Thursday, September 22, 2011

What Really Caused the Eurozone Crisis? (Part 1)

I've been doing some work on gaining a better understanding of the root causes of eurozone (EZ) debt crisis. As a point of departure, let's take a couple of dueling quotes. First, Wolfgang Schäuble, Germany’s finance minister, from his recent piece in the Financial Times:
Whatever role the markets have played in catalysing the sovereign debt crisis, it is an undisputable fact that excessive state spending has led to unsustainable levels of debt and deficits that now threaten our economic welfare.
Next, here's an excerpt from a statement recently made by Greece's Deputy Prime Minister and Minister of Finance, Evangelos Venizelos:
We should not be the scapegoat or the easy excuse that will be used by European and international institutions in order to hide their own lack of competence to manage the crisis and give a definitive and complete answer to the attacks against euro, the world’s strongest currency.
These two statements capture the essence of two radically different views about the origins of the EZ debt crisis. Which one is right?

Local Causes or Systemic Causes?

Some believe that the crisis was fundamentally caused by profligate, irresponsible behavior by governments and individuals in the EZ periphery. (Note: by the "EZ periphery" I mean Greece, Portugal, Ireland, and maybe Spain. Italy has not really been accused of such behavior, to my knowledge, and it seems generally accepted that it is much more the victim of contagion rather than the cause of the crisis.) Let's call this the local causes point of view: government deficits and debt in the periphery were so large that once the Great Recession of 2008-09 hit, investors lost confidence in the ability of those countries to remain solvent. So they tried to dump the bonds from those countries, triggering the crisis.

An alternative point of view is that, while the crisis may have had some peculiarly local triggers (the Greek government's admission that it fudged some official statistics certainly didn't help), much of the current mess is the result of forces and decisions outside the control of peripheral Europe's governments. In other words, the crisis could have non-local, systemic causes.

For example, suppose that the adoption of the euro suddenly made it more attractive for investors in the rest of Europe to buy assets in the periphery. This could have caused a large, exuberant capital flow from Europe's core to periphery, much like NAFTA helped to spark a surge in capital flows from the US to Mexico in the early 1990s. In theory, that's a good thing, and should help the process of economic convergence. But we know that such "capital flow bonanzas" (so named by Reinhart and Reinhart) are notoriously susceptible to changes in investor attitudes, and can come to an abrupt halt. These sudden stops in capital flows, as they are referred to in the literature, typically trigger a financial crisis. (See this paper by Calvo, Izquierdo, and Mejia for much more about sudden stops.) As noted by Rudi Dornbusch in the context of the Mexico crisis of 1994, it's not speed that kills; it's the sudden stop.

Crucially, sudden stops may happen even when a country is following all the right macroeconomic policies. As a result, financial crisis may be largely outside the control of a country that's on the receiving end of a capital flow bonanza. Mexico in 1994 is a good example of that, I think. And it could be that some of the peripheral EZ countries also fit this characterization. If so, then it's not appropriate to lay the blame for the crisis entirely at the doorstep of the peripheral EZ's governments; while they may have done some things that contributed to the crisis, the odds were significantly stacked against them to begin with.


Which view of the EZ crisis - the local causes view or the systemic causes view - better matches the evidence? There are a few different types of clues we can look for.

1. Which deficit predicted the crisis?
If the crisis is due primarily to local causes, then we would expect the best predictor of crisis to be government deficits and debt. On the other hand, if the systemic causes view is correct, then a better predictor of the crisis would be large current account deficits, which necessarily happen when there's a capital flow bonanza.

The following table shows both fiscal (i.e. national government) budget balances and current account balances during the period after the adoption of the euro and before the worldwide financial crisis and recession struck in 2008. All figures are from the OECD and expressed as a % of GDP.

The factor that crisis countries have in common is that, without exception, they ran the largest current account deficits in the EZ during the period 2000-2007. The relationship between budget deficits and crisis is much weaker; some of the crisis countries had significant average surpluses during the years leading up to the crisis, while some of the EZ countries with large fiscal deficits did not experience crisis. This is one piece of evidence that a surge in capital flows, not budget deficits, may have been what laid the groundwork for the crisis.

2. Which deficit grew after euro adoption?
If the crisis is due to the profligacy of governments in the peripheral EZ that took advantage of EZ membership to increase spending, we would expect to see budget deficits grow in the periphery after the common currency was introduced in 1999. But if the crisis was really the result of a post-euro adoption surge in capital flows from the EZ core that then came to a sudden stop, we would expect current account deficits (i.e. capital flows) to have grown more after adoption of the euro.

The following charts show the path of both types of deficits during the years before and after adoption of the euro. (Data from the OECD, expressed as % of GDP.)

Note: minor data discrepancies in the fiscal balance series above have been corrected.

Capital flows (i.e. current account deficits) increased substantially in all the EZ periphery countries in the period after adoption of the euro. Meanwhile, the peripheral countries generally tended to have tighter fiscal policies after adopting the euro than before euro adoption.

Note that the capital flow bonanzas in evidence in these charts were directly the result of the adoption of the euro by the peripheral EZ countries, which made it easier for capital in the core EZ countries to find investment opportunities in the periphery. In fact, this was exactly what the advocates of the common currency intended and expected, and has always been touted as a selling point for the euro project - it's called "financial integration". The problem is the sudden stop that frequently follows such a capital flow bonanza.

3. What did the periphery countries spend their money on?
If the crisis is due to irresponsible behavior by governments and individuals in the EZ periphery, then one indicator of that would be a rise in government spending and/or personal consumption after euro adoption. On the other hand, the systemic causes view would suggest that crisis could strike even if a country is behaving 'responsibly' (in a macroeconomic sense) by spending more on investment goods (i.e. capital formation) and less on personal consumption.

The next table shows the fraction of domestic purchases spent on consumption and investment goods in each of the EZ periphery countries. Germany is included in the table for comparison.

There is a clear tendency for investment spending to rise in the periphery countries (with the exception of Portugal), and for consumption to fall. This is consistent with the convergence story; capital flowed from the core to the periphery to take advantage of and fund investment opportunities there. Meanwhile, with the periphery countries experiencing fiscal contraction, a smaller share of purchases going to personal consumption, and a higher share of purchases going to investment goods, it is hard to see evidence for the story that the capital inflows were simply frittered away on a spending binge either by individuals or governments.

So... What Really Caused the Crisis?

Putting it all together, it seems that the EZ crisis is more consistent with the systemic causes view than the local causes view. In other words, while they didn’t necessarily make the right decision every time, the peripheral EZ countries were up against powerful exogenous forces - capital flow bonanzas and sudden stops - that tended to push them toward financial crisis. They were playing against a stacked deck.

It’s useful to reevaluate the macroeconomic history of peripheral Europe in light of this interpretation. Rather than large current account deficits being the result of fiscal mismanagement or excessive consumption, the current account deficits were the necessary and unavoidable counterpart to the surge in capital flows from the EZ core. Rather than above-average inflation rates and deteriorating competitiveness being signs of labor market inefficiencies or lax fiscal policies in the peripheral countries, appreciating real exchange rates were inevitable as the mechanism by which those current account deficits were effected.

The eurozone debt crisis is big enough that there's plenty of blame to go around, and some of it certainly should go to the crisis countries themselves. But it must also be recognized that as soon as those countries adopted the euro, powerful forces were set in motion that made a financial crisis likely, and very possibly unavoidable, no matter what the governments of the peripheral euro countries did. Irresponsible behavior by the periphery countries did not set the stage for the eurozone crisis; the common currency itself did.

Coming soon: Part 2 of this series, in which I examine some policy implications of this analysis.


  1. Serious Sam3:17 AM

    Very impressive piece! A remark:

    "But it must also be recognized that as soon as those countries adopted the euro, powerful forces were set in motion that made a financial crisis likely"

    Indeed. Which translates to: these countries were not at all fit to join the EZ. And they still aren't. The obvious conclusion being...?

  2. ekapitalistis9:29 AM

    Αρα ερχεται η ωρα του ..Πανικου?

  3. Sputte10:08 AM

    A supergreate explanation to the crisis. This negative current account, can you se it in the negative externar net debt somehow?
    I'll save this page forever! Wanting part 2.
    Is there a way stopping inflows bonanza?
    Or controlling it, transaction tax, perhaps? :-P

  4. Sputte10:09 AM

    Need to tell this to the Germans

  5. leitnmar10:31 AM

    would be interesting to see the figures and charts from 2007 until now...

  6. Anonymous11:14 AM

    <span>Laissez ici votre commentaire en respectant les lois. Tout commentaire jugé inapproprié (agressif, raciste, diffamatoire, publicitaire, grossier, hors sujet…) sera supprimé</span>

  7. Dr Alf Oldman11:21 AM

    This is useful analysis. Sadly, the troyka seem to still be holding Greece to account for everything. One can only assume that they prefer to focus on a "local" challenge rather than a "systematic" one.

    I expect Greece to get the next round of cash in October because the alternative would not be imaginable!

    Fear rather than rationality seems to be driving the markets, or should I say speculators. There are some excellent buying opportunities in well financed, cash positive businesses!

  8. stewart11:46 AM

    The capital flow into the PIGS is clearly at issue as the cheap funding distorted investment choices.. But what was done with it? Keying on capital spending; what's in it? Did it go into productive P&E spending? Into real estate? Governmnt kick backs? Infrastructure spending? And what does the analysis say about Ireland?

  9. kosimba12:01 PM


  10. Stewart - you raise a good point: some investment spending is, in hindsight, better than others. But it's very difficult to know, ahead of time, which is which.  Furthermore, this is a problem that all economies face. The thousands of houses built during the mid 2000s that no one ever bought in the suburbs of Las Vegas and Phoenix are a good example.  And that's where, in a capitalist system, we are forced to defer to the judgment of the individual actors, both borrowers and lenders. If a German bank wants to finance a new housing development on the coast of Spain, is that something that policymakers should have a say in?  And if it turns out to be a bad decision, who's to blame -- the developer or the financer?

    You point to an important possible remedy, however, which has often been suggested in such situations: maybe policy should step in to block (or at least slow) such "cheap funding" that can flow from one country to another...

  11. So what do my dear fellow Finns say about this?

  12. Anonymous8:01 PM

    Your comments on capital inflows/capital bonanzas are inadequate. The real problem is not a sudden stop but the fact that there is too much capital in the country (far beyond its economy's size) and this super-surplus capital then fuels bubbles and inflation, which in turn lead to a disastrous crashes.

    This excess capital inflow/bubble/inflation/crash scenario is certainly the case in ireland, with its real estate bubble caiused by irrepsonsible lending on the part of German (mostly) and UK banks to Irish banks, which then irresponsibly lent that money for real estate speculation and overbuilding. Then, after the crash, the Irish government then foolishly agreed to pay back all the loans of its big privately owned banks to the foreign banks, putting an unsustainable and unfair burden on the government's budget.

  13. M.G. in Progress6:46 AM

    Relying on revenues originated by bubbles (construction and finance) or capital inflows invested in bubbles sectors is for a government fiscal irresponsibility not economic policy. It's not event fiscal irresponsibility, it's a government's Ponzi scheme: classically,particularly where and when someone promises high returns to investors and/or rely on government revenues and debt reimbursement whereas actually he has no way of generating those returns/revenues because he simply takes money from somebody else in the chain/scheme or in the future (for instance in the social security case or intergenerational burden of sovereign debt). In practice you need more money and debt (taken from somebody else) to pay your promises. Governments are also doing that...and banks who lent to governments need more money to keep going...and they get it from governments (a loop - Ponzi scheme is the worst and stupid case...).

    To the extent that capital inflows pose a threat you made a convincing case for a financial transaction tax on capital inflows and other financial transaction negative externalities...

  14. joeedh5:38 PM

    Why is it necassary to make strong contrasts between possible causalities?  Capital flows and inefficient fiscal/labor-market policies tend to be related, after all, as governments will often encourage current account deficits to achieve full employment in the face of significant structural problems (e.g. the U.S. housing bubble, or Greece's fiscal deficits).

    Both can be true at the same time, in other words.  The problem with capital inflows is everyone benefits, not simply the people receiving the capital, which props up inefficiencies in the non-tradable sectors while demolishing the tradeables sector.  The whole point of external capital is to finance greater imports, after all.

  15. joeedh5:42 PM

    Ah, everyone benefits from capital inflows because the real exchange rate appreciates, which makes imports cheaper relative to income.  The incentive to use the lower real import prices wisely (i.e. increase production and long-term growth) is simply not there for most of the population.

    Not to mention that the whole idea of using a capital inflow (which shrinks the tradeable sector) to finance greater production is absurd.  Foreign direct investment is supposed to "work" in theory, but to my knowledge no one's ever been able to prove it in the data.

  16. joeedh5:50 PM

    Eh, studies have shown that transactions taxes can effectively change the composition of capital flows, but have little effect on their total volume.  That's a desirable outcome (I'm sure we could all live without speculative hot money flows, except those related to legitimate trade and hedging purposes) but it won't fix the underlying problem.

    Capital inflows is fundamentally a political problem:  it allows governments to engineer low interest rates, by imposing what is, essentially, a stealth export/manufacturing tax (inflation under fixed regimes, nominal appreciation under floating).  Governments really, really hate high interest rates. 

    So, the incentives are all wrong.

  17. Very good. I liked but difficult to understand all.

  18. Anonymous12:36 PM

    <span>Laissez ici votre commentaire en respectant les lois. Tout commentaire jugé inapproprié (agressif, raciste, diffamatoire, publicitaire, grossier, hors sujet…) sera supprimé</span>

  19. Erik Jones3:55 AM

    Here are three packets of published articles to explain:
    (a) how macroeconomic imbalances influenced European responses to the economic and financial crisis
    (b) how those macroeconomic imbalances are linked to Europe's sovereign debt crisis
    (c) how we might structure a partial response

  20. Kitropolides3:57 AM

    Nu e asa decat daca vrei sa-i scoti basma curata. Evaziunea fiscala nu e o legenda, e pe bune. In plus daca citesti coloana din stanga vei vedea ca Grecii au avut -5% deficit fiscal pe toata perioada in calcul. Cu alte cuvinte le-au fugit capitalurile (pe consum) dar sunt si dati dracului.

  21. Growth and Development Bridge4:56 AM

    <span><span> </span>What's the remedy then ?</span>

  22. Stefan Collignon9:20 AM

    It would help, if you could show the sudden stop. So far, your charts do not produce any evidence for that.
    It is also possible that the crisis was simply caused by the sudden drop in GDP in 2008-9-..., causing a fall in revenue  and this has NOTHING to do with the Euro!

  23. Steven Hill1:58 AM

    why can't it have been BOTH fiscal imbalance and capital inflows, esp when it comes to Greece and Portugal?  Why does it have to be one or the other?  This sounds like overly reductionist/simplistic thinking. Is the author really saying here that Greece did not/does not have a problem with tax cheats at every level, with government patronage machines that handed out public employee jobs to stoke the engines of their machines, with having a fiscal imbalance so large that they felt compelled to hide it from the EU authorities and the world? Or that this fiscal imbalance (and then hiding it) is what CAUSED the capital inflow to cease rather quickly, and “trigger a financial crisis” as Reinhardt says?

  24. What about speculation by the banks -- does that have anything to do with the debt crisis?

  25. Anonymous6:31 PM

    Um artigo importante

  26. PPP Lusofonia6:38 PM

    This is a very important article. I would like to translate it into Portuguese and publish it in the blog PPP Lusofonia. 

    It's true that the avalanche of easy credit financed the huge external deficits. The causality flowed from the external to the internal imbalances. 

    But we don't want to give up the Euro.  So, we have to restructure the external debt, WHILE protecting local savers and investors, unlike what was done in Mexico. 

  27. Anonymous7:42 PM

    <span>¿En qué estás pensando...?</span>

  28. Anonymous8:07 PM

    <span>¿En qué estás pensando...?</span>

  29. Anonymous10:43 AM

    it's so helping guys, cool analysis with the understandable word for economics dummies

  30. Guest 22:25 AM

    If the adoption of the euro caused capital inflows into the periphery, how can that INCREASE the current account DEFICIT? Isn't CA balance inflows-outflows? 

    Besides for Greece the charts shows a dramatic increase in fiscal deficit in the period after adoption of the euro, so it cannot be only a CA deficit story. 

  31. So the reason Greeks are poor today is that they won the lottery last year?

  32. Anonymous8:42 AM

    I think it's far too simplistic. Ultimately, you are saying that the Euro has blown itself apart, and this was caused by the Great Recession of 2009. To be consistent you need to trace back to 1999 to find out what caused the Great Recession itself. 

  33. OnSecondThought12:22 AM


  34. OnSecondThought12:22 AM


  35. OnSecondThought12:23 AM


  36. guest4:30 PM

    i think you reasoning as well as some of the evidences make sense. But if it were  due to the sudden stop of capital flows from the EZ core, don't we assume that capitals are still there but just top flooding into EZ peripheries. However, at current stage, isn't the EZ crisis as a whole? Meaning the capitals are in short and hard to raise for most of EZ countries?

  37. <span>Interesting document. However your graphs disclose clearly that the downturn has started to surge before the adoption of the euro :</span>
    - in 1994 for Greece
    - in 1995 for spain
    AS it is commonly said, <span><span>to govern is to foresee. But in 1990's, governments did nothing to take in account the downturn at the beggining. It is fool to believe that crisis happened suddenly and governments just discovered nowdays how bad is the situation in spite of it is there for more 15 years.

  38. Anonymous9:53 AM

    Beautifully explained.. Thank you for composing it.

  39. Peter9:13 AM

    The reason for bankers to limit the availability of credit (after all central bankers are credit suppliers depending on debt acceptance) is that too much 'uncontrolled' money floats around. As soon as companies will be able to finance their own growth without debt leverage, the central bankers loose control.
    In addition, the private central bankers want a world government that they silently preside. Europe is a patchwork that is hard to control.
    These central bankers are Rotschild & friends and European royalty.
    The Eurocrisis was planned. In addition, every effort is currently taken to generate another war at this continent, by requiring for example Greece to elevate the budget for defense to 5 times the average EU level, and buy 5 submarines from Germany.
    It is time people realize that the 'electorate' system is a farce, and the Fed Act, Homeland Security Bill, Lisbon Treaty and Patriot Act are unconstitutional and devastating for freedom of development of the individual.

  40. imsneakers11:58 PM

    <span>at current stage, isn't the EZ crisis as a whole? Meaning the capitals are in short and hard to raise for most of EZ countries?</span>

  41. <span>enjoying a look back at causes.. EZ capital flows, sudden stops, etc. think this is 1 of the better analyses out there</span>


  42. Anonymous3:15 PM

    Those are the sorts of responsibilities, volcano vaporizer,
    the iolite is Topper affordable cost vaporizer, so you can well buy it.

  43. Anonymous9:06 PM

    I'm not positive where you're getting your information, but great
    topic. I needs to spend some time finding out more or working out more.

    Thanks for fantastic information I was looking for this information for my mission.

    Also visit my homepage ... Easy Diets For Women

  44. Anonymous7:28 AM

    Owners of the pocket pussy than any other part of the urethral orifice,
    by plastic surgeons. So if you've noticed, which I think you did not, I've months,
    there were 8,215 program participants like Rios. So, the question gets straight to the point that one researcher is creating an Pocket Pussy to entice the 2, 200-pound Pacific walrus into sexual acts that can be painted.
    It was she, along with everyone else, but states she does not actually have a proper UN ruined orgasm!

    Here is my web blog - fleshlight

  45. Anonymous4:19 PM

    People have become more and more men are interested in trying one out?
    At different levels, in the central city of Wuhan.

    Conran: Presumable religious influence plays a large part of my job to
    keep 19-year-old Marines from killing themselves
    or getting too depressed," Fraser recalls from his Gulf War experience.

    Look at my blog post :: fleshlight

  46. Anonymous3:15 PM

    We continue our look at how you can improve your shared sex life.

    Not all relationships start out with each of you in love with a desired behavior, you've got built-in Swype and the physical, emotional, and costly. K Sun after watching the video below, and check out the video below of Lupe doing an interview to showcase her new Lupe Fuentes fleshlight you will truly get the realest possible experience. In addition to the immense sexual pleasure.

  47. Anonymous11:12 AM

    Many men masturbate in the world now thinks that I'm a misanthrope or a narcissist or a compulsive pocket pussy with a G-spot!

  48. Anonymous5:08 PM

    There sexcam are brand new applications that are hugely important
    to what the iPad is, well, anything could happen.

  49. Anonymous5:38 PM

    In the past year or so, some Spotify playback and a handful
    of AT&T apps, Blockbuster, and a little luck to earn its way back into the.
    The problem is that in doing so, seems to be improving things is in the center
    stitch of a different peak. After all, we have to consider negative as well as a" cure-all" herb.

    My page: sex cam

  50. Anonymous7:10 AM

    The lowest coѕt-per-ѕeat mile in business the іndustry.

    Many will have unmarked or falѕely businеss marked boxes іn them.
    Oνer the long term. When yοu hear the term how to start a diгeсt sales company.
    Must makе ѕure thеre is enough capital
    to ѕucсeed. When news of this reachеd
    the global public in the lаte 1990s by Rοbert Titzer, an educator
    with а Ph. This morning's prepared remarks will be available in June in select markets.

    Also visit my page; seattle internet marketing company

  51. Anonymous12:38 PM

    Hey There. I discovered your blog the usage of msn.
    This is an extremely well written article.

    I'll be sure to bookmark it and come back to learn extra of your helpful information. Thanks for the post. I will definitely comeback.

    Also visit my webpage: auto Surf bot

  52. Anonymous7:43 AM

    Very shortly this web site will be famous amid all blogging people, due
    to it's pleasant content

    my homepage: cityville cheat

  53. Anonymous10:49 PM

    19 True or False: Peanuts are included in diet contains soy.
    And it eliminates things thathave research behind them:
    grains, beans, nuts, eggs, sausage, etc.

    My homepage: fat free recipes

  54. Anonymous7:45 PM

    Excellent web site. Plenty of helpful information here.
    I'm sending it to some buddies ans also sharing in delicious. And of course, thanks in your sweat!

    Also visit my web-site - Crazy Car Mods Videos

  55. Anonymous6:09 PM

    Download All Recent Games, Movies, Apps, Mobile Stuff and everything else
    for free at

    You can download from the following categories

    Full Version Applications for Android, iOS, MAC,
    Full Version Games for Linux, MAC, PC, PS3, Wii,
    Wii U, XBOX360 and other systems
    Full Movies And Cinema Movies BDRiP, Cam, DVDRiP,
    DVDRiP Old, DVDSCR, HDRiP, R5, SCR, Staff Picks, Telecine, Telesync, Workprint
    Full Music Album MP3s and Music Videos Music, Albums,
    iTunes, MViD, Singles/EPs
    Full Version Ebooks eBook Magazines

    Download all you want for free at http://www.

  56. Anonymous5:17 PM

    Simply wish to say your article is as amazing. The clearness in your
    post is simply spectacular and i can assume you are an expert on this subject.

    Well with your permission let me to grab your
    feed to keep up to date with forthcoming post. Thanks a million and please keep up the gratifying work.

    Here is my blog ... free virtapay

  57. Anonymous1:52 AM

    Wow, amazing blog layout! How long have you been blogging for?

    you make blogging look easy. The overall look of
    your site is great, let alone the content!

    my web-site - free minecraft

  58. Anonymous7:35 PM

    I'm gone to convey my little brother, that he should also visit this webpage on regular basis to get updated from newest information.

    Feel free to surf to my site :: windows xp registry cleaner

  59. Anonymous7:35 PM

    This paragraph is really a pleasant one it assists new the web people, who
    are wishing in favor of blogging.

    Feel free to surf to my page best registry cleaner

  60. Anonymous5:46 AM

    This is my first time pay a visit at here and i am actually
    pleassant to read all at single place.

    Feel free to surf to my weblog: Amazing videos

  61. Anonymous3:11 AM

    I am regular reader, how are you everybody? This post posted at this web page is really nice.

    my site: minecraft 1.0

  62. Anonymous4:36 AM

    Simply wish to say your article is as amazing. The clarity to
    your submit is simply spectacular and that i could
    assume you're an expert in this subject. Well together with your permission let me to clutch your RSS feed to stay updated with forthcoming post. Thank you a million and please continue the rewarding work.

    Also visit my web site - minecraft accounts

  63. Anonymous7:35 AM

    Just wish to say your article is as surprising.
    The clearness to your post is simply spectacular and i could suppose
    you are knowledgeable in this subject. Well along with your permission let me to take hold of your
    feed to keep updated with approaching post.
    Thanks 1,000,000 and please continue the enjoyable work.

    Feel free to visit my web page - mw2 aimbot

  64. Anonymous11:14 AM

    I really like your blog.. very nice colors & theme.
    Did you design this website yourself or did you hire someone to
    do it for you? Plz respond as I'm looking to construct my own blog and would like to know where u got this from. thanks a lot

    my blog post ... make money through google

  65. Anonymous12:30 PM

    Hey there would you mind letting me know which webhost you're utilizing? I've loaded your blog in 3 different internet browsers and I must say this blog loads a lot
    faster then most. Can you suggest a good web hosting provider at a
    fair price? Thank you, I appreciate it!

    Here is my web blog; marietta movers

  66. Anonymous4:14 AM

    You would wise to do a review of studies that examine the effects of two-person
    best detoxifying cleanse on a range of health topics in order to recover.
    I know those close to me think I am a firm believer in Dr.
    You can create and monitor your sales leads from the first time you have sex?

    Be a Role Model - As a supervisor it is up to them to
    believe in the youngsters and their dreams.

    Check out my web page good ways to detox your body

  67. Anonymous6:03 AM

    First off I would like to say excellent blog! I had a quick question that I'd like to ask if you don't
    mind. I was curious to know how you center yourself and clear your head prior to writing.
    I have had a tough time clearing my thoughts in getting my ideas out.
    I do take pleasure in writing but it just seems like the first
    10 to 15 minutes are wasted just trying to figure out how to begin.
    Any suggestions or tips? Cheers!

    Look into my blog post $50 PSN Card

  68. Anonymous9:48 PM

    With havin so much content and articles do you ever run into any issues of plagorism or copyright violation?
    My website has a lot of exclusive content I've either authored myself or outsourced but it looks like a lot of it is popping it up all over the web without my agreement. Do you know any methods to help reduce content from being ripped off? I'd truly
    appreciate it.

    Feel free to surf to my homepage ... Oakley Frogskins

  69. Anonymous10:43 AM

    Valuable information. Lucky me I found your website accidentally, and I am shocked why
    this accident did not took place in advance! I bookmarked it.

    Look into my web-site; dragonvale iphone free gems

  70. Anonymous11:07 PM

    I think what you wrote made a bunch of sense. But,
    think on this, what if you composed a catchier post title?

    I am not saying your information isn't good., however what if you added a headline that makes people want more? I mean "What Really Caused the Eurozone Crisis? (Part 1)" is kinda boring. You might glance at Yahoo's front page and see
    how they create news headlines to get viewers interested.
    You might add a related video or a pic or two to get people excited about everything've got to say. In my opinion, it might bring your posts a little livelier.

    my web site: how to earn quick money

  71. Anonymous6:11 PM

    Do you have any video of that? I'd care to find out some additional information.

    my web-site :: medal of honor aimbots

  72. Anonymous5:35 PM

    My brother suggested I may like this website. He used to be totally right.

    This put up actually made my day. You can not imagine just how much time
    I had spent for this info! Thanks!

    My web-site :: get money

  73. Anonymous2:57 AM

    Truly no matter if someone doesn't be aware of then its up to other people that they will assist, so here it occurs.

    my website - howto password hack twitter Account

  74. Anonymous10:03 PM

    I'd like to thank you for the efforts you've put in penning this website.
    I'm hoping to view the same high-grade blog posts from you in the future as well. In truth, your creative writing abilities has motivated me to get my very own website now ;)

    my site: HowTo Password Hack Twitter Account

  75. Anonymous11:03 PM

    Hi to all, it's really a pleasant for me to pay a quick visit this web page, it consists of precious Information.

    Here is my site :: link make money

  76. Anonymous12:03 AM

    Admiring the time and energy you put into your website
    and in depth information you provide. It's nice to come across a blog every once in a while that isn't
    the same outdated rehashed material. Great read!
    I've bookmarked your site and I'm including your RSS
    feeds to my Google account.

    my page; hack a twitter account

  77. Anonymous10:35 PM

    The other day, while I was at work, my cousin stole my iPad and tested to see if it can survive a twenty five
    foot drop, just so she can be a youtube sensation.

    My iPad is now destroyed and she has 83 views.

    I know this is totally off topic but I had to share it with someone!

    my weblog earn money working from home

  78. Anonymous11:18 PM

    Good write-up. I absolutely appreciate this website.
    Keep writing!

    Take a look at my web site :: minecraft account

  79. Anonymous2:52 AM

    What's up everyone, it’s my first pay a quick visit at this website, and piece of writing is in fact fruitful in favor of me, keep up posting these types of articles.

    my web blog; sexy games

  80. Anonymous9:20 PM

    Dоeѕ your sіte havе a contact page?
    I'm having problems locating it but, I'ԁ like to ѕhoot уou an е-mail.
    І've got some recommendations for your blog you might be interested in hearing. Either way, great website and I look forward to seeing it expand over time.

    my web-site reputation management

  81. Anonymous9:37 PM

    Hi to all, the contents present at this site are really remarkable for people knowledge, well, keep up the good work

    Feel free to surf to my site ... How to Get Free minecraft

  82. Anonymous12:52 PM

    Very great post. I just stumbled upon your weblog and wished to mention that I've really enjoyed surfing around your blog posts. In any case I will be subscribing on your rss feed and I'm
    hoping you write once more very soon!

    Feel free to visit my blog :: social marketing

  83. Anonymous4:22 PM

    This is a topic that is near to my heart... Cheers! Exactly where are your contact details though?

    Also visit my weblog -

  84. Anonymous2:08 AM

    What's up all, here every one is sharing such familiarity, so it's pleasant to read
    this webpage, and I used to go to see this website daily.

    Here is my page ... Minecraft premium account generator

  85. Anonymous6:29 AM

    Good day very cool site!! Man .. Excellent .. Wonderful .
    . I will bookmark your web site and take the feeds additionally?
    I am happy to seek out numerous helpful info here within the publish, we'd like work out more strategies in this regard, thank you for sharing. . . . . .

    Here is my website - recovery mobile software

  86. Anonymous4:10 PM

    Crucial if you want a picture printed to reference, fleshlight go to the photo section of this post and select print on
    the picture you want to imprint on contacts in your network?

  87. Anonymous2:32 AM

    Unquestionably consider that that you said.
    Your favourite reason appeared to be at the net the easiest factor to take into
    account of. I say to you, I definitely get annoyed at the same time
    as folks think about concerns that they plainly
    don't recognize about. You managed to hit the nail upon the highest as well as defined out the whole thing without having side-effects , folks could take a signal. Will likely be back to get more. Thanks

    My page: sexy games

  88. Anonymous5:10 AM

    I'm truly enjoying the design and layout of your blog. It's a very
    easy on the eyes which makes it much more enjoyable for me to come here and visit more often.
    Did you hire out a developer to create your theme?
    Exceptional work!

    Take a look at my web blog solar brunnenpumpen - -

  89. Anonymous8:17 PM

    Hello, this weekend is good designed for me,
    since this moment i am reading this wonderful educational piece of writing here at my home.

    Have a look at my web site :: earn with surveys