Thursday, June 12, 2008

Real GDP - Part V: Goose Eggs

The series concludes in present day America, the most global and powerful empire in the history of man. It is also the largest debtor nation by a wide margin, a curious development for a superpower. But then again, no other empire had the benefit of a worldwide fiat currency regime to help it flood the Earth with its own IOUs.
________________________________

United States, 2008 A.D.

Calculus has been dead two thousand years but his spirit lives on famously. His "financial reforms" at the orders of Debitus and Fat Flavius gave Old Rome an inch and New Rome is taking a mile. Immortality, after a fashion, for the cunning Greek...

But let us, at long last, dispense with allegory and dive into hard facts. First, the data in chart form.

Since the early 1990's debt has been rising much faster than GDP (see charts below). During 2007 nominal GDP grew by 647 billion dollars while debt of the non-financial sector increased by 2.37 trillion dollars. Total debt, i.e. including the financial sector, rose even faster by 3.96 trillion dollars. These are frightfully large numbers - where is all the extra money created by this debt going?

Annual Changes in GDP and Debt (Data: FRB Z.1 Release)


Ratios of Debt Growth to GDP Growth

Excess debt is frequently (and highly deceptively) labeled as "liquidity", giving the unaware a sense of financial comfort. Nothing is further from the truth for, in reality, it works towards the debasement of our fiat currency's purchasing power. Like Milton Friedman said, "inflation is always and everywhere a monetary phenomenon". The more dollars in circulation, above and beyond the real economy's incremental requirements, must by definition raise prices.

Let's use a simple example: if there are only one dollar and one egg in existence, the price of one egg cannot exceed $1. If, however, next year there are two eggs and three dollars around, the price of each egg may rise to $1.50.

Since the excess debt generated in the US is obviously not going into productive economic use (debt is rising much faster than GDP), this "liquidity" results in higher prices for assets like stocks, real estate, ships and even paintings or Bordeaux wine futures. And now the flood is spilling over into consumables, i.e. commodities like fuel and food.

It's a simple balance sheet: if the liability side (debt/fiat money) expands, then the asset side must expand to match it. Let this expansion go on unchecked and pretty soon you have a rapidly ballooning balance sheet, also known as a bubble.

We can call this process any manner of names, but my favorite is "goosing", as in force-feeding debt to the economy to induce unnatural growth. Turning to pictures again:

This is natural growth...


...and this is growth, American-style.


What's worse, such a debt-spinning machine eventually gets out of control and self-destructs. For 2007, I estimate that interest alone on the $43 trillion in total debt outstanding came to $3 trillion out of the $3.96 trillion in new debt that was created during the same year. In other words, three quarters of all new debt went into paying interest on the old debt - and remember that GDP rose only by $647 billion.

Putting it in dollars and eggs, nearly 4 trillion more dollars went into circulation while only 647 billion new goose eggs were hatched. No wonder then that the price of geese is rising. Furthermore, for as long as this "goosing" goes on, national accounting becomes a messy omelette. Using a fiat currency to keep accounts in such circumstances makes it impossible to distinguish between real growth and mere bubble-blowing. At a minimum we should realize that reported GDP growth bears little resemblance to thermodynamic activity which, in my opinion, is the only unfailing yardstick.

I believe that traditional macro-economic measurements like GDP, debt, etc., will soon have to be retooled or replaced entirely with new ones based on real activity (e.g. see my Greenback suggestion).

In closing this "blast from the past" series, I thank you for your kind words left in the comment section. I had lots of fun with Debitus, Flavius and Calculus and it seems you liked them, too, by Jove.

38 comments:

Paul said...

Your efforts are well appreciated.

So what's the epilogue?

A never ending rotation in and out of the asset bubble du jour?

Or, a Depression like crash that resets all the markers?

And what to do with my modest nest egg so mom has something to retire on?

my head hurts - next time just the pretty picture of cute gosslings.

J. said...

So what if America pays its debt in debased currency? Quoting the immortal Calculus: Bis vivit qui bene vivit.

Hellasious said...

Paul asked..

"So what's the epilogue? A never ending rotation in and out of the asset bubble du jour?"

If I may extend the analogy a bit further, after hubris comes catharsis. America needs to cleanse itself of its enormous debt.

It may do so willingly and gradually over several decades (the preferred method), or it will be forced into an abrupt mode shift that will feel like a collapse into poverty.

Advice? Hope and fight for the best and prepare for the worst.

j.,

The best revenge may indeed be to live well, but our creditors are already balking at accepting debased dollars. Like all merchants, Venetian or not, they are finally asking for their pound of flesh.

Regards,
H.

Anonymous said...

good god, the sheer arrogance! "The series concludes in present day America, the most global and powerful empire in the history of man."

pluhease! hubris anyone?

Hellasious said...

America's 5% of the global population consuming 25% of the Earth's annual output of resources makes it indisputably the biggest empire in history. That may be hubris, but my pointing it out is definitely not.

A spade is a spade, even if we don't like agricultural implements.

yoyomo said...

This is an honest question, what possible source of revenue (other than printing or more borrowing) would allow the payment of $4T in interest plus $400B+ for energy imports? All this portends massive destruction of ficticious capital either through defaults (likely) or a stiff wealth tax (less so) negotiated globally to prevent evasion. If the earning potential of labor can't compete with financial liquidity for the essentials of life then only death can result either through violence or deprivation, most likely both.

Yoski said...

An interesting side effect of debasing the currency is that capital will look for a new home. It finds it in foreign currencies, real estate and various commodities. If your objective is to preserve wealth/savings the dollar might not be the optimal medium to store this wealth.

TV said...

Can you explain (or direct me to a link in which you explain) how law of thermodynamics applies to GDP?

I am unclear and want to become clear on this

I appreciate your help

Hellasious said...

Thermodynamics is the science of the transformation of energy into work, i.e. what we commonly term "activity".

GDP attempts to quantify this activity in dollar terms. But (fiat) dollars are infinitely expandable whereas energy and work aren't.

Thus, measuring activity (GDP) in dollars is akin to measuring length with a very stretchy tape measure..

Edwardo said...

I'd just like to say that the picture of that poor goose being cruelly force fed really upset me.

Marcus said...

Hell,
First comes inflation then deflation?

In your estimation are we now destroying more debt (deflation--through asset destruction, default...) or creating more debt (inflation)?

Hellasious said...

Deflation or Inflation?

The Fed is trying very hard to prevent deflation induced by credit destruction. Look at all those programs it has for turning trash into Treasurys using its own balance sheet.

But in my opinion, its operations are one crisis away from failure. If there is another Bear in the closet then I think they won't be able to do anything much about it. And that's not necessarily a bad thing, either. We need to have debt destroyed.

tv said...

Thank you.

Marcus said...

I think I'm a bit more cynical than you Hell, at least about our representatives in Congress.

I think they will replenish the Fed's balance sheet without limit.

What will be the end point then, a collapse in the bond markets?

J. said...

... our creditors are already balking ...

So what? Maybe they will send us the policeman? I forgot, WE are the world's policeman.

Rome's problem was Atilla and his Hunnish hordes. But today no one is more Hunnish than ... guess who?

Marcus said...

J, Let's look at the balance sheet of the "Great Hun".

175,000 troops in Iraq, at a cost of $300 billion/year +/-, and for what in return? $130/barrel oil?

Ever hear of the word "sustainability"?

The true Hun is efficient and cunning taking out million dollar hardware with hundred dollar bombs--guess who that would be?

James said...

It seems a nearly certain that this system is going to collapse one day. It may be in fact collapsing already.

yoyomo said...

Marcus,
You're disregarding the price in lives the Iraqis are paying. Their struggle is no more sustainable than the occupation. It literally comes down to who runs out first; the US out of money or the Iragis out of corpses? Money is alot easier to replace.

Edwardo,
I share your sentiments about the cruelty towards the goose but have you noticed that Hel seems to have a certian fascination with foie gras? In addition to the forced over-feeding many breeders nail the feet of the geese to a board to prevent the geese from trying to get away at feeding time. I wish more people cared how animals are treated before and when they are killed.

Anonymous said...

Hell,

What happened to the CDS spread on the US Government as a result of doing all this treasury swapping?

And who do you think would take a punt?

Thai said...

Hell said... "they are finally asking for their pound of flesh"

Is this really true?

Edwardo said...

I either missed Hell's fascination with foie gras, yoyomo, or I repressed it.

credit savvy said...

yep it's good to be american

easy self credit improvement

? said...

where is all the extra money created by this debt going?

--------

In black garbage bags in our dumps, polluting soil and water.

Anonymous said...

tibia money tibia gold tibia item runescape accounts buy runescape accounts runescape money runescape gold runescape gp runescape power leveling runescape powerleveling cheap rs2 powerleveling runescape equipment buy rs equipment runescape runes cheap rs2 runes runescape logs cheap rs2 logs runescape items buy runescape items runescape quest point rs2 quest point cheap runescape questpoint runescape gold runescape items runescape power leveling runescape money runescape gold buy runescape gold buy runescape money runescape items runescape accounts runescape gp runescape accounts runescape money runescape power leveling runescape powerleveling tibia gold dofus kamas buy dofus kamas wow power leveling wow powerleveling runescape questpoint rs2 questpoint Warcraft PowerLeveling Warcraft Power Leveling World of Warcraft PowerLeveling World of Warcraft Power Leveling Hellgate money Hellgate gold buy runescape logs buy rs2 items cheap runescape items Hellgate London gold Guild Wars Gold buy Guild Wars Gold runescape items rs2 accounts cheap rs2 equipments lotro gold buy lotro gold buy runescape money buy runescape gold buy runescape runes lotro gold buy lotro gold runescape money runescape gold cheap rs2 powerleveling eve isk eve online isk buy runescape power leveling rs2 power leveling tibia gold tibia item runescape accounts Fiesta Silver Fiesta Gold SilkRoad Gold buy SilkRoad Gold Scions of Fate Gold Hellgate Palladium Hellgate London Palladium SOF Gold Age Of Conan Gold AOC Gold ArchLord gold tibia money tibia gold runescape accounts runescape gold cheap rs2 powerleveling buy ArchLord gold DDO Plat Dungeons and Dragons Online Plat

coco said...

nikedao
妮可鞋岛
adidas
nike
运动鞋nikedao
妮可鞋岛
adidas
nike
运动鞋

Bron said...

I find it interesting that GDP to debt started to diverge in the early 1970s - anything to do with the US reneging on its obligations to exchange dollars for gold. Did gold act as a control on issuance of excessive dollars/debt?

Thai said...

The gold bugs say 'yes'.

I am not so sure.

Vietnam and the War on Poverty changed our trade balance-- again a trade deficit is really just the amount foreigners are willing to lend us to buy their goods.

But perhaps more significantly, there was a fundamental change in the way government appropriations were spent after Watergate- the effect was to eliminate what had unknowingly functioned as a line item veto since the founding of our republic.

Before Watergate "reforms" (i.e. limits on executive power) were enacted, the way federal spending worked was that Congress would pass an appropriations bill, but it was the actual cabinets that spent the money congress authorized.

Presidents since the beginning of the republic had been basically telling their cabinet secretaries that Congress might earmark 10 to a particular department, but the cabinet secretaries (appointed by the president and part of the executive branch) were only allowed to spend 8 of the 10 they were given.

This issue had never been fully decided by the courts and Congress had always resented this executive encroachment on what they felt the constitution had specified was their domain, but the precedent stuck and it was how spending worked for almost 200 years. The net effect is it acted as a 'functional' line item veto.

Gerald Ford, the only non-elected president to serve as our executive, was fundamentally a man of Congress and had always disagreed with this presidential encroachment. He (a Republican) signed a law stating that Cabinets were required to spend EVERYTHING Congress earmarked.

Federal spending started spiraling out of control the very next day and we have never been able to get the genie back in the bottle.

Anonymous said...

仓库货架|中量A型货架 仓储货架|中量B型货架 库房货架|横梁式货架 塑料托盘|栈板 钢托盘|钢制托盘 折叠式仓储笼|仓库笼 仓储笼|仓库笼|折叠式仓储笼 托盘|钢托盘 托盘|塑料托盘 周转箱|塑料周转箱 托盘|纸托盘 料箱|钢制料箱 工具柜|工具车|抽屉柜 工作台|工作桌 刀具柜|刀具车|刀具架 手动液压托盘搬运车|电动托盘搬运车 手动液压堆高车|手动叉车 仓储笼 仓库笼 南京仓储笼 常州仓储笼 无锡仓储笼 苏州仓储笼 徐州仓储笼 南通仓储笼 镇江仓储笼 连云港仓储笼 泰州仓储笼 扬州仓储笼 盐城仓储笼 淮安仓储笼 宿迁仓储笼 轻量型货架|角钢货架 中量A型货架 中量B型货架 货位式货架 横梁式货架 阁楼式货架|钢平台 悬臂式货架 贯通式货架|通廊式货架|驶入式货架 辊轮式货架|流利条货架 压入式货架 移动式货架|密集架 模具货架 抽屉式货架 汽车4S店货架 汽配库货架 自动化立体仓库货架 托盘|钢托盘|钢制托盘 托盘|塑料托盘 托盘|塑料托盘 托盘|塑料托盘 仓储笼|仓库笼|折叠式仓储笼 手推车|铁板手推车 手推车|静音手推车 置物架|工业置物架|家用置物架 堆垛架|巧固架 挂板架|物料整理架 登高车 物流台车|载物台车 料箱|钢制料箱 搬运车|手动液压托盘搬运车|电动托盘搬运车 堆高机|堆垛机|手动堆高机|电动堆高机 叉车|电动叉车|内燃叉车|叉车厂 货架 货架 仓储货架 仓储货架 仓库货架 仓库货架 货架厂 货架厂 货架公司 货架公司 托盘 钢托盘 铁托盘 钢制托盘 塑料托盘 仓储笼 仓库笼 折叠式仓储笼 折叠仓储笼 仓储货架|仓库货架|库房货架 南京货架|横梁式货架|中型货架 钢托盘|塑料托盘|纸托盘 仓储笼|仓库笼|折叠式仓储笼 钢制料箱|工具柜|工作台 手动液压托盘搬运车|手动液压堆高车 仓库货架|中量A型货架> 仓储货架|横梁式货架|货位式货架 托盘|塑料托盘|钢制托盘|纸托盘 仓储笼|仓库笼|折叠式仓储笼|蝴蝶笼|储物笼 手动液压托盘搬运车|手动液压堆高车 仓库货架|中量A型货架 仓储货架|横梁式货架|货位式货架 托盘|塑料托盘|钢制托盘|纸托盘 仓储笼|折叠式仓储笼|仓库笼|蝴蝶笼|储物笼 手动液压托盘搬运车|手动液压堆高车 仓储货架|仓库货架|库房货架 南京货架|中型货架|横梁式货架 钢托盘|钢制托盘|塑料托盘|纸托盘 仓储笼|仓库笼|折叠式仓储笼 钢制料箱|工具柜|工作台 手动液压托盘搬运车|手动液压堆高车 仓库货架|中量A型货架 仓储货架|中量B型货架 库房货架|横梁式货架|货位式货架 钢托盘|钢制托盘|铁托盘|栈板 托盘|塑料托盘|栈板 纸托盘|栈板 仓储笼|仓库笼|折叠式仓储笼|蝴蝶笼|储物笼 钢制料箱|钢制周转箱|网格式料箱 搬运车|手动液压托盘搬运车|电动托盘搬运车 仓库货架|中量A型货架 仓储货架|中量B型货架 库房货架|横梁式货架|货位式货架 钢托盘|钢制托盘|铁托盘|栈板 塑料托盘|塑料栈板 纸托盘|栈板 仓储笼|仓库笼|折叠式仓储笼|蝴蝶笼|储物笼 钢制料箱|钢质周转箱|网格式料箱 手动液压托盘搬运车|液压搬运车 仓储货架|>仓库货架|库房货架 南京货架|中型货架|横梁式货架 钢托盘|钢制托盘|塑料托盘|纸托盘 仓储笼|仓库笼|折叠式仓储笼 钢制料箱|工具柜|工作台 手动液压托盘搬运车|手动液压堆高车 仓库货架|中量A型货架 仓储货架|中量B型货架 库房货架|横梁式货架|货位式货架 钢托盘|钢制托盘|铁托盘|栈板 塑料托盘|塑料栈板 纸托盘|栈板 仓储笼|仓库笼|折叠式仓储笼|蝴蝶笼|储物笼 钢制料箱|钢质周转箱|网格式料箱 手动液压托盘搬运车|托盘搬运车 货架|仓储货架|仓库货架|库房货架 南京货架|上海货架|北京货架 轻型货架|中型货架|搁板式货架 重型货架|横梁式货架|托盘式货架 托盘|木托盘|纸托盘|木塑托盘 托盘|钢托盘|塑料托盘|钢制托盘 仓储笼|仓库笼|折叠式仓储笼 手推车|静音手推车|铁板手推车 物料架|整理架|挂板架 料箱|钢制料箱|钢制周转箱|网格式料箱 手动液压托盘搬运车|电动托盘搬运车 手动液压堆高车|半电动堆高车|手动叉车 塑料周转箱|物流箱|塑料化工桶|塑料卡板箱 工具柜|上海工具柜|南京工具柜|抽屉柜 工作台|工作桌|南京工作台|上海工作台 刀具车|刀具柜|刀具架|刀具座 货架 货架厂 货架公司 仓储货架 仓库货架 库房货架 南京货架 上海货架 托盘 钢托盘 钢制托盘 货架|轻量型货架|角钢货架 货架|中量型货架|次重型货架 货位式货架|横梁式货架|重量型货架 仓储货架|阁楼式货架|钢平台 仓储货架|悬臂式货架 仓储货架|贯通式货架|通廊式货架|驶入式货架 仓库货架|库房货架|抽屉式货架|模具货架 仓库货架|库房货架|汽车4S店货架|汽配库货架 货架厂|货架公司|南京货架|上海货架|无锡货架|苏州货架 货架厂|货架公司|北京货架|天津货架|沈阳货架|大连货架 货架厂|货架公司|广州货架|深圳货架|杭州货架 托盘|钢托盘|钢制托盘 托盘|塑料托盘 仓储笼|仓库笼|折叠式仓储笼 置物架|多功能置物架|卫浴置物架 料箱|钢制料箱|钢制周转箱 手动液压托盘搬运车|不锈钢托盘搬运车|电动托盘搬运车 手动液压堆高车|半电动堆高车|电动堆高车|堆垛车 货架 仓储货架 仓库货架 货架厂 货架公司 托盘 钢托盘 铁托盘 钢制托盘 塑料托盘 仓储笼 仓库笼 折叠式仓储笼 折叠仓储笼 货架 货架 货架 仓储货架 仓储货架 仓储货架 仓库货架 仓库货架 货架厂 货架厂 货架公司 货架公司 托盘 钢托盘 铁托盘 钢制托盘 塑料托盘 仓储笼 仓库笼 折叠式仓储笼 货架 货架 货架 仓储货架 仓储货架 仓储货架 仓库货架 仓库货架 仓库货架 货架厂 货架厂 货架厂 货架公司 货架公司 货架公司 托盘 钢托盘 铁托盘 钢制托盘 塑料托盘 仓储笼 仓库笼 折叠式仓储笼 折叠仓储笼 托盘 塑料托盘 钢托盘 钢制托盘 铁托盘 货架厂 仓储笼 仓库笼 折叠式仓储笼 折叠仓储笼 南京货架 货架公司 货架厂 仓库货架 仓储货架 货架 货架

Anonymous said...

A片,aio,av女優,av,av片,aio交友愛情館,ut聊天室,聊天室,豆豆聊天室,色情聊天室,尋夢園聊天室,080聊天室,視訊聊天室,080苗栗人聊天室,上班族聊天室,成人聊天室,中部人聊天室,一夜情聊天室,情色聊天室,情色視訊,美女視訊,辣妹視訊,視訊交友網,免費視訊聊天,視訊,免費視訊,美女交友,成人交友,聊天室交友,微風論壇,微風成人,sex,成人,情色,情色貼圖,色情,微風,聊天室尋夢園,交友,視訊交友,視訊聊天,視訊辣妹,一夜情,A片,A片

情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,按摩棒,跳蛋,充氣娃娃,情境坊歡愉用品,情趣用品,情人節禮物,情惑用品性易購,A片,視訊聊天室

免費A片,AV女優,美女視訊,情色交友,免費AV,色情網站,辣妹視訊,美女交友,色情影片,成人影片,成人網站,A片,H漫,18成人,成人圖片,成人漫畫,情色網,日本A片,免費A片下載,性愛

A片,色情,成人,做愛,情色文學,A片下載,色情遊戲,色情影片,色情聊天室,情色電影,免費視訊,免費視訊聊天,免費視訊聊天室,一葉情貼圖片區,情色,情色視訊,免費成人影片,視訊交友,視訊聊天,視訊聊天室,言情小說,愛情小說,AIO,AV片,A漫,av dvd,聊天室,自拍,情色論壇,視訊美女,AV成人網,色情A片,SEX,成人論壇

情趣用品,A片,免費A片,AV女優,美女視訊,情趣用品,A片,免費A片,日本A片,A片下載,線上A片,成人電影,嘟嘟成人網,成人,成人貼圖,成人交友,成人圖片,18成人,成人小說,成人圖片區,微風成人區,成人文章,成人影城,情色,情色貼圖,色情聊天室,情色視訊色情網站,一葉情貼圖片區,做愛,性愛,美女視訊,辣妹視訊,視訊聊天室,視訊交友網,免費視訊聊天,美女交友,做愛影片

av,情趣用品,a片,成人電影,微風成人,嘟嘟成人網,成人,成人貼圖,成人交友,成人圖片,18成人,成人小說,成人圖片區,,情色,情色貼圖,色情聊天室,情色視訊,情色文學,色情小說,情色小說,色情,情色電影,aio,av女優,AV,免費A片,日本a片,美女視訊,辣妹視訊,聊天室

情趣用品.A片,情色,情色貼圖,色情聊天室,情色視訊,情色文學,色情小說,情色小說,色情,寄情築園小遊戲,情色電影,色情遊戲,色情網站,聊天室,ut聊天室,豆豆聊天室,美女視訊,辣妹視訊,視訊聊天室,視訊交友網,免費視訊聊天,免費A片,av女優,av,成人電影,成人,成人貼圖,成人交友,成人網站,自拍,尋夢園聊天室

said...

runescape money runescape gold runescape money buy runescape gold buy runescape money runescape money runescape gold wow power leveling wow powerleveling Warcraft Power Leveling Warcraft PowerLeveling buy runescape gold buy runescape money runescape itemsrunescape accounts runescape gp dofus kamas buy dofus kamas Guild Wars Gold buy Guild Wars Gold lotro gold buy lotro gold lotro gold buy lotro gold lotro gold buy lotro gold runescape money runescape power leveling runescape money runescape gold dofus kamas cheap runescape money cheap runescape gold Hellgate Palladium Hellgate London Palladium Hellgate money Tabula Rasa gold tabula rasa money Tabula Rasa Credit Tabula Rasa Credits Hellgate gold Hellgate London gold wow power leveling wow powerleveling Warcraft PowerLeveling Warcraft Power Leveling World of Warcraft PowerLeveling World of Warcraft Power Leveling runescape power leveling runescape powerleveling eve isk eve online isk eve isk eve online isk tibia gold Fiesta Silver Fiesta Gold
Age of Conan Gold
buy Age of Conan Gold
aoc gold

呼吸机
无创呼吸机
家用呼吸机
呼吸机
家用呼吸机
美国呼吸机
篮球培训
篮球培训班
篮球夏令营
china tour
beijing tour
beijing travel
china tour
tibet tour
tibet travel
computer monitoring software
employee monitoring

said...

A片,A片,成人網站,成人漫畫,色情,情色網,情色,AV,AV女優,成人影城,成人,色情A片,日本AV,免費成人影片,成人影片,SEX,免費A片,A片下載,免費A片下載,做愛,情色A片,色情影片,H漫,A漫,18成人

a片,色情影片,情色電影,a片,色情,情色網,情色,av,av女優,成人影城,成人,色情a片,日本av,免費成人影片,成人影片,情色a片,sex,免費a片,a片下載,免費a片下載

情趣用品,情趣用品,情趣,情趣,情趣用品,情趣用品,情趣,情趣,情趣用品,情趣用品,情趣,情趣

A片,A片,A片下載,做愛,成人電影,.18成人,日本A片,情色小說,情色電影,成人影城,自拍,情色論壇,成人論壇,情色貼圖,情色,免費A片,成人,成人網站,成人圖片,AV女優,成人光碟,色情,色情影片,免費A片下載,SEX,AV,色情網站,本土自拍,性愛,成人影片,情色文學,成人文章,成人圖片區,成人貼圖

交友,AIO交友愛情館,AIO,成人交友,愛情公寓,做愛影片,做愛,性愛,微風成人區,微風成人,嘟嘟成人網,成人影片,成人,成人貼圖,18成人,成人圖片區,成人圖片,成人影城,成人小說,成人文章,成人網站,成人論壇,情色貼圖,色情貼圖,色情A片,A片,色情小說,情色小說,情色文學,寄情築園小遊戲, 情色A片,色情影片,AV女優,AV,A漫,免費A片,A片下載

wooaini said...

铜米机
碳雕
炭雕
活性炭
活性炭雕
空气净化产品
好想你枣
北京好想你枣
网站建设
网站推广
googel左侧优化
googel左侧推广
搜索引擎优化
仓壁振动器
给料机
分子蒸馏
短程蒸馏
薄膜蒸发器
导热油
真空泵油
胎毛笔
手足印
婴儿纪念品
婴幼儿纪念品
园林机械
草坪机
油锯
小型收割机
收割机
割灌机
割草机
电动喷雾器
地钻
采茶机
飘人|飘人2008|云淡风清
铣刀
意大利留学
留学意大利
钢管舞
钢管舞培训
北京钢管舞
爵士舞
北京音皇国际
印刷厂
油锯
割草机
绿篱机
风力灭火机
留学意大利
意大利留学
好日子小吃车
好日子烧烤小吃车
好日子多功能小吃车
好日子烧烤车
中频感应熔炼锻造设备
高频感应加热钎焊设备
保护膜
佛具
律师事务所
北京律师事务所
法律咨询
北京律师
北京法律咨询
小吃车
多功能小吃车
烧烤小吃车
烧烤车
拓展训练
水泥艺术围栏
水泥艺术围栏设备
水泥艺术围栏机械
水泥栅栏设备
艺术护栏
艺术栏杆
环保艺术围栏
环保围栏
环保围栏机械
环保围栏设备
彩色艺术围栏
花瓶柱
阳台柱
阳台护栏设备
阳台护栏
塑料轴承
陶瓷轴承
破碎镐
铣刨机
china tours
china travel
china tour packages
tibet tour
泳池设备
桑拿设备
高低温试验箱
盐雾试验箱
割草机
风力灭火机
绿篱机
输液轨道
输液吊架
轨道输液架
医用吊架
天轨输液吊杆
医用扶手
输液架
设备带
治疗带
中心供氧
博客1
博客2
博客3
博客4
博客5
博客6
博客7
博客8
博客9
博客10
博客11
博客12
博客13
博客14
博客15
博客16
博客0
博客刘
网站建设
网站推广
googel左侧优化
googel左侧推广
搜索引擎优化
铜铝连接管
铜铝连接管焊机
千古一香小吃车
千古一香烧烤小吃车
千古一香多功能小吃车
千古一香无烟烧烤小吃车
搬家公司
北京搬家公司
北京朝阳区搬家公司
通州区搬家公司
北京通州区搬家
海淀区搬家公司
北京市丰台搬家公司
冷缠防腐胶带
环氧煤沥青冷缠带
防腐漆涂料
防腐材料
聚丙烯增强纤维防腐胶带
环氧富锌底漆
耐高温漆涂料
环氧树脂漆
环氧煤沥青
玻璃鳞片涂料胶泥
机柜
IBM机柜
APC机柜
VEOR机柜
切换器
好日子多功能小吃车
好日子小吃车
好日子烧烤小吃车
北京好日子小吃车加盟
好日子小吃车
好日子多功能小吃车
一品香小吃车
千古一香小吃车
上海租车
上海汽车租赁
上海租车网
平安保险北京
北京平安保险
石材翻新
石材结晶
石材养护
搬家公司
北京市搬家公司
朝阳区搬家公司
通州搬家公司
顺义搬家公司
亦庄搬家公司
玻璃喷砂机
喷砂机
打砂机
玻璃机械

清朝美女 said...

(法新社倫敦四日電) 英國情色大亨芮孟a片的公司昨天說,芮孟av日前成人影片av女優世,享壽八十二歲;這位身價上億的房地產日本av開發商,部落格a片經在倫成人av推出第一場脫衣舞表演。

成人網站
芮孟的財產估計av女優達六億五千萬英鎊成人影片(台a片av女優情色近四成人百億),由於他名下事業大多分布在倫敦夜生色情a片色情區蘇活區sex,因此擁有「蘇成人網站情色之王」的稱號。
部落格

他的公司「保羅芮成人影片孟集團」旗下發a片行多種情色雜誌,包括「Raavdvdzzle」、情色電影「男性世界」以及「Mayfair」。色情影片


芮孟本名傑福瑞.安東尼.奎恩,父親色情為搬運承包商。芮孟av成人光碟五歲離開學校,矢言要在表演事業留名,起先表演讀av心術,後來成為巡迴歌舞雜耍表演的製作人。


許多評a片下載論家認為,他把情色情色電影表演帶進主流社會成人電影,一九五九年主成人網站持破情色視訊天荒的脫衣舞表演,後來更靠著在蘇活部落格區與倫敦色情西區開發房地產賺得大筆財富。

a片下載
有人形成人電影容芮孟是英國的海夫納,地位AV片等同美國的「花花公子」創辦人海夫納。

元美女 said...

(法新社a倫敦二B十WE四日電) 「情色二零零七」A片情趣產品大產自成人電影AV女優十三日起在倫敦的肯辛頓奧林匹亞展覽館舉行,倫敦人擺脫對性的保守態度成人網站踴躍參觀,許多成人網站穿皮衣與塑膠緊身衣的好色之徒擠進這項世界規模最大的成人生活展,估計三天展期可吸引八萬多好奇色情影片民眾參觀。
情色電影
A片下載動計畫AV負責人米里根承諾:「要搞浪漫、誘惑人、玩虐待,你渴望的我們都有情色。」

他說:「時髦的設計與華麗女裝,從吊飾到束腹到真人大小的雕塑,是我們由今年展出的數千件產品精選出的一部分,參展產品還包括時尚服飾、貼身女用內在美、鞋子、珠寶、玩具、影片、藝術、情色圖書及成人影片遊戲,更不要說性愛輔具及馬術裝備。」a片下載

參觀民眾遊覽兩百五a片十多個攤位,有性感服裝成人電影、玩具及情色食品,迎合各種品味。
av女優
大舞台上表演的是美國野蠻情色電影搖滾歌手瑪莉蓮曼森的前妻─全世界頭牌脫衣舞孃黛塔范提思,這是她今年在英國唯一色情一場表演。

以一九四零年代風格演出的黛塔范提思表演性感的天堂鳥、旋轉木馬及羽扇等舞蹈av

參展攤位有成人影片的推廣情趣用品,有色情的公開展示人a片體藝術和人體雕塑,也有情色藝術家工會成員提供建議。

アルラウネ said...

インプラント 不動産投資 システム開発 探偵 興信所 離婚 浮気 興信所 エステ 結婚相談所 お見合いパーティー 結婚 仲介 結婚相談所 東京 高級賃貸 パーティー 東京 インプラント 矯正歯科 名古屋 大阪 貸事務所 家族葬 名古屋 本庄市 不動産 平野区 不動産 静岡 不動産 新築マンション インプラント 広島 マンション 売却 不動産 査定 不動産 売買 土地 買取 ホームページ制作 長野不動産富山不動産石川不動産福井不動産愛知不動産岐阜不動産三重不動産兵庫不動産滋賀不動産奈良不動産和歌山不動産鳥取不動産島根不動産山口不動産徳島不動産香川不動産愛媛不動産高知不動産佐賀不動産長崎不動産大分不動産宮崎不動産沖縄不動産 

アルラウネ said...

探偵 脱毛 結婚相談所 大阪 お見合いパーティー 大阪 貸事務所 大阪 愛知県 葬儀 探偵 独立 離婚 問題 探偵 東京 興信所 東京 浮気 慰謝料 興信所 料金 素行調査 不動産 買取 広島市 インプラント 賃貸 東京 ケータリング 平野区 賃貸 新築 静岡 不動産 賃貸 マンション 売買 土地 売却 札幌 不動産 横浜 不動産 千葉 不動産 岡山 不動産 土地 査定 青森不動産北海道不動産岩手不動産宮城不動産秋田不動産山形不動産福島不動産群馬不動産栃木不動産茨城不動産山梨不動産新潟不動産

アルラウネ said...

不動産 婚活 結婚 会社設立 ホームページ制作 経営 コンサルタント 広島 不動産 尾道 賃貸 工事担任者 探偵 大阪 仙台 不動産 大阪 不動産 名古屋 不動産 福岡 不動産 京都 不動産 埼玉 不動産 静岡 不動産 神戸 不動産 浜松 不動産 堺市 不動産 川崎市 不動産 相模原市 不動産 姫路 不動産 明石 不動産 鹿児島 不動産 北九州市 不動産 熊本 不動産 広島 不動産 高松 不動産 徳島 不動産 松山市 不動産 高知 不動産 岡山 不動産

seo_pen said...

SEOとは、SEO対策検索エンジン最適化)とも呼ばれ、検索エンジンでより上位に表示させる技術のこと。Yahoo! SEOが日本ではシェアを持っていることもあり、重要。SEM(検索エンジンマーケティング)とはよく比較される。とくに日本のSEO対策東京が盛んです。