Sovereign default
Sovereign default

Hat tip FT Alphaville

In October 2009 Michael Hudson and Steve keen gave a talk in Melbourne in which I first heard the term “debt jubilee”. Basically harping back to ancient times, when on the order of the king, all debts were periodically forgiven.  It seemed whacky. Still does. Not that I was not unaware of the problem. In preference to the first US TARP I advocated for the Market Ticker Guy’s suggestion of wiping out shareholders and converting bond holders into shareholders, allowing the now debt free company to issue new bonds. If the company still could not survive, it would enter bankruptcy.

I still believe this would have been a far superior approach to TARP 1. While we can not undo what has been done, we can make sure it does not happen again. Those who bore the risks, expected and for many years received the gain should have felt the pain. Not the ordinary citizens. The people have a lot of hard times ahead of them.

But in a fit of madness, or under the excessive influence of the financial sector governments around the world have taken on the debt. Even high flying Australia has guaranteed debt equal to 100% of GDP. There is too much debt. It will not be repaid in currency worth anything like as much as it is now. That is a near certainty. Whether debt is defaulted on, renegotiated down or paid back in debased currency depends on what happens. That it is not paid in full value is inevitable.

The nature of globalization and linkages means that tsunamis of default will at some point role around the world. The magnitude of exposure at over two trillion is enough to wipe out many banks:

Hat tip Black Swan Insights

The relative exposures become clear in a chart Black Swan Insights knocked up from the BIS report::

The inevitable sovereign defaults will be resisted. They will still eventuate. If the ‘default’ results from anything other than inflation, it will cause a liquidity crisis on top of the solvency crisis. This will wreck merry hell. It will also be eerily similar to the Great Depression:

“The immediate effect of Central Europe’s collapse was the terrible unsettlement of all economically sensitive nations everywhere. Among the dire consequences were Britain’s suspension of payments to foreigners, abandonment of the gold standard by scores of nations, trade wars, political revolutions in more than a dozen countries outside of Europe, and disaster for the American economy.

The eventual effect of this gigantic catastrophe was to kindle political and social revolutions in all the defeated nations of Central and Eastern Europe. Communism reached its dread hand into those areas, and Fascist dictators arose as the antidote. In the end, these forces were to plunge the world into a Second World War”.

Source: here or for the complete volume here (large file).

Herbert Hoover also points out in his autobiography:

“For an outraged people may destroy the whole economic system rather than reconstruct and control the segment which has failed in its function.” (Kindle location 628).

As the costs of the bailouts and to be honest, the credit induced boom which preceded them become apparent, there will be much outrage. Demagogues will try and advance themselves. It will be a difficult time for democracy in much of the developed or indebted world.

Many countries will soon be facing opinions similar to those being published in Ireland:

Flowing from this conclusion comes the view that a portion of that debt must be defaulted on. The most obvious and frequently mentioned portion of that debt that advocates of default point to are monies lent to Irish banks, including senior bonds.

There are very powerful arguments to support the default view, and the strongest argument against it, from Ireland’s perspective, evaporated last week – that argument was that any default on bank bonds would cause lenders to stop giving money to the Government to fund its deficit. That has now happened anyway.

It is no longer in Ireland’s narrow national interest to prevent senior bondholders from suffering the consequences of their own bad judgement.

It is inevitable that some will succumb and default. Even if not of their own volition, they will be forced to. Not every country has its debt denominated in its own currency. Furthermore, I suspect many of the banks will have liabilities denominated in foreign currencies. If the institutions are nationalized, then the State takes on their debt and will lose the ability to use inflation to reduce the value of the debt.

Norman Strong has produced a primer for nations on how to default.

Next, prepare the default. You don’t want to take your creditors by surprise; give them three days notice. Call the IMF team – in town only a week, and not feeling fully in control – and your advisors to a 6 AM meeting. Tell them that at noon, you plan to announce a payment moratorium starting in three days. Wave aside their objections, tell them that the decision is made, and ask them to assemble a creditors’ committee.

After the default is announced, huddle with the IMF team and help them to draft their press release. It ought to state that the IMF team is in the country, and that the government is working with them. This is as close as you will ever get to an “IMF-sanctioned default,” and is basically taken as such by the markets. If the IMF plays rough, play the nice guy and intimate you will sign a rigorous program. Now is not the time to play hard ball, and the program agreed matters less than you might think, given that these things are made to be renegotiated

Your starting point should be an exchange of all your outstanding bonds for new bonds worth 50% of face value. This is an aggressive stance, but your creditors will respect that. You hold the cards. The IMF will extend credit for the reconstruction of your economy only after you have come to an agreement with the majority of your creditors. Pay the army and reduce interest rates as much as you can; you can now return to the budget you wanted to pass with a greatly reduced external payments line. Don’t hurry to remove controls on capital outflows.

After a decent interval, say eighteen months, time will be ripe for you to “return to the market”. You will pay a bit more on your debt, but not prohibitively much, and quite possibly this premium will be outweighed by the improved outlook for your economy. (Thailand, which has never defaulted, pays more for its money than many Latin American sovereigns which have defaulted repeatedly.) The market has surprisingly little memory, and any residual uneasiness will be easily assuaged by an additional quarter-point of yield. You may now declare the crisis over.

If countries were more like companies, nobody would ever suggest that a risky and volatile proposition which looked like the typical emerging market economy should be funded out of debt; it would be funded out of venture capital or equity. Stockholders do well in good times, but share in the pain of bad; debt is a much more unforgiving arrangement, since principal and interest are fixed and regularly due. Since countries can’t float stock (not yet, at least), they can do the next best thing, which is issue debt on which one plans to default if things get tough. Markets rarely figure this out in advance, and they have short memories.

While not the focus of the primer, it does contain political signals for investors to look for that might indicate impending default. Although Michael Pettis has identified more obvious signals:

Its official – Spain and Portugal will need to be bailed out soon.  How do I know? In one of my favorite TV shows, Yes Minister, the all-knowing civil servant Sir Humphrey explains to cabinet minister Jim Hacker that you can never be certain that something will happen until the government denies it.

So check out this article in Tuesday’s Financial Times:

Spanish and Portuguese leaders, with reinforcements from Brussels, are fighting a rearguard action to convince investors that there is no need for further eurozone bail-outs after the €80bn-€90bn ($109bn-$122bn) rescue agreed for Ireland at the weekend.

“Absolutely not,” said Elena Salgado, Spanish finance minister, when asked in a radio interview on Monday whether Spain needed help from the European Union. “Spain is doing everything it has promised to do, with tangible results.”

Portugal is regarded by bond market investors and economists as next in line for a rescue after the bail-outs of Greece and Ireland. But José Sócrates, Portuguese prime minister, was adamant that there was “no connection” between the Irish rescue and Portugal’s problems.  “Portugal doesn’t need anyone’s help and will solve its own problems,” he said, insisting that the country had a clear strategy to cut its yawning budget deficit.

Was Sir Humphrey exaggerating?  Perhaps, but I do remember that Dublin was pretty adamant just a week or so ago that there would be no restructuring of Irish debt.

On the Euro and the merits of defaulting Michael Pettis concludes:

Several countries, most notably Spain, will be forced to choose between giving up sovereignty to Germany, suffering extremely high rates of unemployment for several years, or giving up the euro.  They will almost certainly choose the third option.  There are still a lot of people who say giving up the euro is “unimaginable”, but that just shows a weak imagination. I especially remember in 2000 Domingo Cavallo dismissing the stupidity of foreign investors who imagined Argentina might be forced to suspend payments and devalue the peso – which it did in late 2001.  More recently, on April 30, Cavallo warned Greece: “Don’t even think of abandoning the euro, whether temporarily or definitively, because that will provoke a financial catastrophe in Greece and various other countries in Europe.”  Now there’s some useful advice, especially when you consider the huge surge in growth and the fall in unemployment Argentina experienced after it devalued.

It seems we have some countries that will be desperate to avoid other countries defaulting. Germany and the UK will be particularly keen in keeping the European peripheral countries paying. It might be a ponzi scheme, but with inflation it is one they hope they can survive.

However the people of the PIGS may be better off if they default. Bailouts are not really about the affected banks. It is about who they owe money to. It is the foreign banks that foreign countries are worried about. Why taxpayers should take on massive debts to bailout foreign bond and shareholders is beyond me. It will no doubt be beyond many of them.

Of course, history is replete with leaders betraying their people for personal gain. In a democracy they will not last long. But the European Union is not a democracy. One has to wonder how the European Union riot police are coming along.

But realistically, there are too many countries with too many arms which would be better off defaulting for EU forces to step in successfully. The European Union is too lacking in legitimacy to overrule them peacefully. The do not have the forces to override the desires of its composite states. In any event, the merest hint of civil war would probably initiate the credit event they are trying to avoid.

Given the magnitudes of the debt and the likely domino effect of chain defaults the world will be rocked by the financial system. This time it will occur when governments have much weaker balance sheets, thanks to their choice to intervene in the way in which they did.

Essentially the last round of government interventions achieved nothing except more time. This was bought at the cost of a considerable increasing of public debt as they bailed out private debt holders. The decline in sovereign balance sheets limits their ability to meet any future expected event.

They also gave the appearance which may reflect the reality of being captured by vested interests related to their financial system. It is hard to see how their behavior differed to that of a kleptocracy.

Yves has more on this subject  here and here.

UPDATE

Things are moving as expected:

A SUBSTANTIAL majority of the Irish people wants the State to default on debts to bondholders in the country’s stricken banks, according to a Sunday Independent/Quantum Research poll.

The finding that 57 per cent favour and 43 per cent oppose default reflects a growing view among policymakers and opinion formers that the State simply cannot support the debt burden it has taken on.



220 Comments
  1. realistic dong

    […]Every the moment inside a even though we choose blogs that we read. Listed beneath would be the newest sites that we choose […]

  2. vibrating dildo

    […]that is the finish of this write-up. Here you’ll find some web-sites that we assume you’ll enjoy, just click the hyperlinks over[…]

  3. sex toys

    […]Every after inside a though we opt for blogs that we study. Listed below are the most recent web-sites that we choose […]

  4. adam and eve toys

    […]here are some links to websites that we link to mainly because we consider they may be really worth visiting[…]

  5. rabbit vibrator

    […]Here are a few of the websites we advocate for our visitors[…]

  6. nipple foreplay

    […]we prefer to honor a lot of other internet internet sites around the internet, even when they aren’t linked to us, by linking to them. Beneath are some webpages worth checking out[…]

  7. free download for pc windows

    […]The data mentioned inside the article are a number of the best available […]

  8. basement remodeling in Atlanta

    […]the time to study or stop by the content material or sites we’ve linked to below the[…]

  9. rollex 11 casino bet

    […]one of our guests not too long ago proposed the following website[…]

  10. 100 Egyptian Cotton

    […]Here are a number of the web sites we advocate for our visitors[…]

  11. plastic jars

    […]here are some links to internet sites that we link to because we feel they are really worth visiting[…]

  12. website developers

    […]always a significant fan of linking to bloggers that I love but don’t get a great deal of link appreciate from[…]

  13. Venture Point Network

    […]although sites we backlink to below are considerably not associated to ours, we really feel they’re truly worth a go by means of, so have a look[…]

  14. rabbit vibrator

    […]that will be the finish of this write-up. Right here you’ll uncover some web-sites that we believe you’ll appreciate, just click the links over[…]

  15. first time vibrator

    […]although internet sites we backlink to below are considerably not connected to ours, we feel they are really really worth a go as a result of, so possess a look[…]

  16. tra

    […]here are some hyperlinks to web-sites that we link to mainly because we feel they may be worth visiting[…]

  17. lifelike dildo

    […]always a huge fan of linking to bloggers that I like but do not get a lot of link enjoy from[…]

  18. Hot Hot Hot Site

    […]check below, are some absolutely unrelated web sites to ours, on the other hand, they’re most trustworthy sources that we use[…]

  19. Quick News Updates

    […]always a major fan of linking to bloggers that I really like but do not get a good deal of link love from[…]

  20. glass luxury vibe

    […]Sites of interest we have a link to[…]

  21. Afghanistan blog

    […]Here are a few of the web pages we advise for our visitors[…]

  22. free download for windows 7

    […]Sites of interest we have a link to[…]

  23. adam and eve sex toys

    […]please visit the web sites we follow, including this 1, as it represents our picks in the web[…]

  24. Bond back cleaning in Melbourne

    […]Here is a good Weblog You might Locate Interesting that we Encourage You[…]

  25. car wash

    […]just beneath, are a lot of absolutely not connected web sites to ours, nevertheless, they are certainly worth going over[…]

  26. label besi

    […]we prefer to honor many other net sites on the web, even when they aren’t linked to us, by linking to them. Underneath are some webpages worth checking out[…]

  27. grass trimmer parts

    […]Here are some of the sites we recommend for our visitors[…]

  28. g spot stimulators

    […]Here are some of the web-sites we advise for our visitors[…]

  29. how to use penis pump

    […]very handful of web sites that transpire to become detailed beneath, from our point of view are undoubtedly well worth checking out[…]

  30. Delicious recipes for every season of the year

    […]always a massive fan of linking to bloggers that I love but do not get lots of link love from[…]

  31. home cleaning Melbourne

    […]we like to honor many other internet internet sites on the net, even if they aren’t linked to us, by linking to them. Beneath are some webpages really worth checking out[…]

  32. best mice exterminators

    […]always a massive fan of linking to bloggers that I really like but don’t get lots of link love from[…]

  33. vibrating butt plug

    […]Here are several of the web-sites we suggest for our visitors[…]

  34. sex toys for gay men

    […]below you will obtain the link to some websites that we consider you’ll want to visit[…]

  35. best gay sex toys

    […]Sites of interest we’ve a link to[…]

  36. butt plug

    […]usually posts some very intriguing stuff like this. If you are new to this site[…]

  37. Sarah Rae Vargas

    […]the time to read or check out the content material or internet sites we’ve linked to below the[…]

  38. inflatable butt pug

    […]always a massive fan of linking to bloggers that I love but really don’t get a good deal of link appreciate from[…]

  39. Candles

    […]check below, are some absolutely unrelated internet websites to ours, having said that, they are most trustworthy sources that we use[…]

  40. dr. kat

    […]we prefer to honor a lot of other world-wide-web web sites on the net, even when they aren’t linked to us, by linking to them. Below are some webpages really worth checking out[…]

  41. bandiera Italia

    […]the time to study or visit the material or internet sites we have linked to below the[…]

  42. Bond back cleaning reviews

    […]one of our guests not long ago recommended the following website[…]

  43. The latest sports news from the most popular sporting event

    […]please go to the web sites we stick to, including this one particular, as it represents our picks from the web[…]

  44. kala jadu

    […]Here is a great Weblog You might Find Fascinating that we Encourage You[…]

  45. interior design Singapore

    […]very handful of sites that take place to become in depth below, from our point of view are undoubtedly well really worth checking out[…]

  46. g spot vibrator

    […]Sites of interest we’ve a link to[…]

  47. Magic Wand Vibrating Massager

    […]although websites we backlink to below are considerably not associated to ours, we feel they are basically worth a go by means of, so have a look[…]

  48. Butterfly Kiss Vibrator

    […]one of our visitors not long ago advised the following website[…]

  49. G-Spot Vibrator

    […]one of our guests recently proposed the following website[…]

  50. Clit Sensitizer

    […]Wonderful story, reckoned we could combine some unrelated information, nonetheless truly really worth taking a look, whoa did 1 master about Mid East has got more problerms too […]

  51. Dolphin Vibrator

    […]Wonderful story, reckoned we could combine a few unrelated data, nonetheless really really worth taking a appear, whoa did a single learn about Mid East has got additional problerms at the same time […]

  52. Male Masturbator

    […]Here are some of the sites we advise for our visitors[…]

  53. Under Bed Restraints

    […]just beneath, are various absolutely not related web pages to ours, nonetheless, they may be surely worth going over[…]

  54. Water Based Lube

    […]The details mentioned inside the write-up are some of the best offered […]

  55. giving head

    […]Sites of interest we’ve a link to[…]

  56. dick extension

    […]Sites of interest we have a link to[…]

  57. water based lube

    […]always a big fan of linking to bloggers that I enjoy but don’t get lots of link appreciate from[…]

  58. Sripatum

    […]please visit the web sites we follow, which includes this one particular, as it represents our picks from the web[…]

  59. cheap end of lease cleaning Melbourne

    […]that is the end of this write-up. Here you’ll locate some web-sites that we believe you will value, just click the links over[…]

  60. stop premature ejaculation

    […]check below, are some entirely unrelated sites to ours, however, they may be most trustworthy sources that we use[…]

  61. free download for windows 10

    […]one of our guests just lately encouraged the following website[…]

  62. robert

    […]here are some hyperlinks to websites that we link to because we assume they’re worth visiting[…]

  63. sex straps

    […]one of our guests lately advised the following website[…]

  64. forklift repair miami

    […]although sites we backlink to below are considerably not associated to ours, we really feel they are essentially worth a go through, so possess a look[…]

  65. anal vibe

    […]that may be the finish of this report. Here you’ll come across some web pages that we consider you will enjoy, just click the hyperlinks over[…]

  66. spice up marriage

    […]Sites of interest we have a link to[…]

  67. games for pc download

    […]we prefer to honor numerous other internet web-sites on the net, even when they aren’t linked to us, by linking to them. Beneath are some webpages really worth checking out[…]

  68. http://mer99furniture.com

    […]the time to study or take a look at the content material or web-sites we’ve linked to beneath the[…]

  69. warm vibrator

    […]please pay a visit to the sites we follow, like this 1, because it represents our picks from the web[…]

  70. adult sex toy

    […]please pay a visit to the web sites we stick to, including this a single, as it represents our picks from the web[…]

  71. how to add physical intimacy

    […]very handful of internet sites that occur to become in depth below, from our point of view are undoubtedly well really worth checking out[…]

  72. pc games for windows 8

    […]always a massive fan of linking to bloggers that I enjoy but do not get a great deal of link enjoy from[…]

  73. free app for laptop

    […]here are some hyperlinks to websites that we link to simply because we feel they are really worth visiting[…]

  74. Call now! (786)356-3545

    […]just beneath, are many completely not connected sites to ours, nevertheless, they’re certainly really worth going over[…]

  75. how to use Vertigo Rabbit Vibrator

    […]please take a look at the sites we follow, which includes this one, as it represents our picks in the web[…]

  76. anal sex toys for beginners

    […]although internet sites we backlink to beneath are considerably not connected to ours, we really feel they are truly worth a go via, so possess a look[…]

  77. whopper sex toy

    […]usually posts some extremely intriguing stuff like this. If you are new to this site[…]

  78. Karate Martial Arts Weapons

    […]always a big fan of linking to bloggers that I really like but really don’t get quite a bit of link like from[…]

  79. sahara

    […]Here are a number of the internet sites we advise for our visitors[…]

  80. sarah rae vlogas

    […]The information talked about within the write-up are a few of the most effective available […]

  81. personal vibrator

    […]Sites of interest we’ve a link to[…]

  82. wartenberg pinwheel

    […]Wonderful story, reckoned we could combine a couple of unrelated data, nevertheless actually worth taking a appear, whoa did one discover about Mid East has got a lot more problerms as well […]

  83. sex toys for couples

    […]Sites of interest we have a link to[…]

  84. bendable vibrator

    […]Wonderful story, reckoned we could combine a couple of unrelated information, nevertheless really worth taking a appear, whoa did 1 learn about Mid East has got far more problerms too […]

  85. Masturbation Toys

    […]usually posts some extremely fascinating stuff like this. If you are new to this site[…]

  86. download free games for windows

    […]always a large fan of linking to bloggers that I appreciate but really don’t get quite a bit of link enjoy from[…]

  87. strapon butt plug

    […]Wonderful story, reckoned we could combine a couple of unrelated data, nevertheless actually really worth taking a look, whoa did one understand about Mid East has got far more problerms at the same time […]

  88. led makeup mirror

    […]always a large fan of linking to bloggers that I like but don’t get a great deal of link appreciate from[…]

  89. adult sex toy

    […]The facts talked about within the article are several of the very best available […]

  90. best vibrator

    […]that would be the finish of this write-up. Right here you’ll find some web sites that we assume you will appreciate, just click the hyperlinks over[…]

  91. comfortably numb collection

    […]Sites of interest we have a link to[…]

  92. clone-a-willy

    […]we prefer to honor a lot of other web web pages on the internet, even when they aren’t linked to us, by linking to them. Under are some webpages really worth checking out[…]

  93. … [Trackback]

    […] Read More here: lovefreedomtruth.com/2010/11/sovereign-default/ […]

  94. نصب دوربین مداربسته

    […]we like to honor quite a few other web web pages on the web, even if they aren’t linked to us, by linking to them. Beneath are some webpages really worth checking out[…]

  95. ABS Module Intercooler

    […]just beneath, are numerous completely not associated sites to ours, nevertheless, they are certainly worth going over[…]

  96. bullet vibe

    […]here are some links to sites that we link to because we think they may be worth visiting[…]

  97. whopper sex toys

    […]below you’ll discover the link to some web sites that we feel it is best to visit[…]

  98. gay sex

    […]here are some hyperlinks to sites that we link to due to the fact we believe they may be really worth visiting[…]

  99. adamandeve.com

    […]the time to read or stop by the content or internet sites we have linked to beneath the[…]

  100. adult sex toy

    […]very few internet sites that come about to become in depth below, from our point of view are undoubtedly properly worth checking out[…]

  101. jbeatz

    […]please stop by the internet sites we comply with, such as this 1, as it represents our picks through the web[…]

  102. All In Stroker

    […]we came across a cool web site which you may take pleasure in. Take a look should you want[…]

  103. Thrusting Vibrator

    […]Here are a few of the websites we recommend for our visitors[…]

  104. sex toys

    […]very few internet websites that transpire to become in depth beneath, from our point of view are undoubtedly properly worth checking out[…]

  105. Penis Ring

    […]Sites of interest we have a link to[…]

  106. A\u0026E Beginner’s Power Pump

    […]Sites of interest we have a link to[…]

  107. turkey ladies fashion t shirts supplier

    […]below you’ll uncover the link to some sites that we consider you must visit[…]

  108. comedy

    […]very handful of sites that come about to be detailed beneath, from our point of view are undoubtedly effectively really worth checking out[…]

  109. sex dildos

    […]check below, are some absolutely unrelated web sites to ours, nevertheless, they may be most trustworthy sources that we use[…]

  110. collection of sex toys

    […]usually posts some extremely intriguing stuff like this. If you are new to this site[…]

  111. gay anal sex toys

    […]usually posts some very exciting stuff like this. If you are new to this site[…]

  112. apps download for windows 7

    […]please check out the web pages we comply with, like this one, because it represents our picks in the web[…]

  113. app for windows

    […]we came across a cool web site that you might get pleasure from. Take a search should you want[…]

  114. free download for pc windows

    […]The information mentioned within the article are several of the very best out there […]

  115. free app for laptop

    […]Wonderful story, reckoned we could combine a number of unrelated data, nevertheless actually worth taking a look, whoa did 1 discover about Mid East has got much more problerms as well […]

  116. fermented cabbage juice

    […]we came across a cool website that you might take pleasure in. Take a search should you want[…]

  117. Roaches

    […]Sites of interest we have a link to[…]

  118. pc games free download for windows

    […]one of our visitors not too long ago advised the following website[…]

  119. magic wand toy

    […]Wonderful story, reckoned we could combine a couple of unrelated information, nevertheless actually really worth taking a search, whoa did one learn about Mid East has got a lot more problerms also […]

  120. Adamandeve.com

    […]here are some hyperlinks to web sites that we link to simply because we consider they’re worth visiting[…]

  121. glass vibbrator

    […]one of our visitors not too long ago advised the following website[…]

  122. male masturbator

    […]Here is an excellent Weblog You might Locate Intriguing that we Encourage You[…]

  123. g spot

    […]we came across a cool website that you may well take pleasure in. Take a search should you want[…]

  124. How To Stimulate G Spot

    […]below you’ll uncover the link to some web pages that we feel you must visit[…]

  125. Pocket Stroker

    […]very handful of websites that transpire to be comprehensive beneath, from our point of view are undoubtedly nicely worth checking out[…]

  126. buy penis pump

    […]that will be the end of this write-up. Here you will find some websites that we think you’ll enjoy, just click the hyperlinks over[…]

  127. Candlestick chart

    […]here are some hyperlinks to web-sites that we link to since we consider they may be worth visiting[…]

  128. TPS

    […]Here is an excellent Blog You might Obtain Interesting that we Encourage You[…]

  129. the bullet vibe

    […]although web sites we backlink to beneath are considerably not connected to ours, we feel they are basically worth a go as a result of, so possess a look[…]

  130. adam and eve sex toys

    […]Wonderful story, reckoned we could combine a number of unrelated data, nonetheless truly worth taking a appear, whoa did one study about Mid East has got a lot more problerms as well […]

  131. adam and eve sex toy shop

    […]Sites of interest we have a link to[…]

  132. robert

    […]Here are a number of the sites we recommend for our visitors[…]

  133. tratamento de Dependência Química

    […]please stop by the sites we follow, which includes this 1, because it represents our picks through the web[…]

  134. DIY

    […]that may be the finish of this post. Here you’ll come across some sites that we consider you’ll value, just click the hyperlinks over[…]

  135. roleplay

    […]below you will discover the link to some web sites that we consider you should visit[…]

  136. adam and eve sex toys

    […]check below, are some entirely unrelated internet sites to ours, having said that, they are most trustworthy sources that we use[…]

  137. make me cum clit sensitizer

    […]always a significant fan of linking to bloggers that I enjoy but do not get lots of link enjoy from[…]

  138. suction cup dong

    […]very couple of web sites that take place to be in depth beneath, from our point of view are undoubtedly very well really worth checking out[…]

  139. Professional leg stretching machine

    […]please check out the web pages we stick to, like this 1, as it represents our picks in the web[…]

  140. momentum stocks

    […]The data mentioned in the post are a number of the most beneficial obtainable […]

  141. bullet vibrator review

    […]below you will uncover the link to some internet sites that we feel you’ll want to visit[…]

  142. vibrating dong

    […]check below, are some entirely unrelated internet websites to ours, even so, they’re most trustworthy sources that we use[…]

  143. tongue vibrator

    […]check beneath, are some totally unrelated internet websites to ours, even so, they’re most trustworthy sources that we use[…]

  144. developer php

    […]check beneath, are some entirely unrelated internet sites to ours, however, they’re most trustworthy sources that we use[…]

  145. خرید اپل ایدی

    […]we came across a cool site that you could possibly take pleasure in. Take a look in the event you want[…]

  146. best sex restraints

    […]The details talked about inside the write-up are some of the ideal out there […]

  147. sex confession

    […]one of our guests a short while ago suggested the following website[…]

  148. kegel ball exercise

    […]here are some hyperlinks to web pages that we link to due to the fact we believe they are worth visiting[…]

  149. Hot Sex Stories

    […]Every once in a when we decide on blogs that we study. Listed below would be the newest internet sites that we select […]

  150. comedy

    […]the time to read or pay a visit to the material or websites we’ve linked to beneath the[…]

  151. male stroker

    […]we prefer to honor many other internet internet sites on the net, even though they aren’t linked to us, by linking to them. Beneath are some webpages really worth checking out[…]

  152. wand vibrator

    […]one of our visitors a short while ago proposed the following website[…]

  153. fire retardant polythene

    […]here are some hyperlinks to web pages that we link to simply because we assume they may be worth visiting[…]

  154. site protection

    […]usually posts some extremely fascinating stuff like this. If you are new to this site[…]

  155. carpet protection

    […]very handful of sites that come about to become comprehensive beneath, from our point of view are undoubtedly well worth checking out[…]

  156. magnetic tape

    […]we like to honor quite a few other world wide web web pages on the net, even though they aren’t linked to us, by linking to them. Under are some webpages really worth checking out[…]

  157. kala jadu

    […]below you will find the link to some web sites that we consider it is best to visit[…]

  158. phildot

    […]Here are some of the web-sites we suggest for our visitors[…]

  159. adamandeve.com

    […]please pay a visit to the web pages we adhere to, which includes this 1, because it represents our picks through the web[…]

  160. sex toys for gay

    […]one of our visitors lately advised the following website[…]

  161. vibrators for women

    […]although internet websites we backlink to beneath are considerably not connected to ours, we really feel they’re essentially really worth a go via, so have a look[…]

  162. clitorial stimulation

    […]The information mentioned in the post are some of the top out there […]

  163. Juicy Jewels Precious Pink Vibrator

    […]very couple of internet sites that take place to become comprehensive below, from our point of view are undoubtedly nicely worth checking out[…]

  164. bullet vibe

    […]Sites of interest we have a link to[…]

  165. egg vibrator

    […]usually posts some very exciting stuff like this. If you’re new to this site[…]

  166. Crazy for Love

    […]check beneath, are some completely unrelated web sites to ours, on the other hand, they may be most trustworthy sources that we use[…]

  167. sex toys for couples

    […]below you’ll locate the link to some sites that we assume you ought to visit[…]

  168. hospital glendale

    […]Here are some of the web sites we suggest for our visitors[…]

  169. Lightweight 7 oz black martial arts uniform

    […]Here are several of the sites we advise for our visitors[…]

  170. Chris Brown

    […]that is the finish of this post. Here you’ll locate some internet sites that we think you’ll enjoy, just click the hyperlinks over[…]

  171. revize jerabu

    […]one of our guests lately recommended the following website[…]

  172. Download Blends Mixtapes Free

    […]here are some links to internet sites that we link to simply because we consider they are really worth visiting[…]

  173. ノロウイルス

    […]that could be the finish of this post. Right here you’ll obtain some web sites that we feel you will value, just click the links over[…]

  174. express cargo

    […]here are some links to web pages that we link to mainly because we believe they may be really worth visiting[…]

  175. Tam Coc Vietnam

    […]The information talked about inside the report are some of the best obtainable […]

  176. bearing dimension

    […]please check out the web sites we stick to, including this 1, because it represents our picks through the web[…]

  177. Download Free DJ Finesse Mixtapes

    […]Here is an excellent Blog You might Discover Intriguing that we Encourage You[…]

  178. Download Free MP3

    […]one of our guests not too long ago encouraged the following website[…]

  179. remodel

    […]here are some links to sites that we link to because we think they’re worth visiting[…]

  180. intuit software

    […]that could be the finish of this write-up. Here you’ll locate some sites that we think you’ll appreciate, just click the hyperlinks over[…]

  181. online auction

    […]Every the moment inside a whilst we decide on blogs that we study. Listed below are the most recent internet sites that we choose […]

  182. etoro

    […]one of our visitors a short while ago recommended the following website[…]

  183. crédito

    […]check beneath, are some absolutely unrelated web sites to ours, nevertheless, they may be most trustworthy sources that we use[…]

  184. how cholesterol levels predict your health

    […]the time to study or visit the content or web-sites we have linked to beneath the[…]

  185. php ecommerce

    […]usually posts some incredibly fascinating stuff like this. If you are new to this site[…]

  186. toys for couples

    […]very couple of web sites that happen to be comprehensive beneath, from our point of view are undoubtedly properly worth checking out[…]

  187. 10 oz martial arts uniform

    […]check below, are some totally unrelated web sites to ours, on the other hand, they may be most trustworthy sources that we use[…]

  188. thegayfrat

    […]below you’ll locate the link to some sites that we feel you need to visit[…]

  189. rabbit toys

    […]just beneath, are various completely not associated internet sites to ours, on the other hand, they may be surely really worth going over[…]

  190. accounting

    […]Wonderful story, reckoned we could combine a couple of unrelated data, nonetheless seriously really worth taking a look, whoa did 1 learn about Mid East has got a lot more problerms at the same time […]

  191. Dildo

    […]here are some links to web pages that we link to due to the fact we assume they may be really worth visiting[…]

  192. Butt plugs

    […]Here is a good Weblog You might Obtain Interesting that we Encourage You[…]

  193. bdsm toys

    […]usually posts some quite interesting stuff like this. If you’re new to this site[…]

  194. triple stimulation vibrator

    […]Sites of interest we’ve a link to[…]

  195. Anal toys

    […]one of our guests just lately proposed the following website[…]

  196. sensual massage

    […]we came across a cool site which you could possibly enjoy. Take a look should you want[…]

  197. Cock ring

    […]The data talked about in the report are a few of the best out there […]

  198. Nipple Toys

    […]The details mentioned within the article are a few of the top available […]

  199. bangal ka jadu

    […]Every the moment inside a though we pick out blogs that we read. Listed beneath are the most up-to-date web sites that we choose […]

  200. Lemon

    […]Every after inside a when we pick out blogs that we read. Listed below are the newest web-sites that we pick […]

  201. bangal ka jadu

    […]very few internet sites that take place to become comprehensive beneath, from our point of view are undoubtedly nicely really worth checking out[…]

  202. driving tips

    […]always a major fan of linking to bloggers that I like but really don’t get quite a bit of link really like from[…]

  203. ماندگاری ترمیم مو

    […]usually posts some incredibly fascinating stuff like this. If you’re new to this site[…]

  204. Master karate jacket

    […]one of our guests lately advised the following website[…]

  205. Waterproof Rabbit Vibrator

    […]one of our visitors just lately suggested the following website[…]

  206. superhead masturbator

    […]the time to study or go to the material or web pages we’ve linked to beneath the[…]

  207. fermentation of sauerkraut

    […]that is the end of this article. Right here you will find some web sites that we feel you’ll appreciate, just click the links over[…]

  208. adam and eve sex toys

    […]Here are some of the web pages we advocate for our visitors[…]

  209. best sex games

    […]check below, are some entirely unrelated sites to ours, even so, they may be most trustworthy sources that we use[…]

  210. lesbian experiment

    […]Here are a number of the web-sites we recommend for our visitors[…]

  211. strap-on dildo

    […]we prefer to honor a lot of other world-wide-web sites around the net, even though they aren’t linked to us, by linking to them. Under are some webpages really worth checking out[…]

  212. toys for couples

    […]here are some hyperlinks to web sites that we link to due to the fact we feel they’re really worth visiting[…]

  213. sex gel

    […]Sites of interest we’ve a link to[…]

  214. Circle magnets

    […]just beneath, are several entirely not connected internet sites to ours, nonetheless, they are certainly worth going over[…]

  215. dual penetration toys

    […]The information talked about inside the article are a number of the ideal available […]

  216. Super lightweight taekwondo uniform

    […]the time to study or stop by the subject material or web-sites we’ve linked to below the[…]

  217. adam and eve sex toys

    […]here are some hyperlinks to web pages that we link to simply because we believe they are worth visiting[…]

  218. dildos

    […]Wonderful story, reckoned we could combine a couple of unrelated data, nevertheless actually really worth taking a appear, whoa did one particular understand about Mid East has got extra problerms as well […]

  219. #lol

    […]here are some links to web sites that we link to due to the fact we think they’re really worth visiting[…]

  220. Cash Money Records

    […]check below, are some entirely unrelated sites to ours, however, they are most trustworthy sources that we use[…]