Here's my Top 10 links from around the Internet at 2 pm in association with NZ Mint.
I welcome your additions in the comments below or via email tobernard.hickey@interest.co.nz.
I'll pop the extras into the comment stream. See all previous Top 10s here.
Apologies for no Top 10 yesterday. I was traveling to Invercargill. Some great charts today on 'Eurogeddon'.
1. Europe faces systemic crisis - BBC reports European Commission President Jose Manuel Barroso saying the Eurozone faces a systemic crisis unless it integrates its budgets more deeply.
Every day I ask myself how this is all going to end.
The consensus I'm reading is that the only thing that can save the Eurozone now is massive intervention by the European Central Bank (ECB) to buy all these toxic Southern European bonds with printed money and a cutting of European short term rates to zero %.
This explains why the gold price in euro terms is at record highs.
The things to watch now are whatever the ECB says about cutting rates and printing money.
And then whatever the Germans say. They hate this idea and worry about both inflation and further enabling over-spending in Southern Europe (although Germany is the immediate beneficiary because the funds the Germans lend are often used to buy German exports.)
At some point the Germans will have to capitulate and allow their Euro to be devalued. Or they will lose it altogether.
Ironically, this will make their exporters even more competitive and prosperous. But it does mean they'll have to keep lending money to the Southern Europeans forever and ever, until they ultimately default, given their reluctance to wean their economies off the cheap German sugar money.
The other thing to watch is European politics.
When will the voters rebel?
Here's Barroso:
He told the European Parliament in Strasbourg that further measures might be needed to tackle the debt crisis.
"Without this increased integration, convergence and discipline, we will not be able to sustain a common currency," he added.
2. NAB beating the drums - The Australian reports National Australia Bank, which owns BNZ, seems to be warning more about rising funding costs than others. The implication is that NAB may raise floating mortgage rates without a rise in the Official Cash Rate in Australia.
Here's NAB CEO Cameron Clyne:
THE head of National Australia Bank warned yesterday that the threat of a new credit squeeze was "increasingly real" and would impact on future interest rate cuts. NAB chief executive Cameron Clyne told a business lunch in Brisbane that funding markets were "very constrained" as Europe grappled with a ballooning debt crisis.
"Money is very tight out there at the moment," Mr Clyne told the QUT Business Leaders' Forum. "It is increasingly concerning what is going to happen."
Mr Clyne said banks faced the twin challenges of not only sourcing money but deciding how much they were willing to pay for it. As a result, the interest rates charged by all banks would be influenced by more than just the fluctuations of the Reserve Bank cash rate, he said.
3. The Positive Money campaign - Ben Dyson writes in the Guardian about his Positive Money campaign to take the power to create money out of the hands of private banks and put it back in the hands of the Bank of England.
Incredibly, the law that makes it illegal to print your own tenners at home has never been updated to apply to the electronic money that is now created by banks. As we began to use electronic money to make the vast majority of payments, cash became less important and the power to create money shifted to the banks that caused the crisis. Without anyone noticing, the power to create money was privatised by stealth.
So while criminal gangs manage to create about £2.5bn of fake cash each year, the banks collectively create more than £100bn a year without breaking a single law. Their reward for doing so is the interest that is currently being collected on nearly every pound in existence. The cost to the rest of us is a lifetime in debt.
4. 'You know how screwed Europe is when it has a German pope and Italian central banker' - Hedge fund manager Kyle Bass, who picked the US sub prime crisis and the European debt crisis, tells BBC in this interview that a massive European debt restructure is required.
Well worth a watch.
5. Eurogeddon - Paul Krugman calls it with this chart showing the spread between French and German bonds overnight as the evidence.
6. More eurogeddon - And here's a longer term chart of the French vs German spread for their 30 year government bonds to rub it in via FTAlphaville.
7. 'Cashed up bogans' - This WSJ piece on the Australian mining boom is fun. It profiles a 25 year old high school dropout (pictured below with his 'enhanced' A$71,000 Holden V8 ute) earning more than A$200,000 a year working underground in a Western Australian mine.
The WSJ called the Holden a Chevy.
Sacrilege.
He has earned A$1 million but has no savings...
Mr. Dinnison, who has mined copper, tin, nickel and gold, drills holes that are then packed with explosives to extract ore. He wears a $5,000 gold chain crucifix. "I'm not religious, but I am conscious that what I do is serious," he said. "But then you come home and you have all that cash."
Despite having earned roughly US$1 million since he started, he has no savings and doesn't apologize. "The mines are so dull, that when you get back here, everything is stimulation and excitement," he said. "The money I spend supports other businesses because of the [stuff] I blow it on."
8. Here we go - FTAlphaville reports the cost of leveraged loans to private equity investors by European banks is exploding.
I wonder how Graeme Hart feels about this...
In its report, LCD points to this Dealbook story about US private equity shops, distressed debt and sovereign wealth funds “licking their chops” at the prospect of scooping up some of these assets at such attractive yields. (PricewaterhouseCoopers estimates that the total value of asset sales by European banks could reach $1,800bn, though as we’ve mentioned a few times, many of these sales will involve cross-border assets.)
But we suspect there’s a limit to how much of a saviour these outside buyers might turn out to be.
These investments will come with big risks, both because the European sovereign debt crisis has no visible end and because of how close Europe is to another recession. And the deleveraging itself could well be the cause of a downturn, leading to a further climb in default rates on these loans, higher yields, and so forth — the start of a frightening feedback loop.
9. (Pink) diamonds are a Chinese girl's (and boy's) best friend - WSJ reports on how Chinese and Hong Kong women are opting for pink diamonds as an alternative to gold as a store of value...
Worried that traditional investments like stocks and bonds are losing their sparkle, wealthy Chinese are buying the gemstones to showcase alongside fine wines and contemporary art.
Their interest is driving up prices of Australian pink diamonds—the world's rarest—and supporting returns that have outstripped the Dow Jones Industrial Average and Hong Kong's Hang Seng over the past decade. An index of pink-diamond prices more than doubled between 2000 and 2010, according to Gemdax consultants. That compares with the 63% return on the Hang Seng and 6.2% for the DJIA.
"I see it as an investment, but unlike shares, I can wear it," said Doris Kwan, a Hong Kong-based consultant, who bought a pink-diamond necklace in April at a private sale in Shanghai. "I'm not going to put a gold bar on my body."
10. Totally Jon Stewart unable to contain himself over Herman Cain's latest gaffe. Much more fun than the shenanigans around teapotgate.
66 Comments
@ 7
Bernard,
That article was written for the rest of the planet. In the rest of the world it’s Ford vs. Chevy and nobody knows WTF a Holden is. Only in this small part of the southern hemisphere is it Ford vs. Holden. However since Holden is a wholly owned subsidiary of GM and GM owns Chevy that means Holden is Chevy.
Yes. Yes. I was being a bit cheeky.
I'm a Holden man myself.
My Dad bought bright pink Holden Kingswood stationwagon in 1974 and we owned it for years.
I inherited a white Holden Kingswood sedan in 1984 that had been converted to CNG.
Great great car and it was incredibly cheap to run. I always wonder whether dumping CNG was a good idea...
cheers
Bernard
My condolences, I'm more partial to Ford guy myself....well technically I'm really a Toyota guy. The 4AGE engine has to be the greatest piece of art in automotive history. :)
Ford people and Holden people are the same type of people.
Yep. Munters.
I'm not sure what is more insulting. Being compared to a Ford owner. Or being called a Munter.
Your view? ;)
Cheers
Bernard
Hamilton V8's...$40 mill Hamilton ratepayers money.......syas it all about the nonsense of the whole Ford V Holden jack up...
Welcome to the: Public-Private-Pillage
The MarlboroughDC might hold the V8 race in the rate payer's empty multi story carpark rastus....!
Just re-brand it as a 'skateboard park'. - Lifts to the top? Coffee shop etc.
'Blenheim Boardrun' .
Farmers market on upper decks?
Munter by far......even worse Westie Munter...that's like the Origin of the species..!
ford owner...the other you can live down...
regards
Hadn't heard of it until now.
But found a fan site for it. http://www.4age.net/
Isn't the Internet wonderful.
After the Holden Kingswood, I got a Daihatsu Charade. Also a brilliant car. Half the cylinders. Almost as much room. Went for ever and ever
cheers
Bernard
Ah yes. 1983 was a very good year.
My 1984 vintage also excellent. Bulletproof. Not literally. But figuratively.
http://en.wikipedia.org/wiki/Daihatsu_Charade
cheers
Bernard
I had an 80s Charade for years. That thing was unkillable and cost nothing to run. They were originally designed for the 70s energy crisis.
Uhh, no. In the rest of the world it isn't Ford vs Chevy.
For example in France, Germany, Italy, Spain or even the UK. Or China, India, Indonesia, Japan, Russia, Korea etc.
So, perhaps it's only the US and its accolite states Oz and NZ who think in such limited terms?
Hey what's this all about...I can't open it!!! http://online.wsj.com/article/SB10001424052970204517204577042282360240116.html?mod=googlenews_wsj
something about the banks in europe hitting the fan.....
Wolly
Here's the first two paras:
LONDON—European banks, increasingly concerned about their ability to access funding, are devising complex and potentially risky new deals that enable them to continue borrowing from the European Central Bank.
The banks' maneuvers, which include behind-the-scenes swapping of assets among financial institutions, could heighten risk across Europe's already fragile financial system, say some senior industry officials and regulators.
And a couple more paras. Looks dangerous to me.
And some European bank customers are balking at doing business with the banks. Norfolk Southern Corp. has decided not to use any European banks to refinance a credit line out of concern about the banks' future health, according to people familiar with the matter.
To ensure that their access to ECB loans continues, the banks are entering into a variety of complex transactions with other financial institutions to come up with billions of euros worth of assets that they can pledge as collateral to secure ECB loans, according to bankers and industry officials.
Some regulators and bankers are worried. By transferring potentially risky assets among a wide range of institutions, the so-called liquidity swaps have the potential to "create a transmission mechanism by which systemic risk across the financial system may be exacerbated," the U.K.'s Financial Services Authority warned in a July consultation paper
Hmmmmm that has a pong to it BH....I smell rorts aplenty....who checks to see if the assets exist...who values them...who checks the checkers....how many ECB loans are out on the same 'assets'........the smell is strong in this one Obee One.
Wolly
I'm not worried. Luke Skywalker will solve all these problems by smiling and waving at them with his plastic light sabre ;)
cheers
Bernard
Bernard/ Wolly - reading Swiss newspapers, there are signs of stress appearing in banking circles, but so far I do not have enough insider information – what is happening in details. Obviously many jobs will go also.
In a top level reshuffle, Axel Weber would become the chairman from 2012 since current chairman Kaspar Villiger has decided not to stand for re-election to the company’s board at the annual general meeting to be held in May next year.
http://www.firstpost.com/fwire/ubs-appoints-sergio-ermotti-as-group-ceo-131696.html
PS > With only 3 weeks notice - monthly administration fee for overseas accounts went from CHF 5.- to CHF 20.- by October 2011 - !!!!????
That'll be to pay for the cheese Walter....German crackers and Swiss cheese....
…..for a Hungarian goulash
Swiss banks lend all over the world, including to Hungary. Hungarians preferred loans in Swiss francs because the interest rate was much lower than loans denominated in Hungary forint.
http://dailycapitalist.com/2011/11/12/keithgram-the-problem-with-swiss-banks/
FYI more from Kyle Bass from CNBC on the European outcome:
http://www.cnbc.com/id/44761714/Germany_Will_Attempt_to_Default_Greece_…
"In the end, it is most likely that after Greece and the next peripheral country begin to hard default, Germany will exit the [European Monetary Union] and recapitalize their own banks. After recently conducting a population study on the German people, we have determined that the overwhelming majority of the people of Germany think that they would be better off never having formed the euro in the first place. Two thirds of the people do not think that they have any obligation to bail out profligate members of the EMU. The market's hopes rest upon Germany and the [European Central Bank] going 'all-in' at some point in the future. I don't think that is likely at all.
"There is no playbook for how the world will most likely deal with a cluster of sovereign defaults...I believe it will all read like fiction from here. The organizers and members of the EMU are desperate and have nowhere to turn. The circular references of the optical backstops [International Monetary Fund and European Union] are showing in broad daylight."
Debt simplified, the Irish way....It is a slow day in a damp little Irish town. The rain is beating down and the streets are deserted. Times are tough, everybody is in debt, and everybody lives on credit. On this particular day a rich German tourist is driving through the town, stops at the local hotel and lays a €100 note on the desk, telling the hotel owner he wants to inspect the rooms upstairs in order to pick one to spend the night. The owner gives him some keys and, as soon as the visitor has walked upstairs, the hotelier grabs the €100 note and runs next door to pay his debt to the butcher. The butcher takes the €100 note and runs down the street to repay his debt to the pig farmer. The pig farmer takes the €100 note and heads off to pay his bill The guy at the Farmers' Co-op takes the €100 note and runs to pay his drinks bill at the pub. The publican slips the money along to the local prostitute drinking at the bar, who has also been facing hard times and has had to offer him "services" on credit. The hooker then rushes to the hotel and pays off her room bill to the hotel owner with the €100 note. The hotel proprietor then places the €100 note back on the counter so the rich traveller will not suspect anything. At that moment the traveller comes down the stairs, picks up the €100 note, states that the rooms are not satisfactory, pockets the money, and leaves town.
No one produced anything. No one earned anything. However, the whole town is now out of debt and looking to the future with a lot more optimism. And that, Ladies and Gentlemen, is how the bailout package works.
It still amazes me that the information reported in article number 3 isn't more common knowledge.
Everybody should google "Money as Debt" and watch the series. Very informative stuff and in an easily digestible format.
Good piece in the NBR
To quote Michael Enright, from the University of Hong Kong He is a keynote speaker at global The Competitiveness Institute conference in Auckland on 30th November
“Despite many analyses of today’s issues, some simple facts seem to be overlooked. In a nutshell, many of the problems have arisen because individuals, companies, and even nations have tried to borrow, rather than earn, their prosperity.
To read whole article on NBR site
Colin
We had the same Op-ed piece on our site yesterday. Already has 20 comments. ;)
http://www.interest.co.nz/opinion/56740/only-way-improve-prosperity-sus…
cheers
Bernard
Aw come on Colin, you could read the whole article here two days ago...
All hot air about clusters and tectonic opportunities....bluechip stuff !
TSY plan? TSY doesn't plan - they manage perceptions (spin), and set the standards for other government ministries i.e. they are NZ's equivalent of a Ministry of Truth.
Is he representative of generation Y.....harrrrrrrrrrrrrrrhahahaaaaahaaaha.....financial wizz....doh.
The irony of (5) is that Europe has been following precisely the policies that Krugman has been advocating, as is his own country which Keynesian policy is likewise destroying. ls he trying to obfuscate by playing both sides of the debate now?
Quoting Krugman from 2002:
To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.
Stupid doesn't even come close to describing the mess these Statist planners have forced us to. Krugman still one of your heroes, Bernard?
EQC pot is all but dry..and still a quarter of the houses not yet seen..ooch..lets hope mother nature does not give NZ a knock out punch.
If we accepted the principle that printing money created inflation... AND
If we accepted the idea that debt is money.
THEN...
Just to stand still in terms of monetary volume the ECB will have to print as much money as the debt write-offs destroy and that's if all other things are equal. As things are tending downwards things are likely not to be equal and the velocity of money and monetary demand could be going backwards at the same time.
"He who sells first, sells best. ".... Well put.
Latin showdown with Germany over ECB Germany is facing a moment of strategic truth. The sacred union with France that has held together through thick and thin for half a century is in growing danger as contagion spreads North, engulfing the French bond market. http://www.telegraph.co.uk/finance/financialcrisis/8895207/Latin-showdo…
So greece and italy both have ex-wall st bankers at the helm? is that true? and so do we...
how many other countries have bankers in charge?
We were there first. What does that say about NZ?
I like the quote from Bernard above:
"European banks, increasingly concerned about their ability to access funding, are devising complex and potentially risky new deals that enable them to continue borrowing from the European Central Bank."
All these money clowns are tying themselves in knots, using up all their creativity and genius in order to maintain the status quo, which is, in a word, f*cked.
How about they tell the banks to suck it and devote all those brain cells to making things work in a brave new way?
Unfortunatley it'll only happen when they've no other option, when they buried in financial rubble.
tragic
FYI from Citigroup Chief Economist Willem Buiter via bloomberg:
“Time is running out fast,” Buiter said in an interview on Bloomberg Television’s “Surveillance Midday” with Tom Keene. “I think we have maybe a few months -- it could be weeks, it could be days -- before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging down the European banking system and North America with it. So they have to act now.”
Absent increasing the size of the European Financial Stability Facility, Buiter said the ECB is the only channel for assisting the euro area.
“They may have to hold their noses while they do it, but if they don’t do it, it’s the end of the euro zone,” he said. He added that the ECB rejects a role as a lender of last resort for sovereigns.
And another one via Business Insider
O.K. Bernard it's now official... John Boy Key has had a meet this week with Hackett from the gulf of Mexico spill..... to discuss no doubt how it's all going.
Now there's a little convo over a cuppa we need to know about.
For the doubters of his agenda...this is a little more than a firestarter.
Just come back from positivemoneynz's screaning of "The Secret of Oz" its good to see people clicking on to whats happening. There will be a tipping point at some point in the near future.
WikiLeaks were offered the Cuppa Tea Tapes - Julian rejected them due to lack of interest & 4.3 million people already pretty much knowing the contents.
Cripes..!
"Much more fun than the shenanigans around teapotgate." Nooooooo, Bernard, I assure you, teapotgate is pure comedic gold. It's just that NZ doesn't have the comdians or the satyrical vehicles to make hay from it. If NZ had Spitting Image or Have I got News for You, Jonkey would be dead and buried.
unintended repost removed
Story 3 Positive Money campaign to take the power to create money out of the hands of private banks and put it back in the hands of the Bank of England."
Isn't the Bank of England a private bank? Isn't that the bank upon which all other private central banks were modeled?
"In 1946, shortly after the end of Norman's tenure, the bank was nationalised by the Labour government."
http://en.wikipedia.org/wiki/Bank_of_England
The Bank of England is the central bank of the United Kingdom. Sometimes known as the 'Old Lady' of Threadneedle Street, the Bank was founded in 1694, nationalised on 1 March 1946, and gained independence in 1997.
http://www.bankofengland.co.uk/about/index.htm
Of interest is this link from some parliamentary archives (of 1941) where the Chancellor refuses to tell parliament who the private shareholders are:
http://hansard.millbanksystems.com/commons/1941/may/06/bank-of-england-shareholders
The Bank of England formed the BANK OF ENGLAND NOMINEES LIMITED, (BOEN) ijn 1977. Although this company is a fully owned subsidiary of the BoE, it has private shares held by private shareholders whose identity cannot be revealed.
As you may know, MELANIE JOHNSON MP, a previous Minister for the Treasury, has said that “BOEN is a wholly owned subsidiary of BOE, which was granted an exemption by the Minister of State for Trade from the disclosure requirements under Section 27(9) of the Companies Act 1976 , because;
“it was considered undesirable that the disclosure requirements should apply to certain categories of shareholders” (of BOEN).
The BoE's shares are held in BOEN, ie/ although BOEN is a wholly owned subsidiary of BOE, BOEN has effective control of BOE through the said shares owned by the secret share holders. The said shares have all the voting rights for the bank.ie/ Share holders appoint directors, etc.
Various means, including the above, the official secrets act and other laws are used by the BoE to counter any threat from government interference at a systemic level.
I've plundered some of the responses to a similar discussion here:
http://www.guardian.co.uk/business/nils-pratley-on-finance/2011/oct/31/…
Alistair Darling became so incensed with Sir Mervyn King that he tried to find out if the Treasury had legal authority over the Bank of England. Now others are trying to find out the same
http://www.guardian.co.uk/business/2011/oct/16/can-you-overrule-the-kin…
My original rhetorical question was whether the BoE was private. It obviously behaves as if it's private (see article above), and it appears that the BoE shares are held by the private shareholders of the BOEN suggesting that it is private. If it walks lke a duck and quacks like a duck...
Not related to anything here, but this is a must see video:
http://www.youtube.com/watch?feature=player_embedded&v=ghhgUmGBjX8
The future of free energy production is here!
To curb commenters who llike to poo poo this information, recently I saw a report about a new material produced in Leipzig, Germany (previous East Germany), invented to replace the usual solar panels. It is tranparent, flexibel like film, can be applied to any surface, how exactly it is made is a commercial sensitive secret and not known in detail, but must be the same principle shown in the video. Interesting!
Lovely Gertraud T, just the tonic after staring at this bunch of uninspiring book keepers and wondering what it all meant.
KW John,
if they were just "a bunch of uninspired book keepers" it would be just plain boring.
They are much more dangerous, pulling the strings.
Seems so. It feels so old, backwards even, such a crappy, corrupt model. An 'old firm' whose bad practice continues to force undemocratic outcomes... a 'gentleman's club' pretending to know all the answers. 'Group think' based on shared training.
No hidden agenda, other than loyalty to profit. Quite pointless really.
This might soon come to a place near you if we sign the Free Trade Agrement with the US and if we have to comply with their food/health regulations.
Health authorities in the US interrupted a dinner provided by farmers, prepared by a well known chef for private people. All the food had to be destroyed and covered with Chlorine.
How far have we come.........
http://www.theresilientfamily.com/2011/11/the-coming-decentralisation-o…
We are going this far, banning sales of milk from the farm because it dangerous, wonder we humans have survived so long drinking the stuff, of course at the end it mentions that Fonterra is behind it, in the small print.
http://www.foodsafety.govt.nz/elibrary/industry/farm-gate-raw-milk-sale…
AndrewJ
I am also wondering how we could survive so long, but how will we survive in a difficult future by having legislation like this:
Don't you dare to swap your surplus potatoes for eggs with your neighbour or collect and swap your seeds for next year.
Gertraud T. have you seen this article in Spiegel
http://www.spiegel.de/international/germany/0,1518,798588,00.html
Thanks AndrewJ, yes I regularly read the German papers, but like here in NZ the MSM cannot/will not pulbish/discuss the real important root matters. One has to search on the net to get more in depth information.
yes I regularly read the German papers, but like here in NZ the MSM cannot/will not pulbish/discuss the real important root matters
Hallo Gertraud, have you been able to form an opinion from that on whether or not Germany will eventually succumb to letting the ECB start printing? Prevailing opinion seems to be that this is inevitable and Germany will subsequently need to exit the eurozone. You might be interested in this link (6 mins in) where it seems D-marks are already being printed:
http://www.daf.fm/video/euro-alarm-bundesbank-druckt-bereits-d-mark-50149282-DE000A0M8HD2.html
Viele Gruesse neco
neco,
I have no cristal ball, at the moment just about everything is possible, who knows?
The rumour about Germany already printing D-Mark has been around quite a while, I read it first about 1 year ago, then about 4 weeks ago found a link (cannot find it now) from a supposedly knowledgeable UBS adviser, that Germany is preparing to go it alone and is already printing the beloved Mark. Nobody can verify this, fact is, the people are sick and tired about bailing other countries out, against ECB printing because of inflation fears, sick and tired of red tape and restricting hemming in regulations and costlyness and inefficiency of the EU.
See link about EU Parlamentarians besides getting good wages still trying to suck out more of the common pot, but this is just a trifle compared to what else people think is going wrong.
http://dotsub.com/view/01ad2718-073c-474a-ac40-c7a72e199d55
On the other hand Angie wants to hold the EU together..........choice is either fire or frying pan.
I am so happy to be here in NZ.
Mit freundlichem Gruss,
G.
Bankers, relatively, calm over land price 'bubble'
Bankers remain, relatively, relaxed about the US farmland market despite a surge in prices which has reheated bubble fears – and may in some states have proven even higher than the surge of up to 41% identified in Nebraska.
Lenders surveyed for Creighton University's respected monthly survey on America's rural economy rated the "bursting of the farmland price bubble" as the second biggest risk to agricultural prosperity.
But, backed by less than one-in-five respondents, it was a distant second to the main threat – falling farm commodity values - and seen as only narrowly more perilous than the third-ranked danger, a change to US policy on the alternative energies that farmers rely on so significantly for crop demand.
"Almost half, 49%, indicated that low agriculture commodity prices posed the greatest peril for their local economies," the university said.
http://www.agrimoney.com/news/bankers-relatively-calm-over-land-price-b…
Aj did you see the interview on tv a few days ago with the Nebraskan farmer? He is doing very well PLUS he is still receiving a $20USD an acre subsidy, which for him equates to $60,000USD per year. When asked if he needs the subsidy to live, he replied 'No'.
CO, im off this afternmoon to have a look, wil get back to you with what I find.
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