$247 Trillion and (Rapidly) Counting
Doug Nolan
I chronicled mortgage finance Bubble excess on a weekly basis. Relevant data were right there in plain sight, much of it courtesy of the Federal Reserve. Yet only after the Bubble burst did it all suddenly become obvious. Flashing warning signs were masked by manic delusions of endless prosperity and faith in the almighty "inside the beltway". These days, data for the global government finance Bubble is not as easily-accessible, although there is ample evidence for which to draw conclusions. It will all be frustratingly obvious in hindsight.
The Institute of International Finance is out with their latest data that, unfortunately, is not made available in detail to the general public. Global debt ended the first quarter at a record $247 Trillion, or 318% of GDP. Even after a decade of historic Credit inflation, global debt continues to expand at ("Terminal Phase") double-digit rates (11.1% y-o-y).
Global debt growth accelerated during the first quarter to $8.0 Trillion - and surged $30 Trillion over just the past five quarters. In a single data point not to be disregarded, Global Debt Has Expanded (a difficult to fathom) $150 Trillion, or 150%, Over the Past Ten Years. Actually, the trajectory of Bubble-period Credit expansion may seem rather familiar. It's been, after all, a replay of the reckless U.S. mortgage Credit episode, only on a much grander global scale.
July 10 - Financial Times (Jonathan Wheatley): "The amount of debt in the world increased by nearly $25tn in the year to the end of March, piling more pressure on a global financial system already struggling to deal with rising US interest rates, widening spreads for borrowers and a strengthening US dollar. The Institute of International Finance… said total debts owed by households, governments and financial and non-financial corporations amounted to $247.2tn at the end of March, up from $222.6tn a year earlier and an increase of nearly $8tn in the first quarter alone. 'The increase in the level of debt, both in absolute terms and relative to GDP, against a backdrop of tightening financial conditions, is, of course, a cause for concern,' said Hung Tran, the IIF's executive managing director… The IIF said the debts of non-financial corporations in EMs rose $1.5tn in the first quarter to $31.5tn, the equivalent of 94.4% of GDP…"
A few notable quotes from press reports:
"With global growth losing some momentum and becoming more divergent, and U.S. rates rising steadily, worries about credit risk are returning to the fore - including in many mature economies," the IIF said.
"Non-financial borrowers in the corporate sector, in the household sector, in the government sector having very high debt levels, will find it very costly and difficult to refinance and borrow more in order to sustain investment and consumption going forward. That is really causing growth to falter, so what I term headwinds to growth." IIF Executive Managing Director Hung Tran.
"For many emerging markets, which rely heavily on bank financing, higher borrowing costs for banks could be passed through to the corporate and household sectors, so something of a hidden risk in terms of this floating rate borrowing," said IIF Senior Director Sonja Gibbs.
Bloomberg (Alexandre Tanzi): "Government debt has risen most sharply in Brazil, Saudi Arabia, Nigeria and Argentina, according to the report. Of the four, U.S. dollar refinancing risk is particularly high for Argentina and Nigeria, where over three-quarters of redemptions will be in dollars. About $900 billion is in U.S. dollar-dominated emerging bonds/syndicated loans that will mature by 2020…"
July 10 - Yahoo Finance (Dion Rabouin): "'The pace is indeed a cause for concern,' IIF's Executive Managing Director Hung Tran told Yahoo… 'The problem with the pace and speed is if you borrow or if you lend very quickly … the quality of the credit tends to suffer.' That means more governments, businesses and individuals have been borrowing that could have trouble paying the money back. 'The quality of creditworthiness has declined sharply,' Tran added… Sonja Gibbs, IIF's senior director of the global capital markets department, noted that there was an increased risk of sovereign debt crises in a select few developed markets as a result of the increase of debt and financing costs. 'Government debt is higher than it was prior to the crisis and corporate debt as well,' Gibbs said… Gibbs added that the United States' debt growth was particularly worrisome, given that it has now grown to more than 100% of GDP. With the increases in spending from President Donald Trump and Congress, the U.S. will now have funding needs of 25% of its GDP. 'The U.S. really stands out here because … a lot of that is the expanding budget deficit as well as maturing debt,' Gibbs said. 'That's a lot of financing need affecting the market.'"
U.S. government debt surpassed 100% of GDP during the quarter. Japanese government debt-to-GDP ended the quarter at 224%, the euro area at 101%, the UK up to 105% and the emerging markets to 48% of GDP.
To see non-productive U.S. government debt, the foundational "Core" of global finance, inflate so rapidly should be quite distressing. Worse yet, extreme Credit excess is systematic, as debt balloons also at the "Periphery". From my analytical perspective, we're witnessing catastrophic, all-encompassing "Terminal Phase" excess. The first quarter saw emerging market debt rise by $2.5 trillion, or about 18% annualized, to a record $58.5 trillion. EM Non-financial Corporate debt surged $1.5 Trillion, or about 25% annualized, to $31.5 TN - and now exceeds 94% of GDP. One big final blow-off setting the stage for crisis.
From the FT (Jonathan Wheatley): "'The emerging market bond market has grown tremendously over the past decade but trading volumes have not kept pace,' said Sonja Gibbs, senior director at the IIF. 'When you combine a rising rate environment, stronger dollar and low levels of liquidity, you have a recipe for volatility and the exacerbation of any periods of market strain.'"
My thesis holds that the global Bubble has been pierced at the "Periphery." Not atypically, this follows on the heels of remarkable "Terminal Phase Excess," including phenomenal Credit growth and massive "hot money" inflows. The "hot money" has now reversed; de-risking/de-leveraging dynamics are taking hold. Market complacency is at least partially explained by the sizable reserves the emerging markets have accumulated over recent years, resources the marketplace sees available for stabilizing currencies and Credit systems.
July 9 - Wall Street Journal (Chelsey Dulaney): "Emerging-market central banks are tapping a roughly $6 trillion stash of foreign-exchange reserves as they struggle to contain deepening currency declines. Policymakers across the developing world built up foreign reserve buffers over the past year, capitalizing on investor interest in higher-yielding emerging market assets as global growth remained sanguine. In the first five months of 2018, the central banks added $114 billion to their reserves, the fastest pace of accumulation since 2014…"
The problem, also noted by the WSJ: "Emerging-market central banks used roughly $57 billion in foreign reserves in June, which would rank as the largest monthly intervention since late 2016…" Brazil is said to have burned through $44 billion to support its faltering currency. EM reserve data will be monitored closely over the coming weeks and months. Dwindling reserves will incite a rush to the exits.
There's been considerable market focus on recent woes in Brazil, Turkey and Argentina. But from a more global systemic perspective, I would at this point focus on heavily indebted Asia. Interestingly, Asian currencies were down again this week. The Chinese renminbi declined 0.7%, the Japanese yen 1.7%, the South Korean won 0.7%, the Singapore dollar 0.6%, and the Thai baht 0.5%. Over the past month, the renminbi is down 4.4%, the won 4.1%, the baht 3.5%, the Indonesia rupiah 3.2% and the Singapore dollar 2.2%.
The unfolding trade war is indeed a major issue for EM, arriving at a most inopportune juncture. Financial conditions have already tightened meaningfully throughout Asian markets, though I would contend that the issue goes much beyond trade. Let's start with a China Credit Bubble update:
Total aggregate finance expanded $176 billion during June, up from May's $115 billion but 16% below estimates. Aggregate Finance grew $1.36 TN during the first-half, about 18% below comparable 2017. The growth in Bank Loans surged $274 billion in June, up from May's $175 billion and the strongest expansion since January. Meanwhile, key "shadow banking" components contracted. At $106 billion, growth in Household (chiefly mortgage) borrowings remained strong.
June's jump in Chinese bank lending surely emboldens those with the view that Beijing has everything in control - that Chinese officials will adeptly commandeer the financial system to ensure sufficient Credit growth and liquidity. It likely won't be that simple. Chinese banks and corporations have issued enormous quantities of marketable debt over recent years, a significant portion denominated in dollars. A massive bank lending campaign at this stage of the cycle will not be confidence inspiring.
It's also worth reminding readers than China's international reserve holdings have declined about $900 billion from 2014 highs to $3.112 TN. China now faces the dilemma that their maladjusted economic system will require several trillion ($) of annual Credit growth. Yes, Beijing can dictate lending from state-directed financial institutions. But aggressive reflationary measures risk spurring capital flight and currency turmoil. A disorderly devaluation would be highly problematic for those on the wrong side of dollar-denominated debt.
July 12 - Bloomberg (Lianting Tu and Finbarr Flynn): "A rout in China's dollar-denominated junk bonds is getting worse as mounting defaults send traders running for cover. Rising trade tensions are also adding to longer-existing difficulties created by the nation's push to cut excessive leverage. Junk bonds from China have been more volatile this year than such securities from all of Asia. The average yield for the nation's speculative-rated notes has surged to 10.5%, the highest since 2015, according to ICE BofAML indexes. Few expect a rebound anytime soon."
July 12 - Bloomberg (Andy Mukherjee): "Donald Trump has made Asian high-yield investors nervous wrecks. First, there are the obvious casualties of his trade war against China. Lenovo Group Ltd.'s bonds are down to 87.4 cents on the dollar from more than 100 cents at the start of the year. Then there's the collateral damage of his greenback-boosting, late-cycle fiscal stimulus, which is making investors worried about Asian currency weakness. Indonesian notes are swimming in a sea of red ink… Liquidity in Asian high yield is so bad that, after a little haggling, a bond quoted at 94 cents on the dollar can be had for 91 cents. Sellers are panicking."
After widening 120 bps in four weeks, Asian high-yield spreads on Wednesday were at the widest level since the Chinese mini-crisis back in Q1 2016. China CDS ended last Friday's trading at a 13-month high (73bps). As noted above, the rout over the past two months has left Chinese junk yields at the highs since early-2015.
"[US Treasury] Yield Curve at its Flattest Since August 2007," was a Friday evening Financial Times (Joe Rennison) headline. "The measure is an important signal for investors of when the Federal Reserve may curtail its policy tightening and is also seen as a warning of a coming recession if it turns negative, which last happened in 2006."
I viewed the flat yield curve back in 2007 as more of a warning of Bubble Fragility than an indicator of imminent recession. But with U.S. mortgage finance at the epicenter of the Bubble back then, the bursting Bubble coincided with an abrupt end to Credit expansion and economic growth. I view today's flat Treasury curve as again signaling Bubble Fragility. The big difference, however, is that global (as opposed to U.S.) finance is at today's Bubble epicenter. Heightened fragility in China, Asia and EM, more generally, risks global financial turmoil and economic vulnerability.
This is creating quite a dilemma for the Federal Reserve. Cracks in the Global Bubble's "Periphery" are putting downward pressure on Treasury yields, in the process loosening U.S. financial conditions in the face of cautious Fed rate increases. The booming U.S. economy at this point beckons for restrictive monetary conditions, yet a more hawkish Fed risks spurring a dollar melt-up and full-fledged EM financial crisis.
The GSCI commodities index sank 3.6% this week. Copper dropped another 1.7%, boosting y-t-d declines to 16%. Zinc fell 5.7% this week, lead 5.6%, Aluminum 2.4% and Platinum 2.1%. WTI Crude dropped 3.8%. In the agriculture commodities, Soybeans dropped 6.7%, Corn 4.9%, Wheat 3.5%, Sugar 4.8% and Coffee 3.8%.
From the currencies to market yields and yield curves to commodities, markets are signaling trouble ahead. The great irony is that Cracks at the Global Periphery now work to prolong "Terminal Phase Excess" at the "Periphery of the Core" - certainly including higher risk U.S. corporate Credit. And booming debt markets feed a highly speculative equities Bubble right along with an overheated U.S. Bubble Economy. After years of Easy Street, central banking has turned into quite a hard challenge.
July 10 - Bloomberg (Danielle DiMartino Booth): "Much has been made of the degradation of the $7.5 trillion U.S. corporate debt market. High yield offers too little, well, yield. And 'high grade' now requires air quotes to account for the growing dominance of bonds rated BBB, which is the lowest rung on the investment-grade ladder before dropping into 'junk' status. And then there's the massive market for leveraged loans, where covenants protecting investors have all but disappeared. How does that break down? Corporate bonds rated BBB now total $2.56 trillion, having surpassed in size the sum of higher-rated debentures, which total $2.55 trillion, according to Morgan Stanley. Put another way, BBB bonds outstanding exceed by 50% the size of the entire investment grade market at the peak of the last credit boom, in 2007… In 2000, when BBB bonds were a mere third of the market, net leverage (total debt minus cash and short term investments divided by earnings before interest, taxes, depreciation and amortization) was 1.7 times. By the end of last year, the ratio had ballooned to 2.9 times."
$247 TRILLION AND (RAPIDLY) COUNTING / CREDIT BUBBLE BULLETIN
Í´M NOT THE BEAR YOU´RE LOOKING FOR / SEEKING ALPHA
I'm Not The Bear You're Looking For
by: The Heisenberg
- Amusingly, that effort has coincided with the realization of a number of event risks that actually lend credence to the bear case.
- Nevertheless, I'm still going to try and present the most balanced macro take possible, even when the storm clouds are gathering.
- Here's an in-depth, cross-asset look at the environment as it stands right now.


The early end to balance sheet normalization means the Fed will begin rolling over more of its Treasury holdings sooner than we thought previously. We also think it means that the Fed will remove Treasury supply from the secondary market when it reinvests agency debt and MBS principal into the Treasury market instead of the agency MBS market. In turn, the US Treasury will have to issue fewer Treasuries to the public than what we thought before.

A larger Fed balance sheet may eventually be supportive for risky assets, but we expect the flow effects of normalization to hurt into 2019. We don’t think support will arrive until the balance sheet stops shrinking. We see the flow effects of balance sheet normalization, which should accelerate into 4Q18 and 1Q19, negatively affecting US corporate credit and equities (in a continuation of the rolling bear market). We think agency MBS should suffer from reduced demand into a bull flattener, but actual performance will depend on how agency MBS paydowns are reinvested. On a 12-month horizon, we suggest investors overweight US Treasuries, underweight US corporate credit, be neutral agency MBS versus Treasuries and overweight agency MBS relative to credit.
This era has also seen rapid secular debt growth, an increase in market based financial intermediation, high derivatives use, and large capital flows. The era’s two biggest recessions – 2008 and 1991 – involved deleveraging, credit crises, and messy bankruptcies of financial and non-financial firms. In our view, the causal relationship between those balance sheet problems and recessions runs both ways, with those recessions intensifying when balance sheet dynamics weakened by a slowdown started to constrain behavior which then worsened activity further.

TOWARD A NEW UNDERSTANDING OF WORLD TRADE / GEOPOLITICAL FUTURES
Toward a New Understanding of World Trade
Precise evaluations of current and future global trade patterns are more important tan ever.
The first rule of studying international trade is that no single rule, statistic or equation is capable of adequately explaining either current or future trade patterns. Trade is too intricate and too variable, its shape naturally adjusting to conflict, politics, disruptive technologies and so on. This makes reliable data difficult to collect, and the presentation of trade data, like any statistic, can be manipulated to support almost any argument. Anecdotal evidence can complete the picture, or even paint a different one, and thus is just as important as what the numbers say. Ultimately, even the most elegant system of trade-related econometrics must judge itself not on the cleverness of its equations but on whether it describes reality accurately.
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WHY GOVERNMENTS SHOULD INVEST IN SPORTS / PROJECT SYNDICATE
Why Governments Should Invest in Sports
Luis Alberto Moreno
WASHINGTON, DC – As the World Cup unfolds, captivating soccer fans around the globe, the broad appeal of high-level sports is on full display. But the impact of sports extends far beyond major international events, as impressive they may be, to include far-reaching benefits for ordinary people.
Initiatives that encourage people to exercise regularly can help to reduce the incidence of strokes, cancer, and depression, resulting in higher productivity and lower health-care costs.
These are important goals for a region like Latin America and the Caribbean, where one in four adults is obese – a trend that has worsened over the last decade.
Sports can also strengthen social relationships, by bringing together people from different backgrounds and creating a sense of shared purpose and identity. Moreover, they can provide a productive outlet for young people, keeping them focused and engaged and boosting their self-esteem, thereby reducing their vulnerability to harmful social influences. And they can promote qualities like perseverance, teamwork, and leadership – the kinds of soft skills employers seek in job candidates – while even supporting gender equality.
In short, sports programs are good for individuals, communities, and countries. That is why, since 2004, the Inter-American Development Bank (IDB), of which I am president, has supported sports-for-development programs for at-risk youth in 18 countries. Such programs often combine the sport itself (namely, soccer) with vocational training and internships.
The results are promising, to say the least. Around 70% of participants complete the program; of those, more than 65% get formal jobs, return to school, or start a business within one year. A project carried out in El Alto, Bolivia, used soccer to enable more than 600 girls to learn leadership and other useful life skills. Though we have only limited data on their progress, we know from other research carried out in the United States that participation in sports can have long-term benefits for women, including higher educational attainment and job earnings.
Despite these benefits, Latin American and Caribbean countries spend a relatively modest 0.1% of GDP on sports programs with broad social goals – about one-third as much as their European counterparts. Does this mean that these countries should increase their investment in sport? It depends on the investment.
Not all sports programs are created equal. In Europe, researchers have found that youth recreation centers where activities are not structured sometimes become gathering places for kids involved in high-risk behavior such as gang activity.
Highly structured programs that build strong relationships between students and their coaches or other mentors are much more effective. For example, supervised sports programs for schoolchildren can be strengthened as part of efforts to extend the school day – an accelerating trend across Latin America and the Caribbean.
The IDB’s research and experience with sports-for-development programs supports these conclusions, indicating that the value of pubic investment depends on the specific strategy. But it is not yet clear precisely which strategies work best. Thus, to maximize the economic and social benefits of government investment in sports, policymakers need more information.
Specifically, there is a need for more experimentation, improved data collection, and careful evaluation, including reliable comparisons with competing approaches. At the IDB, we have found that the key is to test pilot projects and assess the data that are generated. Governments and other organizations, including development institutions like the IDB, can then work together to scale the programs that prove most effective, while applying the lessons of less effective interventions.
Much like scoring a goal, hitting a home run, or dunking a basketball, making sports-for-development programs work requires a lot of practice, not just to master the technique or approach, but also to be able to apply it to diverse circumstances. What happens on the playing field depends on everything that happened before – the failures as well as the successes.
If governments are not willing to put in the work, their investments will not be worthwhile. If, however, they commit to the experimentation, evidence collection, and evaluation that all smart public spending requires, sports-based investment can go a long way toward strengthening communities and enabling young people to live healthier, happier, and more productive lives.
Luis Alberto Moreno is President of the Inter-American Development Bank, and a member of the World Economic Forum’s Foundation Board.
CANADA GETS TOUGH ON CHINESE STEEL / GEOPOLITICAL FUTURES
Canada Gets Tough on Chinese Steel
Ottawa wants to avoid becoming dependent on Chinese suppliers.
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U.S. POLITICAL CENTER IS BEING DEVOURED FROM BOTH RIGHT AND LEFT / DOLLAR COLLAPSE
US Political Center Is Being Devoured From Both Right And Left
And that’s if Notorious RBG manages to hang on through the Trump era. If she goes (and at 85 she’s likely to go soon one way or another) Trump will be one of those extremely rare presidents who gets to name THREE justices, thus extending his influence from four years to an entire generation.
Among the possible results of such a conservative judicial super-majority are the reversal of rulings that made abortion and gay marriage the laws of the land, making both state-level issues once again, where they’ll further polarize already-divided electorates.
Meanwhile, the Democrats are lurching waaayyy left. The implosion of the moderate Clinton wing of the party began during the past presidential election, when huge parts of the left openly supported socialist Bernie Sanders. This group now sees Elizabeth Warren – Bernie Sanders with a penchant for verbal street fighting – as the ideal candidate next time around. And despite a fairly consequential set of primary elections last Tuesday, pretty much all anyone is talking about is Alexandria Ocasio-Cortez, a latina “democratic socialist” who unseated a previously entrenched moderate incumbent and is now a lock to win a Bronx congressional seat in November – on a Sanders-esque platform of free everything for everyone and wide-open borders.
Each side is, as a result, finding it really easy to dehumanize the other. After Trump’s press secretary and family are evicted from a restaurant because the owner opposes Trump’s immigration policy, Democrat Senator Maxine Waters encourages liberals to make this a pattern by confronting White House officials in public whenever possible. Waters then gets death threats and responds “If you shoot at me, you better shoot straight.”
But wait, there’s more. This past Saturday:
More than 500 arrested as women rally in D.C. to protest Trump’s immigration policy
They came from all over, took planes and buses from 47 states, slept at friends’ homes or in churches and prepared to be arrested Thursday in Washington, D.C. Most of the participants were white women, stumbling over the syllables of Spanish-language chants. Many had never faced arrest before. But here they were.
Capitol Police said 575 protesters were arrested and escorted out of the Hart Senate Office Building in a mass demonstration that called for the abolishment of the U.S. Immigration and Customs Enforcement agency, and an end to migrant family detentions and the Trump administration’s “zero tolerance” immigration policy.
They were charged with unlawfully demonstrating, a misdemeanor.
“I have two kids, and as a white mother, there is almost no circumstance that they would be taken away from me – ever,” said Victoria Farris, who slept Wednesday night in All Souls Church after participating in civil disobedience training. “I was awake one night because I couldn’t sleep thinking about all those [immigrant] mothers and terrified children. I realized I had to do something more than protest, more than make a sign and march.”
Just after 3 p.m., protesters were rounded up in groups of a dozen or more and led out of the building.
“Abolish ICE,” they shouted as more were moved out. “Shut it down.”
And Sunday:
Riot in Portland as far-right marchers clash with anti-fascists
A riot was declared in downtown Portland, Oregon on Saturday evening as the city exploded into its worst protest violence of the Trump era.
More than 150 supporters of the far-right Patriot Prayer group fought pitched street battles with scores of anti-fascist protesters. In total, nine people were arrested.
The far-right march had started near Schrunk Plaza in the city centre, where the rightwing group had held a rally, led by the Patriot Prayer founder and Republican US Senate candidate Joey Gibson.
As soon as the group left the plaza, they clashed with anti-fascists who had been waiting across a heavily barricaded street nearby.
As the two groups came to blows, Department of Homeland Security officers fired non-lethal ammunition towards the counter-protest.
What does all this late-1960s-esque turbulence mean and how does it tie into the populist wave that’s sweeping the rest of the world? The simple answer is that when a society borrows too much money it loses the ability to keep its people happy. The big systems stop working as pension plans and local governments run out of money, inequality becomes a chasm as the people with assets get richer while the people with debts sink into poverty, and disaffected voters lose faith in the establishment to address their needs. And they come to hate the people on the other side of major issues — even though those people are frequently also victims of the elites’ predation.
Each election becomes an adventure in which formerly fringe candidates do progressively better until they end up taking power. At which point the discredited center evaporates and everyone chooses one extreme or the other, losing any remaining shred of empathy for their political opponents.
And media accounts like this become the conventional wisdom:
Is America headed toward a civil war? Or is the civil war already starting?
White House press secretary Sarah Huckabee Sanders was even kicked out of the Red Hen restaurant in Lexington, Virginia, because the owner and employees disliked her politics. This seems like a small thing, but it would have been largely unthinkable a generation ago.
And, in a somewhat less “soft” manifestation, Homeland Security Secretary Kirstjen Nielsen was bullied out of a restaurant by an angry anti-Trump mob, and a similar mob also showed up outside of her home.
Will it get worse? Probably. To have a civil war, soft or otherwise, takes two sides. But as pseudonymous tweeter Thomas H. Crown notes, it’s childishly easy in these days to identify people in mobs, and then to dispatch similar mobs to their homes and workplaces. Eventually, he notes, it becomes “protesters all the way down, and if we haven’t yet figured out that can lead to political violence, we’re dumb.”
Political contempt is the problem
Marriage counselors say that when a couple view one another with contempt, it’s a top indicator that the relationship is likely to fail. Americans, who used to know how to disagree with one another without being mutually contemptuous, seem to be forgetting this. And the news media, which promote shrieking outrage in pursuit of ratings and page views, are making the problem worse.
Bienvenida
Les doy cordialmente la bienvenida a este Blog informativo con artículos, análisis y comentarios de publicaciones especializadas y especialmente seleccionadas, principalmente sobre temas económicos, financieros y políticos de actualidad, que esperamos y deseamos, sean de su máximo interés, utilidad y conveniencia.
Pensamos que solo comprendiendo cabalmente el presente, es que podemos proyectarnos acertadamente hacia el futuro.
Gonzalo Raffo de Lavalle
Las convicciones son mas peligrosos enemigos de la verdad que las mentiras.
Friedrich Nietzsche
Quien conoce su ignorancia revela la mas profunda sabiduría. Quien ignora su ignorancia vive en la mas profunda ilusión.
Lao Tse
“There are decades when nothing happens and there are weeks when decades happen.”
Vladimir Ilyich Lenin
You only find out who is swimming naked when the tide goes out.
Warren Buffett
No soy alguien que sabe, sino alguien que busca.
FOZ
Only Gold is money. Everything else is debt.
J.P. Morgan
Las grandes almas tienen voluntades; las débiles tan solo deseos.
Proverbio Chino
Quien no lo ha dado todo no ha dado nada.
Helenio Herrera
History repeats itself, first as tragedy, second as farce.
Karl Marx
If you know the other and know yourself, you need not fear the result of a hundred battles.
Sun Tzu
We are travelers on a cosmic journey, stardust, swirling and dancing in the eddies and whirlpools of infinity. Life is eternal. We have stopped for a moment to encounter each other, to meet, to love, to share.This is a precious moment. It is a little parenthesis in eternity.
Paulo Coelho

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