• HOME
  • About the contributor
  • Articles (RSS)
Subscribe to Newsletter
RECENT ARTICLES
  • Another attempt in the history of failed manipulations
  • A short history of currency swaps
  • Why the Fed’s buy & hold (no sales) exit is not feasible
  • From Shirakawa to Kuroda: The regime change explained
  • Modern Monetary Theory is the winner…at least for now
  • The template that nobody is watching
  • Why Mr. Dijsselbloem is right and Cyprus is a template for the Euro zone
  • Why Cyprus 2013 is worse than the KreditAnstalt (1931) and Argentina 2001 crises
  • Gold manipulation, Part 3: “The systemic risk of gold manipulation”
  • Gold manipulation, Part 2: How they do it (and a suggestion to hedge it)

ARTICLES CALENDAR
January 2010
S M T W T F S
« Dec   Feb »
 12
3456789
10111213141516
17181920212223
24252627282930
31  

ARTICLES CATEGORIES
  • Letter Articles

ARCHIVES
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • September 2009
  • August 2009
  • July 2009
  • June 2009
  • May 2009
  • April 2009


Search this Blog
« The game is changing
On the sidelines and nervous »

Stronger banks does not equal tighter credit spreads

Published on January 26th 2010

Where the State itself has been the issuer of the fiduciary media, the impossibility of maintaining their redeemability has usually been ascribed to their having been issued in defiance of precepts based on banking experience. It is obvious that this attitude is due to a misunderstanding

Please, click here to read this article in pdf format: january-26-2010

Yesterday was the third consecutive day with the S&P500 below its previous support of 1,020pts, validating my view on risk. We may need to see more water running under the bridge until we can confirm a trend here. However, reviewing market commentaries, I found that all those who still stay on the bullish side have one thing in common: They see the higher regulation on the world’s banking system as a positive factor for economic growth. In particular, they believe that stronger capitalization and focus on lending, as sought by President Obama’s administration, will be meaningful in withstanding future volatility, and will also drive spreads tighter in the long term. This is a strong assumption I disagree with.

Below are the reasons of my disagreement, which were EXTENSIVELY ELABORATED in the LAST TWO CENTURIES by others wiser than I:

“…Confidence in the capacity of circulation of fiduciary media is not an individual phenomenon; either it is shared by everybody, or it does not exist at all. Fiduciary media can fulfill their function only on the condition that they are fully equivalent to the sums of money to which they refer. They cease to be equivalent to these sums of money as soon as confidence in the issuer is shaken even if only among a part of the community. The yokel who presents his note for redemption in order to convince himself of the bank’s capacity to pay, which nobody else doubts, is only a comic figure that the bank has no need to fear. It need not make any special arrangements or take any special precautions on his account. But any bank that issues fiduciary media is forced to suspend payments if everybody begins to present notes for redemption or to withdraw deposits. Any such bank is powerless against a panic; no system and no policy can help it then. This follows necessarily from the very nature of fiduciary media, which imposes upon those who issue them the obligation to pay a sum of money which they cannot command…” Cp. David Ricardo (http://en.wikipedia.org/wiki/David_Ricardo ), “Proposals”, op. cit., p. 406; Walras (http://en.wikipedia.org/wiki/Leon_Walras ), Etudes d’economie politique appliquee, Lausanne 1898, pp. 365 f.

“…The history of the last two centuries contains more than one example of such catastrophes. Those banks that have succumbed to the onslaughts of note-holders and depositors have been reproached with bringing about the collapse by granting credit imprudently, by tying up their capital, or by advancing loans to the State; extremely serious charges have been brought against their directors. Where the State itself has been the issuer of the fiduciary media, the impossibility of maintaining their redeemability has usually been ascribed to their having been issued in defiance of precepts based on banking experience. It is obvious that this attitude is due to a misunderstanding. Even if the banks had put all their assets in short-term investments, i.e. in investments that could have been realized in a relatively short time, they would not have been able to meet the demands of their creditors. This follows merely from the fact that the banks’ claims fall due only after notice has been given, whilst those of their creditors are payable on demand. Thus there lies an irresolvable contradiction in the nature of fiduciary media. Their equivalence to money depends on the promise that they will at any time be converted into money at the demand of the person entitled to them and on the fact that proper precautions are taken to make this promise effective. But – and this is likewise involved in the nature of fiduciary media – what is promised is an impossibility in so far as the bank is never able to keep its loans perfectly liquid. Whether the fiduciary media are issued in the course of banking operations or not, immediate redemption is always impracticable if the confidence of the holders has been lost…” L. Von Mises (http://en.wikipedia.org/wiki/Ludwig_von_Mises ), “The Theory of Money and Credit”, Chapter IV, p. 321-2, Yale, 1953.

As you can see, blaming banks has been fashionable since immemorial times and financial systems will never be stronger by making their operations more expensive. Therefore, the idea that credit spreads will eventually tighten because of better capitalized banks is absurd. And if credit spreads do not continue to tighten, the rally cannot continue. Moreover, why would banks seek to be better capitalized and pay for all the embedded costs? This is why their stock prices are off their highs.

Please, note that I am not bearish here, but neutral. As I write above, we need to see more water running under the bridge until we can confirm a trend.

Martin Sibileau

Twitt

« The game is changing
On the sidelines and nervous »

105 Comments for “Stronger banks does not equal tighter credit spreads”

  1. dubstep san francisco dice:
    February 10th, 2012 at 2:16 PM

    Awesome website…

    [...]the time to read or visit the content or sites we have linked to below the[...]……

  2. discount golf clubs dice:
    February 10th, 2012 at 3:15 PM

    Websites worth visiting…

    [...]here are some links to sites that we link to because we think they are worth visiting[...]……

  3. newegg coupons dice:
    February 10th, 2012 at 3:48 PM

    Sites we Like……

    [...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……

  4. how to get my boyfriend back dice:
    February 10th, 2012 at 4:02 PM

    Sites we Like……

    [...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……

  5. How to approach women dice:
    February 10th, 2012 at 4:12 PM

    Links…

    [...]Sites of interest we have a link to[...]……

  6. hemorrhoid treatment dice:
    February 10th, 2012 at 4:17 PM

    Awesome website…

    [...]the time to read or visit the content or sites we have linked to below the[...]……

  7. iphone 5 release date dice:
    February 10th, 2012 at 5:13 PM

    Blogs ou should be reading…

    [...]Here is a Great Blog You Might Find Interesting that we Encourage You[...]……

  8. sell mobile phone money dice:
    February 10th, 2012 at 5:31 PM

    Read was interesting, stay in touch……

    [...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……

  9. email marketing dice:
    February 10th, 2012 at 5:57 PM

    Gems form the internet…

    [...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……

  10. background check dice:
    February 10th, 2012 at 6:21 PM

    Recent Blogroll Additions……

    [...]usually posts some very interesting stuff like this. If you’re new to this site[...]……

  11. flavorconnect.com dice:
    February 10th, 2012 at 7:17 PM

    Read was interesting, stay in touch……

    [...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……

  12. Scott Tucker Payday Loans dice:
    February 10th, 2012 at 8:02 PM

    Related……

    [...]just beneath, are numerous totally not related sites to ours, however, they are surely worth going over[...]……

  13. Scott Tucker dice:
    February 10th, 2012 at 8:31 PM

    Awesome website…

    [...]the time to read or visit the content or sites we have linked to below the[...]……

  14. Scott Tucker dice:
    February 10th, 2012 at 8:56 PM

    Cool sites…

    [...]we came across a cool site that you might enjoy. Take a look if you want[...]……

  15. Scott Tucker CBS dice:
    February 10th, 2012 at 9:43 PM

    You should check this out…

    [...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……

  16. Hidden Objects Games dice:
    February 11th, 2012 at 9:46 AM

    Check this out…

    [...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]……

  17. blog dice:
    February 11th, 2012 at 10:13 AM

    Sites we Like……

    [...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……

  18. Fleet Tracking dice:
    February 11th, 2012 at 10:22 AM

    Links…

    [...]Sites of interest we have a link to[...]……

  19. Video Promotion dice:
    February 11th, 2012 at 10:27 AM

    Cool sites…

    [...]we came across a cool site that you might enjoy. Take a look if you want[...]……

  20. honey candy dice:
    February 11th, 2012 at 11:08 AM

    Superb website…

    [...]always a big fan of linking to bloggers that I love but don’t get a lot of link love from[...]……

  21. nutrition degree programs dice:
    February 11th, 2012 at 11:09 AM

    Websites we think you should visit…

    [...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……

  22. Lawyer Kirk Bernard dice:
    February 11th, 2012 at 11:28 AM

    Recommeneded websites…

    [...]Here are some of the sites we recommend for our visitors[...]……

  23. skin care tips for women dice:
    February 11th, 2012 at 12:51 PM

    Awesome website…

    [...]the time to read or visit the content or sites we have linked to below the[...]……

  24. recipes dice:
    February 11th, 2012 at 1:20 PM

    Websites we think you should visit…

    [...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……

  25. innersound eros dice:
    February 11th, 2012 at 1:23 PM

    Related……

    [...]just beneath, are numerous totally not related sites to ours, however, they are surely worth going over[...]……

  26. click here dice:
    February 11th, 2012 at 2:22 PM

    Great website…

    [...]we like to honor many other internet sites on the web, even if they aren’t linked to us, by linking to them. Under are some webpages worth checking out[...]……

  27. sales lead generation dice:
    February 11th, 2012 at 5:37 PM

    Online Article……

    [...]The information mentioned in the article are some of the best available [...]……

  28. portable barbecue grill dice:
    February 11th, 2012 at 6:22 PM

    Online Article……

    [...]The information mentioned in the article are some of the best available [...]……

  29. Real Estate dice:
    February 11th, 2012 at 9:25 PM

    Websites we think you should visit…

    [...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……

  30. free plr dice:
    February 11th, 2012 at 9:36 PM

    Online Article……

    [...]The information mentioned in the article are some of the best available [...]……

  31. Copywriter dice:
    February 11th, 2012 at 9:56 PM

    Recommeneded websites…

    [...]Here are some of the sites we recommend for our visitors[...]……

  32. food storage dice:
    February 11th, 2012 at 10:04 PM

    Related……

    [...]just beneath, are numerous totally not related sites to ours, however, they are surely worth going over[...]……

  33. MLS Sales dice:
    February 11th, 2012 at 10:41 PM

    Online Article……

    [...]The information mentioned in the article are some of the best available [...]……

  34. Copywriting dice:
    February 11th, 2012 at 10:52 PM

    Websites we think you should visit…

    [...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……

  35. King size bed frame dice:
    February 12th, 2012 at 7:09 AM

    Read was interesting, stay in touch……

    [...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……

  36. Pay Off Debt dice:
    February 12th, 2012 at 7:42 AM

    Links…

    [...]Sites of interest we have a link to[...]……

  37. DNA Genealogy dice:
    February 12th, 2012 at 9:23 AM

    Great website…

    [...]we like to honor many other internet sites on the web, even if they aren’t linked to us, by linking to them. Under are some webpages worth checking out[...]……

  38. cheap beads dice:
    February 12th, 2012 at 9:31 AM

    Great website…

    [...]we like to honor many other internet sites on the web, even if they aren’t linked to us, by linking to them. Under are some webpages worth checking out[...]……

  39. stuffed pork chops dice:
    February 12th, 2012 at 10:42 AM

    Sources…

    [...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……

  40. gravid uge for uge dice:
    February 12th, 2012 at 12:20 PM

    Websites we think you should visit…

    [...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……

  41. AC Daytona Beach, Florida dice:
    February 12th, 2012 at 12:45 PM

    Blogs ou should be reading…

    [...]Here is a Great Blog You Might Find Interesting that we Encourage You[...]……

  42. holiday cottages Scarborough dice:
    February 12th, 2012 at 1:06 PM

    Cool sites…

    [...]we came across a cool site that you might enjoy. Take a look if you want[...]……

  43. gunsmithing schools dice:
    February 12th, 2012 at 3:15 PM

    Related……

    [...]just beneath, are numerous totally not related sites to ours, however, they are surely worth going over[...]……

  44. Sponsor a Few to Earn a Lot! dice:
    February 12th, 2012 at 4:01 PM

    Recent Blogroll Additions……

    [...]usually posts some very interesting stuff like this. If you’re new to this site[...]……

  45. life after divorce dice:
    February 12th, 2012 at 4:08 PM

    Websites worth visiting…

    [...]here are some links to sites that we link to because we think they are worth visiting[...]……

  46. Journal Writing dice:
    February 12th, 2012 at 5:32 PM

    Links…

    [...]Sites of interest we have a link to[...]……

  47. Shipping Heavy Lift Cargo Machinery dice:
    February 12th, 2012 at 6:40 PM

    Related……

    [...]just beneath, are numerous totally not related sites to ours, however, they are surely worth going over[...]……

  48. Stop Procrastination dice:
    February 12th, 2012 at 6:58 PM

    Online Article……

    [...]The information mentioned in the article are some of the best available [...]……

  49. emergency roadside service dice:
    February 12th, 2012 at 7:59 PM

    Check this out…

    [...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]……

  50. Pushups dice:
    February 12th, 2012 at 9:11 PM

    Recent Blogroll Additions……

    [...]usually posts some very interesting stuff like this. If you’re new to this site[...]……

  51. CNC Pipe Benders dice:
    February 13th, 2012 at 3:18 AM

    Sites we Like……

    [...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……

  52. uggs dice:
    February 13th, 2012 at 4:10 AM

    Sites we Like……

    [...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……

  53. make money online dice:
    February 13th, 2012 at 4:38 AM

    Awesome website…

    [...]the time to read or visit the content or sites we have linked to below the[...]……

  54. Atlanta Web Design dice:
    February 13th, 2012 at 4:50 AM

    Check this out…

    [...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]……

  55. chucvuive dice:
    February 13th, 2012 at 5:55 AM

    Sources…

    [...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……

  56. www.sosmyblog.com dice:
    February 13th, 2012 at 7:18 AM

    Sites we Like……

    [...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……

  57. chucvuive dice:
    February 13th, 2012 at 7:21 AM

    Links…

    [...]Sites of interest we have a link to[...]……

  58. photography studio for hire dice:
    February 13th, 2012 at 7:25 AM

    Websites worth visiting…

    [...]here are some links to sites that we link to because we think they are worth visiting[...]……

  59. sole trader dice:
    February 13th, 2012 at 7:48 AM

    Sources…

    [...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……

  60. www.medicalassistant101.org dice:
    February 13th, 2012 at 8:13 AM

    Check this out…

    [...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]……

  61. masssage tampa dice:
    February 13th, 2012 at 10:42 AM

    Visitor recommendations…

    [...]one of our visitors recently recommended the following website[...]……

  62. motif batik: dice:
    February 13th, 2012 at 11:14 AM

    Superb website…

    [...]always a big fan of linking to bloggers that I love but don’t get a lot of link love from[...]……

  63. get paid to dice:
    February 13th, 2012 at 4:37 PM

    Sites we Like……

    [...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……

  64. spice incense dice:
    February 13th, 2012 at 7:08 PM

    Websites we think you should visit…

    [...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……

  65. Legal Bud dice:
    February 13th, 2012 at 7:30 PM

    Websites worth visiting…

    [...]here are some links to sites that we link to because we think they are worth visiting[...]……

  66. eat stop eat review dice:
    February 14th, 2012 at 3:46 AM

    Read was interesting, stay in touch……

    [...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……

  67. health dice:
    February 14th, 2012 at 6:50 AM

    Awesome website…

    [...]the time to read or visit the content or sites we have linked to below the[...]……

  68. cialis dice:
    February 14th, 2012 at 7:43 AM

    Links…

    [...]Sites of interest we have a link to[...]……

  69. internet marketer dice:
    February 14th, 2012 at 7:58 AM

    Links…

    [...]Sites of interest we have a link to[...]……

  70. learn more dice:
    February 14th, 2012 at 8:21 AM

    Superb website…

    [...]always a big fan of linking to bloggers that I love but don’t get a lot of link love from[...]……

  71. Luxury Real Estate dice:
    February 14th, 2012 at 9:32 AM

    Websites worth visiting…

    [...]here are some links to sites that we link to because we think they are worth visiting[...]……

  72. viagra online dice:
    February 14th, 2012 at 12:25 PM

    thanks a million…

    Aw, this was a really nice post. In idea I would like to put in writing like this additionally – taking time and actual effort to make a very good article… but what can I say… I procrastinate alot and by no means seem to get something done….

  73. personalized custom hockey stick decal graphics dice:
    February 14th, 2012 at 1:02 PM

    Visitor recommendations…

    [...]one of our visitors recently recommended the following website[...]……

  74. viagra dice:
    February 14th, 2012 at 1:55 PM

    Simply Amazing!…

    Your place is valueble for me. Thanks!……

  75. sista minuten dice:
    February 14th, 2012 at 6:07 PM

    You should check this out…

    [...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……

  76. Marriage Records dice:
    February 14th, 2012 at 6:17 PM

    Links…

    [...]Sites of interest we have a link to[...]……

  77. erectiemiddelen bestellen dice:
    February 14th, 2012 at 6:55 PM

    You should check this out…

    [...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……

  78. purchase hcg dice:
    February 14th, 2012 at 7:27 PM

    Superb website…

    [...]always a big fan of linking to bloggers that I love but don’t get a lot of link love from[...]……

  79. Mathieu De Ruyck dice:
    February 15th, 2012 at 3:50 AM

    Websites you should visit…

    [...]below you’ll find the link to some sites that we think you should visit[...]……

  80. Mathieu De Ruyck dice:
    February 15th, 2012 at 4:33 AM

    Websites we think you should visit…

    [...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……

  81. Dentist Palm Beach dice:
    February 15th, 2012 at 8:50 AM

    You should check this out…

    [...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……

  82. Free Youtube traffic dice:
    February 15th, 2012 at 10:11 AM

    Cool sites…

    [...]we came across a cool site that you might enjoy. Take a look if you want[...]……

  83. How to get youtube traffic dice:
    February 15th, 2012 at 10:21 AM

    Read was interesting, stay in touch……

    [...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……

  84. Convert mts to mov dice:
    February 15th, 2012 at 10:32 AM

    Check this out…

    [...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]……

  85. cialis online dice:
    February 15th, 2012 at 2:12 PM

    Best Prices!…

    This is a Supper Tariffic Happay Hour!!! Between me and my husband we’ve owned more MP3 players over the years than I can count, including Sansas, iRivers, iPods (classic & touch), the Ibiza Rhapsody, etc. But, the last few years I’ve settled down to…

  86. cialis without prescription dice:
    February 15th, 2012 at 2:48 PM

    great blog here…

    You should take part in a contest for one of the best blogs on the web. I will recommend this site!…

  87. live chat dice:
    February 15th, 2012 at 11:18 PM

    Check this out…

    [...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]……

  88. pussycam dice:
    February 16th, 2012 at 3:18 AM

    Websites you should visit…

    [...]below you’ll find the link to some sites that we think you should visit[...]……

  89. Hurtownia Warzyw Katowice dice:
    February 16th, 2012 at 4:24 AM

    You should check this out…

    [...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……

  90. Cam Sex dice:
    February 16th, 2012 at 4:36 AM

    Superb website…

    [...]always a big fan of linking to bloggers that I love but don’t get a lot of link love from[...]……

  91. Scott Tucker Racing dice:
    February 16th, 2012 at 8:41 AM

    Read was interesting, stay in touch……

    [...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……

  92. cialis dice:
    February 16th, 2012 at 10:08 AM

    Youre so cool!…

    the next time I read a blog, I hope that it doesnt disappoint me as much as this one. I mean, I know it was my choice to read, but I actually thought youd have something interesting to say. All I hear is a bunch of whining about something that you coul…

  93. Scott Tucker CBS dice:
    February 16th, 2012 at 4:31 PM

    Awesome website…

    [...]the time to read or visit the content or sites we have linked to below the[...]……

  94. vernis dice:
    February 16th, 2012 at 8:05 PM

    Great website…

    [...]we like to honor many other internet sites on the web, even if they aren’t linked to us, by linking to them. Under are some webpages worth checking out[...]……

  95. levitra dice:
    February 16th, 2012 at 8:31 PM

    Superb website…

    [...]always a big fan of linking to bloggers that I love but don’t get a lot of link love from[...]……

  96. mens leather jackets dice:
    February 16th, 2012 at 8:42 PM

    You should check this out…

    [...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……

  97. Where can i get cheap airsoft guns dice:
    February 17th, 2012 at 3:55 AM

    Gems form the internet…

    [...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……

  98. civil engineering dice:
    February 17th, 2012 at 4:36 AM

    Visitor recommendations…

    [...]one of our visitors recently recommended the following website[...]……

  99. Russel Francois dice:
    February 17th, 2012 at 9:59 AM

    Recent Blogroll Additions……

    [...]usually posts some very interesting stuff like this. If you’re new to this site[...]……

  100. compound microscope vs dissecting microscope dice:
    February 17th, 2012 at 11:35 AM

    Recent Blogroll Additions……

    [...]usually posts some very interesting stuff like this. If you’re new to this site[...]……

  101. http://earth4energy-myreview.com dice:
    February 17th, 2012 at 11:37 AM

    Read was interesting, stay in touch……

    [...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……

  102. pampers online kaufen dice:
    February 17th, 2012 at 3:07 PM

    Online Article……

    [...]The information mentioned in the article are some of the best available [...]……

  103. Directory of Articles & Press Releases dice:
    February 17th, 2012 at 3:29 PM

    Cool sites…

    [...]we came across a cool site that you might enjoy. Take a look if you want[...]……

  104. buy cialis dice:
    February 18th, 2012 at 1:23 PM

    Best Prices!…

    This is a Supper Tariffic Happay Hour!!! Between me and my husband we’ve owned more MP3 players over the years than I can count, including Sansas, iRivers, iPods (classic & touch), the Ibiza Rhapsody, etc. But, the last few years I’ve settled down to…

  105. valium online dice:
    February 19th, 2012 at 9:36 AM

    thanks a million…

    I’d have to check with you here. Which is not something I usually do! I enjoy reading a post that will make people think. Also, thanks for allowing me to comment!…

Leave a comment





seven × 8 =

  • The comments expressed in this website and daily letters are my own personal opinions only and do not necessarily reflect the positions or opinions of my employer or its affiliates.
  • All comments are based upon my current knowledge and my own personal experiences. You should conduct independent research to verify the validity of any statements made in this website before basing any decisions upon those statements. In addition, any views or opinions expressed by visitors to this website are theirs and do not necessarily reflect mine.
  • The information contained herein is not necessarily complete and its accuracy is not guaranteed. If you are receiving this communication in error, please notify me immediately by electronic mail (martin@sibileau.com) or telephone at 647-999-2055.
  • My comments provide general information only. Neither the information nor any opinion expressed constitutes a solicitation, an offer or an invitation to make an offer, to buy or sell any securities or other financial instrument or any derivative related to such securities or instruments (e.g., options, futures, warrants, and contracts for differences).
  • My comments are not intended to provide personal investment advice and they do not take into account the specific investment objectives, financial situation and the particular needs of any specific person.
All rights reserved. A view from the Trenches is proudly powered by WordPress. Wordpress theme designed and coded by SibileauLang