abyss.
Figure 2 - 2 year CPI Chart
Not only have they rescued us, but they hit the sweet spot. According to modern day Keynesian theories, with 2% inflation achieved and 0% interest rates, the economy should be humming right along. But the theory is not translating into practice.
Companies are starting to feel the price squeeze and are passing on rising input costs in a variety of ways, in a variety of industries. Hershey just announced an 8% increase on chocolate across the board. Then Mars Candy followed suit by raising their chocolate prices 7%. Starbucks has raised prices between 5 and 20 cents per drink. Chipotle has raised prices between 4% - 12.5% depending on location. The hits keep coming: Adult tickets at Disneyland (4.3%), Netflix (12.5% for new customers), SeaWorld (3.3%), Nike (11%-20%). Food prices have also really picked up recently. Even the federal government (USDA) thinks that prices for fruits and vegetables will rise 6% in the next few months. The Food CPI index over the last four months is ominous, up 4.2% annualized. Beef prices also continue to be at all-time highs. Unfortunately these increases have risen faster than incomes.
Admittedly, short-term changes in inflation are very hard to predict, but we know that the Fed is determined to push inflation much higher (as is every other central bank in the world). The fact that Janet Yellen sees current inflation data as just "noise" implies she does not view inflation as a current risk and that near-term monetary policy decisions will be based solely on the labor market outlook. As discussed in the previous section, we believe underlying trends in the labor market are weaker than headline numbers would imply. Should the Fed agree, then it is unlikely that monetary policy begins to normalize in early 2015 as consensus now expects.
Recent economic data (and asset price movements) indicate U.S. growth is slowing while inflation is rising. Should these trends continue through the year, we expect our portfolios will outperform. That said, with growth and inflation levels already at historically low levels, even minor hiccups can have an outsized influence on their movements in either direction. We view these moves as short-term and we remain focused on our long-term investment thesis and strategy. As such, 2014 may or may not prove to be the year that U.S. growth inflects lower while inflation moves decidedly higher, however our portfolios are well positioned for when it eventually does. In the meantime, we continue to focus our time on managing diversified portfolios comprised of securities that we view as high quality and undervalued.
[1] Bureau of Economic Analysis (BEA), June 25, 2014
[2] Bankrate.com, Bloomberg accessed July 4, 2014
[3] National Association of Realtors (NAR) and Case-Shiller Index, Bloomberg accessed July 3, 2014.
[4] New York Times, DealBook "Investors Who Bought Foreclosed Homes in Bulk Look to Sell", June 27, 2014.
[5] Business Insider, "2014 Is On Track to Become The Second Biggest Year for M&A in History", June 30, 2014
[6] Financial Times, "US Share Buybacks and Dividends Hit Record", June 8, 2014.
[7] Bureau of Labor Statistics (BLS), Establishment Survey, July 3, 2014
[8] BLS, Household Survey, July 3, 2014
Neighborhood Bully - America Recklessly Throws its Weight Around
By: Peter Schiff, CEO and Chief Global Strategist
On June 30, U.S. authorities announced a stunning $9 billion fine on French bank BNP Paribas for violations of financial sanctions laws that the United States had imposed on Iran, Sudan and Cuba. In essence, BNP had surreptitiously conducted business with countries that the United States had sought to isolate diplomatically (sometimes unilaterally in the case of Cuba). Although BNP is not technically under the jurisdiction of American regulators, and the bank had apparently not broken any laws of its home country, the fine was one of the largest ever issued by the United States and the largest ever levied on a non-U.S. firm. The Treasury Department and the Federal Reserve made clear that unless BNP forks over the $9 billion (equivalent to one year's of the company's total earnings), the U.S. will prevent the bank from engaging in dollar-based international transactions. For an institution that makes its living through such transactions, that penalty is the financial equivalent of a death sentence. The fine will be paid.
It is widely rumored that Germany's Commerzbank will be the next European institution to face Washington's wrath. It is rumored that it will face a penalty of at least $500 million, an amount that is roughly equivalent to one year of the bank's income.
As if choreographed by a financial god with a wicked sense of humor, the very next day marked the official implementation of the Foreign Account Tax Compliance Act (FATCA), a new set of laws that will require all foreign financial institutions to routinely and regularly report to the U.S. Internal Revenue Service all the financial activities of their American customers. The law also requires that institutions report on all their non-American customers who have ever worked in the U.S. or those persons who have a "substantial" connection to the U.S. (Inconveniently the law fails to fully define what "substantial" means). Failure to report will trigger 30% IRS withholding taxes on any dollar-based transactions made by clients who the U.S. has determined to be American...either by birth, marriage, or simply association.
Given that the United States is one of only two nations in the world (the other being Eritrea) that taxes its citizens on any income received, regardless of where that income was earned and where the tax payer lived when they earned it, the FATCA laws are an attempt to extend American tax authority and jurisdiction (by unilateral dictate) to the four corners of the Earth. The Economist magazine, which is not known for alarmist reporting, described FATCA as "a piece of extraterritoriality stunning even by Washington standards." (For those of you who did not pay attention during world history class, "extraterritoriality" is an attempt by one country to enforce its own laws outside of its own borders).
What's worse is that many accountants and analysts have estimated that the compliance costs that the United States has imposed on these non-constituent banks (which have limited ability to lobby or influence U.S. lawmakers) will far outweigh the $800 million in annual revenue that the law's backers optimistically estimated. In a June 28th article, The Economist quotes an international tax lawyer saying that FATCA is about "putting private-sector assets on a bonfire so that government can collect the ashes." The laws are particularly irksome to many because the United States typically refuses to subject itself to the same standards it requires of others. When foreign governments ask Washington for financial information from its citizens, the U.S. government hypocritically trots out privacy laws and poses on the altar of civil liberties. In fact, despite its war on foreign tax havens, for non-Americans the United States is by far the world's largest tax haven.
But as is the case with BNP, the foreign banks will have little choice but to comply. Given the importance that U.S. dollar-based transactions play in daily banking operations, U.S. authorities call the tune to which everyone must dance. However, the complexity and opacity of the laws have at least generated some mercy from the U.S. which has allowed foreign banks more time to implement compliance procedures. In many ways this is similar to how the Obama administration has extended Obamacare mandates to a persistently confused and overwhelmed public. This is cold comfort.
The FATCA and the BNP developments have occurred just a few months after the U.S. has finished tightening the screws on a variety of Swiss banks that had attempted to follow the bank privacy laws that exist in their home country. Through heavy-handed tactics, U.S. authorities made it impossible for the Swiss banks to transact business internationally unless they played ball with Washington and turned over all information the banks possessed on U.S. customers. Not surprisingly, the U.S. prevailed. Additionally, June marked the end of Germany's farcical campaign to repatriate the hundreds of tons of gold that are supposedly on deposit at the Federal Reserve Bank of New York. After asking for its gold back two years ago, and after having only received the smallest fraction of that amount over the ensuing years, the Germans have decided to make a virtue of necessity and drop its demands to receive its gold. (see Interview with Peter Boehringer)
But the fate of BNP appeared to kick up a storm that went beyond the usual grumblings that American financial muscle-flexing usually inspires. A few days after the fine was announced, French Finance Minister Michel Sapin questioned its legality by pointing out that the offending transactions were not illegal under French law. (The Obama Administration reportedly ignored requests by French President François Hollande to reduce the fine). Going further, Sapin appeared to bring into question the entire monetary regime that has granted the U.S. its unique unilateral power: "We have to consider...the consequences of pricing things in dollars when it means that American law applies outside the U.S.....Shouldn't the euro be more important in the global economy?" (Bloomberg, 7/5/14) Politicians, French or otherwise, rarely deliver such explicit statements.
As if on cue, a few days later Christophe de Margerie, the CEO of French national energy company Total SA, raised eyebrows when he made repeated comments at a conference in France that the euro should be used more often in international oil transactions, saying "Nothing prevents anyone from paying for oil in euros." Perhaps these are the opening salvos in what may be a long war.
The anger is particularly acute in Germany where the United States has already come under criticism for a series of surveillance and espionage revelations, including illegally tapping Chancellor Merkel's cell phone, and planting spies in the upper echelons of Germany's military. Bloomberg recently compiled a selection of frustration with the United States' actions from Germany's leading newspapers. Among the highlights:
When Germans hold up Russia as a better ally than America, you realize how fundamentally the world is changing. And as we know, Vladimir Putin is doing all that he can to construct a post-dollar financial system (see related article).
These types of frictions should be expected now that America finds its economic and diplomatic influence to be waning. The failures of the American military to create stability in Afghanistan and Iraq, of American diplomacy in heading off crises in Syria, the Ukraine and Palestine, and most importantly the culpability of the American financial system in bringing the world to the brink of financial ruin in 2008, have left the United States with few good options with which to exert her influence. The predominance of the dollar and its reserve status around the world provides the leverage that America's other failed institutions no longer can.
This power is magnified by the ridiculous Keynesian notion that a strong currency is a liability and a weak currency is necessary for a healthy economy. This means that every bad move by the Federal Reserve needs to be matched by its counterpart bank in Frankfort and London. As such, America can debase its currency and serially acquire debt while avoiding the consequences that lesser countries would inevitably encounter.
For the moment the backlash against these laws has been limited to those Americans living abroad who are increasingly finding themselves to be financial lepers. Many local banks and mortgage companies are seeking to avoid the heavy hand of the IRS and FATCA by simply closing their doors to Americans. Even non-financial firms abroad have shown increasing reluctance to hire Americans as a result of the tax complications. As a result, it is well documented that the number of Americans renouncing their citizenship has skyrocketed in recent years.
The real danger of course is that the United States overplays its hand and arrogantly goes too far. While many would believe that that milestone has come and gone, the truth is that the U.S. has yet to pay a price broadly for its actions. The dollar's reserve status is as yet intact, and U.S. Treasury debt is being sold at generationally low yields. But the longer this goes on, the greater the danger becomes.
The Russian Wild Card - Backed into a Corner, Putin Makes Plans
By: Andrew Schiff, Director of Communications and Marketing
While the United States continues to throw its weight around diplomatic summits and global financial markets, Vladimir Putin has emerged as the most visible and active proponent of a post-dollar world.
A few months ago Putin had risked becoming a global pariah when his aggressive stance towards the Ukraine looked like it could unleash the second coming of the First World War. But when the U.S. failed to galvanize Western European opposition (in Germany in particular), and with the crisis failing to spread outside of a few flash points in eastern Ukraine, international attention soon drifted to other hotspots (Iraq, Israel).
But the tragic downing of the Malaysian airliner, more likely than not to be a mistaken attack by Ukrainian separatists, significantly complicates the situation for Putin and Russia, and further galvanized Western interests against him. However, the speed with which conclusions have been drawn about Putin's culpability, despite conflicting evidence, may catalyze the convergence on non-western interests as well. Time Magazine highlighted this, quoting an official Chinese source as saying:
"The Western rush to judge Russia is not based on evidence or logic. Russia had no motive to
Putin, a former KGB colonel, is seeking to use the crisis to take the offensive against his old American nemesis. In particular, he has unveiled a series of concrete steps that he hopes will lead to the emergence of a Eurasian economic bloc that could operate outside of U.S. dollar-based control. The bounce-back in Russian equity markets since the steep Ukraine-related sell off in February and March, and the large U.S fines imposed on BNP Paribas, have provided him with some leverage.
In May, a monster $400 billion energy supply deal was announced that would keep oil and gas flowing from Russia to China for years to come. As the deal was largely symbolic, many in the Western media took great pains to point out that it did not dictate that payment for the energy would be in currencies other than the dollar. But recent statements appear to be setting the stage for just that. On June 26, The Financial Times reported that Gazprom, Russia's largest natural gas provider, announced that it would be considering issuing bonds in Asian markets denominated in RNB or Singapore dollars and listing shares on the Hong Kong Exchange. When explaining these moves, Gazprom's chief financial officer Andrei Kruglov unsurprisingly characterized them as an effort to attract more Asian investors. However, he used the opportunity to say that "As for settlements in renmimbi or rubles, we are ready for this and we think it's quite normal."
The FT went on to report that other Russian companies, including Norilsk Nickel, have stepped up talks on settling contracts and raising debt in currencies other than the dollar. In addition, Reuters reported on June 24 that Moscow is considering barring state-owned companies and other enterprises deemed to be "strategically important" from holding accounts at foreign-owned banks.Theoretically, this could protect Russian assets from the types of fines and penalties that the U.S. has been imposing around the world.
On a separate front, Russia has successfully exploited the disintegration of the fragile Iraqi state to further extend influence in the region. Moscow has long been the champion of the Shia governments in the Middle East (Syria and Iran) and has consistently opposed the interests of the U.S.-backed Sunni states of Saudi Arabia, Kuwait and Jordan. Russian power came into stark focus in Syria in 2012 when they were able to check Obama's attempt to oust the Assad regime over reports of chemical weapons use. With the Obama Administration withdrawing support of the hapless Maliki government, the desperate Shia leader has turned to the Kremlin in its struggle against ISIS insurgents. In a jaw-dropping development, Maliki agreed to buy a package of Russian jet fighters and ground attack aircraft. And as if to show the contrast with the famously slow delivery of the American F-16 aircraft that the U.S. sold to Iraq back in 2011, the Russian equipment began arriving almost immediately.
If, as appears increasingly likely, Iraq will disintegrate into Sunni and Shia dominated enclaves, it is not difficult to imagine that Russia will extend its power beyond Iran, straight into Shia Baghdad. The influence would have been bought and paid for by American blood and treasure.
In the lead up to the Second World War, the Western democracies foolishly took for granted that Russia could always be counted on to oppose Nazi Germany. But crafty German diplomacy resulted in the Hitler/Stalin Non-Aggression Pact of 1939, thereby shaking Russia loose from the Alliance. This blunder set the stage for a very different world order. (Only Hitler's unprovoked invasion of Russia in 1941 succeeded in bringing Stalin back to the Allies).
Today the roles are reversed. Germany is the swing vote in the new economic struggle. And as discussed in an earlier article in this newsletter, Germany is chafing in its role as a loyal soldier supporting U.S. interests. In a July opinion piece for Reuters, Ian Bremmer, the founder of the respected geopolitical risk consultancy firm Eurasia Group said, "Germany is alarmed by the United States' tendency to use its economic clout as an extension of its foreign policy, one that the Germans see as increasingly fickle, opaque and misaligned from their own." If Russia and China can manage to pull the increasingly frustrated Germans away from the dollar-based world of infinite monetary stimulus and heavy-handed financial enforcement, the United States will face a very difficult road ahead. Market watchers would be well-advised to keep a close watch on Vladimir Putin.
The Strange Case of German Gold - An Interview with Peter Boehringer
By: Andrew Schiff, Director of Communications and Marketing
A June 23 Bloomberg News story entitled "German Gold Stays in New York in Rebuff to Euro Doubters" made the seemingly straight-forward case that the German authorities had decided to reverse course on a plan announced in 2012 to bring home some 300 tonnes of German gold that had been on deposit at the New York Federal Reserve since the 1960s. According to the article, German representatives had gone to New York, saw their gold, were convinced that it was in good hands, and decided that the hassle of putting it on a plane and sending it back to Germany was simply unnecessary. The article quoted a spokesman for Chancellor Merkel who said "the Americans are taking good care of our gold" and even quoted Peter Boehringer, one of the leading private advocates of the repatriation movement, as saying their campaign to pressure German authorities "is on hold."
When the Germans originally asked for their gold back, the Federal Reserve had countered with a painfully slow eight-year delivery period. This struck many as strange given that the total request only represented 5% of the gold reportedly held at the Fed's New York vaults. The delay severely whipped up concerns that long-held theories about imaginary gold were actually true. The Bloomberg article appeared to dismiss all these concerns and bring the case to a close. Or did it? Almost immediately,people close to the matter cried foul.
I caught up with none other than Peter Boehringer of the German Precious Metals Society for this exclusive interview.
AS - The apparent reversal by the German government to no longer look to repatriate its gold from the United States failed to raise any interest in the American press or the financial establishment. Did the move create much of a stir in Germany? Are any mainstream politicians there actively picking up the issue.
PB - The "reversal" has indeed been only apparent - the Bundesbank has not in any way officially changed its repatriation plan that was announced in January 2013 (a plan that I believe was too slow and too little anyway-- 700 tonnes by end 2020 - of which. 300 tonnes from the New York Fed). The primary source for the confusion, especially in the non-German media, came from a factually wrong Bloomberg story. That story began with a completely unfounded headline "German gold stays in NY." I tried to set the record straight in the English-language press, but it is hard to fully "call back" wrong mainstream reports like that one.(via Bloomberg BusinessWeek on June 23, 2014)
Having said this, it is quite possible that the politicians cited in the story (such as Mr. Barthle, a Merkel spokesman) actually intended to "test the waters" of how the German public would react. In that respect, statements like "The Americans are taking good care of our gold. Objectively, there's absolutely no reason for mistrust." could indeed have some significance, as they might be intended as a first step towards stopping even the already painfully slow repatriation process of gold from the Fed. Still, Barthle, or Merkel for that matter, are not in charge of the gold, the Bundesbank is, and they have said nothing.
It is noteworthy that in 2013, a mere 5 tonnes were actually delivered from NY to Frankfurt. And even for these miniscule volumes there is no evidence, either by an external auditor or by video documentation, that real gold bars (allegedly untouched in the Fed´s vaults since the 1960s) have been moved across the Atlantic. Bundesbank has even melted down and allegedly re-cast these bars for no apparent reason! We have not received any audit report of this process, no report from the (unknown) performing smelter, and no bar lists from "old" or newly cast bars.
But to date, no mainstream politician has publicly questioned this strange behavior. It has been left to concerned private organizations like ours to press these concerns. Fortunately our national media has picked up on some of this which may have prompted Mr Barthle´s blind and unfounded "pledge of allegiance" to the U.S.
AS - Is the issue something that is discussed or understood by the average German?
PB - These details are of course not being discussed by the "average German" - soccer seems to be far more important these days. But both the gold community, the financial community, and the international media are taking ever more notice of our continued struggle. A full two and a half years after the initiation of our campaign, I receive at least two interview requests per week.
The Fed´s unwillingness to provide information, Bundesbank's obvious evasions and obfuscations, and Bloomberg´s misleading article are leading to completely unintended reactions by the general public and the independent media: Rather than putting this issue to bed as these authorities may have hoped, we are seeing ever MORE questions being raised.
AS - Officially, at least, what was responsible for convincing German officials that their gold is safely stored and accounted for by the Federal Reserve?
PB - I can of course only speculate here. Given the decade-long mis-information by the Fed and the Bundesbank regarding our national gold, there is no apparent reason for these officials to now call this case "closed" - quite the opposite would be logical. We must therefore assume that the Fed is unwilling or unable to quickly put Germany´s gold at the Fed (1,500 tonnes) on a few planes, thereby sending our property to where it belongs (Frankfurt). It's become harder to not reach the conclusion that our officials are not complicit in some kind of U.S. led cover-up. So far, due to our public responses, this approach has not worked but rather increased the pressure on Bundesbank to repatriate.
One reason that the gold was unavailable for quick delivery could be multiple ownerships of our bars at the Fed. Given today´s global fractional gold banking scheme, an (allegedly physically existing) bar in a central bank vault could have 10+ owners - and could thereby show up in 10+ central bank balance sheets as either "physical gold" or "gold claim". These two (completely different!) balance sheet items have not been properly differentiated for many decades now. We are potentially talking about non-existent physical bars at a magnitude of tens of thousands of tonnes!
Without proper physical audits, repatriations and allocated storage, no gold "owner" today can be certain that "his" bar in one of these unallocated gold storage vehicles is actually his exclusive property! Our campaign is therefore not only a "German" one - but could have international repercussions of unknown scale.
It is not by accident that since the launch of the first two campaigns in 2011/12 (Germany and Switzerland) - more than ten similar national initiatives have been launched all over the world. The responses of the arrogant central bankers are the same everywhere: Ignore them, call them "conspiracy theorists", insist that "everything is in order with the gold", but give not a shred of evidence (bar lists, audit reports, bar transport to owners). And act only if public pressure forces you to...
AS - How did the Bloomberg article, which is really the only story published by a mainstream American outlet about the reversal, quote you incorrectly or out of context? Has the reporter explained his actions?
PB - I had a friendly 30+ minute conversation with the Bloomberg reporter, explaining all I could. But the only so-called "quotation" of mine which was ultimately used (published months later!) was "Right now, our campaign is on hold". Of course, I never said this sentence. All I did is (truthfully) explain that, unfortunately, nobody in Germany -including our campaign- can legally ENFORCE the dissemination of information from Bundesbank or a quicker repatriation of our gold. When the interview was conducted in May, we had no opportunity for putting even more pressure on BuBa (which we had done several times opportunistically and partly successfully since 2011). The Bloomberg hack somehow twisted this to mean that we were satisfied and that we were no longer pressing the issue.
In hindsight, I however have to THANK the reporter for involuntarily opening up this new and great opportunity for spreading our message. Since the Bloomberg piece, I am giving interviews on a daily basis - now even to international radio and TV broadcasters with millions of listeners. This gold issue will not go away.
Gold is money. And central bank gold is a potential cornerstone of future currencies which might well HAVE TO be (partially) gold-backed, especially if there is a crash of today´s un-backed paper-currencies. The central banks all over the world therefore have to quickly become much more transparent and have to audit and repatriate their / OUR gold!
Peter Boehringer is the founder and president of "German Precious Metal Society" (est. 2006) - an NGO dedicated to spreading independent information on the relevance of gold and silver as both investment vehicles and as basis for sound money and in turn a sound society. Mr. Boehringer is one of the main initiators of the German public's "Repatriate our Gold" campaign, which is being supported by many prominent signatories as well as by 15,000+ national and international activists. Peter has been writing Germany´s most popular (German language) gold blog since 2003 with a focus both on economic and political implications of gold and silver prices. He is a book author, speaker at liberal and economic conferences, and a frequent writer of articles critical towards the current, credit-based monetary system and its negative implications. He is a fellow of the liberal "Hayek-Society".
Neither Mr. Boehringer nor German Precious Metal Society is affiliated with Euro Pacific Capital or any of its affiliates. The opinions expressed above are those of the writer and may or may not reflect those held by Euro Pacific Capital.
Abenomics Update: Consumers Pay the Price
By: Peter Schiff, CEO and Chief Global Strategist
Since the December 2012 election of Shinzo Abe as prime minister, Japan has become the world's most visible petri dish for Keynesian economic principles. Abe assumed office with a radical plan to implement all the major policy tools that Keynesians like Paul Krugman have advocated. His "Abenomics" agenda involved "three arrows" to slay Japan's decades-long economic torpor. The first involved a fiscal stimulus through greater deficit spending, the second was a massive quantitative easing campaign specifically designed to create at least two percent annual inflation, and the third (currently being implemented) is a series of regulatory reforms designed to lower barriers for businesses (this arrow is not particularly Keynesian). 18 months into the experiment, Abe has scored a clear victory, at least among the mainstream press, which has declared Abenomics to be an unbridled success. However, the actual situation faced by Japanese consumers is universally awful. The numbers, if you care to notice them, speak for themselves.
The most glaring results of Abenomics thus far has been its outright "success" in pushing down the value of the yen and pushing up prices for everyday goods and services. Since Abe began his campaign the Japanese currency has fallen nearly 21% against the U.S. dollar. This has been music to the ears of the vast majority of economists who see a weak currency as the mainspring of economic growth.
In May, it was reported that prices for all items had risen at an annualized rate of 3.4%. This was up from the 3.2% annualized rate in April. Prices for goods (which are more sensitive than domestically-provided services to the falling Yen) have spiked up 5.2% from the previous year. The falling yen has been a big factor in pushing up prices for food and energy which in Japan are largely imported. In May, Japan reported year over year price increases of 11.4% in electricity, 9.6% in gasoline, and 14.3% in fresh seafood (it's a good thing the Japanese don't really like seafood).
For many years Japanese consumers had to deal with the apparent tragedy of price stability, which allowed them to maintain purchasing power despite a stagnant economy. Thank God those days are over! But Abe's policies have failed to work their magic on the broader economy. The Wall Street Journal reports that cash earnings and bonuses in wages rose just .8% year over year in May. Wages did even worse in May, up just .2%. Against a backdrop of surging inflation these tepid growth results mean that purchasing power has fallen 3.6% year over year in May.
The pain has been magnified by the recent hike of the consumption sales tax from five percent to eight percent. The move caused a temporary surge in spending earlier in the year when consumers scurried to make purchases before the tax came into effect. But more recently it has put spending into a deep freeze. In April, consumption fell a seasonally adjusted 13.4%. Those are big numbers.
To add insult to injury, the falling yen has done little to boost Japanese exports. In 2013, despite the decline in the yen, exports declined for the third consecutive year. What Abenomics has delivered, of course, is a surging stock market, driven in large part by zero percent interest rates and a wave of stock buybacks. But, as is the case in the U.S., these developments have delivered benefits primarily to the owners of financial assets.
Yet, despite all of this, most media outlets in the U.S. and Europe still discuss Abe in heroic terms. How much longer they will be able to keep up the cheerleading is anyone's guess.
Sector Watch: The Robots are Coming
The "robots are taking over the world" concept has been a staple of science fiction for generations. However, the reality of automated production lines and self-propelled disc vacuums has thus far proved much less intimidating. But the next generation of robots will likely be much more significant. And while we feel that financial markets remain highly distorted by excess liquidity, and that growth stocks always involve higher risk, it is undeniable that transformative innovations can present opportunities.
Recent moves by Google and Amazon highlight the wave in robotics. In 2013, Google purchased eight startups focused on robots, and this year it unveiled dramatic improvements to the driver-less car concept that it first introduced in 2012. Recently, Amazon made a big stir on "60 Minutes" by introducing an internet-controlled air drone delivery system. Although some dismissed it as a stunt, Amazon founder Jeff Bezos insisted that the project was for real.
With the costs to build and develop robots declining, more companies are looking to use robots wherever they can. This is especially true in high cost, high regulation economies like the United States where the costs and benefits of employing humans for routine tasks are becoming less and less compelling. If successful, popular moves to raise the minimum wage in this country to an unrealistic $15 dollars per hour could kick the robotic industry into a much higher gear. And why not? Robots are willing to work longer hours for no pay, and they don't goof off, take sick days or require health benefits.
Already, the fast food industry is experimenting with much greater automation, both in the cooking and in customer interaction. The day when a Big Mac can be produced with no human involvement may be much closer than most people realize. In June, The Netherlands said it plans to start testing driver-less trucks next year and it intends to have them on public roads within five years.
Last year, an all-time high of 179,000 robots were sold world-wide, a 12% increase over 2012, according to the International Federation of Robotics. Between 2008 and 2013, U.S. robot sales increased an average of 12% per year. In terms of annual sales, China is the biggest market, as well as the fastest growing. Japan is the second largest market as well as one of the biggest producers of robots. Currently, Japan has the most industrial robots in the world, more than 300,000.
The main drivers of growth are the automotive and metal industries. Between 2010 and 2013, both industries increased robot investments by an average of 22% per year. Military consumers are also leading early adopters.
Experts predict robots may eventually replace flesh-and-blood soldiers on the ground. Admittedly, the eyebrow-raising concepts introduced by many defense contractors do seem to be much closer to science fiction than to current reality. Apart from taking life, robots are also being designed to preserve it with some companies designing automated systems that can act as full-time caretakers for the aging population that predominates in advanced economies.
While we cannot offer specific advice on particular companies, the robotics sector may be one to look into.
Of course investors should not feel as if robotic companies are somehow responsible for displacing workers or causing unemployment. Labor saving devices, such as fork lifts and steam drills, have always been accused of putting people out of work, but instead they have just increased productivity and allowed workers to find jobs that are more suitable for humans. Remember, the job of an economy is not to create jobs, but to create stuff. If we could produce all that we needed to consume with no human labor, humanity would be much better off. Too bad economists can't figure that out. Maybe they should be replaced by robots.
Argentine Debt Tangle
By: David Echeverria, Investment Consultant, Los Angeles
Twelve years ago Argentina sent shock waves throughout the international financial community by defaulting on nearly $100 billion US Dollar-denominated debt. Prior to that, Argentina had long been skating along the edge of financial catastrophe, but such a massive default by a country that boasted abundant natural resources and a heritage of wealth was a game-changing event. In order to resolve the crisis, the Argentine government then in power negotiated massive haircuts with the vast majority of its creditors. There were some investors, however, who refused the terms of these haircuts, and held out for more. They had to wait a very, very long time.
Amongst these "holdouts" were a number of hedge funds that purchased the Argentine debt in the secondary market for pennies on the dollar. The hedge funds sensed a chance for victory and settled in for the long haul. Their hope was that their notes would be paid in full when Argentina finally became more financially solvent. This could happen through voluntary action by the government or by order of international courts. If they could prevail, a handsome profit could be reaped.
Fast forward to 2014 and the Argentine state, thanks in part to rising commodity prices, now has billions in reserves and is once again paying on its restructured debt. Not surprisingly, the holdouts have been clamoring for repayment alongside the owners of the restructured debt. Their request, however, was defiantly refused by the president of Argentina, Christina Fernandez de Kirchner, who even went so far as to refer to the holdouts as "vulture funds." Never mind that many of these funds are comprised of pension funds and individual investors, many of whom would not qualify as Masters of the Universe. These are real people to whom Argentina owes money. And unlike the holders of the restructured debt, these investors have never been paid.
The decade-long legal tango finally came to an end last month when the US Supreme Court refused to hear the case, thereby letting stand the decision by the lower U.S. court that demanded Argentina cough up the money. Although the Kirchner administration is looking to find a way out, no escape hatch appears to be at hand. As with other extensions of U.S. financial power, a world dominated by the U.S. offers few places to hide.
Critics of the decision have said that obligating repayment of holdouts will discourage creditors in future cases from negotiating haircuts and thus make it more difficult for countries to resolve defaults. In other words, it'll make it more difficult for countries to avoid having to pay on their debts. Apparently these people have never heard of moral hazard. Can you imagine what the alternative would have been like had the U.S. courts not obligated repayment? This would have effectively allowed governments around the world to borrow, default, force creditors into some ridiculous "negotiated" haircut, wait a few years, and then do it all over again.
This also forgets the fact that the holdout creditors traded time for money. They could have received lesser payments years ago. Who knows what they could have done with that money and what kind of returns they could have generated had they invested it. So in a very large sense, they have paid a price.
If the courts had not stepped in to compel payment who in their right mind would ever buy sovereign debt knowing that it could simply be defaulted on with so little consequence? It is quite likely that lower credit nations would have faced nearly impossible hurdles with future debt raises had the legal decision not been reaffirmed. But if the various governments of the world have a problem with the recent ruling, I have a much simpler solution: JUST DON'T BORROW THE MONEY IN THE FIRST PLACE. I have yet to a see a news story with a hedge fund manager holding a gun to the head of some foreign government official forcing them to issue debt.
Euro Pacific celebrates the U.S. Supreme Court's ruling. But we also don't want to wait a dozen years before being paid. As a result, we know that we are not absolved from taking responsibility for the debt we choose to purchase. Even with the court victory, it is far from certain that the holdout investors are happy to have ever purchased Argentine debt.
In general, when buying any kind of sovereign debt, it is crucial to look at basic metrics like GNP per capita, the higher the better. The political composition of the government is also an important factor. Countries with constitutional checks and balances and divisions of power amongst multiple parties are less likely to engage in reckless behavior (obviously this is all relative as the U.S. and EU have shown that the developing world does not have a monopoly on recklessness). Countries that have autocratic executives, entrenched trade unions, and a penchant for populist activism should be scrutinized.
But it is also important to recognize the "default" can occur in many forms, the most insidious of which is through inflation. While not technically a default, nominal returns are meaningless if they occur in a currency that has been devalued. Thus it is vital to identify debt denominated in currencies where there is less "quantitative easing" and where there are positive real interest rates. While some investors take confidence when small countries issue dollar-denominated debt, the current drift of American fiscal and monetary irresponsibility argues against it. Another option is to find foreign debt where the coupon is indexed to the local inflation metric.
For Americans evaluating returns in terms of USD, it may be worth considering foreign debt denominated in a currency whose underlying value is backed by hard assets. If there is a commodity rise, these currencies may likely rise faster versus the USD. If commodities sink, however, the opposite is likely to occur. Most important in evaluating foreign sovereign debt is to use some common sense. If you watch the news at all, then you probably have a good idea of where you shouldn't be investing.
Investing in foreign securities involves additional risks specific to international investing, such as currency fluctuation and political risks. Risks include an economic slowdown, or worse, which would adversely impact economic growth, profits, and investment flows; a terrorist attack; any developments impeding globalization (protectionism); and currency volatility/weakness. While every effort has been made to assure that the accuracy of the material contained in this report is correct, Euro Pacific cannot be held liable for errors, omissions or inaccuracies. This material is for private use of the subscriber; it may not be reprinted without permission. The opinions provided in these articles are not intended as individual investment advice.
This document has been prepared for the intended recipient only as an example of strategy consistent with our recommendations; it is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular investing strategy. Dividend yields change as stock prices change, and companies may change or cancel dividend payments in the future. All securities involve varying amounts of risk, and their values will fluctuate, and the fluctuation of foreign currency exchange rates will also impact your investment returns if measured in U.S. Dollars. Past performance does not guarantee future returns, investments may increase or decrease in value and you may lose money.
Opinions expressed are those of the writer and may or may not reflect those held by Euro Pacific Capital, or its CEO, Peter Schiff.


text:
If You Make Any Environmental Claims About Or Use Certification Marks on Products or for Services…The FTC has News for You.
On October 1, 2012, the Federal Trade Commission issued its revised Guides for the Use of Environmental Marketing Claims, known as the "Green Guides." The purpose of the Guides is to help marketers avoid making environmental marketing claims that may be perceived as deceptive or unfair under Section 5 of the FTC Act. The Guides do not confer any rights on any person and they do not bind the FTC or the public. The FTC does have the right to take action under the FTC Act if an environmental claim is made that is inconsistent with the Guides. They do not preempt federal, state, or local laws, and compliance with those laws does not preclude an action by the FTC. As stated therein, the Guides apply to "claims about the environmental attributes of a product, package, or service in connection with the marketing, offering for sale, or sale of such item or service to individuals… and also apply to business-to-business transactions." The "claims" include those made in labeling, advertising, promotional materials, and all other forms of marketing in any medium, whether asserted directly or by implication, by words, symbols, logos, depictions, product brand names, or any other means. Continue Reading FTC Revises "Green Guides"


text:
What am I doing wrong??
[FONT="Book Antiqua"][FONT="Arial Narrow"]Hello fellow nurses...
So... I moved to Portland from California in August 09. (I used to live here so I am not a complete transfer, lol!) I am an RN and worked in a wonderful hospital in California as a Oncology Nurse for 1.5 yrs. I was an extern there for 1 year so it was pretty easy to get hired there. I am not very good at job hunting... My RN position was my first job.
Now I am job searching (struggling) in Portland for 3 months now. I am being somewhat picky... I'd prefer full time, day shift at one of the local hospitals. I am applying on the websites for basic med-surg positions and also things like home health and hospice. I have had one interview and unfortunately the manager called in sick that day!!! So I didn't have much luck there. I don't know why I am not getting any calls back. I know I am a somewhat new nurse but I was hoping it wouldn't be this hard. I'm hoping it's just recession and 2010 will be better.
Should I be making more phone calls to HR? I wouldn't mind SNF but because I am relatively new I don't want to lose my skills either. Would just like some advice before starting to apply at SNFs. Any advice would help. Sorry this is not well written. Have to go pick up my 5 year old from school!!!
About lilmomaluvinlife
Joined: Sep '08; Posts: 9; Likes: 2
RNJan 7, '10Wow, is it really that hard to find a job in Portland!?! They're hiring nurses right & left in Eugene--keep looking! Sounds like you need to switch your RN to Oregon--Good Luck!Jan 7, '10lilmomaluvinlife -
When I was reading your post it sounded exactly like my experience, except that I haven't moved I have been an RN since 2006, worked with Legacy for 2 years (trauma stepdown), left to go pursue a private peds clinic RN job for 1 year, and lost that job in October. So I had been VERY actively searching since that time and had the same experience as you. With my stepdown experience I thought, okay, I'm definitely qualified for med/surg -- I got zero calls for all the med/surg positions that I applied for. I applied with Kaiser, Legacy, and Providence for many med/surg positions and a couple stepdown med/surg units. ZERO call backs.
I DID call pretty much every HR department with all of these systems. I emailed them my cover letter/resume as well. I figured it was better to get my name out there and have someone tell me NO rather than not do that. I hated doing it though because I felt like I was being such a pain.
With that said, the one and only call back I did get was with OHSU for their neuro ICU internship, which I was offered and accepted.
Keep putting your name out there and contact the HR departments. The market sucks, but I feel it is getting better. They're all just being super picky because they can be right now. They are trying to find someone that fits their "mold", but unfortunately overlooking very qualified nurses, such as yourself
Good luck and feel free to send me a private message if you need support or have Q's or whatever!Jan 8, '10[FONT="Book Antiqua"]Thanks for your support! I know I saw that OSHU internship and am kicking myself for not applying!!! Well congrats on getting in somewhere! Im sure it's a great program...
Thanks again...Jan 13, '10Apply to everything...you never know what might push you through. Do you have your resume on Monster/Careerbuilder? A little persistence goes a long way. My sister works in HR, and she said that after seeing the same resume over and over again in the pile, she eventually puts them through to at least one position that they fit, just for their tenacity. It is scary, but Kaiser, Prov and OHSU post jobs almost every week. I would suggest you to sign up with the Job Alerts on all the websites. Prov/Kaiser will email you any jobs that fit your criteria set in the job agent. OHSU has a feed to all their job postings. Just stay on it, and don't let up until you get a job!Jan 14, '10Quote from sunflowerrossI sure wish I knew where this was happening...Wow, is it really that hard to find a job in Portland!?! They're hiring nurses right & left in Eugene--keep looking! Sounds like you need to switch your RN to Oregon--Good Luck!
It took me three months of looking to find the job I had (I worked in a hospital at the time, and had been for seven years!), and I just lost that job two days ago. I am seriously having to consider moving way out of state...something I was stressed about having to do the first time I had a hard time finding a job! The local Eugene/Springfield job market just doesn't seem as positive as you're making it soundJan 14, '10Sorry to hear about that nrsnic... That is unfortunate... Times are rough right now!!! Just have to stay positive... Even sometimes it's tough to even do that :0(Jan 21, '10I know of 6 new grads starting on the ICU and 1 on the IMCU in Salem, they all have their BSN. Of my graduating class this past December, about 10 of us have jobs now. I know many people have moved out of state to find a job. Oregon and Washington are pretty much in the same boat - saturated with new nursing graduates.Jan 21, '10I lived in Eugene for 20 years. 27 Yrs old now. In school in SF for nursing. I know for a fact They are hiring RN's in Eugene left and right.
Check out Oregon Medical labs and PeaceHealth medical. I know they have about 120 current openings for RNs...
Eugene sucks, But It's where the money is in Oregon for nursing. Riverbend is HUGE..Jan 21, '10Well at least some nurses are being hired... unfortunately I am not interested in moving to Eugene. Especially after I just recently moved all from california to Portland. Plus I love Portland and living here is worth the wait!!! ;0)Jan 22, '10[FONT="Century Gothic"]OK, I have to ask...where are these positions you speak of? I am currently hunting in that area (Eugene/Springfield) and there certainly aren't 120 positions for just nurses. Are you including all of PeaceHealth, which is also located in Alaska and Washington (not to mention a few other places around this state)?
I am not trying to argue, I really want to know where you're getting this information. I know that if you have a year or more of experience you do quite a bit better, but as a new (or practically new) nurse you're up the you-know-what creek...
On another note...I worked at PeaceHealth for seven years as a hospital phlebotomist at OML (now PeaceHealth Laboratories). I made a lot of positive relationships with nurses, charge nurses, and department heads. Toward the end of my educational sentence (I worked full time too, so it really wasn't fun), I started looking for a nursing position (around April 2009). I couldn't get my foot in a single door. I had letters of recommendation from a neonatal doctor (who is also in charge of the PeaceHealth hospital pharmacy), a per diem house charge nurse/LCC instructor, another well known and respected LCC instructor, and I could have given them 20 references from almost every department in the hospital. It didn't matter one bit. There simply weren't any positions. I ended up having to go into a LTC facility.
When I contacted HR again about a month ago, I was told (verbatim), "the job market is worse off than before when you were looking." I have another tab open in my web browser right now (Friday 1/22/10 @ 12:12 AM) and there are 31 total jobs listed in the Eugene/Springfield area for nursing, and that includes listings for CNA's and LPN's (so the number of RN positions is actually much lower than that).
So as you can see, I have a bit of data that suggests that the local Eugene/Springfield market is a little less than optimal. Again, I can't stress this enough...I am just this side of desperately looking for a job, so please...please prove me wrongJan 23, '10To lilwbprincess....
Hello... I was curious to see how the OSHU ICU program was going? I was going to PM you but realized I can't due to not posting enough... lol. Anyway... I am still looking for work and am really considering applying for the icu internship. I know there is one in April. I don't want to miss it this time... When was you interview and how far advance did they tell you that you were accepted before the program began? Are you learning a lot? How does it work? Are you in a class all day? Is it paid for? So many questions ;0)
Thanks!!!Feb 16, '10The job market always looks good to someone who's not actually in it. Unless this San Francisco nursing student is going to give us evidence, I would trust your own experience. Good luck to you, nrsnic, and don't give up hope--I eventually had to move out of state in order to find a job, but I had been out of work/nursing school for two full years and still got hired.


text:
Not Jaromir Jagr, not quite and at least not yet, but the Rangers did add a winger to the mix yesterday with the signing of former Islander Andreas Johansson.
Sources told The Post that the 28-year-old, 6-2, 200-pounder selected from the Senators by Glen Sather in last year's waiver draft, agreed to a one-year deal in the neighborhood of $700,000. Johansson, who scored 21 goals for Ottawa in 1998-99, played in Europe last season. He scored the winning goal for Sweden against Team USA in last month's World Championships.
Meanwhile, having passed through waivers, Guy Hebert has been given permission by the Rangers to seek employment elsewhere. When, as is certain, the 34-year-old goaltender is bought out for two-thirds of the $3.8M he has on his contract for next season, that $2.533M obligation will be assumed by the Mighty Ducks under terms of the deal that brought Hebert to Broadway last February.
At the same time, Penguins GM Craig Patrick is just now beginning to work seriously on finding a trading partner for Jagr, coming off his fourth straight Art Ross-winning season. Jagr, who has two years at $20.7M remaining on his contract, has told friends that he hopes to be traded to the Rangers. The Penguins are known to covet defenseman Tomas Kloucek.


text:
Welcome to Fashion Scavenger Hunt, a column to help you track down your favorite products — clothes, makeup, shoes, whatever — that have been discontinued or otherwise lost in the passage of time and quickie fashion trends. Email firstname.lastname@example.com to submit your own "wanted" ads.
From Annie:
This coat is from the Portland Collection's first line in Fall 2011. It's perfect — fun and interesting but with neutral colors, and it's Pendleton materials so you know it's warm! I imagine it will be pretty hard to track down — who would give up such a gorgeous, fabulous coat? Help me find something at least partially similar?
I tried myself and couldn't find it, but I bet one of you guys can!
Image via the Portland Collection.


text:
Tuition Fee Procedure
Dues are to be paid on the dates specified at the time of admission or registration.
Late Payment of Tuition Fee:
Registration is not complete until the tuition fee and other dues are paid in full. After the last due date of fee payment, a late fee per day is charged until the entire tuition fee is received.
Fee Payment by Installments:
Students have the option to pay semester fee either in lump sum or in three equal monthly installments.
Fee Adjustment Policy:
The college reserves the right to increase the fee in response to the inflationary economic environment. Fee increase may be on annual basis. Such fee increase will apply to all students currently enrolled.
If a course(s) is offered by the university, dropped for one reason or other and, no other course(s) can be offered in its place, tuition fee can be refunded or carried forward for adjustment against the following semester's fee.
If a student withdraws from a course during the first week of classes, then the tuition fee will be carried forward for adjustment against the following semester's fee.
No Cash Refund is given:
Full tuition fee is also refundable in cases where a student had registered in advance for a semester and decides to withdraw from the program prior to the commencement of the classes. In such cases the student must give a written notice of withdrawal from the program before the start of the classes
- Except for cases mentioned above, in all other circumstances the tuition and registration fees are non-refundable


text:
Camo Wedding Gives You The Special Wedding Day
Camo wedding is one of the preferences of going to married couple for all over the world. This concept of wedding is chosen because of the unique and special atmosphere that it gives. The Camo theme is the best while you thing it is very boring to have the mainstream styled wedding. To make you sure for the best wedding day, it is very important to have all things that you need for the wedding with this special concept for wedding. This concept is the best choice for modern, elegant and stylish look.
Romantic Camo wedding
15 Photos Gallery of: Camo Wedding Gives You The Special Wedding Day
Wedding is a moment when both of the lovers finally get their marriage life started. The wedding is the special day for many couples wherever they are. Thats why; it is very important to make your wedding becomes perfectly done and conducted. There are many things that you should provide for the wedding day with this concept. All of things for the Camo Wedding are available to get. The Camo design wedding dress is the most important one. It will be very essential for you to wear for the special day. The Camo styled dress will make your appearance looks very special and beautiful.
Romantic Camo appearance
Camo style is very awesome and best in order to give you both graceful and exotic looks. This look is the perfect one to make you looks awesome for your bride or groom. The style of wedding for the Camo makes everything on the wedding shares the special, vintage, and romantic look. The love of the married couple is very perfect to show for the guests that attend the wedding. Apply this Concept for all things of your wedding such as the wedding dress and accessories, decorations, favors, invitation and other things. Give it a beautiful design and look for your very special day.


text:
ABWAK is the only professional association for those involved in wild animal care in the United Kingdom and Ireland.
Why join ABWAK?
ABWAK members are also recognised internationally through membership of the International Congress of Zookeepers (ICZ). Membership of ABWAK supports the aim of achieving and advancing the highest standards in wild animal care, and enhancing the professionalism and recognition of zookeepers.
Members of the Association receive:
- The journal RATEL four times a year
- Access to the Members' Area on our website
- Discount on the ABWAK Symposium and workshops
- Discount on other courses and workshops
- Opportunity to apply for grants for travel, husbandry, enrichment and conservation projects
- Opportunity to network with fellow keepers and contribute to development of the profession
Interested? Then why not join now, we accept payment by Paypal.


text:
The Center on Food Security and the Environment is a joint effort of the Freeman Spogli Institute for International Studies and the Stanford Woods Institute for the Environment.
Jennifer Burney
Energy and Environment Building - MC 4205
473 Via Ortega
Stanford CA 94305
Former FSE postdoctoral scholar, Jennifer Burney continues to work 10% time with FSE on the solar market garden project in Benin and is assisting in FSE's project on rural development and health at the food-water nexus in Kenya. She shares a joint appointment at University of California, San Diego as an assistant professor of Science, Technology, Engineering, and Policy in the School of International Relations and Pacific Studies. Burney is a physicist by training whose research focuses on simultaneously achieving global food security and mitigating climate change. Her current interests center on the creation, implementation, and rigorous evaluation of technologies that impact human health and welfare. Jen earned her PhD in physics from Stanford.


text:
Wortman AG has released a new tablet namely Wortmann Terra Pad 1050 Tablet. Terra Pad 1050 Tablet is a slim tablet with and based on Intel paltform. The thickness of Wortmann Terra Pad 1050 is 15 mm with weight 850g.
The Terra Pad 1050 is powered by 1.66GHz Intel Atom N455 processor, intel GMA 3150 integrated graphics, 2GB of RAM, a 32GB solid state drive, a webcam, and sports a 10.1-inch touchscreen display with resolution of 1024 x 600 pixels.
Other specs include Wi-Fi connectivity options, a webcam, card reader, two USB ports, D-Sub connector, 3G modem to work in mobile networks, and runs Windows 7 Operating System. There is no word about release date and price tag.
Wortmann Terra Pad 1050 Tablet Specifications
10.1-inch touchscreen display with resolution of 1024 x 600 pixels
1.66GHz Intel Atom N455 processor
Intel GMA 3150 integrated graphics
2GB of RAM, and 32GB SSD
Supports multitouch, & webcam
D-Sub connector, & Wi-Fi connectivity options
Card reader and two USB ports
3G Modem to work in mobile networks
Runs on Windows 7 OS


text:
PROSPECT HEIGHTS — A Prospect Heights man armed with two handguns held police at bay for 8 1/2 hours before being shot to death early Sunday as he opened fire when a SWAT team stormed his condominium, police said.
Two police officers suffered minor wounds from shrapnel of bullets that hit their bulletproof shields, authorities said.
Neighbors described the gunman, William Howard, 37, of the 1500 block of Cove Drive, as an eccentric who lived alone and often growled at passersby.