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Hotel Chinatown 2, Single Room is the same as ZEN Rooms Basic Jalan Petaling USD 16.08 per night Jalan Petaling, Kuala Lumpur 50000, Malaysia Jalan Petaling, Kuala Lumpur 50000, Malaysia
Available Add-ons
The ZEN Comfort Guarantee
- Free Fast WiFi
- Cool AC
- Hot Shower
- Spotless Bed
- 24/7 Care
- Low rates
- 24h Front Desk
- Airport Shuttle (Extra Cost)
- Cable TV
- Elevator
- Flat Screen TV
- Hair Dryer
- Non Smoking Room
- Study Desk
- Telephone in room
- Room Size: 11m2
This hotel has been audited within the last 3 weeks
Set in the Chinatown neighbourhood, Hotel Chinatown 2 guarantees guests a pleasant stay whether in Kuala Lumpur for business or pleasure.
The property is about a 60 minutes drive from the Kuala Lumpur International Airport. The property has an Hong Leong Bank at about 1 minute walk.
At Hotel Chinatown 2 your comfort is the priority. The hospitable and efficient staff will attend to all your requests. ZEN Rooms offers you our brand guarantees. Most importantly, we have free WiFi, but also air-con, a comfy bed, in-room shower and always a clean room. Additionally, the hotel also offer a 24h front desk and elevator.
Book a room at Hotel Chinatown 2 and be sure to enjoy a warm and satisfying experience with their quality services and multitude of cosy and enjoyable amenities. ZEN Rooms ensures that their guests get the top budget accommodations in Kuala Lumpur. We see to it that you get the best price as well as are provided with all the promised amenities and amenities by auditing the properties.
Hotel Chinatown 2 provides airport shuttle upon request, which is payable in cash direct to drivers.
Attractions near Hotel Chinatown 2:
Restaurants: Loong Kee Dried Meat, The Kathmandu House, Fo Guang Vegetarian Food Stall.
Amusement: Muzium Telekom, Istana Pahang Kuala Lumpur, Taman Megalith Petronas.
Culture: Sri Mahamariamman Temple, Sin Sze Si Ya Temple, Art House Gallery Museum of Ethnic Arts.
- A tourist tax of MYR 10 per room per night is applied to all foreign guests. This tax is not included in the room rate and must be paid upon check-in. Guests with a valid Malaysian ID or valid MY PR Card are exempted.
- Check-out time is till 12:00 PM. Late check-out fee is MYR 50/hour if check-out before 17:00 PM, and full night rate after. - A tourist tax of RM 10 per room per night is applied to all foreign guests. This tax is not included in the room rate and must be paid upon check-in. Guests with a valid Malaysian Identity Card or valid permanent residents MY PR Card are exempted.


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Father McMahon's Confession: A Short Story
Available at Select Retailers
About the author
Amanda Linehan
Amanda Linehan is a fiction writer, indie author and INFP. She has published five novels and a couple handfuls of short stories. Her short fiction has been featured on Every Day Fiction and in the Beach Life anthology published by Cat & Mouse Press. She lives in Maryland, likes to be outside and writes with her cat sleeping on the floor beside her desk.
Brought to you by the smart people at

subset: commoncrawl


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Kigtropin has its advocates but there have been issues with quality and fakers
Kigtropin is one of those HGH products that started out with a good reputation then the consistency and quality became unreliable. Nobody really knows who makes kigtropin infact it's probably a variety of different makers hence the consistency and quality issue. The original product was very good and this became its achilles heel as (as usually happens) the fakers moved in and copied it with inferior products.
HGH users purchased the original Kigtropin because it was very good.
The product that we see for sale onIrinman is from the original manufacturers and so quality is guaranteed. We consistently get good reviews for Kigtropin and all the serum tests come back with high levels of serum HGH and IGF-1 (the hormone that HGH causes to be released) always refund anybody who is not happy with and Kigtropin they sell. They have been using the same regular supplier for our Kigtropin customers. We would never sell Kigtropin from an unknown supplier without getting it fully tested and authenticated first. But any way, and at the present time they have a regular quality supply.
It has a dedicated following, Kigtropin is one of those HGH powders that people either love or hate. The reason for this is probably the people who think its crap are buying the low quality faked stuff. If you buy Kigtropin from Ironman you will immediately notice the difference in quality and understand why its well respected by those in the know.
Whats in the box
Well Kigtropin (as nearly all HGH products are today) is full 191 amino acid HGH. Its medical name is Somatropin and its the same hormone a healthy person would produce naturally in the pituitary gland. However it is made synthetically in the lab but this does not mean it is in any way different to the hormone we humans produce naturally. Its actually called rHGH the (r) standing for recombinant which means its been recombined with a bacteria (or genetically engineered) to produce the identical same hormone that humans do. Its a human gene spliced into a bacterial genome and switched on to produce what we want: HGH (rHGH). The only way we could get this product before it being produced in the lab was to harvest it from cadavers. This, apart from being disgusting also carried a lot of health risks. So its east to see being able to synthesise vast amounts of clean HGH was highly advantageous.
Kigtropin has always been popular in the UK
Kigtropin has always been popular in the UK maybe because buying it here is relatively easy. Its popularity may stem from the fact that the UK seemed to get the quality Kigtropin before the fakers came in and fucked it up for everybody else. In any case its always held a special place in the hearts of UK body builders. And its nearly exclusively used by body builders in the UK. There is no special reason for this, it could just as easily be used by those wanting to look younger or recover faster rom injury.
What should I buy Kigtropin for?
Well you could buy it for a variety of medical and none medical reasons. For medical reasons we are talking about children who are lacking in HGH and are therefore shorter than they should be. And adults with adult onset human growth hormone deficiency. In truth if you live in the UK you would probably get the HGH free from the NHS. If you are looking for Kigtropin for none medical reasons (and most that are on this website) you would probably be using it to build muscle, increase bone density, improve skin tone, increase libido and remove body fat.
Kigtropin is also used to increase quality of life, why should we get older feeling shit when we dont have to. We are only on this planet for a short time so we should make it of the best quality. Kigtropin or any quality HGH will do this.
Its fairly easy to buy kigtropin, just visit our shop and order however many you need. Kigtropin vials are used the same way as any other powdered HGH. Firstly the bacteriostatic water is drawn up into a syringe (usually an insulin syringe) and injected slowly into the insulin vial. The vial is then rolled around slowly until the powder is dissolved, never shake the powder to dissolve it, people who buy Kigtropin for the first time often make this mistake. It will destroy and degrade the medicine. It can then be kept in the fridge and used accordingly.
Kigtropin can be used for much longer periods than other body building supplements such as steroids as they don't carry the nasty side effects that steroids carry.


text: Just done up what by even my own rigorous standards is a top-hole veggie curry, kind of. The kind of is because the water that the spuds got boiled in was laced with what was left in the frying-pan after cooking 4 homemade burgers plus about 4 pinches of dried garlic powder and as much ( probably a bit more) salt. After about 15 mins, and, yes, this is a cheat but no-one complained, throw in some frozen brussels, mixed veg, and if you like, some meat ( I aint no treehugger), and give it another ten. In the meantime, in about a half-pint recepticle......now this is where the good bits come in.....chuck in about as much powdered pea soup as would make a pint, add Tesco's curry powder, not the cheap stuff btw, plus as many shakes of Tabasco superstrong as you like and a big dollop of soya sauce and add water to make nearly half a pint. Stir well. Chuck it all in with the ongoing veg and let it all simmer for another 10-15. Done deal.


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In the beginning, the Florida Legislature created Bright Futures scholarships.
Legislators said let's give the brightest students a full ride, and also cover 75 percent of tuition for students who are good, but not great. And they said let students at community and private colleges and vocational-tech centers also have a bite of the apple.


text:
People find acupuncture helpful for all sorts of ailments, it is most famous for effectively treating pain but it can help lots of other things too. If you are curious about whether it could help you then do give me a call to discuss your symptoms and how acupuncture might help. I have a BSc in Acupuncture and I am a licensed member of the British Acupuncture Council. Currently I work at the Halton GP surgery. Treatments cost £40 though I do offer a discounted treatment for those on no wage or a low wage.
Directory categories:


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Bus overturns on shanties injuring 50
A bus overturned on roadside shanties injuring around 50 people while it was trying to overtake another vehicle. The incident has happened at West Midnapore's Belda on Tuesday. Police said, two racing bus were going towards Digha, one of which toppled on shanties causing severe injuries to 50 people.
Police said those two vehicles were racing against each other. A bumper on the road had overturned the bus and it fell on the shanties. The injured were taken to the local health centre. "There were passengers and drivers among the injured. They were critical and some of them were taken district hospital," said a police officer.
The buses going to Digha from Keshpur as most of the passengers were residents of East and West Midnapore district. "Most of them were vegetable traders, masons and fish traders who were going to Digha market for selling their goods. The two bus drivers were quarrelling with each other using slangs over lifting passengers on the middle of the roads," said the officer. The two drivers were arrested. "Racing vehicles and buses have been regular affairs here. They have made this road a terror zone. We have complained to the police time and again. I think police should take serious step against racing vehicles," said a local resident.
However, state government's slogan of "Safe drive, Save life" reiterated by the Chief Minister Mamata Banerjee has inspired police to take actions. "Police have tried hard and the locals have helped them a lot. But these errant drivers were unruly. They should be punished," said a local resident.
The two buses were seized by the police and a cleaning team has been pressed into the action to initiate work as soon as possible.


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My Dreamy China Lady
Gus Kahn & Egbert Van Alstyne
AbeBooks Seller Since October 24, 2000Quantity Available: 1
Bookseller Image
AbeBooks Seller Since October 24, 2000Quantity Available: 1
About this Item
Bibliographic Details
Title: My Dreamy China Lady
Publisher: Jerome K. Remick, New York
Publication Date: 1916
Binding: Unbound
Illustrator: Starmer
Book Condition:Fine
Dust Jacket Condition: No Jacket
Edition: Edition Not Stated.
Store Description
money orders or personal checks. merchandise will be shipped immediately for money
orders and upon check clearance.
Orders usually ship within 2 business days. Shipping costs are based on books
weighing 2.2 LB, or 1 KG. If your book order is heavy or oversized, we may contact
you to let you know extra shipping is required.
Payment Methods
accepted by seller
Check Money Order Cash


text:
Kent RO Service Center provides the best RO repair services such as RO Installation, Repair services and AMC Plans in Panchkula. Book Service @ 8506097723.
We all love to visit supermarkets all malls as we get all kind of solutions to our requirement, likewise, RO Care India also provides a 360-degree solution regarding Kent Ro service. The Kent RO installation has become a mandatory thing in every residence and commercial places for getting the supply of safe and pure drinking water. The increasing level of water pollution is causing a great rise in the different kind of water-borne diseases and thus, we need an advanced purification process for getting a 100 % pure and safe drinking water.
Our 24/7 operating customer care will provide you with the best assistance to select the best model according to individual requirement so that you don't spend extra money for irrelevant features.
However, it is not mandatory to subscribe for any Kent RO AMC plans; it is completely RO user's choice.
Kent Sales FBP Eureka Forbes Ltd.
Address:- Shop No - 7A, Lohgarh, Zirakpur – 140603
Kent Ltd.
Address:- Panchkula, Chandigarh – 134109
Address:- Sco-22, 1st Flr, Panchkula - 134109, Cabin No-1
Kent Water Purifier Co
Address:- Shop Number 2, Gali Number 1 Haripur, Sector 4, Panchkula – 134112
Kitchen Hub
Address:- SCF 232 First Floor, Mani Majra, Chandigarh - 160101, Near New Motor Market And Bus Stand
Gulab Enterprises
Address:- Office Number 120 Tricity Plaza First Floor, Sector 20, Panchkula - 134116, Adjoinging Sector 20
Realwater- Purity & Trust
Address:- Nijjer road, Kharar, Chandigarh - 140301, Mohali , near central bank
Khanna Bros
Address:- Sco Number 5 Ground Floor, Madhya Marg, Sector 7c, Chandigarh - 160019, Near Dena Bank
New Jain Crockery Store
Address:- Sco Number 276, Inner Market, Sector 35d, Chandigarh - 160022, Near Khukhren Bhawan


text:
We know organising travel can be a hassle!
So we have teamed up with Haka Educational Tours to take all the stress out of your trip!
There are some travel packages that they have put together specifically for the NZ Junior Rugby Festival- They can even change and personalise each package for your team needs and budgets!
Check out their deals by clicking their logo below!


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Cinema Orange | Pressing On
Pressing On: The Letterpress Film
Directed by Erin Beckloff and Andrew P. Quinn
Produced by Kevin Grazioli
Free screening on Free Friday at OCMA
The modern world was born on a printing press. Once essential to communication, the 500-year-old process is now in danger of being lost as its caretakers age. From self-proclaimed basement hoarders to the famed Hatch Show Print, Pressing On: The Letterpress Film explores the question: why has letterpress survived?
Worlds of each character emerge as unusual narratives—joyful, mournful, reflective and visionary—are punctuated with on-screen visual poetry, every shot meticulously composed. Captivating personalities blend with wood, metal and type as young printers strive to save this historic process in a film created for the designer, type nerd, historian and collector in us all.


text:
Items for sale: 1714
Newest item
Bulgarian Firefighter helmet, WWII model
Item ID: 6792
Featured item
Bulgarian Bulgaria Ribbon For Royal Order St. Alexander 4th class...
Item ID: 7112
JUST ARRIVED sellection of rare Soviet awards « News « Home
JUST ARRIVED sellection of rare Soviet awards
Welcome to Other countries awards section - we've recently got great series of Communist Soviet campain medals , rare mine medals, Order Lenin with document , as well as many other USSR orders with certificates. All 100% Original ! http://www.shopbulgaria.com/russia-soviet-union-5088.html
The section completes with big variety of Serbia Yugoslavian decorations.
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Bulgarian National Union Kubrat
We are offering some of the most interesting bulgarian royal badges of the nationalistic organization "KUBRAT"
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I'm sure most are used to seeing gardens or crop fields planted in rows. While in large format farming it is for ease, in gardening there is a science behind it. Large format farms do not have to worry about things like companion planting or plant size. Did you know that growing some plants next to other plants can foil your garden plans? Did you know that some plants attract bugs that will kill other plants? Did you know that planting plants in the same place year after year can strip your soil and harm your yields?
Crop rotation is one of the easiest ways to have an amazing garden year after year. But planting certain plants next to each other can really cause a problem. Here are some quick reasons why you should make sure you are careful where you plant certain plants.
- Soil change – Did you ever notice that a field is rarely planted in corn or beans more than one year in a row? That is because the soil changes after each crop. Corn tends to strip the soil of nutrients while soy beans replenish the soil. If the farmer planted corn every year the crop would suffer and the soil would start to have issues. (i.e. The Dust Bowl of the 1930's). That is just one example. Even trees and their root systems can change the soil. Oak trees for example can put acids into the soil.
- Some plants just get too big! – If you have a plant that loves to be in the shade, like lettuce for example, it might be ok to plant it next to a tall growing plant, like under a cucumber trellis. Planting potatoes under your cucumbers would hurt both plants. The potatoes wouldn't get enough sun and the soil combo can hurt the growth of both plants.
- Bacteria – Most everyone knows there is good an bad bacteria. The same is true with bacteria in the soil. Bad bacteria can cause roots to rot and other problems for your garden plants. Good bacteria can get sucked from the ground and needs to be put back in for a balanced garden. Legumes (Beans, alfalfa) and even some trees can help encourage the bacteria back into the soil. The bacteria thrive on these plant's roots and they stay in the spoil once the plant dies at the end of the season leaving your garden with lots of good bacteria in the soil.


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[NEWS] Common Signs to Def Jam
Wednesday, June 4, 2014 at 1:44PM
Big news for Com today as he announced his signing
to Def Jam through executive producer No I.D.'s
imprint, Artium. His latest album will be out July 22nd.
Words from Common himself:(via his website)
"I'm honored to team up with No ID and be a part of the Artium and Def Jam family. Creating this album and signing to Def Jam feels like a new beginning for me. I feel like a new artist because I created this album with the purpose to give back to my city and to the culture of hip hop. Def Jam is part of the foundation of hip hop and being able to work with No ID was returning to my foundation now with new energy and new hunger."


text:
To saikat:
Well it's true, the browser is a little better on 3rd ed. But I use Opera browser, I think it's better than standart Nokia browser. It does not have that minimap function though. Well for the display quality it's simple. Both phones have about the same size display in inches, but e50 has more pixels in it, so the view quality will be better on e50. All 3rd ed phones has larger screens than 2nd ed phones. n72 has a 176 x 208 pixels display and e50 has a bit bigger - 240 x 320 pixels display. It means the pixels are smaller and you will be able to view more. The view will be a bit nicer, and the menu will be in 4x3 grid, not 3x3. BUT the fonts will be smaller, and many people complain about this, because it can be hard to read menu text, SMS messages etc. And for me n72's screen is good enough, I can watch movies in nice quality. Think carefully about what you will use your phone for. That's all...
thanks DiO....
one more thing....how abt the difference in web browsing between the 2nd n 3rd eds of symbian? i guess only 3rd edition offers u a minimap n page overview features tats cum vry close to viewing webpages on a pc....or is there any 2nd ed supported browser tat functions just as well? n if it's possible cud u plz elaborate on the difference in display quality between the e50 n the n72 tat u mentioned earlier....
thanks again....
To IgnitioN:
I already answered, read through the page.
To saikat:
Well I also chose between them. 3rd edition is not anything too important, you can easily live without it. The thing that is better on e50 is the screen. It's bigger (in resolution), but also text might be hard to read, because letters are smaller. I chose n72 because of the camera and better sound quality. Btw for the office apps, there is OfficeSuite v3.00 and it works on 2nd edition flawlesly.
@ DiO
i'm really confused between the n72 and the e50....n72's got a more powerful 2 mp camera and flash n fm radio....but e50 is a symbian 3rd edition fone....tat means greater functionality right...n more applications to install in the future....but then does havin the symbian 2nd ed (as in n72) handicap u tat much? just for the record...i guess apps r more important to me than music or photos...esp the office apps
DiO cud u help me out?
really this cell phone is great although i havent brought it but i think if i brought it will make from me a star coz wen i saw wid ma friend i took it and i tried it n it is really coool ...Ya RAB ageebou ya rab
Thanks DiO,
This is very strange, because Symbian phones do have a lot of features implemented, but the basic "key autolock" is missing. I think I already have a software for this, I'll just need to install it.
... ahhh I almost forgot: N72 ROCKS!
To Adrian:
At the moment i only answer here. There is no autolock function in Symbian phones, unless you download a 3rd party program. There are many programs wich enable the autoock function, so just search the net.
Can someone tell me how do I enable "AutoLock Keys" on a N72. I can't find this option !!!
If you got the result please send me an e-mail.
Well if you are listening to music realy often on your phone and are picky in music quality, then i suggest Walkman series phones. Or ME/XM of Nokia. I believe at the moment newest good music phones are Nokia n73me, Nokia 5700, SE W880. w800 is also good but is an older one. But if you listen to music only from time to time, not too often, then n72 is also good, it's music quality is fairly good.
Between n72 and w800 I'd pick n72 because it's a way more advanced phone. But if you listen to music ALOT, then consider my suggested phones.
hey DiO
thx very very for replying
man actually i need sound frm ma cell
u seems to be g0o0od in mobiles so what shouldi do ?
To IgnitioN:
I prefer n72 for myself. I don't need w810 since I don't listen to music on my phone too often, and I prefer n72 over 6300 because n72 is a Symbian phone and it has a better camera. But I don't know what YOU need from a phone.
TO IgnitioN:
The phone shouldn't slow down with any card, I don't know why for some people it does. You just must not fully stuff the card. I'm using the 128mb that came with the phone at the moment, I will buy 1gb later when i will need it. And the casing changes to ALL Nokia phones, just on ones it's easyer, on others it's harder to change it. n72's cover is harder to change, and I suggest taking the phone to the workshop to change the cover if you want to.
hey Dio
thx for replying
if i insert 512 mb card
the phone will slow down or not ??
and which card u r using??
do rply
when i insert the 1GB Memory card,the phone is really really slow,it take long time to go to menu?why is tht???????
To IgnitioN:
Well I don't think it's slow. It only lags when you want to create a new message or enter the gallery. Still it takes no longer than 2 seconds. Simply do not stuff the entire memory.


text:
I've had some very generous offers for donations to the Golden Quilter Awards. But I want to step back and focus on awards and recognition for those that are nominated and ultimately receive recognition for the Golden Quilter Awards. As such, I'd like to seek your feedback. What do you think would be an appropriate prize for a "Lifetime Achievement Award", or the "Most inspirational Designer" or "most best SW product"? What prize is appropriate to recognize these winners? Or is the prize simply that they are recognized by their pers.
Part of me says it would be wonderful to give a nice engraved plaque to the winners of each category. But, due to the cost, I would need sponsors to help fund the cost of these awards. But maybe you have other ideas for how to recognize and award the winnners of the Goldne Quilter Awards.
Please let me know your ideas for what type of award (gift) is appropriate. In the meantime, if you check my blog for sharing insights on giveaways, you'll find insights on a contest I have that is open to those that take time to nominate those for the "Golden Quilter Awards".


text:
Sunrise Trekking And Breakfast With Bali Coffee
- This early morning trek offers the opportunity to see Bali in its best light – at sunrise from the top of the island's towering Mount Batur. Follow your guide to the top of this active volcano where you'll get a panoramic view of the sun rising over Bali. Relax after the trek in a local hot springs.
- Learn More
- Free Cancellation


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Rebecca Thomas ("Electrick Children") is in early talks to direct the upcoming live-action adaptation of "The Little Mermaid," starring Chloe Grace Moretz ("If I Stay," "The Clouds of Sils Maria"). Sofia Coppola was previously attached to direct the feature, but in June the Oscar winner dropped out of the Universal Pictures and Working Title project.
This version of "The Little Mermaid" returns to the story's roots — Hans Christian Anderson's grim, heartbreaking fairy tale about an ill-fated mermaid, though it's uncertain just how much the script will borrow from its depressing source material.
The screenplay had already gone through Kelly Marcel ("Fifty Shades of Grey,""Saving Mr. Banks") and Abi Morgan ("Suffragette," "The Iron Lady") before being rewritten by Caroline Thompson ("Corpse Bride," "The Nightmare Before Christmas"). Now Richard Curtis ("About Time," "War Horse") is listed as the writer on IMDb. It's unfortunate that a female screenwriter won't be credited for the script, but at least Coppola was replaced with another female director.
Thomas is also behind the latest big-screen adaptation of a John Green novel, "Looking for Alaska," which is currently in pre-production and is rumored to star Elle Fanning. Sarah Polley ("Take This Waltz," "Away from Her") penned the script. Green wrote the source material for 2014 mega hit "The Fault in Our Stars," as well as this year's "Paper Towns."
[via Variety]
Sign Up: Stay on top of the latest breaking film and TV news! Sign up for our Email Newsletters here.


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Bill Gross penned another interesting commentary, "A Sense of an Ending." The title comes from a Julian Barnes novel, of which Gross pulls the following quote: "There is accumulation; there is responsibility, there is unrest – great unrest."
Mr. Gross and I share similar analytical frameworks. He focuses on debt, while discussing a market cycle that commenced back in 1981 with Treasury bonds yielding 14.5%. Gross believes that the great Credit Cycle has about run its course.
It's worth pulling some data from 1981. Emblematic of this historic boom, I'm fond of tallying Treasuries, Agency Securities, Corporate Bonds and Muni debt (from the Fed's Z.1) as a proxy for "Total Debt Securities (TDS)." Total Equities are added to come to a value for "Total Securities."
Back in 1981 Treasuries totaled $816bn, Agency Securities $324bn, Corporate Bonds $550bn and Muni debt $444bn. TDS ended 1981 at $2.134 TN, or 66% of GDP. At $1.382 TN, Total Equities amounted to 43% of GDP. This put "Total Securities" at $3.516 TN, or 109% of GDP.
Fast-forward to the end of 2014: Treasury Securities had inflated to $12.996 TN; Agency Securities to $7.934 TN; Corporate Bonds to $11.569 TN; and Municipal debt to $3.652 TN. Total Debt Securities grew to $36.152 TN, or 208% of GDP. Total Equities inflated to $36.457 TN, or 209% of GDP. Having inflated almost 2,000% since 1981, Total Securities ended 2014 at $72.608 TN, or an unprecedented 417% of GDP.
I really don't prefer to come off as some whacko extremist, which perhaps helps explain why I highlight the thoughts of market gurus such as Bill Gross and Stanley Druckenmiller. From my analytical perspective, we're in the "Terminal Phase" of a historic global experiment in electronic "money" and Credit, in "activist" monetary management and in economic structure. Getting somewhat closer to Bill Gross's parlance, we're in the endgame of a historic experiment in market-based finance. And in a 35-year Super-Bubble, it's only fitting that the endgame has things turning extraordinarily chaotic: Policy measures turn progressively desperate, throwing gas on increasingly manic and unhinged markets.
Back to the data: On the back of 209% growth of GSE Securities (to $3.916 TN) and 176% expansion of Corporate Bonds (to $4.480 TN), Total Debt Securities inflated 116% during the nineties to $13.506 TN. Total Equities inflated an incredible 416% during the decade to $19.401 TN. After beginning at 178%, Total Securities ended the nineties at 341% of GDP.
There were key developments during the nineties that remain fundamental to understanding today's complex Bubble predicament. So I'll keep pounding away. The move to "activist" monetary management under the prolonged reign of chairman Greenspan was paramount. The aggressive "asymmetrical" rate slashing provided a powerful backstop for risk-taking, certainly including leveraged securities speculation. Less obvious, the Fed's early-nineties yield curve manipulation – covert bank recapitalization – provided extraordinary opportunities to profit from securities leveraging.
There's another momentous development overlooked over the years. After "decade of greed" eighties excess, the post-Bubble backdrop was one of a highly impaired banking system. The savings & loan industry had collapsed. The Texas banks were wiped out. Even some major banking institutions (Citibank!) were in trouble, especially after the collapse of the coastal real estate Bubbles (East and West, commercial and residential). Greenspan took extraordinary measures, adopting "activist" policymaking that the Fed believed was justified because of mounting risks of economic depression and deflation. They've been fighting this bogeyman on and off now for 25 years.
There's great irony in the free-market proponent Alan Greenspan morphing into the father of centrally planned "activist" monetary management. To be sure, this transformation changed history. Central to Greenspan's thinking was the view that it was imperative to both recapitalize the banking system and spur market-based Credit expansion. It was the Fed's role to ensure system reflation – a task left primarily to the GSEs, fledgling securities and derivatives markets and rapidly expanding broker/dealer and hedge fund industries ("Wall Street finance").
It was believed that the upshot of safeguarding the banking system's capital base would be a sounder financial system and stable economy. This view was closely related to the (Friedman/Bernanke) view that much of the Great Depression could have been avoided had the Fed recapitalized the banking system after the crash. Moreover, Greenspan saw a financial system where various risks (i.e. Credit, duration and liquidity) were dispersed throughout the "marketplace" as more robust than the traditional model of risk accumulating at highly leveraged banks. Central to this doctrine is that markets behave efficiently and rationally – i.e. self-adjustment around an equilibrium level, as opposed to unstable markets prone to self-reinforcing excess and Bubbles. This specious premise had New Age central bankers happy to intervene to backstop tottering markets without having to fret upside dislocations and Bubbles.
From a policy standpoint, market-based Credit proved phenomenally seductive. For one, the Fed then controlled history's most powerful monetary transfer mechanism: system Credit, risk-taking and wealth could all be spurred along simply by contemplating a 25 bps reduction in the funds rate. At the same time, one could rest on a New Paradigm notion that markets were uniquely capable of properly pricing and allocating finance (along with real resources). Moreover, it was easy during the nineties to overlook the booming market in GSE securities, corporate bonds, ABS and an array of derivative products when traditional measures of boom-time banking excess were largely absent. Market-based Credit turned out to be unbelievably enticing – for market participants, bankers and central bankers.
History is unambiguous: Credit is inherently unstable. And for years I have argued that market-based Credit is highly unstable. And especially after recent years, I will add more generally that a market-based financial system is dangerously unstable. There is, however, a powerful counter-argument that is essentially the bedrock of today's bullish view on securities markets: Astute policymakers have come to garner the insight and employ the necessary tools to bolster and stabilize markets and, accordingly, economies. For better or worse, market-based finance and the attendant "activist" monetary management regime overpowered the world.
The evolution of policy saw aggressive rate cuts in response to systemic risk, active communication of policy intensions to the markets and even the orchestration of bailouts – later morphing into something more dangerous. "Activist" policymaking transformed into massive monetization and explicit market manipulation – whatever it takes to sustain the great securities bull market. Amazingly, the centrally planned inflation of risk markets became the prevailing monetary policy tool. After all, with securities markets having inflated to multiples of underlying real economies, ensuring strong ("bull") markets became the central banks' chief "monetary transmission mechanism." Moreover, with vulnerable economic structures, nothing would be tolerated that might risk pushing economies back into recession. The mighty bull market had to continue – for the good of all humanity.
Importantly, systemic risk rises exponentially during the "Terminal Phase." The clearest example was the explosion of mispriced mortgage Credit during 2006/07 – surging quantities of high-risk loans/securities that depended on ever increasing quantities of high-risk lending, higher home prices and a thriving securities marketplace.
Today's (not as discernable) "Terminal Phase" is dependent upon an unending stream of willing buyers of inflated securities in the face of mounting market and economic risks. It depends on corporate America's insatiable appetite for its own stock. It depends on the leveraged speculating community staying in the game and remaining bullish. It absolutely relies on the system continuing to expand Credit – at home and abroad. And all of this is dependent upon "activist" policy measures that have pretty much run their course (over almost 30 years).
As an analyst of Bubbles, there's always a fundamental question: What is the source of the Credit fueling the boom and how stable is it? If the boom is fueled by market-based finance, then there is an inherent stability issue. Years of policy measures to intervene and manipulate markets essentially foster a massive financial scheme – a confidence game. The question then becomes the relative stability or fragility of this scheme. At this point, what are the prospects for an expansion of Credit sufficient to sustain a historic Bubble in market-based finance?
And this gets right to the heart of the matter: Asset-based Credit rests on the ongoing inflation of asset prices. It is, after all, a real challenge to leverage an asset declining in value. As was experienced in 2009, faltering asset markets incite a self-reinforcing contraction of Credit and asset values. More generally, a system comprised largely of market-based finance rests upon ever-rising security market prices.
"Moneyness of Credit" was fundamental to the mortgage finance Bubble. I have argued that the "Moneyness of Risk Assets" has been integral to something much bigger – the global government finance Bubble. So all Bubble analysis now has an international component. Globally, there's a prevailing market view that policymakers will backstop markets and economies. Stocks and bonds (and derivatives!) around the world are viewed as being superior liquid stores of value (money-like). This epic misperception comes compliments of the Fed, BOJ, ECB, SNB, BOE (global central banks generally) and Chinese officials.
When focusing on unfolding global fragilities, China will play a prominent role. Some twenty years after Greenspan, the Chinese fell into a similar trap: a push to "de-regulate" and safeguard their banking system led to a runaway expansion of risky non-bank and market-based finance. In the process they lost control of their financial and economic Bubbles. This week saw additional weak data out of China – and, of course, louder chatter of imminent major Chinese stimulus. In perhaps a sign of friction to come, China's trade minister this week called out other countries' currency devaluations as responsible for the waning competitiveness of Chinese manufacturers.
That China, a country of almost 1.4 billion, jumped aboard the global Credit Bubble is a key reason why I'm convinced in "Terminal Phase" analysis. That two of the world's most powerful central banks – the Bank of Japan and European Central Bank – desperately resorted to rank currency devaluation is also central to my "End is Near!" thesis.
On the one hand, the unprecedented expansion of Chinese manufacturing capacity ensures an enduring supply overhang (and downside cost pressures) for scores of goods and commodities. As such, the irrepressible Chinese Bubble put the final dagger in the notion that respective central banks around the world control their domestic price levels. Meanwhile, BOJ and ECB devaluations incited massive speculative leveraging ("carry trades"), while providing a temporary new lease on life for leveraged macro "investing." Market-based finance depends on rising securities prices. Denominated in yen and euros, global securities markets inflated tremendously over the past year.
As I focused on last week, the end result has been unprecedented market distortions and "Crowded Trade" problems. At this point, normalization is impossible. The Bubble must inflate or it falters. And last week I posed the question: "What more can policy measures do to promote additional speculative leveraging?" While these big "macro" speculative bets may continue to play out for now, the risk vs. reward calculus for being short the euro and yen is much less compelling today than six months ago.
European bond markets continued to unravel this week, with securities market pressures building globally. Friday's payroll data (on the heels of the UK election) provided a decent risk-market jolt. At 5.3%, the April unemployment rate would seem to support the bullish view. Curiously, "king dollar" was unable to muster much of a Friday rally. Tuesday's $51.4bn March trade deficit ("worst in six years") followed by Wednesday's dismal 1.9% decline in Q1 productivity supported the emerging view of unsound U.S. economic fundamentals.
From my analytical perspective, the dynamic underpinning U.S. Credit is unsound. First of all, traditional sources of Credit growth have been insufficient to sustain inflated securities markets and an unbalanced economic boom. It is my strongly held view that an array of speculative leverage is underpinning the U.S. Bubble. I suspect there is enormous leverage throughout the U.S. debt market – from T-bills, longer-term Treasuries to MBS to corporates. I would be surprised if there was not enormous leverage embedded in myriad derivative trading strategies. There is likely as well leveraging involved in about every source of yield – from dividend stocks, to perceived low-risk corporate bonds, to REITs, to commercial real estate and residential rentals.
There is also anecdotal support for my view that enormous amounts of global "hot money" have been flooding into U.S. asset markets – notably from China, Japan, Europe and Latin America. This helps to explain booming U.S. real estate markets in the face of paltry mortgage Credit growth. And how much leveraged speculative finance has been arriving via borrowing/shorting in (devaluing) yen and euros for easy profits in the bubbling market for king dollar securities?
In total, I believe domestic and foreign-sourced "hot money" would be measured in the Trillions. And I believe this Bubble Finance likely amounts to a substantial proportion of overall system finance, the "money" that feeds its way into spending, incomes, corporate cash-flows and government receipts. This is the finance that fuels the markets, makes the fiscal situation appear manageable and, importantly, spurs record stock buybacks. And it is this "money" the fuels asset markets higher, in the process ensuring loose corporate Credit conditions that drive an ongoing M&A boom. While most see a great bull market, I see a deeply systemic Bubble with dire consequences.
A period of wild volatility would be perfectly reasonable if indeed "The End is Near!" It appears global markets have entered just such a period.
For the Week:
The S&P500 increased 0.4% (up 2.8% y-t-d), and the Dow gained 0.9% (up 2.1%). The Utilities declined 1.0% (down 7.2%). The Banks jumped 1.5% (down 1.1%), and the Broker/Dealers added 0.4% (up 4.3%). The Transports increased 0.3% (down 4.1%). The S&P 400 Midcaps added 0.3% (up 4.6%), and the small cap Russell 2000 gained 0.6% (up 2.5%). The Nasdaq100 declined 0.5% (up 5.2%), while the Morgan Stanley High Tech index was little changed (up 2.7%). The Semiconductors fell 0.5% (up 2.2%). The Biotechs jumped 2.7% (up 16.0%). Although bullion rose $10, the HUI gold index fell 2.2% (up 7.3%).
Three-month Treasury bill rates ended the week at a basis point. Two-year government yields declined three bps to 0.57% (down 10bps y-t-d). Five-year T-note yields dipped one basis point to 1.49% (down 16bps). Ten-year Treasury yields rose three bps to a nine-week high 2.15% (down 2bps). Long bond yields gained seven bps to 2.90% (up 15bps).
Greek 10-year yields were little changed at 10.36% (up 62bps y-t-d). Ten-year Portuguese rose 17 bps 2.24% (down 38bps). Italian 10-yr yields surged 21 bps to 1.67% (down 22bps). Spain's 10-year yields rose 20 bps to 1.66% (up 5bps). German bund yields jumped 17 bps to 0.54% (unchanged). French yields gained 18 bps to 0.83% (unchanged). The French to German 10-year bond spread widened one to 29 bps. U.K. 10-year gilt yields increased four bps to 1.88% (up 13bps).
Junk funds saw outflows surge to $2.745bn (from Lipper).
Freddie Mac 30-year fixed mortgage rates jumped 12 bps to an eight-week high 3.80% (down 7bps y-t-d). Fifteen-year rates rose eight bps to 3.02% (down 13bps). One-year ARM rates were down three bps to 2.46% (up 6bps). Bankrate's survey of jumbo mortgage borrowing costs had 30-yr fixed rates up 13 bps to 3.99% (down 29bps).
Federal Reserve Credit last week declined $11.3bn to $4.433 TN. Over the past year, Fed Credit inflated $177bn, or 4.2%. Fed Credit inflated $1.622 TN, or 58%, over the past 130 weeks. Elsewhere, Fed holdings for foreign owners of Treasury, Agency Debt surged $24.5bn last week to $3.313 TN. "Custody holdings" were up $28.4bn y-t-d.
M2 (narrow) "money" supply declined $27.4bn to $11.863 TN. "Narrow money" expanded $607bn, or 5.4%, over the past year. For the week, Currency increased $0.3bn. Total Checkable Deposits declined $5.0bn, and Savings Deposits fell $16.0bn. Small Time Deposits slipped $1.2bn. Retail Money Funds declined $5.6bn.
Money market fund assets gained $8.5bn to $2.590 TN. Money Funds were down $124bn year-to-date, while being about unchanged from a year ago.
Total Commercial Paper declined $6.5bn to $1.017 TN. CP declined $25.6bn over the past year, or 2.5%.
Currency Watch:
May 6 – Bloomberg (Cynthia Kim and Whanwoong Choi): "South Korea's top currency official fired a warning to Japan: his nation has stepped up scrutiny of the yen's tumble against the won after damage to exporter earnings. 'Korean companies face bigger difficulties this year than last,' said Song In Chang, the ministry's director general in charge of foreign exchange market policies. 'What's different is that we have been paying attention to the won-yen rate since last year, whereas the won-dollar was our main focus before that.'"
The U.S. dollar index declined 0.4% to 94.82 (up 5.0% y-t-d). For the week on the upside, British pound increased 2.0%, the Mexican peso 2.7%, the Brazilian real 1.3%, the Australian dollar 1.0%, and the Canadian dollar 0.7%. For the week on the downside, the Swedish krona declined 1.7%, the Norwegian krone 1.6%, the New Zealand dollar 0.6%, the Japanese yen 0.3%, the Swiss franc 0.2% and the euro 0.2%.
Commodities Watch:
The Goldman Sachs Commodities Index was little changed (up 6.3% y-t-d). Spot Gold gained 0.8% to $1,188 (up 0.3%). July Silver jumped 2.1% to $16.47 (up 5.6%). June Crude increased 24 cents to $59.39 (up 12%). June Gasoline fell 2.6% (up 35%), while June Natural Gas rallied 3.7% (unchanged). July Copper slipped 0.3% (up 3%). May Wheat was hit for 3.3% (down 20%). May Corn declined 1.3% (down 9%).
May 6 – Financial Times (Joel Lewin and Joe Rennison): "Sharply rising long-dated government bond yields are weighing on credit markets, testing the resolve of investors who piled into riskier debt this year as the European Central Bank flooded the financial system with money. Investors have pulled money out of exchange traded funds that track global corporate bonds at a record pace, with $1.8bn leaving the sector in the past five days, according to data provider Markit. The rush for the exit comes as eurozone and US government bond yields rose further on Wednesday. German 10-year Bund yields have climbed 47 bps since mid-April, and US 10-year Treasuries 29 bps over the past week."
May 6 – Bloomberg (Simon Kennedy and Alessandro Speciale): "Based on UBS Group AG's analysis of the junk-bond market, Janet Yellen's warning of danger in U.S. stocks has some merit. The speculative-grade debt market is starting to show some cracks. Investors are less willing to finance the lowest-rated companies, with borrowers such as Cliffs Natural Resources Inc. and Capital Product Partners LP struggling to attract lenders. Relative yields for the riskiest portion of the market have been increasing, and it's getting harder to trade the notes, according to UBS's analysis. Historically, this sort of backdrop has signaled trouble ahead for stocks. During downturns, junk-bond prices tend to start falling three months ahead of equities…'There are clear signs that we may be approaching a turning-point in the credit cycle,' UBS analysts Ramin Nakisa, Stephen Caprio and Matthew Mish wrote… Given corporate-debt markets have swelled way beyond their size before the 2008 financial crisis, stock pickers need to pay even more attention to what's happening in bonds this time around, they said."
May 6 – Bloomberg (Kasia Klimasinska): "Investors wondering about the U.S. government's role in the Puerto Rican debt crisis are hearing echoes of Detroit. In 2013, lawmakers opposed a federal bailout of the auto-producing hub, and the Obama administration didn't step in to prevent the largest municipal bankruptcy in U.S. history, in July of that year. The Treasury has a similar no-rescue approach with the Caribbean island beset by unsustainable debt. What Treasury officials are offering Puerto Rico is advice on how to help ease its fiscal burdens and ensure the U.S. territory receives all federal funding it's eligible for — about $6 billion a year."
May 6 – Financial Times (Robin Wigglesworth and Henny Sender): "Puerto Rico faces a hot, sticky and tense summer, as the Caribbean island battles to salvage a deal with hedge funds that would keep it financed for another year and avoid a messy default and restructuring. Whether it can dodge that fate has never been more uncertain. The US territory was forced to turn to hedge funds to fund itself a year ago, after a fiscal crisis and a barrage of credit rating agency downgrades caused its traditional investor base — staid US municipal bond funds unused to the whiff of danger — to flee in droves in 2013-14. The hedge funds… bought a big chunk of a $3.5bn bond issue last year, and had struck a tentative agreement to back another debt sale as long as Puerto Rico overhauled and increased its sales tax regime. Yet last week the island's House of Representatives voted down the sales tax bill, despite the Government Development Bank… warning that doing so would scupper its chances of returning to bond markets and lead to a government shutdown within three months. The aborted vote triggered a rout in Puerto Rico's bonds, and many analysts and investors now fear that a default and restructuring is now inevitable. 'It's an overlevered economy with too much debt. There are two ways to get out of that: economic growth or restructuring,' says Peter Hayes, head of BlackRock's municipal bond team. 'I think there is a growing realisation in Puerto Rico that they have to restructure.'"
May 6 – Bloomberg (Joseph Ciolli): "Mergers put a floor under energy stocks in 2015, they pushed biotech to records and breathed life into food makers. And yet their influence on U.S. equities is, by one measure, only beginning to be felt. At $1.1 trillion, the value of completed takeovers in the last 12 months represents just over 4% of U.S. market capitalization… That's more than half the level in five previous bull markets — even though the Standard & Poor's 500 Index's six-year advance just became the second-longest of the last half century. As a source of demand for U.S. stocks, companies already dwarf mutual funds, thanks to $2 trillion of buybacks announced since 2009. Their role would expand should the old rate of takeovers be restored. The pace of deals is showing signs of growing: volume for March and April was the highest since any two-month period since at least 2003. 'There's more and more money coming into the market from these types of deals, and you could make the argument that the demand side for stocks is building,' Bruce Bittles, chief investment strategist at… Robert W. Baird & Co…. 'It's definitely a bullish element.' …M&A is gathering steam, with the $558 billion in announced deals in March and April rising above $400 billion for the first time since June 2007…"
U.S. Bubble Watch:
May 8 – Wall Street Journal (Dan Strumpf): "Stock buybacks are notching new records on several fronts. U.S. companies announced $141 billion of new stock buyback programs last month, the highest level ever for new buyback programs during a single month and an increase of 121% from April 2014, according to… Birinyi Associates Inc. The rise now puts 2015 on pace to reach $1.2 trillion worth of announced buyback programs, shattering the 2007 record of $863 billion in authorized buybacks, Birinyi said Thursday…"
May 5 – Reuters (Lucia Mutikani): "A surge in imports lifted the U.S. trade deficit in March to its highest level in nearly 6-1/2 years, suggesting the economy contracted in the first quarter… 'It looks like we are going to have negative GDP for the first quarter, just based on trade, but we expect a robust rebound in the second quarter. A lot of the headwinds we saw in the first quarter have unwound,' said Jacob Oubina, senior U.S. economist at RBC Capital Markets… The Commerce Department said the trade deficit jumped 43.1% to $51.4 billion in March, the largest since October 2008. The percent rise was the biggest since December 1996. The surge came as imports snapped back after being held down by a now-settled labor dispute at key West Coast ports."
May 6 – Bloomberg: "Productivity over the past six months fell by the most in more than two decades, leading to increases in U.S. labor costs that threaten corporate profits. The measure of employee output per hour decreased at a 1.9% annualized rate after a revised 2.1% drop in the prior three months… The decline on average over the past two quarters was the biggest since the first six months of 1993. Expenses per worker increased more than projected at the start of the year."
May 4 – Wall Street Journal (Mike Cherney and Dan Strumpf): "Companies and consumers are on a borrowing spree and, for now, are in a strong position to pay the money back. U.S. corporate-debt issuance is running at its fastest clip ever in 2015 after three consecutive record years. Borrowing by investors against their stockbrokerage accounts has risen to fresh records. And household borrowing has picked up after plunging during the 'Great Recession.' But while many leverage indicators are rising, bullish stock and bond investors stress that many measures of broad economic health and income are rising as well… Net leverage for highly rated U.S. nonfinancial companies, a measure that tracks debt less cash as a multiple of annual earnings, was 1.88 times at the end of 2014, according to Morgan Stanley data. That is up from 1.63 times at the end of 2007, on the eve of the financial crisis. But the ratio of companies' earnings to their annual interest expense was 11.02 times, up from 9.43 times at the end of 2007, according to Morgan Stanley, indicating greater capacity to service obligations."
May 6 – Reuters (Robert Frank): "The luxury-home market saw a burst of sales activity in the first quarter, though prices are starting to fall. According to the CNBC Luxury Real Estate Report…, sales of homes priced at $1 million or more were up 13% year over year—the strongest year-on-year increase in several quarters… Demand remains especially high in Silicon Valley, as the tech money continues to pour into real estate. A home in Los Altos, California, sold in the first quarter for $8.5 million—more than $1.5 million above the asking price. A home in nearby Palo Alto sold for $6.5 million on an asking price of $5.5 million."
May 4 – Wall Street Journal (Aaron Kuriloff): "California's drought is starting to spread to the market for bonds issued by water utilities, long considered one of the safest types of debt sold by state and local governments. Some investors are steering clear of the bonds from hard-hit areas of the U.S. west, amid concerns that restrictions on water use will drive down water-authority revenue. Some authorities may have a tough time raising rates to offset that lost income. If shortages persist, credit ratings may weaken and prices for outstanding bonds fall, according to analysts and rating firms… All California municipal bonds posted a 0.55% decline for the month, counting price moves and interest payments, according to Barclays PLC. California is in its fourth year of drought, one of the worst on record for the nation's most populous state. It is costing billions of dollars in losses in its agricultural sector and prompting the first-ever mandatory statewide cutbacks in water use."
Federal Reserve Watch:
May 7 – Reuters (Jonathan Spicer and Ann Saphir): "The Federal Reserve is sketching out plans to prevent an abrupt contraction in its massive balance sheet next year, when some $500 billion in bonds expire and risk disrupting markets and the U.S. economic recovery. Though it ended a stimulative asset-purchase program last October, the Fed is still buying mortgage and Treasury bonds to replenish its $4.5-trillion portfolio as holdings mature… Asked publicly and privately about the longer-term strategy, Fed policymakers say they are in no rush to shrink the portfolio, suggesting they will seek to avoid a 'cliff' – a disruptive end to reinvestments that might come if bonds are simply allowed to run off through maturity or prepayment."
May 6 – Bloomberg (Katherine Burton and Christopher Condon): "Between Boyz II Men at The Mirage and Celine Dion at Caesars Palace, a hot new act is playing Vegas: Ben Bernanke. One day only, live from Sin City… Fifteen months after leaving the Fed and its trappings of mystery and power, Bernanke, 61, is settling into the peripatetic and highly lucrative life of a Washington former. Beyond the dancing fountains of the Bellagio… Bernanke will play to a full house at the SkyBridge Alternatives Conference on Wednesday: 1,800 hedge fund types who used to hang on his every word. Bernanke is, in a sense, one of them now — a well-paid investment consultant who can fete clients, open doors and add a gloss of Fed luster to conferences and meetings. Call it Bernanke Inc., a post-Fed one-man-show that's worth millions annually on the open market… First there are speaking fees, which bring in at least $200,000 per engagement… Then there are new advisory roles at Pacific Investment Management Co., the big bond house; and Citadel, one of the world's largest hedge funds. Executive recruiters say each is probably worth more than $1 million a year. Finally, there's a book deal, details of which haven't been made public. Bernanke's predecessor, Alan Greenspan, reportedly landed an $8.5 million contract for his memoir in 2006."
Global Bubble Watch:
May 6 – Bloomberg (Tracy Alloway): "Duration: d(y)o͝orˈāSH(ə)n/ Noun — The time in which an event takes place. Also, the sensitivity of a bond's price to changes in its yield. Over the past couple of weeks, investors in German government bonds have received a crash course in 'duration,' a geeky concept that is nevertheless a driving force in fixed income. Buying longer-dated bonds with longer duration has been a popular strategy for investors seeking higher returns in an era of low interest rates. It can be risky, given that such debt is extremely sensitive to changes in interest rates and yields. When they go up, the price of bonds with a greater duration will fall a lot more than that of shorter-dated debt. The painful interplay of duration, bond prices, and yield has become startlingly apparent in recent days, as investors have rushed to sell longer-dated German government bonds Hans Mikkelsen, credit strategist at Bank of America Merrill Lynch, crunches the numbers on the outsize moves in bunds and comes up with some ugly math for investors:… 30-year bund yields have now increased 53bps over the past two weeks. For the typical high yield bond with a duration of 4.4, a 53bps increase in yield would imply roughly a 2.3% decline in bond price – or the equivalent of about a third of a year's worth of yield. However, at their peak two weeks ago 30-year bunds had duration of 23.7. Hence 30-year bund prices have declined approximately 12% over the last two weeks, or roughly 25 years worth of yield!"
May 6 – Bloomberg (Cynthia Kim and Whanwoong Choi): "The new fixed-income haven is, of all things, the market for junk bonds. With government securities in Germany to Japan and Ireland yielding less than nothing, money is pouring into exchange-traded funds that buy speculative-grade debt… The pace is staggering. So far this year, about $9 billion has flowed into the funds globally, a significant chunk for the $44.4 billion market in junk-debt ETFs. In the land of negative yields, even the most conservative firms such as Zurich Insurance Group AG… are planning to invest in sub-investment grade debt for the first time… While last week's sudden selloff in euro sovereign debt gives investors all the more reason to crowd into high-yield assets, the lingering concern is that buyers are exposing themselves to even greater losses. And with the European Central Bank's bond purchases still keeping government yields close to historic lows, many bond investors have few other options. 'Investors are being forced by the central bank to assume more risk,' Jens Vanbrabant, a money manager at ECM Asset Management… 'They're trying to adapt their investment parameters to the new situation of zero or negative yields.'"
May 6 – Wall Street Journal (Juliet Chung): "A broad market reversal is battering hedge funds, spoiling the industry's strongest annual start since the financial crisis. Many funds that bet on global financial and economic trends… suffered losses in April as they tried to benefit from a constellation of market moves that gained momentum in mid-2014 and were widely expected to continue throughout 2015. They included rising European bond prices, spurred by the European Central Bank's bond-buying program, and falling commodity prices as global growth stalled. But several factors upended those bets, beginning in late March and intensifying recently. Several rounds of unexpectedly weak U.S. economic data forced many investors to push back their forecast for when the Federal Reserve may raise interest rates. The dollar plunged 6% against the euro since mid-March after gaining 29% over a period of nearly nine months. Growing worries about Greece defaulting on its debts caused German bonds to drop, sending the yields up sharply. Oil prices, which were down more than 50% at one point, suddenly found a bottom… The losses in April erased some funds' gains for the year and whittled the returns of others…"
May 5 – New York Times (Alexandra Stevenson): "For investors in hedge funds, like big pension funds, 2014 was not a lucrative year. But for those who managed their money, the pay was spectacular. The top 25 hedge fund managers reaped $11.62 billion in compensation in 2014, according to an annual ranking to be published… by Institutional Investor's Alpha magazine. That collective payday came even as hedge funds, once high-octane money makers, returned on average low-single digits. In comparison, the benchmark Standard & Poor's 500-stock index posted a gain of 13.68% last year when reinvested dividends were included."
May 5 – Washington Post (Emily Badger): "'Billionaires' Row' is rising over midtown, a collection of glassy new pinnacles that promise the kind of condo views you can only get in Manhattan by building taller than everything else around. With its $95 million penthouse, 432 Park Avenue tops out just shy of 1,400 feet. It will remain the tallest residential building in the Western Hemisphere until the Nordstrom Tower — high-end shopping below, lavish apartments above — goes up four blocks away. Between them are a few more audacious developments, all part of a race for ever-taller towers to distinguish luxury living in an increasingly crowded city. These new buildings — a product of developer ingenuity, architectural advance and international wealth — are changing more than the city's famous skyline, though. They will also transform New York far below, further darkening city streets and casting long shadows that will sweep across Central Park."
May 6 – Bloomberg (Emily Badger): "Asian collectors snapped up paintings by Vincent Van Gogh, Pablo Picasso and Claude Monet at a Sotheby's auction in New York that totaled $368.3 million. The tally on Tuesday was the second highest for an Impressionist and modern art auction at Sotheby's and a 67% increase from a similar sale last May… The auction was the first test of the art market during two weeks of bellwether sales of Impressionist, modern, postwar and contemporary art in New York that are expected to total as much as $2.3 billion. For the moment, the market is showing no sign of slowing down, dealers said. 'The fundamentals haven't changed,' said Guy Jennings, managing director of the Fine Art Fund Group… 'Interest rates are incredibly low. The stock market is incredibly high. Everyone is making money.'"
May 5 – Wall Street Journal (Kwanwoo Jun, Tom Wright and Nopparat Chaichalearmmongkol): "As debt has grown across Asia, an increasing portion of the lending has come from nonbank lenders—raising regulators' concerns about the stability of their financial systems. 'Shadow banking' has been a well-documented driver of China's debt boom, accounting for about a fifth of total lending since 2008. But shadow banks also have boosted their lending in South Korea, Thailand and Malaysia, all places where consumers have grown increasingly indebted. Government officials worry because these lenders, which include credit cooperatives, consumer lenders, credit-card issuers and trust companies, are often less regulated than banks, serve poorer, riskier borrowers and pose different risks to economies."
May 6 – Bloomberg (Simon Kennedy and Alessandro Speciale): "Central bankers are proving to be the gang that can't shoot straight. A quarter of a century since New Zealand opened the era of inflation targeting, policy makers from the U.S., euro area, U.K. and Japan are all undershooting their consumer-price goals. Of the Group of Seven, only Canada is currently meeting its mandate. Rather than lowering their sights to make things easier, the misses are fanning calls for targets to be increased from the 2% most aim for to perhaps as high as 4%. While a similar idea was pitched five years ago by International Monetary Fund economists led by Olivier Blanchard, and endorsed by Nobel laureate Paul Krugman, this time around it may be the central-banking community itself proposing a rethink. Former Federal Reserve Chair Ben S. Bernanke last month suggested he would be open to an increase in the U.S. Federal Reserve's 2% goal, saying there is nothing 'magical' about that number. Fed Bank of Boston President Eric Rosengren said the same month it could be the case 'inflation targets have been set too low.' His colleague from San Francisco, John Williams, told the New York Times that if the future is one of weaker growth because of demographics and productivity then it's worth asking 'is the 2% inflation goal sufficiently high in that kind of world?'"
Europe Watch:
May 7 – Bloomberg (Scott Hamilton and Nikos Chrysoloras): "Greek Finance Minister Yanis Varoufakis said his government is prepared to go 'down to the wire' in talks with its creditors as policy makers signal they're losing patience with the country after months of brinkmanship. Varoufakis, who denies he's been sidelined by Greek Prime Minister Alexis Tsipras in the negotiations, said he expects an agreement in the next two weeks, though one is unlikely to be announced when euro-area finance chiefs meet on Monday. Greece has less than a week to prove to the European Central Bank that it's serious about reaching an agreement with international lenders. Failure to make progress in bailout talks or repay about 745 million euros ($839 million) owed to the International Monetary Fund on May 12 may prompt the imposition of tighter liquidity rules on its banks."
May 8 – Bloomberg (Alessandro Speciale): "German industrial production unexpectedly declined in March in a sign that Europe's largest economy remains vulnerable to global economic weakness. Output, adjusted for seasonal swings and inflation, fell 0.5% after stagnating in February… The typically volatile number compares with a median estimate of a 0.4% gain in a Bloomberg survey. Production rose 0.1% from a year earlier."
China Bubble Watch:
May 8 – Reuters (Kevin Yao): "China's exports unexpectedly fell 6.4% in April from a year earlier, while imports tumbled by a deeper-than-forecast 16.2%, fuelling expectations that Beijing will quickly roll out more stimulus to avert a sharper economic slowdown. The dismal trade performance raises the risk that second-quarter economic growth may dip below 7% for the first time since the depths of the global financial crisis, adding to official fears of job losses and growing levels of bad debt. 'This is bad. I expect an interest rate cut this weekend,' said economist Tim Condon at ING in Singapore… Earlier this week, China's trade minister said the devaluation of currencies by some countries has led to sharp gains in the yuan, hurting the competitiveness of Chinese exports."
May 5 – Caixin: "China's central bank is considering lending to policy banks through a new tool so they can buy bonds issued by local governments, a person close to the regulator says. The loans would have a maturity of at least 10 years, the source said. Other details of how this would work remain unclear, but the tool will be unlike anything the bank has used before, he said. 'It will be a new monetary tool the world has never seen,' the person said. 'The format does not matter, and all possible means could be taken.' He said the regulator will use the new instrument to provide China Development Bank (CDB) and perhaps other policy banks with capital so they can buy bonds that local governments have issued. The Ministry of Finance has said local governments can issue 1 trillion yuan ($160bn) worth of bonds this year to repay their old debts — in other words allowing them to swap existing debts, which are mostly bank loans, for bonds that have longer maturities and cost less. The problem is that commercial banks are not interested in the bonds."
May 7 – Reuters: "China's leaders, caught off guard by a sharp economic slowdown and worried about the risk of job losses, are likely to resort to fiscal stimulus to revive growth after a run of monetary policy easings proved less effective, policy insiders said… 'They are very worried. If they don't take bolder measures, it will be very hard to achieve the full-year growth target, and there is risk the slowdown may get out of control,' an economist at a well-connected think-tank said of top policymakers. 'Fiscal policy will become more forceful, and infrastructure investment will accelerate, while monetary policy will be more flexible,' said the economist."
May 8 – Bloomberg (Christopher Langner): "Fitch Ratings has called real estate the 'biggest threat' to Chinese banks as surging loans tied to properties coincide with defaults and falling sales. Corporate loans backed by buildings have grown almost fivefold since 2008 and residential mortgages have more than tripled in the period among lenders rated by Fitch… That's seen property loans held by China's four biggest lenders soar to a total 2.26 trillion yuan ($364bn)… Collateral is supposed to reduce bank risk — but the rise of property collateral in corporate loans may actually increase the chance of bank failure,' Fitch analysts Jack Yuan and Grace Wu said… 'This is because the widespread use of such collateral has lowered the perceived risks of lending, fueling China's credit build-up and spreading real-estate risk to other sectors of the economy.'"
May 8 – Bloomberg: "Chinese banks' bad loans surged by the most in more than a decade in the first quarter as defaults spread from small private firms to state-owned entities amid a property-market slump and an economic slowdown. Nonperforming loans climbed 140 billion yuan ($23bn) from the beginning of the year to 982.5 billion as of March 31… The increase is the biggest since quarterly data became available in 2004 and equivalent to about 56% of new bad loans in the whole of 2014."
May 6 – Reuters (Michelle Nichols): "Yemen urged the international community 'to quickly intervene by land forces to save' the country, specifically in the cities of Aden and Taiz, according to a letter sent to the United Nations Security Council on Wednesday. The letter from Yemen's U.N. Ambassador Khaled Alyemany… could provide legal cover for such a move. A Saudi Arabia-led coalition launched air strikes against Houthi rebels a day after Yemen notified the 15-member Security Council in a March 24 letter that it had requested military help from Gulf Arab states. The Houthi militia battled its way into Aden's Tawahi district on Wednesday despite Saudi-led air strikes, strengthening its hold on the city whose fate is seen as crucial to determining the country's civil war."


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"You know, I've been thinking ..."
I've seen many people; observed them and their uniqueness that make them distinctively them, and I often ask myself: what are you doing with your life?
Finding out little things about people (be it in a stalkerish way or asking directly like how a normal person would) is one of the most fun and exciting parts of knowing someone. And when you find out certain interests that you and that person in question share in common, you feel a sense of joy errupt in your soul, maybe a little bit of relief, as though finally, someone is interested in the same strange blend of things as you are - finally someone can understand you.
I digress. Initially I wanted to go on about how uneventfully normal my life is. How ordinary are my various (half-baked, mediocre) skills I have attained over the years of my living here on Earth. All this I've forced myself to think about after finding out the aforementioned little things. Such talented people with bright minds and dare I say it, raw talent. Of course I wouldn't be able to help myself from wondering what exactly am I doing with my life, right now, wasting my days away with leisures, or rather what should I be doing with my life on Earth before my time is up.
It's funny though (not really), today at church, the speaker said, 'it is alright to not know what your life's purpose is.' Of course, this is in context to the topic of the week, which was 'Pioneering'. So in that context, she was explaining how you don't need to know what God's plan is for you on this Earth. It is His plan after all, and you're His vessel, to carry out His will. All you need to do is live life accordingly as he has planned and instructed, and you shall be the vessel He needs. At this moment, some of you might think, 'does Christianity promote some sort of ideology where a faceless being controls your life, and we are supposed to carry out the so-called "will" of this said being?' Well, if you put it that way, sorta. It looks like some form of tyrannical control, but it totally isn't. TOTALLY isn't. We are willing to be used as vessels. That's the difference. Willingness, and faith in things that aren't yet there in reality. I Digressed again. I should really learn to be on point. So anyway, in regards to that, I guess I've sorta answered my self-reflective question on my reason for existance. Also, another thought/quote just came to me: 'don't compare your chapter 1 to someone else's chapter 5.'
Additionally, with no relation to everything said above, results are being released on Friday. Commence string of nervous muttering and censored cuss words.
Have a good week. Cheers.


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Common Player Questions
Those of you that follow my site will know that my wife and I recently had a daughter and due to this my free time available to play Mobile Strike and update the site has been significantly impacted.
I am conscious that the same Mobile Strike questions are coming up time and time again in the comments section and I just don't have the time to answer them all.
So I have taken a little time out to try and answer some of more common questions in this post. Some questions not covered here I have already answered previously in 10 frequently asked mobile strike questions.
I will try to answer the rest here, but please ask away in the comments section if you have any others.
Therefore in no particular order:-
How do I get confirmed kills?
Everyone wants to increase their kill points and I can understand why confirmed kills (the ones which show up on your profile ) can be a little confusing to a new player. The simple answer is you only get kills when a troop is actually killed and not hospitalized.
You will always receive a 100% of your kills when attacking a player on a tile, or defending your own base. If you attack another player's base you will only receive confirmed kills for any troops you kill in excess of their hospital bed limit.
How do I restart a Mobile Strike game?
You can't restart a game tied to an e-mail account. There are very few reasons that you would actually need to do this anyway. You can't really "mess up" your account and you can always change your alliance, player name and base name if you want to start over.
The only two legitimate reasons I can think for starting over are:
- You want to play in a different state and are over level 5.
- You want to create a trap account and have too much power from research and mission rewards.
In either of these cases you just need to use a different e-mail address and create a new account.
How do I play Mobile Strike on a PC or Mac?
Officially the game is only supported on an iOS device, or android device. You can however play on an emulator such as Bluestacks, which will allow you to play on a PC or Mac. Just be aware that you may not be able to use the game support if something goes wrong.
Can I play my Mobile Strike on a different device?
Yes you can switch devices such as playing on an iOS device and an Android device with the same account. This is because your account is tied to an e-mail address and not your device. Simply login to your new device with your e-mail and password to resume play on your account.
My farm account keeps teleporting away. Why?
After a certain amount of time an inactive account will be teleported randomly to a low resource area. This is to stop dead accounts building up and occupying all the best resource areas.
The higher your level, the longer the period of inactivity will be before you are teleported. If you have a very low level farm, you will need to login every other day to keep it next to your main base.
How do I find out my local time for events?
All events in game are reported in Pacific Standard Time PST +. If you can't work out the time difference between your time zone and PST, simply Google "What time is it in ………at …….PST".
Do I have to start over from gift level 1 when I change Alliance?
The gift level is always tied to the alliance and not the player. This means if you move from say a gift level 4 alliance to a gift level 15, you will instantly benefit from the higher gift level. Likewise if you move from a high gift level alliance to a lower one, you will only benefit from the lower level gifts of your new alliance.
Is it better to attack with a single troop type or balanced army?
It is almost always better to have a single troop type when attacking, but a balanced army for defense.
The reason for this is because you can stack a single attack boost for one troop type much higher than you can for a balance of troops.
For example you might be able to get a 200% boost to tactical, 200% boost to armored vehicles and 200% boost to infantry, which would give a balanced army 200% boost to attack across the board.
If you have one troop type in your army you can make sure all your equipment and commander skills only have that attack type and boost it to well over 600%, which triples your attack compared to a balanced attack.
For defense you want a balanced army because you never know what troop type will attack you.
Is there a way to see who wrote that comment on my alliance wall?
No! You can only see the alliance.
What next for Mobile Strike Data?
Whilst I plan to keep the site going and hopefully have more free time to play, I'm currently looking for players that would like to help contribute to the site.
In particular I'd really like some input/help writing some guides on the following:
- Managing and running an alliance – including alliance roles.
- Capturing and defending the control point.
- Capturing and defending the global control point.
- Alliance attack and defense strategies.
- Player stories.
- Details of the best combat cores.
- Details of VIP prestige 2, 3 and 4 rewards.
If you would like contribute some of the above information, or any other advanced Mobile Strike strategies and guides please get in touch here.
In the mean time I will try to keep the site updated and plan to add a new and easier way for visitors to contribute to the research tables shortly.
General Kane


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Most times when you look back at a year you feel it is short, especially when compared with the stretch of life that lay in the past. And then sometimes the year is too long that even a lifetime is… Read More ›
Random Thoughts
Why I Unwelcome Modi to Silicon Valley
When I got this invite it made me think. Why would I want to unwelcome an Indian PM? And the answer was in something I cannot get off my mind… That he was the CM of Gujarat when many were… Read More ›
When you peel yourself; it is not always pretty or sweet; But the truth is worth the effort.. Peel Off
So we all have heard people talk about phases in life and while we think phases are a natural progression, it is also forced through both internal and external factors. I have often asked myself when does phases change, childhood, teen, youth,… Read More ›
Saudis say they will build mosques for refugees – Who are they Insulting?
There is an honor even with criminals and the sad part is the Saudis have stooped so low by their sick assistance to build 200 mosques in Germany so the refugees can pray. The news is on Independent.co.uk Saudi Arabia… Read More ›
For those who call me a Commie; I am a Humanist, Rationalist and Atheist
Whenever I write against religion or religious extremism or when I write against the hindu nationalism or Modi, most of the people come out and call me a commie. And I always explain to them the same and they still continue. So… Read More ›
Fireballs from Bubbles
Yesterday I posted a picture of Rahi and told the story of how he gave the change (after buying ice cream) to a girl who he did not know and did not have enough money. The picture got so many… Read More ›
A common man's thoughts on Yoga, weight loss and Irrational claims
I saw common man's because most of the people I see are Yogis of people objecting Yoga. I am just a fat guy trying to lose some weight. Today was International Yoga day and I have seen the excitement with… Read More ›


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This is my favourite cake. I made it last night because we have some friends over today for lunch. It's so easy and spectacularly tasty, so you should make it! Don't be put off by the tamarind, it's not a strong flavour. If you don't do nuts I suppose you could leave out the walnuts but to me they are the best thing about this cake.
The recipe is from Dan Lepard's fabulous Guardian baking column.
Dan Lepard's Tamarind and Date Cake:
For the cake:
200g chopped dates
50g tamarind paste
250g unsalted butter
150g dark brown sugar
2 large eggs
275g plain flour
2 tsp bicarbonate of soda
175g shelled walnuts, roughly chopped
For the icing:
150g icing sugar
The seeds from 6-8 cardamom pods,
finely ground Juice of ½ lemon
(I didn't actually use this icing recipe, I just sprinkled icing sugar and stuck walnuts and silver sugar balls on top with a bit of lemony icing)
Line the base and sides of a deep, 18cm cake tin with nonstick baking paper, and heat the oven to 180C (160C fan-assisted)/350F/gas mark 4.
Put the dates, tamarind paste and 300ml water in a pan and bring to a boil. Boil for a minute, remove from the heat, add the butter, and set aside for 10 minutes to cool. Add the brown sugar, stir, then beat in the eggs until smooth.
Beat in the flour and bicarb, then stir in the walnuts. Spoon the cake mix into the tin and bake for about an hour, or until a skewer poked into the centre comes out clean. Remove and leave to cool. When cold, make a thick, smooth icing with the icing sugar, cardamom, juice and a little water, if needed, and spoon over the cake so it dribbles down the sides.
|A perfect November cake


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* International exhibitors to make up 40% of all participants of OIC Halal Expo. Organized under the auspices of the Presidency of Turkey, the World Halal Summit & the 6th OIC Expo will host numerous crowd-puller activities as well as world-renowned speakers, 29 November – 2 December 2018. The event ...Read More »
Sector News
Polonez supports gluten-free life
You are having troubles like bloating, asthenia or tummy ache… Your health controls are fine in general but your doctor wanted to measure also your gluten intolerance. Have you ever thought that you might be intolerant to gluten? If other indications like constipation or diarrhea, paleness, weight loss, itchiness, head ache, ...Read More »
32 million Euro investment credit from EBRD to Peyman
Peyman signed a credit contract of 32 million Euro with EBRD to accelerate investments in technology, agriculture base, exports and factories. Tuncek Akgun, chairman of Peyman says, "This credit agreement proves the trust to our country, our industry and our company. We will become more powerful in our efforts to ...Read More »
A giant player in the olive oil sector
Mresco Turkey, which is the name of the organization in Turkey of Murabahat Investment, one of the largest groups of Kuwait, entered into the olive sector. Hence, the company began to produce olive oil with the Olivoyage brand. The real estate giant of the Gulf is assertive in the olive ...Read More »
Euro Gıda at champions league of export
Stars of Export Award, which is organized by Aegean Exporter's Association, have recently been delivered. With the success of exports, Euro Gıda was awarded as the export champion of its own industry, and once more revealed with this special award. As one of the most innovative companies in the global ...Read More »
MAROLI OLIVES: only the best from olives…
Located in Aydin, Turkey, MAROLI has been one of the leading manufacturers of high quality table olives in various packages such as tin can, glass jar and PETs. Delicious Miracles of Nature… MAROLI offers a wide selection of Turkish olives such as: * Kalamata Style Olives (Whole / Pitted / ...Read More »
Künefe bir kez daha Hatay'a tescillendi!
Hiç şüphesiz şerbetli tatlılar içerisinde en hafif ve faydalı olanı kaliteli bir Hatay künefesidir. Tereyağlı ve hamur oranı düşük, şerbeti az ve peyniri bol, tam bir kalsiyum deposu. Ayrıca günümüzdeki araştırmalar da peynirin şekeri düşürdüğünü gösteriyor. Tüm bunlar değerlendirildiğinde çocuğa gence yaşlıya kaliteli bir Hatay Künefesini önermemek mümkün değil. Hatay ...Read More »
Halal sector flourishes
* Gulfood Manufacturing to draw attention to meaty opportunities within the halal sector * With consumer preference for quality and safe products fueling strong growth of USD667 million global Halal food industry, exhibitors descend on region's largest food manufacturing trade show to demonstrate latest solutions to meet rising ...Read More »
Satsuma tangerine goes export markets
Russia is the biggest buyer One of the traditional products of Turkey tangerine, a vitamin bomb dispensable in Autumn seasons as a natural medicine against flue, goes to export markets. Exports started on 23th October. Russia was the top market for tangerine exports from Turkey with 88 ...Read More »
Volume of dried fig exportation increased by 28 percent in quantity and 54 percent in value Fig producers are happy
Dried fig, which is one of the traditional exported products in Turkey, is defined as the scared fruit of all monotheistic religions as well as being an essential taste on the Christmas dinners by the Christians and a natural source of vitamin and flavor; the first ship exported ...Read More »


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Well it took me a month to read this book, all 946 pages of it. 1096 if you add in the appendix & index! The downside of this book, weight, boy is it heavy, the upside, one of the most interesting books I've ever read!
It starts with the birth of Elizabeth Bowes-Lyon in 1900 & follows her incredible life until her death at the age of 102.
Although I'm a 3rd generation Aussie,I've always been an Anglophile & I'm very proud to have Scottish & English great grandparents. I'm also a royalist, so this book was just my cup of tea, though I have to say this book is not just about the Queen Mother, it is also an excellent way to learn so much about the 20th century in England, so many things I knew a little about, suddenly became a lot more detailed.
One of the main things I learned was just what an incredible lady the Queen Mother was. When she married she expected to one day be the King's sister in law, of course when King Edward VIII abdicated she was suddenly the King's wife, & knew that her eldest daughter Princess Elizabeth was destined to be a Queen. King George VI would never have been as successful without his amazing wife. Her sense of duty was never-ending but she was also incredibly devoted to her family, & was a adored by her entire family. She was also a very loyal friend to hundreds of people.
I also came to understand a lot more about how the royal family works & just how much they do. I would recommend this book to anyone who loves the royals. Oh & I picked it up at All Books for Less for just $5!!!!


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Pre-budget expectations: Encourage outpatient coverPosted: February 4, 2016 Filed under: Health Insurance Companies, State Government Schemes | Tags: cashless outpatient cover, claim settlement, Health Insurance, outpatient healthcare, tax incentives Leave a comment
This story was first published on ETHealthWorld.com on February 3rd 2016.
Irrespective of the policy changes that are made and implemented, irrespective of the schemes that are passed for the benefit of the masses, if healthcare expenditure is the cause for poverty, then we have a serious problem. Therefore, the focus of any step towards health insurance inclusion should aim to simplify adoption and use, as well as make utility affordable for everyone.
Getting straight to the point, out of pocket expenditure on outpatient healthcare needs is forcing families below the poverty line every year. Today, visits to the physicians, buying medicines, or visiting the diagnostic center for tests all, has to be paid out-of-pocket, the volume of which is far higher than in-patient care.
Apart from the infrastructure and technology required to implement an out-patient health insurance cover, the government also needs provide tax incentives to make it consumer-friendly for both types of customers; the providers of healthcare services and the policyholders. Today, when a policyholder purchases a health insurance policy and pays premium, it attracts a service tax, which is either borne by the customer, increasing the cost of the policy or absorbed the policy provider, artificially increasing the cost of the policy. In both cases, encouraging out of pocket cash transactions. Introducing a widespread health cover for outpatient services with tax incentives will encourage all service providers to move away from cash transactions and take all the transactions online where they are more regulated, accurate and transparent.
The INR 15,000 tax incentive provided for medical expenses to salaried individuals and the 80D limits for medical insurance can be enhanced or bifurcated to encourage not only electronic transactions but also, adoption of out-patient insurance. Consumers and providers of healthcare services need to be given incentives to go electronic as far as financial transactions are concerned and also encourage cashless insurance at the point of service. In today's electronic world when the entire banking sector has gone electronic, enabling administrative mechanisms for compliance, any such tax incentives should not be such a challenge.
Encouraging electronic transfers comes with a host of obvious benefits. Providing tax incentives for healthcare providers who service consumers through electronic transactions and insurance will foster a better environment for adoption of outpatient insurance, thus, reducing the unplanned out of pocket expenses that an individual has to undergo in situations that require medical attention.
Adding to that, the availability of good structured electronic data will provide excellent tools to data scientists who can crack down on such data and produce reports and case studies that enable research into preventive care. There is enough data to prove that implementation of preventive measures will reduce the burden on tertiary healthcare as well as bring down the expenditure and necessity of resources associated with it. Undoubtedly, this will benefit the society tremendously.
To reiterate the need to encourage outpatient insurance; of all people who have inpatient insurance for hospitalization, a fraction ends up actually using it. While that component is important, as expenses on tertiary healthcare are very high, it is equally important to address the day-to-day medical expenses. It is very likely that incidence of usage of a similar cover for outpatient cover will be significantly more than for inpatient, if and when such covers are made widely available. Thus, we need to encourage financial products to enable usage of something that we all will end up using far more frequently than hospitalization.


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John F.R. Winsbury - papers
Object Title
John F.R. Winsbury - papers
Scope and Content
Box 1, A notebook containing notes on arms and armour, etc. Black bound notebook with extra loose notes inserted
Box 2, Two albums containing photographs of arms and armour. One of the albums is labelled 'Arms and Armour' and bears the bookplate of James H. Dalton, the other album is unlabelled
Box 3, Loose b/w photographs of arms and armour, together with some postcards and drawings, An envelope containing family photographs
Box 4, Loose b/w photographs of arms and armour, miscellaneous notes and invoices,
Box 5, Newspaper cuttings,
Box 6,
A folder of loose cuttings and illustrations,
A folder of articles extraacted from magazines and journals,
A volume of 'Miscellanea Graphica' Iplates I-IV and IX-XXXII),
An album of b/w photographs of arms and armour,
Box A,
A folder of articles extracted from the Illustrated London News and The Field,
A scrapbook containing material on European, Oriental and Primative (North American, African and Australasian) arms and armour. With the bookplates of James H. Dalton and J.F.R. Winsbury. Binding broken
2 large boxes, 8 boxes, 3 volumes
Access Conditions
Open access


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Armstrong explodes privately:
Team president Chuck Armstrong berated members of the coaching staff Wednesday morning, hours before the imploding Mariners got swept out of a three-game series against the same Los Angeles Angels they expected to unseat for the AL West title.McClaren explodes publicly:
Later, Armstrong refused to comment on the outburst during a 5-4 loss that sent Seattle to a season-worst 18 games under .500....
"What's said between me and the coaches stays between me and the coaches," Armstrong said through a team spokesman.
"I'm tired of (expletive) losing! I'm tired of getting my ass beat, and so are those guys!" McLaren shouted, jabbing his finger toward the clubhouse at the beginning of an expletive-laced tirade that emphasized his team is trying hard but not performing as it should.Add to that McLaren's delusion that, in spring training, the staff had "five aces," and toss in a disillusioned Ichiro--"I don't think at this point it is even worth it to answer that question"--and you have the recipe for an all-out implosion.