There's been much talk of keeping the balance in your bank account/s below the insured limit - but if you are cautious and want to preserve the value of what's in your pension pot, how can you do it?
"Mish" reports a massive write-off by a money market fund manager, following losses with Lehman.
UPDATE:
If you have funds in a money market and it is not backed by only Treasury debt, you need to consider moving that money right here, right now. - Karl Denninger
Wednesday, September 17, 2008
Financial stocks at risk
Denninger explains why rescuing banks and insurers mean the shareholder should exit now. Perhaps this explains the ruckus with HBOS?
UPDATE: looks as though Lloyds is angling to buy HBOS!
UPDATE: looks as though Lloyds is angling to buy HBOS!
Tuesday, September 16, 2008
More money piles into US Treasuries
Published today: US Treasury information shows that in July, another $10 billion poured into their securities from the UK's direction. I had no idea that (a) we were so keen and (b) could afford it.
The same or more each was committed by Japan, China and the Caribbean. All hands to the pumps?
The same or more each was committed by Japan, China and the Caribbean. All hands to the pumps?
What will happen to interest rates?
Jim in San Marcos envisages eventual interest rate rises worldwide, to 10-15%. Commenting on the preceding post, Nikolay disagrees and James asks the question. I'm trying to understand the situation, like everyone else, so I'll have a go at thinking aloud:
Nikolay makes the point that people are becoming more concerned about the return OF their money, than the interest ON their money. So money-holders will limit demand for their cash by being picky about who they'll lend it to; control by quality screening, not by price.
Also, if people who habitually live on credit become frightened - and I think they are - then they will start trying to live within their means.
And discretionary expenditure could be reduced and/or redirected, not necessarily towards the cheapest end. I was listening to someone in the UK fashion industry on R4 yesterday, and they said far from everyone turning to Primark, the trend was to buy better quality, less of it, and make it last longer. Note that it's budget airlines like XL (competing on price) that are in danger of going down - they don't have much "fat to survive the winter".
From another angle, as the supply of cash and credit is dwindling, so are prices of houses and many other big-ticket items - look at the deals on cars and computers.
So it's possible to imagine that the contraction in credit may be approximately matched by a contraction in demand for credit, at least for a time. Bankruptcies and house repossessions will burn off a lot of debt, so we'll see a lot of ordinary people cleaned out and possibly more bank failures, especially as (in response to reduced expenditure) unemployment grows.
Thus we could see a recession in which the government tries to stimulate consumer demand by cutting interest rates - and this may not work, because many won't want (or be able to afford) to take on debt at any price; and those who do have cash and are watching prices fall, will hang off, waiting for further falls - as happened in Japan.
But Jim himself has acknowledged that rates may be cut in the short term. What about the longer term?
More unemployment, lower profits etc will shrink the tax base and increase the benefit burden. The budget won't balance without cuts in the public pay sector (= even less tax, even more benefits) or more government borrowing - I don't see how we in the UK could be taxed much more. So there's a danger that while consumer debt leads the way into recession, increased government demand for debt (and increased concern about government creditworthiness) may then lead the way to higher interest rates on State bonds.
When the State has more dependents, it will also find that not everything is going down in price. Food and fuel are must-haves, so benefits will have to be increased to cover the cost of such items. There will be more poor, and they will each need more. And the government will have to borrow more.
Or start devaluing the currency. Then all bets are off.
So here's a scenario: interest rates kept low, or cut; then government borrowing rises, while the economy burrows into a slump; then the real "credit crunch": the moment when the government, like an ad-man under pressure, needs a feelgood episode and, despite having sworn off it for life, reaches for the booze or the white powder, in this case inflation.
More and more, Michael Panzer's dire financial drama seems plausible.
Nikolay makes the point that people are becoming more concerned about the return OF their money, than the interest ON their money. So money-holders will limit demand for their cash by being picky about who they'll lend it to; control by quality screening, not by price.
Also, if people who habitually live on credit become frightened - and I think they are - then they will start trying to live within their means.
And discretionary expenditure could be reduced and/or redirected, not necessarily towards the cheapest end. I was listening to someone in the UK fashion industry on R4 yesterday, and they said far from everyone turning to Primark, the trend was to buy better quality, less of it, and make it last longer. Note that it's budget airlines like XL (competing on price) that are in danger of going down - they don't have much "fat to survive the winter".
From another angle, as the supply of cash and credit is dwindling, so are prices of houses and many other big-ticket items - look at the deals on cars and computers.
So it's possible to imagine that the contraction in credit may be approximately matched by a contraction in demand for credit, at least for a time. Bankruptcies and house repossessions will burn off a lot of debt, so we'll see a lot of ordinary people cleaned out and possibly more bank failures, especially as (in response to reduced expenditure) unemployment grows.
Thus we could see a recession in which the government tries to stimulate consumer demand by cutting interest rates - and this may not work, because many won't want (or be able to afford) to take on debt at any price; and those who do have cash and are watching prices fall, will hang off, waiting for further falls - as happened in Japan.
But Jim himself has acknowledged that rates may be cut in the short term. What about the longer term?
More unemployment, lower profits etc will shrink the tax base and increase the benefit burden. The budget won't balance without cuts in the public pay sector (= even less tax, even more benefits) or more government borrowing - I don't see how we in the UK could be taxed much more. So there's a danger that while consumer debt leads the way into recession, increased government demand for debt (and increased concern about government creditworthiness) may then lead the way to higher interest rates on State bonds.
When the State has more dependents, it will also find that not everything is going down in price. Food and fuel are must-haves, so benefits will have to be increased to cover the cost of such items. There will be more poor, and they will each need more. And the government will have to borrow more.
Or start devaluing the currency. Then all bets are off.
So here's a scenario: interest rates kept low, or cut; then government borrowing rises, while the economy burrows into a slump; then the real "credit crunch": the moment when the government, like an ad-man under pressure, needs a feelgood episode and, despite having sworn off it for life, reaches for the booze or the white powder, in this case inflation.
More and more, Michael Panzer's dire financial drama seems plausible.
Bonds to crash?
The Fed may lower its funds rate in the short term, but Jim in San Marcos is predicting steep rises in worldwide interest rates and (therefore) a sell0ff in suddenly-very-uncompetitive bonds.
Monday, September 15, 2008
Finance in Wonderland
We're in a surreal phase. As Denninger points out, there is no legal authority for the Federal Reserve to accept stocks and shares as collateral, which it is now doing ("was that a wooden horse that came in through the gates?"). There is an air of unreality - huge firms suddenly going down, one by one, while we're trying to make ourselves believe that it's all still normal, somehow.
And now that Lehman has bitten the dust, we shall see whether London Banker was right - whether Lehman was calling in foreign investments in order to give US domestic creditors an unfair share in the asset recovery scramble.
And now that Lehman has bitten the dust, we shall see whether London Banker was right - whether Lehman was calling in foreign investments in order to give US domestic creditors an unfair share in the asset recovery scramble.
Sunday, September 14, 2008
A letter to the Spectator
I am constitutionally a sceptic ( a term which, like "humanist", has been degraded to mean simply atheist, a sense I don't intend), but not being cocksure either way, I think civilised life depends on a benevolent forbearance that is being eroded by Puritans of all stripes.
I've submitted the following letter to the Speccie in response to this by Rod Liddle, but like as not it will not be published, so you may as well have a preview.
Sir:
In typically flippant manner, Rod Liddle (13 September) mocks the alleged stupidity and cowardice of would-be Islamic martyrs. It’s true that there is an adolescent power-seeking element: I was confronted by a serious-faced posse of 15-year-olds in a school corridor on 13 September 2001, and the spokesman said, “Sir, what happened on Tuesday: good, innit?” With that, leaving their kaffir teacher satisfyingly speechless, the delegation walked off.
But the self-appointed leader was far from stupid, as I knew: he could probably have got his inflatable A* in GCSE English a year early. And teenagers mind-manacled by a few simple ideas can be very brave, which is why armies everywhere have been glad to use them.
Moreover, this is not a Children’s Crusade, but a war of ideas. We had our own a generation ago: “Smash the System”, Ho Chi Minh’s lantern fizzog stencilled on Oxford college walls, etc. If Liddle wishes for an answer, it is to be found in the article immediately after his own, where Harry Mount quotes Philip Larkin: “A hunger ... to be more serious.” Wiffy-woffy liberal democracy is under attack from both domestic Left and alien religious Right. The politico-religious settlement that was the Church of England is crumbling.
In a Gramscian campaign, the means of cultural transmission (the educational curriculum, the broadcast media, even some of the clergy) have been captured and turned against what used to unite us. Recently, we have gone from the martyrs’ certainty of Latimer, Ridley and Cranmer to the confusing fast-talk of Bishop David Jenkins, the slapstick clerical comedy of Dawn French and the nihilistic assertiveness of that scruffy peacock Richard Dawkins. When, a year or two ago, the BBC transmitted “Any Questions?” from a church at Christmas, the panel inevitably included a smug young atheist exhorting the faithful to “embrace the dark.”
The real Delusion is that we can cut down the ancient forests of our history and expect a lovely garden to spring up among the stumps. As Robert Bolt’s More says, “Do you really think you could stand upright in the winds that would blow then?” The seriousness for which people hunger is not found in the drunken debauchery alternately promoted and lamented in Parliament and the newspapers, and that which is being destroyed will find its replacement.
I've submitted the following letter to the Speccie in response to this by Rod Liddle, but like as not it will not be published, so you may as well have a preview.
Sir:
In typically flippant manner, Rod Liddle (13 September) mocks the alleged stupidity and cowardice of would-be Islamic martyrs. It’s true that there is an adolescent power-seeking element: I was confronted by a serious-faced posse of 15-year-olds in a school corridor on 13 September 2001, and the spokesman said, “Sir, what happened on Tuesday: good, innit?” With that, leaving their kaffir teacher satisfyingly speechless, the delegation walked off.
But the self-appointed leader was far from stupid, as I knew: he could probably have got his inflatable A* in GCSE English a year early. And teenagers mind-manacled by a few simple ideas can be very brave, which is why armies everywhere have been glad to use them.
Moreover, this is not a Children’s Crusade, but a war of ideas. We had our own a generation ago: “Smash the System”, Ho Chi Minh’s lantern fizzog stencilled on Oxford college walls, etc. If Liddle wishes for an answer, it is to be found in the article immediately after his own, where Harry Mount quotes Philip Larkin: “A hunger ... to be more serious.” Wiffy-woffy liberal democracy is under attack from both domestic Left and alien religious Right. The politico-religious settlement that was the Church of England is crumbling.
In a Gramscian campaign, the means of cultural transmission (the educational curriculum, the broadcast media, even some of the clergy) have been captured and turned against what used to unite us. Recently, we have gone from the martyrs’ certainty of Latimer, Ridley and Cranmer to the confusing fast-talk of Bishop David Jenkins, the slapstick clerical comedy of Dawn French and the nihilistic assertiveness of that scruffy peacock Richard Dawkins. When, a year or two ago, the BBC transmitted “Any Questions?” from a church at Christmas, the panel inevitably included a smug young atheist exhorting the faithful to “embrace the dark.”
The real Delusion is that we can cut down the ancient forests of our history and expect a lovely garden to spring up among the stumps. As Robert Bolt’s More says, “Do you really think you could stand upright in the winds that would blow then?” The seriousness for which people hunger is not found in the drunken debauchery alternately promoted and lamented in Parliament and the newspapers, and that which is being destroyed will find its replacement.
Saturday, September 13, 2008
At last, BBC News says something useful
And so tour operator XL goes down, as City Unslicker warned.
But from the pile of horse-puckey that is BBC News gleams a speck of gold: advice on how businesses must survive recession. Participating in a price war isn't the way to do it, since you make yourself vulnerable to misfortune, such as the 44% increase in fuel costs (and tightening bank credit) that did for XL. No, here's their three valuable tips:
Things are a little different from the consumer's point of view, of course. We came back from Dublin a few years ago on a certain airline, and the electrics failed before takeoff. They fiddled with them for a bit, then we flew to Birmingham, where they promptly failed again just as we were taxiing to the terminal.
Good job they hadn't failed halfway across the Irish Sea, or we'd have been up there all day.
But from the pile of horse-puckey that is BBC News gleams a speck of gold: advice on how businesses must survive recession. Participating in a price war isn't the way to do it, since you make yourself vulnerable to misfortune, such as the 44% increase in fuel costs (and tightening bank credit) that did for XL. No, here's their three valuable tips:
- Go for custom with higher profit margins, like BA's focus on business class flights.
- Hold lots of cash, like Ryanair.
- Cut costs, like Flybe with their modern, larger, more fuel-efficient craft.
Things are a little different from the consumer's point of view, of course. We came back from Dublin a few years ago on a certain airline, and the electrics failed before takeoff. They fiddled with them for a bit, then we flew to Birmingham, where they promptly failed again just as we were taxiing to the terminal.
Good job they hadn't failed halfway across the Irish Sea, or we'd have been up there all day.
Friday, September 12, 2008
LHC update
Two days after the Mighty Marmite Machine was switched on, and no news. Did they run out of shillings?
Or is this proton recycling thing one of those EU subsidy scams? * At 11,000 circuits a second, the turnover would much quicker.
But I still think it's really a bunker and escape tunnel to Switzerland (geographically the sane eye in the mad mask of Europe). The elite have something to flee from, as Tony Sharp points out - this is the 14th consecutive year of accounts rejected by their own Court of Auditors.
I don't care; I'm off to look for the Great Wine Lake. If they'll tell me where it is, I'll sign the bl**dy accounts myself. **
* "In 2003 German authorities combined isotopic evidence with paper-trail analysis to put a stop to a sophisticated scam, known as "carousel fraud". A group of German companies had been illegally claiming subsidies by trading EU-made butter to and from Estonia (then not a member of the EU). Each time a butter lorry crossed the border from Germany to Poland the companies were given EU export subsidies. Once in Estonia the butter was repackaged and labelled to make it look like it had originated in Estonia, heaved back on a lorry and hauled back to Germany. This time, the importers took advantage of a tax break on foreign imports aimed at increasing trade with prospective EU member countries, as Estonia then was. The investigation revealed that 22 out of 25 butter samples taken from Estonian-labelled butter imported into the EU were not Estonian. In at least one case, the isotopic ratios of hydrogen and oxygen in a butter sample indicated it could only have come from Ireland."
** Wasn't a Chinese emperor deposed for excessive taxation, which he used to create an artificial lake and fill it with wine so that ships could sail on it and have mock battles for his entertainment?
Foreign powers are also battening the hatches
Jesse passes on a report from China Daily about China's decision to diversify out of dollar-denominated assets, and he notes that Japan and India are doing the same.
‘Late late yestreen I saw the new moone,
Wi the auld moone in hir arme,
And I feir, I feir, my deir master,
That we will cum to harme.’
O our Scots nables wer richt laith
To weet their cork-heild schoone;
Bot lang owre a’ the play wer playd,
Their hats they swam aboone.
("Sir Patrick Spens")
Prepare for a storm; they are.
‘Late late yestreen I saw the new moone,
Wi the auld moone in hir arme,
And I feir, I feir, my deir master,
That we will cum to harme.’
O our Scots nables wer richt laith
To weet their cork-heild schoone;
Bot lang owre a’ the play wer playd,
Their hats they swam aboone.
("Sir Patrick Spens")
US banks preparing for the moonlight flit?
This is a post you will wish to read if Lehman and/or other US Banks go down.
"London Banker" notes that US creditors get first pick of US assets in the event of insolvency, and speculates that Lehman may recently have pursued a strategy of selling foreign assets to increase their US-based holdings. In the event of the bank's failure, this would minimise the loss to American creditors, stiffing their foreign counterparts. Such a pre-crash preparatory repatriation of wealth, he says, might account for some of the recent turnaround in the dollar and US stocks.
He even hints at the temptation for banks to misappropriate assets in nominee accounts for which they are technically only the custodians. Kind of like the old "Muddling up the firm's money with my own," or Father Ted's "It was only resting in my account."
There is a sick plausibility to these speculations.
UPDATE: ... and Sitemeter tells me we are attracting the attention of Beijing (IP: 61.48.41.# (CNCGROUP Beijing Province Network)). A little paranoid frisson to enliven my Friday evening.
"London Banker" notes that US creditors get first pick of US assets in the event of insolvency, and speculates that Lehman may recently have pursued a strategy of selling foreign assets to increase their US-based holdings. In the event of the bank's failure, this would minimise the loss to American creditors, stiffing their foreign counterparts. Such a pre-crash preparatory repatriation of wealth, he says, might account for some of the recent turnaround in the dollar and US stocks.
He even hints at the temptation for banks to misappropriate assets in nominee accounts for which they are technically only the custodians. Kind of like the old "Muddling up the firm's money with my own," or Father Ted's "It was only resting in my account."
There is a sick plausibility to these speculations.
UPDATE: ... and Sitemeter tells me we are attracting the attention of Beijing (IP: 61.48.41.# (CNCGROUP Beijing Province Network)). A little paranoid frisson to enliven my Friday evening.
Thursday, September 11, 2008
Gold: window of opportunity?
Gold per ounce is now $752 in US Dollars. I've been trying to track down an article I read in the past couple of days, that said Investec expected gold to veer between $750 - $1,000 (similar article here). Is this the time to get back in? An increase of 33% within months is nothing to sniff at - unless you're one of those greedy City boys.
Wednesday, September 10, 2008
Large Hadron Collusion
It came to me in a flash. How would you or I know the difference between decay products in a particle accelerator, and a sparkler in a steam bath? We've been had, Ron.
We saw them as Professor Brian Cox tootled along through the circular cavern, didn't we? D:Ream on. What we saw was a CGI loop, entirely familiar to computer games players. Beneath this illusory overlay is footage of working, sleeping and recreational facilities, water filters, air recycling machinery, food stores and all the rest. Like Slartibartfast on his planet-constructing world of Magarathea, the Euro elite will be able to sleep through the coming recession and return in time to impose fresh taxes and regulations.
17 miles of construction deep below ground... It's a bunker! When the EU project finally and inevitably collapses, taking the economy of Western Europe with it, the corrupt, incompetent and eye-poppingly expensive politicians and bureaucrats are going to need a hidey-hole.
But what about the pipes and cables?
We saw them as Professor Brian Cox tootled along through the circular cavern, didn't we? D:Ream on. What we saw was a CGI loop, entirely familiar to computer games players. Beneath this illusory overlay is footage of working, sleeping and recreational facilities, water filters, air recycling machinery, food stores and all the rest. Like Slartibartfast on his planet-constructing world of Magarathea, the Euro elite will be able to sleep through the coming recession and return in time to impose fresh taxes and regulations.Meanwhile, the border-straddling tunnel is a convenient way for them to pop across to Switzerland and check their bank accounts.
Tuesday, September 09, 2008
Judge Mental rules on religion
Yet another group of young men has been found guilty of conspiring to commit mass murder for political-religious reasons.
Britain has extended tolerance to religious dissenters for over three centuries - e.g. the Toleration Act of 1689 - but always on terms designed to maintain peace and national sovereignty.
Perhaps the regulation of religion needs to be brought up-to-date, and maybe the model should be changed. Everything is commoditised these days, so why not treat emotional investments in chosen philosophies like financial ones?
For example, after a rant against the infidel and a call to slaughter him, for which the promised return is an eternity of brilliant food and sex in Heaven, firebrand preachers should add, "Regulatory warning: souls can go down as well as up."
Foreign powers calling the tune on the US economy
... foreign central banks now are in a position where they can influence, through their asset allocation, the allocation of credit inside the US economy.... says Brad Setser.
Monday, September 08, 2008
Right, left and centre
I told my brother that I find Hillary more scary than Sarah. He replies:
You understand that she scares me because of the fundamentalism and reported vindictiveness. As for her daughter being up the spout, my complaint is that the social conservatives and left-wing social engineers claim to have all the answers to raising my children, yet can't get their own houses in order. At least liberals pretend to be more understanding of the weaknesses of others.
On the right wing here, we have, off the top of my head:
Jimmy Bakker (evangelist) - caught stealing, cheating on taxes, and convincing religious young girls that he should have sex with them
Ted Haggard (anti-gay evangelist) - caught doing heavy drugs and having sex with a male prostitute
Larry Craig (outspoken anti-gay senator) - caught trolling for gay men in an airport
Mark Foley (right wing congressman) - caught trolling for underage congressional page boys
Sarah Palin - see the above
Karl Rove (I believe the grandson of one of Goebbel's propaganda minions) - engineered Bush's victories and the anti-gay marriage movements in 2004, plus the outing of Valerie Plame, covert CIA agent. Married, but well-known in Washington circles as liking the underground gay sex clubs.
Rush Limbaugh (very right-wing TV radio voice) - drug addict. He got probation for obtaining the drugs. His housekeeper went to jail.
Dick Cheney (VP) - strongly supported the anti-gay movement, which got voters out, while his own daughter is gay.
Tammy Faye Bakker (evangelist and ex-wife of Jimmy, now deceased) - both evangelist husbands went to jail for tax evasion and theft, yet she managed to publicly cry her way through both trials, and got off scot-free.
Jimmy Swaggart (evangelist) - caught hiring prostitutes
Jeb Bush (former governor of Florida, brother of Pres. Bush) - kept the hard-line anti-drug line, except for his addicted daughter. His wife was caught trying to smuggle jewelry through customs.
I could go on, but you get the point.
My observation, and supported by some conversations with southern Baptists, is that the draconian rules that they want to impose on society are for everyone else, to keep them in line. I don't like, nor need, that kind of government.
All I'm looking for is a FISCAL conservative.
And by the way, whatever happened to "moral suasion"? Why does everything have to be banned or compulsory?
For example, I've always thought that aborting inconvenient children is very wrong, and the "they haven't developed nerves yet" argument is irrelevant hooey - we all went through that stage and it doesn't make killing any better if the victim is unconscious (even Peter Pan woke up the pirate first). And maybe US demographics, like here in Britain, would be very different if the slaughter of the innocents hadn't happened - but we are all bending under the weight of a thousand daily coercions.
As I said to my brother: And I trust that you and all Americans who understand theConstitution will remember to keep telling the State to s*d off.
You understand that she scares me because of the fundamentalism and reported vindictiveness. As for her daughter being up the spout, my complaint is that the social conservatives and left-wing social engineers claim to have all the answers to raising my children, yet can't get their own houses in order. At least liberals pretend to be more understanding of the weaknesses of others.
On the right wing here, we have, off the top of my head:
Jimmy Bakker (evangelist) - caught stealing, cheating on taxes, and convincing religious young girls that he should have sex with them
Ted Haggard (anti-gay evangelist) - caught doing heavy drugs and having sex with a male prostitute
Larry Craig (outspoken anti-gay senator) - caught trolling for gay men in an airport
Mark Foley (right wing congressman) - caught trolling for underage congressional page boys
Sarah Palin - see the above
Karl Rove (I believe the grandson of one of Goebbel's propaganda minions) - engineered Bush's victories and the anti-gay marriage movements in 2004, plus the outing of Valerie Plame, covert CIA agent. Married, but well-known in Washington circles as liking the underground gay sex clubs.
Rush Limbaugh (very right-wing TV radio voice) - drug addict. He got probation for obtaining the drugs. His housekeeper went to jail.
Dick Cheney (VP) - strongly supported the anti-gay movement, which got voters out, while his own daughter is gay.
Tammy Faye Bakker (evangelist and ex-wife of Jimmy, now deceased) - both evangelist husbands went to jail for tax evasion and theft, yet she managed to publicly cry her way through both trials, and got off scot-free.
Jimmy Swaggart (evangelist) - caught hiring prostitutes
Jeb Bush (former governor of Florida, brother of Pres. Bush) - kept the hard-line anti-drug line, except for his addicted daughter. His wife was caught trying to smuggle jewelry through customs.
I could go on, but you get the point.
My observation, and supported by some conversations with southern Baptists, is that the draconian rules that they want to impose on society are for everyone else, to keep them in line. I don't like, nor need, that kind of government.
All I'm looking for is a FISCAL conservative.
And by the way, whatever happened to "moral suasion"? Why does everything have to be banned or compulsory?
For example, I've always thought that aborting inconvenient children is very wrong, and the "they haven't developed nerves yet" argument is irrelevant hooey - we all went through that stage and it doesn't make killing any better if the victim is unconscious (even Peter Pan woke up the pirate first). And maybe US demographics, like here in Britain, would be very different if the slaughter of the innocents hadn't happened - but we are all bending under the weight of a thousand daily coercions.
As I said to my brother: And I trust that you and all Americans who understand theConstitution will remember to keep telling the State to s*d off.
Sunday, September 07, 2008
A modest disposal
Disposing of 28 million cluster bombs will cost £30 million, it says here. I have a better suggestion - there's still time to arrange it, and it could turn a profit:
The only issue is, who would feature as the Guy?
The only issue is, who would feature as the Guy?
Sell in May and go away
The truth of the adage is borne out yet again. Perhaps we're approaching fair value at last?
The "All Clear" sounds on Google Chrome
It seems that Google has amended the User License Agreement on its new Chrome web browser (htps: James Higham, Wolfie). And City Unslicker likes it because it's "open source".
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