John Williams of Shadowstats.com Interview: The Next Crash Will Be A Lot Worse!


By HousingBoom   Follow   Mon, 28 Jan 2013, 3:31pm   10,291 views   200 comments
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Anyone who thinks the U.S. is in recovery should stop listening to the mainstream media and listen to John Williams. He heads up Shadowstats.com, and is one of the few economists who crunches the numbers to give unvarnished true statistics. Adjusted for real inflation of about 7%, Williams says, "GDP has plunged, and we have been bottom bouncing" ever since the financial crisis started. Williams says, "The next crash will be a lot worse (than 2008) because it will push us into the early stages of hyperinflation." He predicts this will happen "by the end of 2014" at the latest....

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  1. tatupu70


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    121   4:13pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    yup1 says

    Sorry on that point you are incorrect.

    I didn't know your timeframe was a decade. I figured you were referring to present time

  2. yup1


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    122   4:26pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    robertoaribas says

    54k down to 50K sounds about right for the crisis

    I was only linking to show the income drop I did not read his crappy blog :D

  3. yup1


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    123   4:29pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    tatupu70 says

    I didn't know your timeframe was a decade. I figured you were referring to
    present time

    Oh yes more long term, short term gains are too volatile. And that is the average which is dragged higher by the high end. A better statisic would be median incomes which are hopelessly low, 26k is the median single wage in the US, DOH!

  4. CDon


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    124   4:32pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    HousingBoom says

    This will not be a soft landing like most bulls are predicting.

    While written today - this could have just have easily been written 3 years ago.

    For the last 3 years, despite you continuing to call for a "collapse", it has been the soft landing as each crisis turns into nothingburger after nothingburger. So again, is there any point in the next 0-50 where you decide to re-evaluate your conclusion? Is there any point in the next 0-50 years when you say, "gee, I guess there is not going to be a second collapse after all"?

    And if not a date, how bout an event? If the DJIA hits say XYZ then you will change your tune. Or perhaps if unemployment hits ABC then you will reconsider...

    BTW - if the answer for you is "I dont know" so be it. It just seems to me that anyone this "certain" of something, despite the some or even any evidence to the contrary, is setting themselves up for a lifetime of disappointment.

  5. yup1


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    125   4:36pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    CDon says

    For the last 3 years, despite you continuing to call for a "collapse", it has
    been the soft landing as each crisis turns into nothingburger after
    nothingburger. So again, is there any point in the next 0-50 where you decide to
    re-evaluate your conclusion? Is there any point in the next 0-50 years when you
    say, "gee, I guess there is not going to be a second collapse after all"?

    I guess I would ask why do you believe that 2008 cannot be repeated? What has changed to stop that from happening? Nothing. Do you think that the Fed can bailout everything if everyone decides to sell? When will you get concerned with the Fed balance sheet 5 Trillion, 10 Trillion, 50 Trillion?

  6. HousingBoom


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    126   4:41pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    yup1 says

    I guess I would ask why do you believe that 2008 cannot be repeated?

    Because he's a mental midget!

  7. The Professor


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    127   4:47pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   Protected  

    robertoaribas says

    The Professor says

    I do not believe the creation of the Fed was a good thing. I definitely don't think going off the gold standard in 1971 was good.

    you and zero economists agree...

    Zero? Oh, you mean Zerohedge economists agree.

    http://www.zerohedge.com/contributed/economists-end-or-drastically-downsize-fed

  8. Raw


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    128   4:53pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)  

    yup1 says

    I guess I would ask why do you believe that 2008 cannot be repeated? What has changed to stop that from happening? Nothing. Do you think that the Fed can bailout everything if everyone decides to sell? When will you get concerned with the Fed balance sheet 5 Trillion, 10 Trillion, 50 Trillion?

    Lots of reasons why 2008 can't be repeated anytime soon:
    Home prices are not overpriced anymore. They are under priced.
    Recent home purchases are not leveraged with zero downs. Many were all cash.
    Interest rates are a lot lower.
    Economy is not sinking anymore, but making a slow come back.
    The worst is over, the future is bright.

  9. yup1


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    129   5:00pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (2)   Dislike  

    Raw says

    Recent home purchases are not leveraged with zero downs.

    So 3% FHA loans do not happen?

  10. yup1


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    130   5:03pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (2)   Dislike  

    Raw says

    Home prices are not overpriced anymore.

    So says those that own, those that rent believe the opposite, some of those that own (me) still believe the opposite. Home prices are being supported by low interest rates. What happens if rates rise?

  11. yup1


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    131   5:07pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (2)   Dislike  

    Raw says

    Lots of reasons why 2008 can't be repeated anytime soon:

    You saying it can't be repeated shows your ignorance. Lehman, Bear, Wachovia, WAMU, Countrywide, Merril, have been absorbed by the remaining big 5 banks. They are now much bigger than before the last crisis when Lehman ALONE destroyed the credit markets. You keep smoking that it can't happen again crack pipe.

  12. tatupu70


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    132   5:08pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    yup1 says

    Raw says

    Home prices are not overpriced anymore.

    So says those that own, those that rent believe the opposite, some of those that own (me) still believe the opposite. Home prices are being supported by low interest rates. What happens if rates rise?

    If rates rise, that means unemployment will certainly have fallen and incomes will be up. So house prices will probably be rising as well.

  13. yup1


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    133   5:14pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    tatupu70 says

    If rates rise, that means unemployment will certainly have fallen and incomes
    will be up. So house prices will probably be rising as well.

    The last housing bubble was caused by what? Artificially low payments with crazy subprime loans. Interest only, pick a pay, you name it. Rising rates do not lead to higher home prices.

  14. Call it Crazy


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    134   5:25pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    tatupu70 says

    If rates rise, that means unemployment will certainly have fallen and incomes will be up. So house prices will probably be rising as well.

  15. CDon


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    135   5:31pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    yup1 says

    CDon says




    For the last 3 years, despite you continuing to call for a "collapse", it has
    been the soft landing as each crisis turns into nothingburger after
    nothingburger. So again, is there any point in the next 0-50 where you decide to
    re-evaluate your conclusion? Is there any point in the next 0-50 years when you
    say, "gee, I guess there is not going to be a second collapse after all"?



    I guess I would ask why do you believe that 2008 cannot be repeated?

    No absolutely, it can be repeated. I continue to look for risk pricing in the bond market, or in the a1/p2. As they both sit there, while we print with wild abandon, I dont think twice about it. If they start to rise, like we saw in 2007 - absolutely I will be changing my tune - and fast.


    Yup1 says..."Do you think that the Fed can bailout everything if everyone decides to sell? When will you get concerned with the Fed balance sheet 5 Trillion, 10 Trillion, 50 Trillion?"

    Yes. Unequivocably. Again, I am operating on the assumption that they realize how serious this is - and if push comes to shove, they would much rather risk a global conflict with our creditors than they would see rioting, tanks in the streets, and the risk they could be dragged thru the streets, mogadishu style.

    And therein lies the risk with changing course. There is so so so much debt out there - if called simultaneously, like we almost had in 2008, some very very very powerful players on the worlds stage will be very very screwed. And everyone knows this. Hence, no one is willing to pull the trigger - instead they wail, and shout, and then readily gobble down more of our debt.

    So in that regard, honestly, there is no notational limit that we cannot exceed. Its kinda like the 500 billion dollar bill (zimbabwe dollars) I got as a gift. The guy got it for $4USD on ebay. Mugabe would rather destroy his country's ability to be a member of the worlds stage than risk dying at the hands of his countrymen. When push comes to shove, I am pretty sure which way our PTB will decide too.

  16. tatupu70


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    136   5:57pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    yup1 says

    Rising rates do not lead to higher home prices.

    Of course not. It's not cause and effect. But rates also don't rise and fall randomly. They rise when there is an expectation of inflation and fall when there is an expectation of deflation.

    So, if you are saying that rates are rising, that means there is an expectation of inflation, which implies higher incomes and lower unemployment.

  17. yup1


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    137   6:00pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    CDon says

    Its kinda like the 500 billion dollar bill (zimbabwe dollars) I got as a gift.
    The guy got it for $4USD on ebay.

    Dude whoever bought that got robbed my buddy got me a 100 Trillion dollar one for 4 bucks, ROFLMFAO!

  18. yup1


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    138   6:07pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    CDon says

    Hence, no one is willing to pull the trigger - instead they wail, and shout,
    and then readily gobble down more of our debt.


    So in that regard, honestly, there is no notational limit that we cannot
    exceed.

    At some point mathematics takes over and the amounts of debt cannot even be serviced, then what? If you are just printing money to make fake reserves you are doing nothing. If that money does not get into the real economy the increased debts will eventually default. I guess you could go with a 0 interest rate, all of that money is fake anyway.

    I guess that is the point, do we all not understand at this point that it is all fake. A large group of people being "poor" while an individual person is "rich" when ALL of the credit money ever created is fake is pretty rediculous.

    If the population in general ever comes to truely understand the nature of credit money, no one will ever pay back another debt again, EVER!

  19. yup1


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    139   6:09pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    tatupu70 says

    But rates also don't rise and fall randomly. They rise when there is an
    expectation of inflation and fall when there is an expectation of deflation.

    That is what they used to mean, I agree. If you think that is what rates mean in todays ZIRP environment I believe you are wrong.

  20. yup1


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    140   6:30pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    tatupu70 says

    Of course not. It's not cause and effect. But rates also don't rise and fall
    randomly. They rise when there is an expectation of inflation and fall when
    there is an expectation of deflation.


    So, if you are saying that rates are rising, that means there is an
    expectation of inflation, which implies higher incomes and lower
    unemployment.

    Bill Gross from PIMCO said in 2010 that without Uncle Sam backing mortgages rates would climb by 3 to 4 %. I wonder what home prices would be with 7-9% mortgages?

  21. Kevin


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    141   6:31pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    You guys understand that Zimbabwe was never a stable global superpower with reserve currency status right?

  22. CDon


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    142   6:39pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    yup1 says

    Dude whoever bought that got robbed my buddy got me a 100 Trillion dollar one
    for 4 bucks, ROFLMFAO!

    LOL - I stand corrected it was actually a 500 trillion note. Is yours the one with the 2010 redemption date?

    yup1 says

    I guess that is the point, do we all not understand at this point that it is all
    fake.

    Yeah , pretty much. If there was any doubt, the world realizes it is all a big ponzi scheme right now. But like all ponzis, once you recognze its a ponzi and all of you will lose, it behooves you to pawn it off on someone else - in this case the next generation (who will then have their own 2008 minute whereupon [unless someone calls their bluff] they will pawn that ponzi on to the next generation.

    yup1 says

    A large group of people being "poor" while an individual person is "rich" when
    ALL of the credit money ever created is fake is pretty rediculous.

    At the end of the day, money is just a representation of resources, (be them natural, political, or otherwise). In 2008, the worlds pool of bullshit was drained, and we were all exposed as swimming naked. Still, we, here in the US were still recognized as being the biggest, strongest, pack of grenades across its chest... So when we said "why dont we re-fill this pool, and lets all pretend it didnt happen" everyone else, recognized how powerless they were they nodded in agreement.

    It wont always be this way. Eventually China or someone else will be big enough to call the shots. Im just not so sure that is going to happen while I happen to be on this planet.

  23. Call it Crazy


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    143   6:42pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    yup1 says

    Bill Gross from PIMCO said in 2010 that without Uncle Sam backing mortgages rates would climb by 3 to 4 %. I wonder what home prices would be with 7-9% mortgages?

    According to Tat's theory, if rates were 7% or higher, house prices would be double what they are now and we would all be making a lot more in wages!

  24. Call it Crazy


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    144   6:45pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    yup1 says

    CDon says

    Its kinda like the 500 billion dollar bill (zimbabwe dollars) I got as a gift.

    The guy got it for $4USD on ebay.

    Dude whoever bought that got robbed my buddy got me a 100 Trillion dollar one for 4 bucks, ROFLMFAO!

    Here, I have one I'll sell you real cheap!!

    *

  25. CDon


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    145   6:47pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    yup1 says

    Rising rates do not lead to higher home prices.

    Real or nominal? In nominal terms, the record is not as clear as you think it is.

    I dont have a graph for the US, but I do have tabular data, if you want to confirm it for the whole US. Either way, Im sure the people back in the 80s who decided to wait as interest rates hit 14-15-16 percent, watched in horror as nominal prices continued to slowly lurch upward.

  26. Call it Crazy


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    146   7:34pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (2)   Dislike (1)  

    robertoaribas says

    it isn't as simple as busting out your finance calculator, keeping the payment the same, changing the interest rate and seeing the equivalent home price.

    I believe it IS that simple, for one main reason....

    The majority of people buy "payments", they don't buy "houses". The "sheep" listen to their realtor to see what maximum payment they qualify for, then they go shopping for houses that fit that "payment".

    It's tough for house prices to rise as interest rates rise, as it puts them out of range of certain buyer pools.... The only way house prices can rise with rising interest rates is if wages rise accordingly.... and we know where wages have been all these past years.

  27. HousingBoom


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    147   8:52pm Thu 31 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    underwaterman says

    yup1 says

    I wonder what home prices would be with 7-9% mortgages?

    The market would collapse. Removing govt supporting 90% of all new mortgages underwriting or increasing interest rates or dumping shadow inventory at once will dramatically impact the housing market to the downside. We saw how quickly it dried up once the home buyer credit expired. It needs govt support to survive at all.

    Yup! Watch the bond market. It's in the largest bubble in over 200 years and WILL burst because ALL economic bubbles bursts. The sheep won't know what hit them. Bonds have an inverse relationship with rates so you know what that means

  28. JodyChunder


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    148   10:31pm Thu 31 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    Contrarian conjecture aside -- you're right, YUP1.

    There will be no middle class income growth in America in the next decade. (Why would there be?)

    tatupu70 says

    yup1 says

    Raw says

    Home prices are not overpriced anymore.

    So says those that own, those that rent believe the opposite, some of those that own (me) still believe the opposite. Home prices are being supported by low interest rates. What happens if rates rise?

    If rates rise, that means unemployment will certainly have fallen and incomes will be up. So house prices will probably be rising as well.

  29. tatupu70


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    149   7:11am Fri 1 Feb 2013   Share   Quote   Permalink   Like   Dislike  

    Call it Crazy says

    The only way house prices can rise with rising interest rates is if wages rise
    accordingly.... and we know where wages have been all these past years.

    Yep, and we know where interest rates have been all these past years. That's the point.

    If you are betting that interest rates will rise sifnificantly while wages stay stagnant, then you are betting on a very unusual event occurring.

    Just so you understand that you are the one predicting against history.

  30. tatupu70


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    150   7:13am Fri 1 Feb 2013   Share   Quote   Permalink   Like (1)   Dislike  

    JodyChunder says

    There will be no middle class income growth in America in the next decade.
    (Why would there be?)

    lol. US productivity continues to rise. The only reason there is no median income growth is because it's all going to the 1%. If Obama continues to make taxes more progressive, median income growth will return.

  31. lostand confused


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    151   7:15am Fri 1 Feb 2013   Share   Quote   Permalink   Like   Dislike  

    The FED has pretty much admitted that they will keep rates low until things/unemployment gets better. The current QE, they didn't even set a time limit-they can buy junk for all of eternity. There is no risk in the market for the big players.

    The only thing that can happen, is if the dam breaks and the flood is large enough to bury even the FED. While unlikely, it may happen-but chances are slim. I think we are stuck at these low rates for a long time.

  32. HousingBoom


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    152   7:28am Fri 1 Feb 2013   Share   Quote   Permalink   Like   Dislike  

    lostand confused says

    The only thing that can happen, is if the dam breaks and the flood is large enough to bury even the FED. While unlikely, it may happen-but chances are slim. I think we are stuck at these low rates for a long time.

    The Fed is the king of creating bubbles. The dam will break sooner or later.

  33. ElenaMo313


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    153   10:04am Fri 1 Feb 2013   Share   Quote   Permalink   Like   Dislike  

    tatupu70 says

    JodyChunder says

    There will be no middle class income growth in America in the next decade.

    (Why would there be?)

    lol. US productivity continues to rise. The only reason there is no median income growth is because it's all going to the 1%. If Obama continues to make taxes more progressive, median income growth will return.

    I think this will be one vital solution to the problem--more money definitely needs to trickle down. That is crucial.

  34. The Professor


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    154   10:19am Fri 1 Feb 2013   Share   Quote   Permalink   Like   Dislike (1)   Protected  

    ElenaMo313 says

    I think this will be one vital solution to the problem--more money definitely needs to trickle down. That is crucial.

    It is better to be the one who pees rather than the one who gets pissed on. How long can we get peed on before we get pissed off?

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    155   2:48pm Fri 1 Feb 2013   Share   Quote   Permalink   Like   Dislike   Protected  

    KarlRoveIsScum says

    The Derivatives market was only 500 trillion in 2008 when it almost blew up in all our faces. Now it is 3 times that size, what a monster balloon! when it blows no one survives that has money in the banks or in the mattress. You better start investing in silver and gold which is real money not fiat.

    Bill Gross says gold is leveraged and will get killed too. I say cash is king because it is a store of value and it is also LIQUID.

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    156   2:56pm Fri 1 Feb 2013   Share   Quote   Permalink   Like   Dislike   Protected  

    robertoaribas says

    . First, unemployment will go down, THEN, incomes will rise.

    In a global environment I am not confident in the latter statement. Unemployment will drop but wages will likely not rise much.

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    157   2:58pm Fri 1 Feb 2013   Share   Quote   Permalink   Like   Dislike   Protected  

    underwaterman says

    Would disagree with that. 700 Trillion in derivative exposure is gigantic risk that is bigger now than in 2008. That recent 1 London Whale Trade of JP morgans makes that quite clear how the big players can't control things. Just as their quants and their math models didn't account for houses depreciating at once in 2008, they won't get bailed out forever. More countries will start looking at Iceland for the way out by downsizing the financial industry and getting back to fundamentals that grow an economy:

    Since the US is the reserve currency we don't have to, although we should, downsize the financial industry. Only if the people refuse their products will it be forced to downsize.

  38. tatupu70


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    158   5:00pm Fri 1 Feb 2013   Share   Quote   Permalink   Like   Dislike  

    underwaterman says

    And, more dumb ass anecdotal evidence ignoring the effect a 7.5% interest rate would have on leverage mortgage payments. Just more of the same BS miss roberta

    Everyone understands the effect that higher interest rates has on mortgage payments. Believe me, we get it.

    But we also understand the historical relationship between interest rates and wage inflation. Like I said earlier, interest rates don't rise and fall randomly--they move in response to macroeconomic factors. And those factors historically have also had an effect on wage inflation.

    So, for you to completely ignore the historical relationship shows your ignorance.

  39. David Losh


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    159   5:07pm Fri 1 Feb 2013   Share   Quote   Permalink   Like   Dislike  

    It's another high jacked real estate thread by underwaterman. underwaterman says

    Another ad hominem personal attack via my profitable investment.

    I've yet to hear about your profitable investments, yet you want us all to tell you ours in great detail. So far all I've ever read you say is Real Estate bad, gold good, because Glenn Beck tells me all these other people have made fortunes from gold.

    That's it, and yet you keep mucking up Real Estate threads with your psycho babble.

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    160   6:08pm Fri 1 Feb 2013   Share   Quote   Permalink   Like   Dislike   Protected  

    underwaterman says

    The reserve status is ending for the dollar.

    Maybe, maybe not. As long as America has the strongest military, which I support, and doesn't use it to take over the world, like the idiot neocons support, we will have a reserve currency.

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