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Is Goldman Sachs Playing With Fire In Venezuela?

Is Goldman Sachs Playing With Fire In Venezuela? thumbnail

Goldman Sachs bought last week around US$2.8 billion bonds issued by Venezuela’s embattled state oil firm PDVSA, betting that a change in the Venezuelan regime could more than double the value of debt, The Wall Street Journal reported on Sunday, citing five people familiar with the deal.

According to the people in the know, last week Goldman’s asset management division paid US$0.31 on the dollar, or around US$865 million, for bonds that PDVSA issued in 2014 and that mature in 2022. The bonds had been held by the central bank of Venezuela, according to The Journal.

Due to Venezuela’s risk of default, bonds trade at deeply discounted rates and yields are juicy, at around 30 percent.

Goldman’s bond purchase is part of a strategy to increase positions in Venezuelan holdings, The Journal’s sources said. The U.S. bank hadn’t negotiated the bond purchase directly with the Venezuelan government, rather, it acquired the debt via an unnamed broker, according to three of the sources.

According to The Journal, a senior finance official in Venezuela confirmed that the transaction had taken place, but declined to share details.

Goldman’s deal comes amid rising unrest in Venezuela, as people protest President Nicolas Maduro’s regime. Since the beginning of April, more than 50 people have been killed in protest-related violence. The transaction also comes as Venezuela’s oil industry is crippled amid hyperinflation and a crisis so deep that people scramble to get food and medicine supplies. Related: Gold Demand Could Plunge As India Considers New Tax Policy

According to The Journal, Maduro’s detractors say that any bond purchase of Venezuelan bonds gives the regime much needed cash.

Goldman is putting itself on the wrong side of history with this deal,” opposition lawmaker Angel Alvarado told The Journal. Alvarado has described Goldman’s move as “a grave reputational error”.

Should an opposition-led administration take power, it would refrain from doing business with Goldman Sachs, Alvarado said.

By Tsvetana Paraskova for Oilprice.com

oilprice.com



40 Comments on "Is Goldman Sachs Playing With Fire In Venezuela?"

  1. rockman on Wed, 31st May 2017 9:04 am 

    How to leverage risk: buy $2.8 BILLION in bonds paying 6% for $865 MILLION ($0.31 on the dollar) which actually yields a bit more then 40%.

    Now a bit of Rockman’s personal history. In the early 90’s he worked for a poorly managed company that tried to save itself by issuing $100 million in bonds at 11%. Being poorly run it did not work and continued to crater. As a result a Wall Street billionaire bought the bonds for $0.55 on the dollar. And then over the next 5 years received $55 million in interest…what it paid for the bond. And then the company was forced into bankruptcy by that bond holder. So he got screwed, right? Got his $55 million back as interest but not a penny of the principal thanks to the bankruptcy reducing the $100 million bond to $0.

    So why force the bankruptcy? Easy: the bond now represented a $100 million in lost investment. A loss that reduced his taxable income of his other investments by…wait for it…wait for it…by $100 million. Given a 35% tax bracket this saved him $35 million. Bottom line: his $55 million investment earned him $90 million. Which is why he’s one of the wealthiest men in the WORLD.

    So GS makes 40% interest and potentially gets a $2.8 BILLION reduction in its taxable income. But now consider how much GS might make if between now and 2022 Venezuela collapses so bad a new regime takes over and leads to big investments by foreign companies. Just as is happening in Mexico for the first time since 1938. Imagine if this monetizes the Venezuelan reserves sufficiently for the govt to pay GS for those bonds. And not a $865 million pay day. A $2.8 BILLION pay day for GS…on top of the 40% interest it has earned.

    Perhaps it isn’t as bad investment as some might suggest. Time will tell.

  2. bobinget on Wed, 31st May 2017 9:20 am 

    GS knows EXACTLY what they are doing.
    Playing with fire is one.
    Juggling PoO is another.

    Below a current link on the situation.

    https://www.investorvillage.com/groups.asp?mb=19168&mn=93370&pt=msg&mid=17207589

    Once Venezuela stopped servicing Cuba, the US is next. Why? China is more than an interested party.
    China and Russia are interested in gaining complete control of the biggest stash of oil in the world at this time. More to the point, oil two days
    sail from US ports. Not six weeks from highly explosive ME.

    Long Game South
    Once America’s highly praised shale reserves give out. China and Russia control America’s principal
    source of imported oil. China has her hand on the
    valves of the US economy.

    The Long Game North
    Canada? Tired of being treated like a poor step sister Canada built a “Trans Mountain” pipeline
    across BC to Asia. Alberta built another pipeline,
    “Canada East” to service Ontario.

    Drama being played out this week is quite historic.

    IMO we are only in the second act. Final to come.

  3. bobinget on Wed, 31st May 2017 9:44 am 

    If you ever doubted ‘the system is rigged’ read
    Rockman’s above.

    Once Venezuela’s demonstrators started being killed (over 50 so far, over thousand injured)
    It was all over for Maduro’s administration.
    Venezuela can’t coverup demo killings like China.

    Rather then permit a US friendly government to power, China and Russia will step in.

    China of course is demanding payments on its oil for loans deal(s). Instead of demanding 250,000
    B p/d as per agreement China is permitting US exports to keep oil price (OP) LOWER.
    Russia OTOH, really needs higher OP.
    At some point Goldman, China and Russia will come to an agreement.

    Because the Trump Administration has too much borscht in their bowels already it may be too late, for the US, to do anything to “save” Venezuela for the West.

  4. Davy on Wed, 31st May 2017 10:09 am 

    makati and bobinget, check this out:

    “The Greatest Financial Bubble In History”
    https://dailyreckoning.com/greatest-financial-bubble-history/

    “China is in the greatest financial bubble in history. Yet, calling China a bubble does not do justice to the situation……China has multiple bubbles….The first and most obvious bubble is credit. The combined Chinese government and corporate debt-to-equity ratio is over 300-to-1 after hidden liabilities, such as provincial guarantees and shadow banking system liabilities, are taken into account. Paying off that debt requires growth, but the growth itself is fueled by more debt. China is now at the point where enormous new debt is required to achieve only modest new growth…The next bubble is in investment instruments called Wealth Management Products, or WMPs…In the past ten years, bank customers have chosen almost $12 trillion of WMPs. That might be fine if WMPs were like high-quality corporate or municipal bonds. They’re not. They’re more like the biggest Ponzi scheme in history.”

    “So, WMPs resemble collateralized debt obligations, CDOs, the same product that sank Lehman Brothers in the panic of 2008. The problem is that the borrowers behind the WMPs can’t pay their debts. They’re relying on further bubbles in real estate or easy credit from the government to meet their interest obligations. What happens when a WMP matures? Usually the bank customer is encouraged to rollover the investment into a new WMP. What happens if the customer wants her money back? The bank sells a new WMP to another customer, then uses those sales proceeds to redeem the first customer. The new customer now steps into the shoes of the first customer with the same pile of bad debt. That’s where the Ponzi dynamic comes in. Simply put, most of the debts backing up the WMPs cannot be repaid, which means it’s just a matter of time before the WMP market goes into a full meltdown and triggers a banking panic.”

    “In short, Chinese growth is in severe jeopardy. Its manufacturing base is being taken over by competitors and its high-tech future has yet to emerge, and may never emerge in time to avert a debt crisis. The Chinese Miracle is no miracle at all, it’s just simple development economics. China is now out of time and out of good options.”

  5. bobinget on Wed, 31st May 2017 10:33 am 

    When China’s RATE of growth falls below 6%,
    financials go nuts. If the US gets to 2.5% … well?

    China is the world’s largest economy.. by far.
    Most of China’s debt is domestic. China’s inflation rate

    In point of fact, china is in more financial danger of a US default.

    China Inflation Rate Forecast 2016-2020 – Trading Economics
    https://www.tradingeconomics.com/china/inflation-cpi/forecast
    Inflation Rate in China is expected to be 1.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations …

    https://www.thebalance.com/u-s-debt-to-china-how-much-does-it-own-3306355

    Once it become clear that China and Russia now control Venezuelan oil production, like forever, scare tactics over PoO will swap directions.

  6. Davy on Wed, 31st May 2017 12:20 pm 

    “China is the worlds largest economy”
    in the wild world according to bobieget, LOL.

    China and Russia have no troops in South America so I doubt they will make more than a whimper when the place defaults and an opposition decides Chinese/Russian debt is wiped clean by a regime change. This will make your Venezuelan oil rants seem amusing.

    “Most of China’s debt is domestic.” So what bobieget, the lion share of US debt is domestic. Debt is debt bobieget and when it gets extreme it is dysfunctional. I guess a domestic Chinese Ponzi scheme is ok in bobieget’s world.

  7. bobinget on Wed, 31st May 2017 1:07 pm 

    The US owes China over a trillion dollars.
    That debt, trade, more powerful than China’s troops.

    I’ve said it before. Venezuela is in no way embargoed. Unlike Yemen. The US could have sent in mega-tons of food and consumer goods in exchange for oil. IMO, China and the US will never exchange violence over Venezuela.
    The US has a huge geographic advantage over China that we’ve blown.

    China’s inflation rate is too low already. Once the word gets out, China colonized Venezuela w/o firing a shot, thereby assuring China reasonably low oil prices for decades, inflation, such as it is, will drop further. To prop up a sagging economy,
    just print more money.

    LOW inflation: great for lenders, not so for borrowers). In China today financing a tiny or large apartment, house or car is child’s play.

  8. GregT on Wed, 31st May 2017 1:54 pm 

    In other news today posted on ‘The Daily Reckoning’:

    China’s Next Step to Destroy the Dollar

    China is currently modifying the terms of its oil trade with Saudi Arabia. Specifically, China is working on a deal to pay for Saudi oil using Chinese yuan. This effort poses a direct threat to the security of the dollar.

    If Saudi begins accepting yuan for oil, all bets are off on the petrodollar. Yuan-for-oil will entirely change the monetary dynamics of global energy flows. I expect the U.S. dollar to weaken severely when that news breaks.

    Much of this oil-for-yuan news is public information. Yet, for some strange reason, there’s a form of blindness within western policymaking and media circles concerning the implications of yuan-for-oil. The idea is so “off-the-wall” that many policy leaders simply ignore it.

    Ignore away. But we could wake up one morning in the midst of a massive currency crisis, in which dollar values are falling and oil prices in dollars are soaring.

    https://dailyreckoning.com/china-destroy-dollar/

  9. Davy on Wed, 31st May 2017 2:54 pm 

    Big deal bob and old news greg. Numbers tell the story of dollar dominance that shows no signs of changing. China is at the mercy of US trade as much as the US is to China. Same old barking and howling just A new day.

  10. rockman on Wed, 31st May 2017 4:54 pm 

    Bob – “If you ever doubted ‘the system is rigged’ read Rockman’s above.” How dare you! The system is not rigged!!! It is functioning exactly as the R and D politicians have designed it. Why the hell are you being critical of such success?

    Instead of bitching you should be buying into GS. LMFAO!

  11. GregT on Wed, 31st May 2017 10:33 pm 

    “Numbers tell the story of dollar dominance that shows no signs of changing.”

    20 Trillion in US federal debt alone, 1,000 Trillion in the shadows, 128 Trillion in unfunded liabilities, and a country that is completely divided between the haves and the have nots, tells the real story Davy.

    Your owners cannot keep fleecing you sheep forever, and the rest of the world is plotting their/your demise. Stockpiles of weapons of mass destruction are not going to change that trajectory one IOTA. Your masters are going down Davy. If enough Americans were true patriots, instead of minions like yourself, this all could have been avoided. That’s the thing about democracy, the people always get what they deserve, and the exceptionalists like yourself have an entire world of hurt worth of karma coming their way. I feel bad for the tens of millions of decent American citizens.

  12. GregT on Wed, 31st May 2017 10:45 pm 

    And Davy,

    Before you embark on another one of you completely delusional rants about the evil anti-American Canadians. For one last time dumbfuck, the same people that are in control of your tax farm, are in control of mine.

  13. makati1 on Thu, 1st Jun 2017 12:14 am 

    Bobinget, “The US owes China over a trillion dollars. That debt, trade, more powerful than China’s troops.”

    BINGO! Some here don’t seem to understand that the Dragon has the Eagle by the balls and is squeezing slowly.

  14. Anonymouse on Thu, 1st Jun 2017 12:57 am 

    Hey narrativeman, your so-called ‘R and D politicians’ didnt design the byzantine uS empire. But I do agree with your quip, the system is in fact, working as intended, just not a result of any efforts by uS ‘politicians’, as you well know, or least like to pretend not to know.

    Yet another of reockersmans fanciful deflections. Its all those dirty Repugnant s, and Demons in DC that ‘created’ the corporate war states of amerika. Nice fable, easy to digest, east to sell, requires little further thought once digested. Kind of like all the rest of your talking points.

  15. Davy on Thu, 1st Jun 2017 4:54 am 

    “Before you embark on another one of you completely delusional rants about the evil anti-American Canadians. For one last time dumbfuck, the same people that are in control of your tax farm, are in control of mine.”

    greg, I guess my point was made because like makati you have to shift the subject and bring up an obviousness like that makes you right. In this case it went from the status of the dollar to the US debt situation. Can’t you stay focused or is that hate so built up that it is uncontrollable. On top of it you call me a dumbfuck, who is the real dumbfuck? Yea, you are greg because you spit out tripe and then shift the subject because I was right and you are wrong. You are a stupid Canadian that is well versed in anti-Americanism but little about balanced reality.

  16. Davy on Thu, 1st Jun 2017 5:03 am 

    “BINGO! Some here don’t seem to understand that the Dragon has the Eagle by the balls and is squeezing slowly.”
    Which country’s leader came to visit who? Why, because that country was scared shitless the US was going to give them a trade bomb right up their ass? I call that bingo. Hey makati/bobieget, if the US gets in a war with China then China can use that 1TRIL debt to wipe their stupid ass. What’s the dragon going to do send its barely operational aircraft carrier over to LA or maybe sends some of the carrier killing missiles to collect?

  17. Cloggie on Thu, 1st Jun 2017 5:21 am 

    There is no reason to assume that anybody of the large players intends an all-out conflict with each other. What you can observe is:

    – Russia’s patient attitude not to destroy relations with Europe, while maintaining a defensive anti-US Chinese-Russian alliance and sit out US exceptionalism
    – China’s potential and intention to gradually shift the balance of US-Chinese power to its own advantage: South China Sea and New Silk Road Eurasian over-land strategy
    – Trump-America hinting to Europe it must stand on its own feet and sabotage the globalist Swamp in the process by abandoning US empire (The West)
    – The old EU guard hopes for a return of The Swamp to power (against better knowledge) and save their own necks from the rising “populists” on their own turf
    – The preparation of a showdown in the US between “nationalists” (Trump voters) and globalists/Swamp (Dems voters), with destructive potential that could easily break up the country

    The most likely outcome of this all is a multi-polar world, dominated by Eurosphere and Sinosphere:

    https://s17.postimg.org/6wwnomfpb/worldmap.jpg

  18. makati1 on Thu, 1st Jun 2017 5:44 am 

    Cloggie, I have to agree. The world is moving on and leaving the U$ behind. It will be a multipolar world. Eurasia. America will be sidelined. Isolated. Third world. Dying. And, maybe as you and others suggest broken up into several countries. We shall see.

  19. Davy on Thu, 1st Jun 2017 5:49 am 

    I would be looking here on the dollar demise before I would consider the yuan replacement or an IMF SDR. The only problem with this digital currency from my point of view is the future of modernism is suspect but that would spell the end of the status quo for any currency as we know it.

    “Ethereum Forecast To Surpass Bitcoin By 2018”
    http://tinyurl.com/y8w4zkve

    “the move may be just the beginning if most corporations adopt Ethereum as the distributed ledger standard: Accenture released a report last month arguing that blockchain technology could save the 10 largest banks $8 billion to $12 billion a year in infrastructure costs — or 30 percent of their total costs in that area.” Since then most corporations have indeed adopted Ethereum as the distributed ledger standard.”

    http://www.blockchaintechnologies.com/blockchain-definition

    “A distributed ledger is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, and/or institutions. Users of Distributed Ledger Technology (DLT) significantly benefit from the efficienies and economics by creating a more robust environment for real-time and secure data sharing.”

    “A blockchain is a type of distributed ledger, comprised of unchangable, digitally recorded data in packages called blocks. These digitally recorded “blocks” of data is stored in a linear chain. Each block in the chain contains data (e.g. bitcoin transaction), is cryptographically hashed. The blocks of hashed data draw upon the previous-block (which came before it) in the chain, ensuring all data in the overall “blockchain” has not been tampered with and remains unchanged.”

    “A blockchain is just one type of distributed ledger, not all distributed ledgers necessarily employ blocks or chain transactions. Although the term ‘blockchain’ is used more frequently than ‘distributed ledger’ in discussions, a blockchain is only one of the many types of data structures that provide secure and valid achievement of distributed consensus. The bitcoin blockchain, which uses ‘Proof-of-Work Mining’, is the most publicly proven method used to achieve distributed consensus. However, other forms of distributed ledger consensus exist such as Ethereum, Ripple, Hyperledger, MultiChain, Eris, and other private enterprise solutions.”

  20. makati1 on Thu, 1st Jun 2017 5:50 am 

    Davy, Did you ever consider an EMP blast over Kansas? Game over for the U$. (Well within Chinese capabilities(& Russia).

    Did you ever consider what dumping a trillion in USTs & USBs on the market would do to the U$ economy? Game over.

    Did you ever consider what just stopping trade in electronics and the materials for electronics would do to the U$? Game over.

    No, you obviously never considered anything not military as being able to take down the U$. Believe me, they have. And Russia too. When the time is right…

  21. Davy on Thu, 1st Jun 2017 6:04 am 

    Dumbass, emp’s can happen in Asia so what is your ignorance saying? In fact the NK situation is the perfect place for an Asian EMP. You would be shit out of luck with an Asian NK war. You will be in rice lines when and if that war comes. Maybe stew meat if it gets bad enough.

    China is incapable of dumping trillions of UST’s makati. Explain how this is supposed to happen makati. This shows how stupid you are about finance and the global economy. It is like the global derivatives market there is no possible large scale clearing of such financial devises.

    Did you ever consider what would happen to China and the rest of the global economy if trade stopped in electronics? You might brush up on the fact the SKR and Japan are more important than China in the electronics world. Places like China do assembly not the serious research and development.

    You are lost in makatiland and your dragon, bear, eagle nonsense. What a dumbass.

  22. Hello on Thu, 1st Jun 2017 6:38 am 

    >>>>America will be sidelined. Isolated. Third world. Dying

    No, it will be reduced to the same level as the rest of the world. That’s globalization at work. Making everybody equal, in the end. And importing boatloads of brown sludge (also from south east asia) doesn’t help either.

    At least the US doesn’t have to deal with mak anymore dragging its average intelligent down. It’s only canada with the 9-grade dropout Ape, I’m worried about.

  23. Cloggie on Thu, 1st Jun 2017 6:56 am 

    More Eurasian emancipation from the empire:

    http://www.spiegel.de/wissenschaft/natur/deutschland-und-china-schmieden-klima-allianz-a-1150218.html

    “Germany and China sending signal to Trump”

    Signal: EU and China will press ahead with combating climate change. Spearhead: e-mobility. EU and China are both committed to free trade (but EU has large trade deficit of 178B). In a 9 page policy document not a single reference to the US, but the entire document is to be seen as a signal to Trump, who will decide tonight what the US intends to do with “Paris”. Paris is the intention to stay clear from a global temperature increase of 2 degrees Celsius. The document expresses the will that the EU and China will together take the lead in the fight against climate change, regardless if the US joins or not. Russia and India have reaffirmed their commitment to “Paris”.

    http://www.spiegel.de/wirtschaft/eu-und-china-ruecken-zusammen-wegen-donald-trump-a-1149515.html

    “Is Chinopa coming?”

    The author opines that on several fields this could happen. Both the EU and China are trade surplus economies (although the EU has a trade deficit with China). EU-Chinese trade increased with 137% since 2007.

  24. ALCIADA-MOLE on Thu, 1st Jun 2017 7:00 am 

    @Hello why u hatin’ America bro? I don’t like orange draft dodger moron but we’ll investigate Russian support for alternative media and we’re fine.

    The main thesis of the alt media is that the MSM is lying. We just need to point out that alt-media’s love for Putin is its archiles heel.

    I mean a man in power for decades leading a “modern” Russian “bear” and he’s not a dictator.

    LIE

    alternative media lie bro.

  25. Cloggie on Thu, 1st Jun 2017 7:02 am 

    May pushing for hard Brexit:

    https://www.rt.com/uk/390122-may-corbyn-brexit-no-deal/

    May wants to leave the key on the table and run away. But as they say, paper is patient. Perhaps a deal can be made: Gibraltar, Scotland and Northern Ireland to the EU and Britain… umm make that England, doesn’t have to pay 100 billion euro.

  26. makati1 on Thu, 1st Jun 2017 7:25 am 

    Hello, Mak’s intelligence is well above the 100 IQ mark, unlike some here who barley make it past 70. How is “… it will be reduced to the same level as the rest of the world. …” different from “America will be sidelined. Isolated. Third world. Dying.”? Seems similar to me. The “Great Leveling” that is under way, is gaining speed.

  27. makati1 on Thu, 1st Jun 2017 7:33 am 

    “Dumbass, emp’s can happen in Asia so what is your ignorance saying?”

    I simply point out that the whole FSofA will die with one EMP. It will take out all of the U$ ability to exist/resist. Some have even stated that 90% of Americans would die in the first year after. That may be an exaggeration, but do you want to find out?

    How would an EMP affect NK? You have to have an infrastructure that is technically advanced and all tied together. Not so in most Asian countries. Besides, an EMP over NK would likely take out ALL of South Korea, maybe most of Japan and some of China and Russia. A definite end of the FSofA. The nukes would fly and the FSofA would be turned to glass.

    But then, you never served in the military or even came close. Mommy and Daddy made sure of that. 1%er’s never put their own asses on the line, do they? LMAO

  28. ALCIADA-MOLE on Thu, 1st Jun 2017 7:37 am 

    mak, bro what’s wrong with $? it’s not everything but it helps make life easier. Are you saying your Bt isn’t $?

    I thought alternative media is educating you, but no i was wrong.

  29. makati1 on Thu, 1st Jun 2017 7:54 am 

    AL, I exchange my USDs for Philippine Pesos within the first 24 hours of receiving any. I Have no trust in banks or the dollar. None.

    I am converting those that are extra into ‘investments’ that are not taxable or able to be taken by governments. I am a US citizen so ALL of my income, earned anywhere in the world, would be taxed by the empire. I just choose to not have any that requires reporting. I am free. No debt. No taxes. It is a great feeling most Americans will never know this side of death.

  30. makati1 on Thu, 1st Jun 2017 7:56 am 

    AL, BTW: I find your use of the word “bro” interesting. It reminds me of a black friend in the U$ who occasionally called me that. ^_^

  31. Davy on Thu, 1st Jun 2017 9:00 am 

    “Mak’s intelligence is well above the 100 IQ mark”
    What a braggart’s crock of shit. Prove it dumbass of dumbasses.

  32. Davy on Thu, 1st Jun 2017 9:13 am 

    What friggen planet you on makati? I know planet makati.

    Let me massage this stupidity the other ways too because it works both ways:
    “I simply point out that the Asian region where an EMP happens will die with one EMP. It will take out all of that part of Asia’s ability to exist/resist. Some have even stated that 90% of that Asians region and beyond would die in the first year after. That may be an exaggeration, but do you want to find out?”
    How is that makati? Can’t handle the truth that EMP’s work on Asians as well as Americans.

    What the frig makati:
    “How would an EMP affect NK? You have to have an infrastructure that is technically advanced and all tied together. Not so in most Asian countries.”
    That is just plain wrong makati. Asia has advance infrastructure with mega cities. In fact it is more prone to catastrophic collapse from an EMP from over population and over complexity. It imports a significant amount of its food.

    “Besides, an EMP over NK would likely take out ALL of South Korea, maybe most of Japan and some of China and Russia. A definite end of the FSofA. The nukes would fly and the FSofA would be turned to glass.”
    So makati genius who claims to be over 100 IQ says if NK explodes a EMP over the Korean peninsula the nukes will fly to the US. I am trying to figure that one out.

  33. Davy on Thu, 1st Jun 2017 9:18 am 

    “AL, BTW: I find your use of the word “bro” interesting. It reminds me of a black friend in the U$ who occasionally called me that. ^_^”

    Wow, makati is a racist too! “bro” I am embarrassed you are part of the human race. You are really a creature from the depths. How is that for racism? LOL.

  34. GregT on Thu, 1st Jun 2017 9:28 am 

    “What a braggart’s crock of shit. Prove it dumbass of dumbasses.”

    Jealousy is a somewhat useless emotion. Try channelling that energy into something positive.

  35. Davy on Thu, 1st Jun 2017 10:00 am 

    Hi, greg, back to pricking I see.

  36. GregT on Thu, 1st Jun 2017 10:13 am 

    Slow deep breaths Davy. Go to your happy place.

  37. Hubert on Thu, 1st Jun 2017 11:17 am 

    It’s amazing that non of these criminals from these banks are in jail.

  38. Davy on Thu, 1st Jun 2017 11:34 am 

    Greg, you are the one pricking so obviously emotions are getting the best of you. Think about getting a job. Retirement has not been good for your disposition.

  39. Cloggie on Thu, 1st Jun 2017 11:44 am 

    Reading through the thread above it is obvious that not much is happening on the peal oil front.lol

    In Dutch it’s called “komkommertijd” (cucumber time).

  40. Davy on Thu, 1st Jun 2017 12:09 pm 

    Cloggie, cucumber time when you get your assbit.lol. Go ahead and wander like a cavalier oblivious to what could be dangerous destructive change. A slow boil is the least concerning but by no means less deadly.

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